Compare Education Loans for Study Abroad: Every Lender Side-by-Side
Every lender we work with, side by side. Interest rates, collateral and co-applicant rules, which countries and programmes they fund, how much they lend, speed and fees. So you can shortlist the right ones for your university.
Written by Deepak Agrawal, Founder & CEO, FundMyCampus · MBA, IIM BangaloreReviewed by Ashmita Agarwal, Director, FundMyCampusUpdated on
Quick answer
- Lowest rate with collateral: PNB Udaan, 8.35% floating at its 50 listed universities. Otherwise public sector banks from 8.6% (Canara Bank). But approval takes 2–5 weeks.
- No collateral: SBI from 9.65% and Credila from 9.7% at top-ranked universities. Avanse Global from 12% at listed universities in 8 countries.
- No collateral and no co-applicant: Avanse Global (162 listed universities) or Prodigy Finance (listed STEM and MBA programmes).
- Fastest: NBFCs, about a week, with higher collateral-free limits.
Every lender side by side
Lowest rate, no collateral and no co-applicant are three different things, most lenders solve one or two of them, not all three. Start with the one that's actually stopping you, then check whether your university is on that lender's list.
| Lender | Rate from | Collateral | Co-applicant | Programmes | Countries | Good to know |
|---|---|---|---|---|---|---|
| SBI Global Ed-Vantage | 9.15% | With collateral 9.65% (9.15% at select universities). Without collateral 9.65% at select universities, up to ₹50 lakh | Required: flexible on income proof at its 100 listed universities, with 15% margin money | All | Any | Up to ₹50 lakh without collateral at its 100 select universities |
| PNB Udaan | 8.35% floating at PNB's 50 premium universities. Other universities: 9.6% with collateral, or 8.6% if simple interest is paid during the course. | Required | Usually a parent: confirm with us | All | Any (listed universities span 13 countries) | Lowest rate PNB offers abroad, linked to its RLLR |
| Credila | 9.7% | Not needed at top-ranked universities (from 9.7%). Standard from 10.5% | Required | All | Any | Up to ₹1.5 crore without collateral for premier universities |
| Prodigy Finance | 9.25% (USD/GBP) | Not required | Not required | Listed STEM and MBA programmes | USA, UK, Germany, Australia, Canada, France and others | Only for universities and programmes on its list (670 schools) |
| ICICI Bank | 10.25% | With or without, depending on your profile | Required | All | Any | - |
| Yes Bank | 10.5% | Not required | Required: any earning co-applicant, whatever the income | Courses on its eligible list (808 courses) | UK, Australia, Ireland, France | Needs an average bank balance of ₹5,000 (CAT A courses) or ₹25,000 (CAT B courses) |
| Avanse Financial | 11% | Required | Required | All | Any | - |
| Avanse Global | 12% | Not required | Not required at 162 listed universities. Required with a relaxed profile at 1,447 others | STEM and Management | USA, Germany, France, UK, Australia, Canada, Ireland, Singapore | Widest country coverage of any collateral-free option |
| Union Bank of India | 9.3% | Not required: up to ₹30 lakh, or ₹40 lakh for listed institutions | Required | All | Any | A high collateral-free limit for a public sector bank |
Indicative terms as of October 2026. Final rate and eligibility depend on your university, course and co-applicant.
Go deeper on one question: interest rates at every lender, loans without collateral, loans without a co-applicant or the PNB Udaan scheme. By destination: lowest rates for the UK and USA, and collateral-free loans for the UK and USA.
