Indian Government Scholarships for studying Abroad 2026 List

Planning to study in the United States can be exciting, but the cost of tuition, accommodation, health insurance, food, travel and other expenses can be significant. For many students, a USA education loan for Indian students can help finance these costs without requiring the entire amount to come from family savings.

In 2026, Indian students can explore education-loan options from public-sector banks, specialist education-loan companies and NBFCs. SBI Global Ed-Vantage, HDFC Bank/Credila and Avanse are among the commonly considered options for overseas education financing.

The current SBI interest-rate page lists Global Ed-Vantage at 9.40% for collateralised loans above ₹7.50 lakh up to ₹3 crore. For select institutions, SBI lists a collateral-free option above ₹7.50 lakh up to ₹50 lakh at 9.40%, while the collateralised select-institution rate is listed at 8.90%. SBI states that these rates are floating and linked to its external benchmark.

HDFC Bank’s current foreign-education page identifies Credila Financial Services as the specialist education-loan provider and shows secured foreign-education rates starting from 9.25%. Credila’s actual rate depends on factors such as academic background, course employability, co-borrower strength, credit history and collateral.

Avanse currently advertises education loans for USA studies up to ₹1.25 crore, with flexible repayment tenure up to 15 years. Its USA-specific page also states that approvals can be available in as little as three days, subject to its process and conditions.

This guide explains USA education loans for Indian students in 2026, including interest rates, eligibility, collateral-free options, documents, loan amounts, repayment, EMI planning and the application process.

Table of Contents

Why Indian Students Need an Education Loan for USA Studies

The United States is one of the most popular destinations for Indian students pursuing master’s degrees, MBA programmes, STEM courses and other postgraduate programmes.

Tuition Fees

US university tuition can vary significantly depending on the institution, programme and location.

Professional and specialised programmes can be particularly expensive.

Before applying for a loan, students should obtain an official fee estimate from the university and calculate the total cost for the complete course rather than looking only at the first semester.

Living Expenses

Students also need to budget for:

Accommodation
Food
Transportation
Health insurance
Books
Laptop or computer
Personal expenses
University fees
Travel
Visa-related expenses

Avanse’s USA education-loan page currently estimates that total annual costs for some US programmes can reach approximately USD 60,000–75,000 after combining tuition and living expenses, although the actual cost varies considerably by university, course and location.

Currency Exchange Risk

Most US university expenses are denominated in US dollars, while an Indian education loan is generally sanctioned in Indian rupees.

If the rupee weakens against the dollar, the amount required in Indian rupees can increase.

Students should therefore maintain some financial buffer instead of calculating the loan only from the current exchange rate.

USA Education Loan for Indian Students: Current 2026 Comparison

The following table compares three major options using currently published lender information.

Feature	SBI Global Ed-Vantage	HDFC Bank/Credila	Avanse
Loan for USA studies	Yes	Yes	Yes
Maximum advertised amount	Up to ₹3 crore	Full education cost with collateral; unsecured up to ₹75 lakh on current HDFC page	Up to ₹1.25 crore
Collateral-free option	Up to ₹50 lakh for select institutions	Available subject to profile and approval	Secured and unsecured options
Current starting/listed rate	9.40% general Global Ed-Vantage; 8.90% select secured institutions	From 9.25% secured	From 10.25%
Maximum tenure	Up to 15 years	Up to 14 years including moratorium	Up to 15 years
Co-borrower	Required as applicable	Indian co-borrower	Earning co-borrower in India
Pre-visa support	Sanction/disbursement before I-20/visa subject to conditions	Product/process dependent	USA page advertises fast approval; lender provides study-abroad financing
Processing fee	₹10,000 under Global Ed-Vantage	Charges depend on applicable product	Generally 1–2% on study-abroad loan
Rate type	Floating	Floating	Terms apply

These are product features published by the lenders and are not a ranking. The actual loan terms offered to an applicant can differ.

SBI Global Ed-Vantage for USA Studies

SBI Loan Amount

SBI Global Ed-Vantage is designed for Indian students pursuing full-time regular courses at eligible foreign universities.

SBI currently states that the maximum loan amount can be up to ₹3 crore. It also states that collateral-free loans up to ₹50 lakh are available for select premier institutions, subject to the applicable list and conditions.

