NBFC Education Loans: Eligible Countries

Indian students are choosing to get overseas education loans to fund their higher education abroad. Based on the applicant’s eligibility and loan preference, they can go for secured or unsecured education loans. Financial lenders like nationalized banks, private banks, NBFCs and international lenders offer foreign education loans for students.

Out of the list of financial lenders, we shall discuss the features of NBFCs and the list of countries eligible for an NBFC education loan. Keep reading to learn more about NBFCs.

Why choose NBFCs for education loans?

A non-banking financial company popularly known as an NBFC is a leading option for students who are choosing to get an unsecured overseas education loan. NBFCs offer higher loan amounts than private banks, which is why students prefer to take education loans from NBFCs.

NBFCs provide up to Rs 55 lakh for non collateral education loans for abroad. These financial companies sanction 100% education finance and provide pre–visa disbursal of loans. A top-up loan option is also available. One of the major advantages of taking education loans from NBFCs is that you will get tax benefits in your income tax as well.

Getting loans from NBFCs is quick, but not every country accepts education loans from NBFCs. In a similar manner, NBFCs do not fund education loans for every country. As we move ahead with our article, let’s now discuss the list of countries that are eligible for NBFC education loans.

List of Countries Eligible for an NBFC Education Loan

NBFCs offer education loans for countries like the USA, UK, Canada, Germany, Ireland, Australia, and New Zealand. These countries are among the popular study destinations for higher education. Indian students move to these countries in large numbers every year. NBFCs provide education loans up to Rs. 55 lakh; the amounts can vary from country to country.

Given below is the list of countries and the approximate loan amount sanctioned by NBFCs.

• USA: 50-55 lakhs
• UK: 30–40 lakhs
• Canada: 30 lakhs
• Germany: 30 lakhs
• Ireland: 25 lakhs
• Australia: 40 lakhs
• New Zealand: 20 lakhs
• Other Countries: 20–25 lakhs

These amounts are an approximate representation. The figures might vary depending on the eligibility and profile of the applicant. You can connect with top NBFCs to inquire about the loan amount based on your profile.

Some of the popular NBFCs in India that offer overseas education loans are HDFC Credila, Avanse, InCred, Auxilo and Credenc. You can schedule an education loan counseling appointment with any of these NBFCs and make an informed decision.

There are many advantages to taking education loans from NBFCs. However, one thing that you need to keep in mind is that these NBFCs have a higher rate of interest than the banks.

Taking an education loan from an NBFC is a good option if you are going to study in any of the countries mentioned in the list given above. The loan process is quick and usually gets completed within 8–10 working days. The documentation for NBFCs is more flexible than that for other financial lenders.

If you need an education loan, you can contact any of the popular NBFCs in India.