Interest rates, fees and tenure
| Lender | Type | Interest rate | Processing fee | Tenure |
|---|---|---|---|---|
| SBI | Public sector bank | 9.15% to 10.15%Study abroad, with collateral: 9.65% (9.15% at SBI's select universities)Study abroad, without collateral: 9.65% at SBI's select universities, up to ₹50 lakh | Nil for loans up to ₹20 L. ₹10,000 + GST above | Up to 15 years post-moratorium |
| Canara Bank | Public sector bank | 8.60% to 10.25% | Up to 1% (often waived under ₹20 L) | Up to 15 years post-moratorium |
| PNB | Public sector bank | 8.80% to 10.95% | Up to 1% (often waived for amounts < ₹20 L) | Up to 15 years post-moratorium |
| Bank of Baroda | Public sector bank | 8.85% to 10.50% | Up to 1% (often waived for amounts < ₹20 L) | Up to 15 years post-moratorium |
| Prodigy Finance | International lender | 9.25% to 13.50% (USD/GBP) | 0% to 5% (varies by university and program) | Up to 20 years (USD loans) |
| Union Bank | Public sector bank | 9.30% to 11.40% | ₹0 to ₹5,000 (often waived) | Up to 15 years post-moratorium |
| Credila | NBFC | 9.70% to 13.00%Without collateral, top-ranked universities: from 9.7%Standard profile or university: from 10.5% | 1% to 1.5% of loan amount + GST | Up to 14 years post-moratorium |
| ICICI | Private bank | 10.25% to 12.50% | 0.5% to 1% of loan amount (₹2,000 minimum) | Up to 14 years post-moratorium |
| Axis Bank | Private bank | 10.10% to 12.75% | 0.75% to 1% of loan amount | Up to 15 years post-moratorium |
| IDFC First Bank | Private bank | 10.25% to 12.25% | 0.75% to 1% of loan amount | Up to 12 years post-moratorium |
| Yes Bank | Private bank | 10.50% to 12.75% | 0.75% to 1% of loan amount | Up to 15 years post-moratorium |
| Poonawalla | NBFC | 10.50% to 13.50% | 0.75% to 1% of loan amount + GST | Up to 15 years post-moratorium |
| Tata Capital | NBFC | 10.99% to 13.99% | 1% to 1.5% of loan amount + GST | Up to 12 years post-moratorium |
| Avanse | NBFC | 11.00% to 14.00% | 1% to 2% of loan amount + GST | Up to 12 years post-moratorium |
| Auxilo | NBFC | 11.00% to 13.50% | 1% to 1.5% of loan amount + GST | Up to 10 years post-moratorium |
Loan amounts, collateral-free limits and speed
| Lender | Max for study abroad | Max without collateral | Processing time |
|---|---|---|---|
| SBI | ₹1.5 Crore (Global Ed-Vantage) | ₹50 Lakhs (for select premier universities) | 15–25 working days |
| Canara Bank | ₹1.5 Crore (with collateral) | ₹7.5 Lakhs (CGFSEL) / ₹40 L (premier institutes) | 10–15 working days |
| PNB | ₹1.5 Crore (with collateral) | ₹7.5 Lakhs (CGFSEL) / ₹40 L (premier institutes Pratibha) | 15–25 working days |
| Bank of Baroda | ₹1.5 Crore (with collateral) | ₹7.5 Lakhs (CGFSEL) / ₹40 L (premier institutes) | 12–20 working days |
| Prodigy Finance | Up to $150,000 (or GBP equivalent) | Up to $150,000 (no collateral required) | 10–14 working days |
| Union Bank | ₹40 Lakhs (collateral-free, listed institutions) | ₹30 Lakhs (general) · ₹40 Lakhs (listed institutions) | 12–20 working days |
| Credila | ₹1.5 Crore | ₹1.5 Crore (premier global universities) | 5–8 working days |
| ICICI | ₹1 Crore (₹2 Crore with collateral) | ₹50 Lakhs domestic / ₹1 Crore abroad (premier institutes) | 7–14 working days |
| Axis Bank | ₹75 Lakhs (₹2 Crore with collateral) | ₹50 Lakhs domestic / ₹75 Lakhs abroad (premier institutes) | 7–14 working days |
| IDFC First Bank | ₹1 Crore (₹2 Crore with collateral) | ₹1 Crore (premier institutes) | 7–10 working days |
| Yes Bank | ₹2 Crore (with collateral) | ₹50 Lakhs domestic / ₹75 Lakhs abroad (premier universities) | 7–14 working days |
| Poonawalla | ₹3 Crore (with collateral) | ₹1 Crore (premier global universities) | 5–8 working days |
| Tata Capital | ₹1.25 Crore | ₹75 Lakhs (premier institutes) | 5–7 working days |
| Avanse | ₹1.25 Crore | ₹75 Lakhs (extends to ₹1.25 Cr with collateral) | 5–7 working days |
| Auxilo | ₹50 Lakhs (₹1 Crore with collateral) | ₹50 Lakhs | 5–7 working days |
Indicative figures from each lender's published terms. Final terms depend on your profile and university.