This can be useful for students whose US university and course qualify under the relevant SBI criteria.

SBI Interest Rate in 2026

SBI’s latest published education-loan rate page lists the following Global Ed-Vantage rates:

SBI Global Ed-Vantage category	Listed rate
With collateral, above ₹7.50 lakh to ₹3 crore	9.40% p.a.
Select institutions, without collateral up to ₹50 lakh	9.40% p.a.
Select institutions, with collateral	8.90% p.a.

The rates are floating and linked to SBI’s external benchmark. The page was last updated on July 27, 2026.

Students should check the SBI rate page again before submitting the final application because floating rates can change.

SBI Eligibility

SBI’s Global Ed-Vantage information states that the applicant should be an Indian national or an OCI resident in India and should have secured admission to a foreign university or institution.

The course must also fall within the eligible categories and institution requirements.

SBI Eligible USA Courses

Eligible courses can include:

Graduate degrees
Postgraduate degrees
Diplomas
Certificates
Doctorate programmes

SBI specifically lists eligible study-abroad destinations including the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand and specified European countries.

SBI Repayment

SBI states that repayment can extend up to 15 years.

Its Global Ed-Vantage information also states that repayment begins six months after completion of the course, with accrued interest during the moratorium added to the principal for EMI repayment.

HDFC Bank and Credila for USA Education

Credila Loan Amount

HDFC Bank’s current foreign-education page states that Credila can cover the full education cost where collateral is provided and offers unsecured loans up to ₹75 lakh.

The final amount depends on the student’s profile and lender assessment.

Credila Interest Rate

The current HDFC Bank page shows secured foreign-education loan rates starting from 9.25%.

The actual rate can vary because Credila determines its spread based on factors including:

Academic background
Course employability
Co-borrower’s financial strength
Repayment ability
Credit history
Collateral
Serviceability
Underwriting factors

Therefore, students should request the actual sanction terms rather than assuming that the advertised starting rate will apply to them.

Credila Eligibility

HDFC Bank states that:

The borrower must be an Indian citizen.
Co-applicants must be Indian citizens.
A co-borrower must have an Indian bank account with cheque-writing facilities.
Confirmed admission is required before disbursement.
Credit and underwriting requirements must be satisfied.

Credila Repayment Tenure

The current HDFC Bank page states that the tenure can extend up to 14 years, including the moratorium.

Credila Collateral

The current HDFC Bank information lists possible collateral such as:

House
Flat
Bungalow
Shop
Fixed deposits
Certain insurance policies
Select mutual funds
NSC/KVP

Acceptance depends on the lender’s conditions and valuation requirements.

Avanse USA Education Loan

Avanse Loan Amount

Avanse currently advertises USA education loans up to ₹1.25 crore.

It provides both secured and unsecured options, subject to eligibility and assessment.

Avanse Interest Rate

Avanse currently states that its abroad education-loan interest rates start from 10.25% per annum.

This is a starting rate, not a guaranteed rate for every student.

Avanse Eligibility

Avanse states that applicants should generally:

Be Indian citizens
Be at least 18 years old
Have confirmed admission before final disbursement
Have an earning co-borrower in India

The course and institution also need to meet Avanse’s approval requirements.

Avanse Expenses Covered

Avanse states that its study-abroad loan can cover:

Up to 100% of tuition fees
Eligible living expenses
Books
Computers and equipment
Certain deposits
Travel expenses up to ₹75,000

The exact limits and conditions apply to individual cases.

Avanse Repayment

Avanse advertises repayment tenure of up to 15 years.

Its repayment options can include:

Interest servicing during the course
Partial interest servicing
EMI during the course
EMI after a holiday or moratorium period
Step-up repayment

The available option depends on the loan structure and approval.

USA Education Loan for Indian Students Without Collateral

A major concern for many families is whether they can obtain financing without pledging property.

SBI Collateral-Free Option

SBI currently lists collateral-free Global Ed-Vantage loans up to ₹50 lakh for students attending select premier institutions.

This means not every US university will automatically qualify for the collateral-free facility.

