NBFCs Funding Study Abroad: Everything Indian Students Need to Know in 2026   

1. Credila: Market Leader in Education Loans

• Loan type: Secured and Unsecured
• Maximum amount: Up to ₹3 Crore
• Best for: All countries: USA, UK, Canada, Australia, Europe, and more

Credila is India’s first dedicated education loan company and the market leader by volume. It is backed by HDFC and has the widest university coverage of any lender in India. If you are going to a recognised institution, Credila will almost certainly have processed loans for students there before.

Key strengths: High sanction amounts, wide university network, and competitive rates for strong profiles. Its secured loan product suits students who have collateral to offer, typically property and want the best possible rate. The unsecured option is available for top-ranked universities.

2. Avanse: Fast Processing, Study Abroad Experts

• Loan type: Secured and Unsecured
• Maximum amount: Up to ₹1.5 Crore
• Best for: USA, UK, Canada, Australia, Ireland, and more

Avanse is one of India’s most active education loan NBFCs, with a specific focus on international students. Its processing speed is notably faster than most traditional lenders, and its documentation requirements are streamlined compared to banks.

Key strengths: Fast disbursal, minimal documentation, and a team that genuinely understands the study abroad application cycle. Good option for students who need quick funding confirmation for university deposits.

3. InCred Finance: 100% Unsecured, No Collateral

• Loan type: Unsecured (focus)
• Maximum amount: Up to ₹1 Crore
• Best for: Top-ranked universities in the USA, UK, Canada, and more

InCred is built for students who either do not have collateral or do not want to pledge it. Its 100% unsecured loan model means no property, no guarantor, and no security requirement just your admission letter and your profile.

Key strengths: Absolutely free from collateral, an attractive interest rate on unsecured loans, and fast approval. The best option for those who have been admitted to high-ranking universities, where InCred is sure about their future employment.

4. Tata Capital: Trusted Brand, Pan-India Presence

• Loan type: Secured and Unsecured
• Maximum amount: Up to ₹1.5 Crore
• Best for: All major study abroad destinations

The Tata Capital brand holds a lot of credibility, and the education loan offered under this company is made even more reliable owing to the strong backing of an equally credible banking conglomerate in India. Competitive interest rates and a flexible repayment structure add to the strengths of this loan product.

Key strengths: Credible brand, flexible repayment structure, great for students wanting a lender with branches pan-India.

5. Poonawalla Fincorp: 100% Digital, High Loan Amounts

• Loan type: Secured and Unsecured
• Maximum amount: Up to ₹3 Crore
• Best for: USA, UK, Canada, Australia, Germany, and more

Poonawalla Fincorp offers one of the highest maximum loan amounts in the market, up to ₹3 crore, and its entire process is digital. No branch visits required. Fast disbursals and a genuinely tech-first application experience.

Key strengths: High loan ceiling (matches Credila at ₹3 crore), 100% digital process, fast turnaround. Good for students targeting expensive programmes, medicine MBA where total costs are high.

6. Auxilo: Flexible Eligibility, Co-Applicant Friendly

• Loan type: Secured and Unsecured
• Maximum amount: Up to ₹2 Crore
• Best for: Students with average profiles and co-applicants

Auxilo aims at those who don’t have an excellent profile, average grades, go to a lower-ranking college or university, or have a co-applicant whose only strong point is income. Customised loans and a high probability of approval for profiles rejected by mainstream lenders.

Key strengths: More flexible approach, customised loan products, suitable for applicants refused elsewhere.

7. Propelld (by Edgro): Quick Process, No Collateral

• Loan type: Unsecured (focus)
• Maximum amount: Up to ₹1 Crore
• Best for: Short-term courses and top universities abroad

Propelld is a newer entrant focused on minimal-friction, quick-process, no-collateral loans, and minimal documentation. It works particularly well for short-term professional courses, bootcamps, and certification programmes at top global institutions.

Key strengths: Speed, simplicity, and coverage of shorter-duration courses that traditional lenders may decline.

8. Leap Finance: USA Master’s Specialist

• Loan type: Unsecured (Non-Collateral)
• Maximum amount: Up to ₹1 Crore
• Best for: USA Master’s programmes, STEM preferred

Leap Finance is purpose-built for Indian students going to the United States for master’s degrees, particularly in STEM fields. No collateral, no co-applicant required, and quick approvals. The product is designed specifically around the US graduate admission cycle.

Key strengths: Deep USA-specific expertise, no collateral, fast approvals. If your destination is the US for a master’s, Leap Finance understands your situation better than most.

9. Prodigy Finance: International Lender, 150+ Countries

• Loan type: International (Non-Collateral)
• Maximum amount: Up to ₹1 Crore (INR Equivalent)
• Best for: Top universities worldwide

Prodigy Finance is not an NBFC from India. It is an international student lending institution from the UK that lends money across 150+ countries worldwide. Its distinguishing feature: loans offered to individuals based on their future earning capacity instead of collateral or parents’ income. A co-applicant from India is not required.