EMI on a ₹40 Lakh loan at each lender's starting rate
10-year repayment, no unpaid moratorium interest. Starting rates usually apply to the strongest profiles and top universities.
| Lender | Starting rate | Monthly EMI | Total interest |
|---|---|---|---|
| Canara Bank | 8.6% | ₹49,808 | ₹19,77,015 |
| PNB | 8.8% | ₹50,238 | ₹20,28,604 |
| Bank of Baroda | 8.85% | ₹50,346 | ₹20,41,540 |
| SBI | 9.15% | ₹50,996 | ₹21,19,472 |
| Union Bank | 9.3% | ₹51,322 | ₹21,58,643 |
| Credila | 9.7% | ₹52,198 | ₹22,63,764 |
| Axis Bank | 10.1% | ₹53,082 | ₹23,69,845 |
| ICICI | 10.25% | ₹53,416 | ₹24,09,872 |
| IDFC First Bank | 10.25% | ₹53,416 | ₹24,09,872 |
| Yes Bank | 10.5% | ₹53,974 | ₹24,76,880 |
| Poonawalla | 10.5% | ₹53,974 | ₹24,76,880 |
| Tata Capital | 10.99% | ₹55,077 | ₹26,09,284 |
| Avanse | 11% | ₹55,100 | ₹26,12,001 |
| Auxilo | 11% | ₹55,100 | ₹26,12,001 |
Between the lowest and highest starting rates, total interest differs by about ₹6.35 Lakh. Prodigy Finance lends in USD/GBP, so it isn't included. Model your own loan, including the moratorium, in the education loan EMI calculator.
Which type of lender suits you?
- Public sector banks (SBI, Bank of Baroda, Canara, PNB, Union Bank): best if you have collateral and 3–5 weeks. Lowest rates and fees.
- Private banks (ICICI, Axis, IDFC First, Yes Bank): a middle ground, faster than PSU banks, with sizeable unsecured limits for top universities.
- NBFCs (Credila, Avanse, Auxilo, Tata Capital, Poonawalla): best for large collateral-free loans, tight visa deadlines, or co-applicants with lower CIBIL scores.
- International lenders (Prodigy Finance): when you have no Indian co-signer or collateral and your university is on their list.
Not sure which applies to you? Read about loans without collateral, loans without a co-applicant, or browse loans by destination on our study abroad education loan guide.
Training to fly? Government banks fund pilot training with collateral, and NBFCs fund it without, up to ₹1.5 crore. See the education loan for pilot training.
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Compare Study Abroad Education Loans FAQs
Straight answers to the questions students ask us most
It depends on what you're eligible for. With collateral, PNB Udaan's 8.35% is lowest at its 50 premium universities. Elsewhere Udaan standard is 8.6% if you pay simple interest during the course (9.6% otherwise), then SBI from 9.65%. Without collateral, SBI (from 9.65%) and Credila (from 9.7%) are cheapest, but only at highly ranked universities. Prodigy Finance (from 9.25%) and Avanse Global (from 12%) cost more but need no collateral, and no co-applicant at their listed universities.
Avanse Global (at 162 listed universities) and Prodigy Finance (listed STEM and MBA programmes) lend with neither collateral nor a co-applicant. Both have eligibility lists, so check your university first, see our guide to education loans without a co-applicant.
There's no single best lender. It depends on your university, whether you can offer collateral, and how fast you need the sanction letter. Public sector banks like SBI and Bank of Baroda usually have the lowest rates but take 2–5 weeks. NBFCs like Credila and Avanse approve in about a week and lend more without collateral, at higher rates. Comparing 3–4 lenders for your profile usually gets the best deal.
Banks (especially PSU banks) are cheaper, while NBFCs are faster and more flexible: higher collateral-free limits, lower CIBIL thresholds for the co-applicant, and quicker sanction letters for visa deadlines. If you have collateral and time, a bank usually wins on cost. If you need a large unsecured loan quickly, an NBFC is often the practical choice.
Typically 5–8 working days at NBFCs, 7–14 at private banks and 10–25 at public sector banks, once all documents are submitted. Start at least 6–8 weeks before your visa appointment so the sanction letter is ready in time.
Public sector banks charge the least, often nil or up to 1%, and frequently waived. Private banks typically charge 0.5–1%, and NBFCs about 0.75–2% plus GST. On a ₹40 Lakh loan, a 1% fee is ₹40,000, so include it when comparing offers.
Yes, it's possible. For example a secured loan from a PSU bank plus a smaller unsecured top-up from an NBFC. But each lender will check your total borrowing and repayment capacity. It adds paperwork, so it's usually worth it only when one lender won't cover the full cost.
Yes. Tuition is usually disbursed directly to the university, in instalments as fees fall due. Living expenses and other costs are typically released to the student's account. Interest is charged only on the amount disbursed so far.
More education loan guides
- Education Loan Without Collateral
- Education Loan Without Co-Applicant
- Education Loan Interest Rates
- Education Loan Eligibility
- Documents Required for Education Loan
- Education Loan EMI Calculator
- Education Loan for Study Abroad
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