Credila Unsecured Option

HDFC Bank’s current foreign-education page states that Credila offers unsecured loans up to ₹75 lakh, subject to credit and underwriting conditions.

Avanse Unsecured Option

Avanse also advertises unsecured education loans for overseas studies.

Its approval can depend on factors such as:

Academic record
University
Course
Co-borrower
Income
Credit profile
Required loan amount

Why Unsecured Loans Can Cost More

A collateral-free loan gives the lender less security.

Therefore, the interest rate or eligibility conditions may differ from a secured loan.

Students should compare the total repayment amount, not just whether collateral is required.

USA Education Loan for Indian Students With Collateral

A secured loan can be useful when the required loan amount is large.

Types of Collateral

Depending on the lender, collateral may include:

Residential property
Commercial property
Fixed deposits
Insurance policies
Government securities
Certain investment instruments

SBI’s published Global Ed-Vantage terms list tangible security such as land/building and certain financial securities among possible forms of security, subject to the lender’s requirements.

Why Collateral Can Matter

Collateral may help students qualify for:

Larger loan amounts
Different interest rates
Longer repayment structures

However, the property or asset is at risk if the borrower fails to meet the loan obligations according to the agreement.

USA Education Loan Eligibility for Indian Students

Eligibility differs between lenders, but students should generally prepare for the following requirements.

Academic Eligibility

Lenders may examine:

10th marks
12th marks
Graduation results
Entrance examinations
Previous academic performance
Relevant work experience

A strong academic record can help support the application.

University Admission

A confirmed admission or offer from the US institution is generally important before final disbursement.

SBI and HDFC Bank/Credila both specify admission requirements, while Avanse states that confirmed admission is required before final disbursal.

Course Eligibility

Lenders may assess whether the course is:

Recognised
Full-time
Professionally relevant
Offered by an approved institution
Likely to support future repayment

Co-Borrower Eligibility

The co-borrower is an important part of many Indian education-loan applications.

The lender may consider:

Income
Employment
Credit history
Existing loans
Bank account
Financial stability

Documents Required for USA Education Loan

Students should prepare documents well before the university payment deadline.

Student Documents

Common documents include:

PAN card
Passport
Aadhaar or other KYC document
Academic certificates
Mark sheets
Admission letter
University fee structure
Test scores where applicable
Scholarship documents
Course details

HDFC Bank/Credila lists documents such as 12th marksheets, subsequent academic records and applicable GRE, GMAT, TOEFL or IELTS scores.

Co-Borrower Documents

The co-borrower may need:

PAN
Aadhaar/KYC
Income proof
Salary slips
Bank statements
Income-tax returns
Employment proof
Business documents where applicable

Property Documents

For secured loans, the lender may require:

Sale deed
Property tax records
Approved building documents
Encumbrance-related documents
Valuation documents
Other legal papers

The exact list varies by lender and property type.

How Much Education Loan Do You Need for USA Studies?

The amount should be based on your complete funding requirement.

Calculate Tuition

Start with the official university tuition estimate.

Calculate Living Costs

Include:

Rent
Food
Transportation
Insurance
Books
Utilities
Personal expenses

Add Other Costs

Include:

Flight tickets
Visa-related expenses
SEVIS-related expenses where applicable
Laptop
Initial accommodation
Emergency funds

Subtract Your Own Funding

Subtract:

Scholarships
Family savings
Assistantships
Confirmed financial support

The remaining amount gives you a better estimate of the loan requirement.

USA Education Loan EMI Example

Consider an illustrative loan of ₹40 lakh at 10% per year for 10 years.

If the entire ₹40 lakh were outstanding from the beginning and the interest rate remained unchanged, the approximate EMI would be around ₹52,860 per month.

This is only a mathematical illustration.

Actual education-loan repayment can be different because:

Loan disbursement may occur in stages.
Interest may accrue during study.
The loan may have a moratorium.
The interest rate may be floating.
Unpaid interest may be capitalised.
The actual repayment period may differ.

Students should calculate the EMI using their lender’s actual sanction terms.

Understanding the Education Loan Moratorium

A moratorium is often misunderstood as an interest-free period.

Course Period

During the course, interest may continue to accrue even if regular principal repayment has not started.

Post-Course Period

Some loans provide an additional period after course completion before regular repayment starts.

