Hassle-Free Education Loan Online to Study in America
The United States of America is a top destination for higher education, home to globally respected institutions like the Massachusetts Institute of Technology (MIT), Stanford, and Harvard. For many Indian students, studying in the USA is a significant academic goal, offering access to innovative courses and a global career path.
Secure the funding with Poonawalla Fincorp’s Education Loan to study in the USA. This loan covers all your key expenses, including tuition fees, living costs, travel, and health insurance. Crucially, it also assists with the ‘Proof of Funds’ required for your I-20 and visa application, ensuring a smoother process. Turn your American dream into a reality. Apply now!
Calculate Your EMI for an Education Loan to Study in America
You can use the EMI calculator to plan your Education Loan in America with confidence. Just enter your loan amount, interest rate, and repayment tenure to instantly view your estimated monthly EMIs and overall repayment. Start calculating now and plan your US education expenses more effectively.
Why Choose Poonawalla Fincorp
Apply for an Education Loan to Study in America
Click on “Apply Now”
Fill out the online form to start your loan application.
Enter Details
Enter your DOB, PAN card number, monthly income, and residential details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Get exclusive offers thoughtfully customised just for you
To ensure a smooth application process, review our eligibility criteria for an Overseas Education Loan:
Age:
- Applicant: Between 16 and 50 years
- Financial Co-applicant:
- Salaried: 21 to 60 years
- Self-employed: 21 to 65 years
- Non-financial Co-applicant: 21 to 80 years
Citizenship: Indian, OCI (Overseas Citizen of India)
Study Location:
- India
- USA, Canada, Australia, New Zealand, Singapore, UAE, Philippines
- United Kingdom, Ireland, Sweden, Spain, France, Germany and other European countries
Loan Amount With Collateral:
- Domestic Studies - Up to ₹50 Lakh
- International Studies - Up to ₹3 Crore
Co-applicant:
- Parents
- Parents-in-law
- Siblings
- Spouse
- First Cousins
- Parents’ Siblings
To ensure a smooth application process for your Education Loan to study in the USA, please keep the following documents ready:
- KYC documents
- Institute Admit Letter (if available)
- Entrance Test Results (if available)
- Past Academics
Co-applicant Documents:
- KYC
- Employment
- Financials:
- Salaried: Bank Statement, Pay slip, Form 16
- Self-employed: Bank statement, ITR, GST Surrogate
Get your Education Loan to study in America with attractive interest rates, flexible repayment options, and minimal charges.
|
Interest Rate |
11.25%* p.a. onwards |
|
Loan Amount |
₹1 Lakh to ₹3 Crore |
|
Loan Processing Fees |
Up to 2%+ GST subject to min. ₹5000 |
|
Loan Tenure |
Up to 15 years |
|
Prepayment/Foreclosure Charges |
• Floating rate loans: Nil • Fixed rate loans: 2% (plus GST) charge on the outstanding amount being foreclosed/prepaid |
|
Default Charges |
24% p.a. + taxes |
|
Repayment Instrument Dishonour Charges |
₹500 per bounce plus applicable taxes |
|
Stamp Duty |
At actuals (as per state) |
|
Hidden Charges |
Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
An Education Loan is an excellent tool to finance your studies in the USA, making the entire process smoother. Here are the key advantages:
- Fund Your Entire Course at Top US Universities: Our loan provides complete funding for your education in the USA, covering tuition fees, accommodation, and living costs. We offer financial support to students at premier institutions such as Yale University, the University of Chicago, and the University of California, Berkeley.
- Favourable Terms with Tax Benefits: Our Education Loan is offered at competitive interest rates to make your US education more affordable. Additionally, your co-applicant in India can claim tax deductions for the interest paid on the loan under Section 80E of the Income-tax Act, 1961.
- Flexible Repayment Terms: With a moratorium period, your EMIs begin only after you complete your course. This feature allows you to focus on your studies and build your career without the pressure of immediate repayment.
- No Collateral Required: Depending on your profile and the loan amount, you can get the funds you need without pledging any collateral, making the process simpler and more accessible.
- Promotes Financial Independence & Builds Credit: Taking responsibility for your Education Loan fosters self-reliance. Furthermore, timely repayments help your co-applicant build a strong credit profile for the future.
- Hassle-Free Processing and Disbursal: A quick digital process ensures timely fund disbursal in US Dollars directly to your university. This helps you meet strict admission deadlines and simplifies the process of securing the financial documents required for your I-20 and visa application.
Get Funds Quickly With
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Happy customers, happy us
My loan application journey with Poonawalla Fincorp was smooth and well-explained. The team demonstrated strong product knowledge and guided me clearly at every step. They were highly responsive, addressing my queries promptly and ensuring clarity throughout. The turnaround time was reasonable, with the process completed efficiently and without delays. Overall, I am very satisfied with the experience and truly appreciate the team's support and assistance.
My experience with Poonawalla Fincorp for my Education Loan was seamless and hassle-free. Their clear guidance, proactive communication, and transparent process made everything, from documentation to approval, disbursement, and even FOREX transfer, smooth and timely. The digital platform was easy to use, and their professionalism gave me complete confidence. I chose Poonawalla Fincorp for their supportive, customer-first approach, which enabled me to pursue my MBA at the University of Oxford without financial stress. I highly recommend their education loan products to any student seeking reliable financial assistance.
My education loan journey with Poonawalla Fincorp was seamless and stress-free from start to finish. The team demonstrated excellent product knowledge, explained the process clearly, and guided me through every step with transparency. Their responsiveness and proactive communication ensured that my queries were always addressed promptly, leaving no room for confusion or delay.The turnaround time was impressive! The team's professionalism, polite nature, and dedication to customer satisfaction truly stood out and made the experience even better. I am delighted with the service and would wholeheartedly recommend Poonawalla Fincorp to anyone seeking an education loan. Their supportive approach, timely processing, and customer-first attitude make them a trusted financial partner.
Frequently Asked Questions
Poonawalla Fincorp’s Education Loan for studying in the USA covers tuition fees, accommodation, living expenses, travel, and health insurance. It also helps meet the ‘Proof of Funds’ requirement for your I-20 and visa application, simplifying your path to studying in the U.S.
You can avail up to ₹1 Crore as an unsecured Education Loan in the USA without pledging any collateral. For loans with collateral, you can access up to ₹3 Crore for international studies, depending on your profile and the course you are pursuing.
Yes. Your financial co-applicant in India can claim tax deductions on the interest paid under Section 80E of the Income Tax Act, 1961. This benefit applies for the entire duration of loan repayment, making the Education Loan to study in the USA more cost-effective.
The repayment tenure for an Education Loan in America is up to 15 years. Additionally, we offer flexible repayment options with a moratorium period. EMI payments begin only after you complete your course, allowing you to focus on your studies and career first.
Your co-applicant can be your parents, parents-in-law, siblings, spouse, first cousins, or parents’ siblings. At least one financial co-applicant is required to support your Education Loan in the USA application.
Absolutely, our Education Loan to study in the USA covers a wide range of expenses. These include tuition fees, accommodation, living costs, travel, health insurance, and other study-related expenses. It also helps meet the ‘Proof of Funds’ requirement for your I-20 form and visa application.
Taking an Education Loan in America and repaying it on time helps your co-applicant build a strong credit profile. It also promotes financial independence and responsibility, which can benefit you in the long run when you establish your own credit history.
For floating rate loans, there are no prepayment or foreclosure charges. For fixed-rate loans, a fee of 2% (plus GST) on the outstanding amount being foreclosed or prepaid applies. This flexibility allows you to close your loan early if you have the funds available.