Key strengths: Accessible in countries not covered by other Indian loan providers, no requirement for collateral or a co-applicant, available to students studying at world-class universities. Best suited for students pursuing MBA, law or STEM education at world-ranked universities.

NOTE: Because Prodigy Finance bases its assessment on projected graduate income, interest rates may be higher than comparable collateralised Indian loans. Compare carefully before committing.

10. mPOWER Financing: Global Student Lender

• Loan type: International (Non-Collateral)
• Maximum amount: Up to ₹1 Crore (INR Equivalent)
• Best for: USA, Canada, UK, and other countries

mPOWER Financing is another international lender, US-based, that specifically serves international students globally. No collateral, no co-applicant, instant approval in principle. It operates at top universities in the USA, Canada, UK, and beyond.

Key strengths: Global reach, no co-applicant or collateral required, instant approval decision. Good for students whose family cannot act as a co-applicant for any reason.

Interest rates vary; always compare.

The image note says it best: interest rates, processing fees, and loan terms vary by lender and profile. A student with a top-ranked university admit and high co-applicant income will get materially better rates than a student with an average profile. Always get quotes from at least 2–3 lenders before committing.

Secured vs unsecured is a real tradeoff.

Secured loans where you pledge property or fixed deposits as collateral typically carry lower interest rates. Unsecured loans are more accessible but cost more over the loan tenure. If your family has eligible collateral and is willing to pledge it, a secured loan from Credila or Tata Capital will almost always be cheaper over 10 years than an unsecured loan from InCred or Leap Finance.

Processing fees are additional.

Most NBFCs charge a processing fee, typically 0.5%–1.5% of the loan amount. On a ₹50 lakh loan, that is ₹25,000–₹75,000 upfront. Always check this before you sign.

Moratorium period matters.

In most cases, education loans have what is known as a moratorium period, which is a period following your completion (usually between six and twelve months). You can use this time to secure a job.

Currency risk for international lenders.

If you borrow from Prodigy Finance or mPOWER in USD or GBP and repay in INR, exchange rate movements over your repayment tenure affect your effective cost. This is a real risk that is often not discussed clearly at the application stage.

The best education loan is the loan that can get you into your dream university with minimum expenditure and minimum risk for your family.

This does not mean evaluating only the maximum loan that you can apply for or how fast you can get approved for it, but evaluating the overall amount you need to repay during the period, checking if your future salary is enough to pay for the EMIs, and evaluating whether you are really worth taking the loan for your studies.

A ₹50 lakh loan at 11% over 10 years means an EMI of approximately ₹69,000/month. If the job you are targeting in your destination country pays the equivalent of ₹2–3 lakh/month, that is manageable. If it pays ₹80,000/month, it is not.

Do the maths before the excitement of the admit takes over.

Financing your study abroad journey involves more than choosing a university. Comparing education loan options, understanding lender requirements, evaluating interest rates, and preparing a strong loan application all require careful planning.

My Study Offers, a free global education platform for students, provides end-to-end support throughout the study abroad process. Along with university and course guidance, we help students explore suitable education loan options, connect with trusted lenders, understand financing requirements, and navigate the application process with confidence. Our goal is to help students secure both admission and the financial support needed to achieve their international education goals.

1. Which NBFC offers the highest education loan for studying abroad?

Credila and Poonawalla Fincorp both offer up to ₹3 Crore, the highest among the NBFCs listed. Auxilo goes up to ₹2 Crore. Most others cap at ₹1–1.5 Crore.

2. Which NBFCs offer loans without collateral?

InCred Finance, Leap Finance, Propelld, Prodigy Finance, and mPOWER all offer non-collateral unsecured loans. Avanse and Credila also offer unsecured options for eligible profiles.

3. Which lender is best for USA master’s programmes?

Leap Finance is specifically designed for Indian students going to the USA for master’s degrees, particularly in STEM. Prodigy Finance and mPOWER are also strong options for US programmes.

4. Can I get a loan without a co-applicant?

Yes, Prodigy Finance and mPOWER require no co-applicant. Leap Finance and InCred also offer options with minimal or no co-applicant requirement depending on your profile.

5. How long does education loan processing take?

It varies. Avanse and Propelld are known for fast processing, sometimes within days. Credila and Tata Capital may take 1–3 weeks depending on documentation. Prodigy Finance offers quick in-principle decisions online.

6. Are NBFC education loan interest rates higher than bank rates?

Often yes for unsecured loans; NBFCs typically charge 10–14% for unsecured international education loans compared to 8.5–11% for secured bank loans. However, NBFCs are faster, more flexible, and often the only option for students without eligible collateral.

7. What documents are typically required?

Offer letter from your university, proof of admission, academic transcripts, identity proof (passport, Aadhaar), income proof for co-applicant, bank statements, and property documents (for secured loans). International lenders like Prodigy and mPOWER have simpler documentation.

8. Can I apply to multiple NBFCs at the same time?

Yes, and you should. Get in-principle approval or loan quotes from at least 2–3 lenders before committing. Comparing offers gives you negotiating power and ensures you pick the best terms for your specific situation.