Capitalisation of Interest

If interest is not serviced during the applicable period, it may be added to the outstanding principal depending on the loan terms.

SBI specifically states that accrued interest during the moratorium is added to the principal for repayment through EMIs.

Students should therefore ask the lender for the projected outstanding balance when repayment begins.

Education Loan Margin and Scholarship

What Is Margin?

Margin refers to the portion of the education cost that the student or family may need to contribute.

For example, if a lender finances 90% of an eligible cost, the remaining amount may need to come from the student’s own funds.

Scholarship Adjustment

Scholarships can affect the amount that needs to be financed.

SBI states that scholarship or assistantship can be included in the margin calculation under its Global Ed-Vantage scheme.

Students should provide scholarship documentation to the lender.

Tax Benefits on USA Education Loans

Interest paid on qualifying education loans may be eligible for deduction under Section 80E of the Income Tax Act, subject to the applicable tax rules.

SBI lists tax benefit under Section 80E as one of the Global Ed-Vantage features.

Tax treatment depends on the taxpayer’s circumstances and prevailing law. Students should verify current requirements with the Income Tax Department or a qualified tax professional.

How to Apply for a USA Education Loan

Step 1: Receive Your University Admission

Keep your admission or offer letter ready.

Step 2: Calculate the Total Cost

Prepare a complete course-wise and year-wise budget.

Step 3: Compare Lenders

Compare:

Interest rate
Loan amount
Collateral
Processing fee
Moratorium
Repayment period
Prepayment rules
Disbursement process

Step 4: Check University Eligibility

Confirm that your US university and programme are accepted by the lender.

Step 5: Prepare Documents

Keep student, co-borrower and collateral documents ready.

Step 6: Submit the Application

Apply through the lender’s official website or authorised channel.

Step 7: Complete Verification

The lender may verify:

Academic information
Admission
Co-borrower’s income
Credit history
Collateral
Course and university

Step 8: Review the Sanction Letter

Before accepting the loan, carefully check:

Sanctioned amount
Interest rate
Rate type
Processing charges
Margin
Moratorium
EMI start date
Repayment tenure
Collateral
Insurance
Prepayment conditions

Step 9: Arrange Disbursement

The lender generally disburses funds according to the approved schedule and university fee requirements.

When Should Indian Students Apply for a USA Education Loan?

Before the University Payment Deadline

Do not wait until the final day.

Loan processing may involve several stages.

Before Visa Documentation

If your financial plan depends on the education loan, begin early enough to obtain the required sanction or funding documentation.

SBI states that Global Ed-Vantage can support loan sanction/disbursement before the I-20 or visa stage, subject to its conditions.

Before Travelling to the USA

Make sure the first tuition payment, accommodation deposit and other initial expenses are financially arranged.

SBI vs Credila vs Avanse for USA Studies

SBI Global Ed-Vantage

SBI’s Global Ed-Vantage offers a large maximum loan amount of up to ₹3 crore and a collateral-free option up to ₹50 lakh for select premier institutions. Its published repayment period can extend up to 15 years.

HDFC Bank/Credila

HDFC Bank’s current foreign-education page provides Credila financing information, including secured rates starting from 9.25%, unsecured financing up to ₹75 lakh and tenure up to 14 years including the moratorium.

Avanse

Avanse currently advertises USA education financing up to ₹1.25 crore, secured and unsecured options, and repayment tenure up to 15 years.

These descriptions are not a ranking. Students should compare the actual offers they receive.

Factors That Can Affect Your Loan Interest Rate

Academic Profile

Some lenders consider academic performance when evaluating risk.

University and Course

The lender may assess the institution and course.

Co-Borrower Income

A financially strong co-borrower can affect loan eligibility and pricing.

Credit History

Credit history can influence underwriting.

Collateral

Secured loans may have different pricing from unsecured loans.

Loan Amount

A larger loan can require a different structure and additional security.

Common Mistakes to Avoid

Borrowing the Maximum Amount

A lender approving a large loan does not mean you should borrow the entire amount.

Looking Only at the Interest Rate

Compare total repayment cost, processing fees and other charges.

Ignoring Exchange Rates

US expenses are generally in dollars, while the loan is usually in rupees.

