List of Countries for Which You Can Get an NBFC Education Loan

✓ Loan Amount up to 75 lakh

✓ Interest Rate Starting at 11%

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There is no denying the benefits of taking education loans from Government banks that offer mostly collateral education loans for abroad studies. But what about students who do not have anything to pledge?

Private banks and NBFCs come to the rescue of such students by offering education loans without collateral. NBFCs particularly offer higher loan amounts as unsecured education loans for abroad studies.

However, there are a few countries that do not accept education loans from NBFCs as a source of funding. The source of funding matters during one's visa process for getting a student visa. On top of that NBFCs too do not provide education loans for just any country. 

This article aims to give you a clear idea of the exact list of countries that are eligible for an NBFC education loan. In addition to that, you will also get to know about the unsecured education loan amounts offered for these countries.

At WeMakeScholars, we're committed to empowering students to pursue their education goals with confidence.

Do Government Banks offer unsecured education loans?

All government banks offer unsecured education loans but only of up to INR 7.5 Lakhs. Only NBFCs and private banks offer higher loan amounts without collateral.

List of countries on the top priority list for an NBFC Education loan

Countries like the USA, Canada, and Germany are some of the most popular choices for students who wish to study abroad. Hence, most NBFCs and private banks offer NBFC education loan amounts exceeding INR 7.5 Lakhs to students who are accepted into universities located in these countries. The maximum NBFC education loan amount can go up to INR 75 Lakhs depending on the country. 

Below is the list of the top 5 countries that NBFCs provide unsecured education loans for-

The UK

Countries with top universities & the final NBFC education loan amount granted for them

Below is the list of countries and the maximum loan amount granted to them


Maximum loan amount up to 


75 Lakhs

The UK

45 Lakhs


35 Lakhs


20 Lakhs


25 Lakhs


30 Lakhs

Other countries

10 Lakhs


The European nations, France, Ireland, and the Netherlands are some of the other popular destinations for higher education chosen by Indian students. Most lenders offer an NBFC education loan amount of up to INR 10 to 15 Lakhs for students who have been accepted into the universities located in these countries. 

However, higher NBFC education loan amounts are possible for those who have been admitted into prestigious universities in these countries. HEC, Paris, TU-Delft, Karolinska Institute in Sweden, SDA Bocconi, IE Business School, etc. are some of the top-rated universities which are eligible for an NBFC education loan of up to INR 40 Lakhs.

It is to be noted that the interest rates in NBFCs are subject to the country one chooses for education. Like, for the US, it is 11-12%, and for others 12-13.5%.

Education loan terms in NBFCs like interest rates, loan amount, processing fee, etc are negotiable in nature. So if you apply via WeMakeScholars, our team will negotiate with the lender on your behalf and get you the best deal possible. Moreover, students who apply for NBFC education loans through us get to avail of a 0.5% waiver on their unsecured education loan interest rates.

Financial barriers shouldn't prevent you from pursuing your education goals. We offer a range of funding options

Issue of acceptance of education loans from NBFCs

So, as mentioned, there are a few countries that do not accept education loans from NBFCs as a source of funding during the student visa process.

New Zealand and Australia are two countries that have uncompromising immigration policies regarding student visas. One of the biggest hurdles faced by students who borrowed an NBFC education loan to fund their higher studies in these countries is the fear of their student visa being rejected. 

A common factor among the immigration rules of Australia, as well as New Zealand, is the fact that a non-collateral education loan from NBFCs is not viewed as a secured source of funding by either country.

So does this mean that it is not possible to get an NBFC education loan to fund higher studies in countries other than those mentioned above? 

Absolutely not! As discussed in episode nine of the Loanflix web series, it depends on the overall ranking of the university into which candidates have been accepted. There are several countries that are essentially not in popular demand for higher studies. NBFCs make an exception for students who have been accepted into well-known universities located in such countries. Students can avail of an NBFC education loan of up to INR 75 Lakhs to study in educational institutions located in such countries.

Education Loan FAQs

  • Which countries are covered under NBFC education loans?

    Non-Banking Financial Companies (NBFCs) in India offer education loans for students who wish to pursue higher education in foreign countries. The list of countries covered under NBFC education loans varies from lender to lender, but some common countries include the USA, Canada, Australia, the UK, Singapore, Germany, France, New Zealand, and Switzerland. It is important to check with the lender to confirm the list of countries they cover.

  • Do I need to provide any security or collateral to get an NBFC education loan?

    The requirement for security or collateral for NBFC education loans can vary depending on the lender and the loan amount. In some cases, lenders may require collateral in the form of a property or fixed deposit to secure the loan. However, many NBFCs offer unsecured loans for lower loan amounts. It is advisable to check with the WeMakeScholars team for their specific policies and requirements.

  • What documents do I need to submit to apply for an NBFC education loan?

    The documents required to apply for an NBFC education loan may vary from lender to lender, but some common documents include the student's academic records, the co-borrower's income and credit history, the admission letter from the institution, and KYC documents. The lender may ask for additional documents based on their specific policies and requirements.

  • Is it necessary to have a co-borrower to apply for an NBFC education loan?

    While having a co-borrower may increase the chances of loan approval and may also help in availing a higher loan amount, some NBFCs may also offer loans without a co-borrower, depending on the loan amount and other factors. The decision of whether to require a co-borrower or not is at the lender's discretion, in these cases, WeMakeScholars Financial Officers provide end-to-end negotiation support on all the terms and conditions.


CRISIL Expects Education Loans by NBFCs to grow by 40% to Rs 35,000 this year

24th April, 2023

The rise in education loans by NBFCs is not huge but way better than the last year, claims CRISIL.

According to CRISIL, the education loan AUM is estimated to have nearly doubled to Rs 25,000 crores in FY23, compared to 13,000 crores in FY22.

The good news is that despite the increase in education loans, the asset quality has remained harmless because of a low number of non-performing assets due to protective structural features by the NBFCs.

Protective structural features like mandatory co-applicant, focus on STEM courses, and structured repayment terms have helped non-banking financial corporations(NBFCs) in maintaining NPA below 0.5% even during the pandemic.