Pursuing higher education in the USA is a dream that many Indian students cherish. Yet, turning that dream into reality often hinges on funding. In 2024 and 2025, several Indian banks and NBFCs (Non-Banking Financial Companies) offer education loans designed to help aspiring students. This guide explores the top lenders for education loan for USA for Indian students.

Let’s dig into the details!

State Bank of India – Global Ed-Vantage Scheme

State Bank of India’s Global Ed-Vantage scheme has become a flagship education loan offering for students planning to study abroad.

• Students can borrow between ₹20 lakh and ₹1.5 crore, with exceptional cases going up to ₹3 crore.
• For those admitted to specific premier institutions, SBI provides collateral-free loans up to ₹50 lakh. 
• The loan is disbursed in stages to cover tuition, hostel fees, equipment, and other academic expenses. Sanctions can occur even before receiving your i20 or visa. 
• Borrowers benefit from a long repayment period for up to 15 years, with EMI starting six months after course completion. When the education loan sanction letter come through early, it help align with admission timelines. 
• The scheme also offers tax relief under Section 80(E), though students should note that interest accrued during the moratorium is added to the principal. 

This scheme balances high financing capacity, flexible terms, and institutional convenience, making it a favored choice for many.

Punjab National Bank – Udaan Scheme with PM Vidyalaxmi Subsidy

Punjab National Bank’s Udaan scheme has gained momentum in 2025 thanks to the PM Vidyalaxmi subsidy, making loans more affordable for students with academic merit.

Key features include:

• A 0.20% reduction in interest rates, lowering them to as low as 7.5%, effective June 2025. 
• Collateral-free and guarantor-free loans for students admitted on merit to Quality Higher Education Institutions (QHEIs), categorized by NIRF rankings. Loans up to ₹4 lakh require no margin; above that, a 5% margin may apply depending on the institution category. 
• Interest subvention benefits vary based on family income: students from households earning ≤ ₹4.5 lakh can get up to 100% subsidy for technical courses; those earning up to ₹8 lakh receive 3% subvention. 
• The repayment tenure can extend up to 15 years, with a moratorium covering the course plus one extra year. This structure provides breathing space for graduates starting their careers.

Udaan’s mix of lower interest, flexible margins, and strong inclusivity positions it as an attractive option for many Indian students.

Bank of Baroda – Premier Institutions Loan

Bank of Baroda provides generous financing for students attending leading international institutions.

• Loans go up to ₹1.5 crore for premier institutions and up to ₹80 lakh for executive development programs abroad.
• Collateral-free loans may be available depending on how the institution is rated.
• Borrowers benefit from no processing fees and complimentary debit cards.

Though specific pages detailing the features were not captured during research, these benefits are consistently highlighted in official materials related to overseas education loans from Bank of Baroda.

Poonawalla Fincorp – NBFC Education Loan

Poonawalla Fincorp, a newer player in education financing, offers digital-first and flexible options, ideal for those needing fast approvals.

• Loans go up to ₹3 crore with collateral and up to ₹1 crore without collateral.
• Floating interest rates start at 11.25%, and there are zero prepayment charges.
• Processing is entirely digital, making the application smooth and fast. In 2025, Poonawalla partnered with IDP Education to offer a fully online application experience, enhancing accessibility for Indian students. 

This service works particularly well for students with urgent deadlines or those seeking large sums without cumbersome paperwork.

When it comes to financing your US education in 2024 or 2025, Indian students have reliable and varied lending options to choose from. SBI’s Global Ed-Vantage offers the most substantial funding and flexible repayment. PNB’s Udaan stands out for affordability and inclusivity, particularly through its subsidies. Bank of Baroda caters to those entering premium global programs without processing costs. Meanwhile, Poonawalla Fincorp delivers speed, convenience, and large loan amounts with minimal documentation.

Each lender brings unique strengths, whether you need substantial funding, affordability, institutional support, or swift processing. Consider your financial position, admission timelines, and long-term repayment ability to make the best choice. Thoughtfully aligning your loan with your academic and financial goals will pave the way for a smoother journey toward your studies in the USA.

You may also connect with an education loan counselor and submit a demand letter for education loan at the earliest to secure timely funding for your academic goals.