Not Understanding Moratorium Interest

Interest can continue accumulating during the course and moratorium.

Waiting Until the Last Week

Start the application early.

Not Comparing Secured and Unsecured Options

Calculate the total financial cost of both options.

Not Reading the Loan Agreement

Always read the sanction letter and key terms before accepting the loan.

Frequently Asked Questions

What is a USA education loan for Indian students?

A USA education loan for Indian students is financing provided to eligible students to help pay for higher education in the United States. Depending on the lender, it can cover tuition, accommodation, living expenses, travel, books, equipment and other approved costs.

What is the SBI education loan interest rate for USA studies in 2026?

SBI’s latest published rate page lists Global Ed-Vantage at 9.40% for collateralised loans above ₹7.50 lakh up to ₹3 crore. For select institutions, it lists 9.40% for collateral-free loans up to ₹50 lakh and 8.90% for the collateralised option. The rates are floating.

What is the Credila interest rate for USA education loans?

HDFC Bank’s current foreign-education page shows secured education-loan rates starting from 9.25%. The actual rate can vary depending on the student’s and co-borrower’s profile.

What is the Avanse interest rate for USA education loans?

Avanse currently states that its abroad education-loan rates start from 10.25% per annum, subject to its terms and conditions.

Can I get a USA education loan without collateral?

Yes. Some lenders provide unsecured financing subject to eligibility. SBI currently lists collateral-free Global Ed-Vantage loans up to ₹50 lakh for select institutions. HDFC Bank’s current Credila information states that unsecured loans can be available up to ₹75 lakh, while Avanse also advertises unsecured USA education financing.

How much USA education loan can I get?

The amount depends on the lender, university, course, collateral, co-borrower and financial profile. SBI advertises up to ₹3 crore, HDFC Bank/Credila states full education costs can be covered with collateral and unsecured loans up to ₹75 lakh, while Avanse advertises up to ₹1.25 crore.

Can education loans cover living expenses in the USA?

Many lenders allow eligible living expenses within their loan structure. HDFC Bank/Credila states that eligible expenses can include living and hostel expenses, travel, examination fees, books and equipment. Avanse also provides for eligible living expenses within specified limits.

Is a co-borrower required for a USA education loan?

A co-borrower is commonly required for Indian education loans. Avanse states that an earning co-borrower in India is required, while HDFC Bank/Credila requires an eligible Indian co-borrower.

Does SBI provide education loans before the US visa?

SBI states that Global Ed-Vantage can provide loan sanction/disbursement prior to the I-20/visa stage, subject to applicable conditions.

Can I get an education loan for an MS in the USA?

Yes. MS programmes are among the types of international programmes supported by education-loan providers, subject to university, course and borrower eligibility.

How long do I have to repay a USA education loan?

The maximum tenure varies by lender. SBI and Avanse advertise up to 15 years, while HDFC Bank’s current Credila information states up to 14 years including the moratorium.

Is an education loan better than using family savings?

It depends on the family’s financial situation. A loan preserves some savings but creates interest and repayment obligations. Students should compare the expected education cost, available savings, expected career income and total loan repayment before deciding.

Final Thoughts

A USA education loan for Indian students can help make an expensive international degree financially manageable, but students should treat the loan as a long-term financial commitment.

In 2026, SBI Global Ed-Vantage, HDFC Bank/Credila and Avanse offer different structures for USA education financing. SBI currently advertises up to ₹3 crore, with collateral-free financing up to ₹50 lakh for select institutions. HDFC Bank’s current Credila information shows secured rates starting from 9.25% and unsecured loans up to ₹75 lakh. Avanse currently advertises USA education loans up to ₹1.25 crore and repayment tenure up to 15 years.

Before selecting a loan, compare the actual sanctioned interest rate, total loan amount, collateral requirement, processing fee, moratorium, EMI start date, repayment tenure and prepayment rules.

Most importantly, calculate how much you genuinely need. Borrowing the maximum available amount can create unnecessary repayment pressure after graduation.

A good education-loan plan should connect three things:

University cost → Loan requirement → Future repayment capacity

Once these three are clearly understood, students and families can make a more informed decision about financing their US education.