An international qualification from a foreign University is a golden opportunity for many students. However, the cost of such an education can be high. To support their dreams of overseas education, many students turn to banks, NBFCs, and other lenders for education loans. While those who can provide collateral can get secured education loans, many students may also want to apply for an unsecured education loan. These loans do not require collateral or complicated documentation. Instead, they rely on the applicants’ credit scores and financial abilities. One way to receive the highest possible unsecured education loan amount is to approach an International Lender.

These are institutions based in the US that help students secure loans in dollars or their local currency. While the funding they provide is limited to selected North American or European Universities, these lenders are a great option for quick disbursements. Sometimes, students can even get the loan within 24 hours! In this article, we will learn more about some of the best International Lenders providing study abroad loans.

Top International Lenders Providing Study Abroad Loans to Indian Students

1. MPower Finance

MPower was founded in 2014 in Washington D.C., USA out of the need to make global education possible for students from diverse financial backgrounds. It is one of the most trusted International Lenders for its accessible policies and fixed interest rates. MPower helps students from all over the world enter over 400 Universities across the USA and Canada. Let us take a closer look at its details below.

  • Quantum of Finance: Up to US$ 50,000 for the first year and US$ 50,000 more for the second year
  • Rate of Interest: Starts at 11.99% for Master’s courses and 13.99% for Bachelor’s courses. All students are eligible for a discount on the interest rate of up to 1.50%
  • Eligible Levels of Study: Students pursuing both Master’s and Bachelor’s (3rd and 4th year only) courses are eligible
  • Funding Margin: Applicants can get full or partial funding based on their profile
  • Interest Payment: It is mandatory to pay interest during the moratorium period
  • Moratorium Period: Duration of the course + 6 months
  • Processing Fees: 5% of the disbursed amount is added to the balance and the term of the loan at the time of each disbursement
  • Loan Repayment Tenure: Up to 10 years, including the course duration
  • Processing Time: The loan is disbursed within 5-7 business days of submitting the application

2. Prodigy Finance

Prodigy Finance was established in 2007 in the UK. The brainchild of former MBA student Cameron Stevens, it has helped over 40,000 students achieve their foreign education dreams. Prodigy offers unsecured education loans for abroad studies without a co-applicant. It has a wide network of more than 400 institutions across the USA, Canada, UK, Germany, etc.

  • Quantum of Finance: Up to US$ 220,000 for eligible students
  • Rate of Interest: Starts from 10.55% for Master’s courses
  • Eligible Levels of Study: Only eligible for Master’s courses
  • Funding Margin: Students can be eligible for full or partial funding as per their profile
  • Interest Payment: It is optional to pay interest during the moratorium period
  • Moratorium Period: Duration of the course + 6 months
  • Processing Fees: US$ 500 fee during matching and 4% of the loan amount at each disbursement
  • Loan Repayment Tenure: Ranges from 7 to 20 years, including course duration
  • Processing Time: Loan is disbursed within 8 – 10 business days after the application is submitted

Having seen all the major information about the topmost International Lenders in the market, we will learn more about the eligibility criteria for a study abroad loan for applicants and co-applicants.

Eligibility Criteria for Study Abroad Loans from International Lenders

International Lenders give students the flexibility to apply for a study abroad without a co-applicant. The loan amount then depends on the student’s course and institution of choice as well as their future earning potential. The education loan eligibility criteria of International Lenders are also quite straightforward, as we will explore below.

  • Students must be 18 years of age and above
  • Their chosen program and educational institution must be listed among the lender’s partner institutions
  • They need to have proof of admission from the University

In conclusion, this article has helped students understand various factors to look at before choosing the right International Lender for their needs. Whether one decides to approach MPower Finance or Prodigy Finance, there is much left to do before the loan is disbursed.

To simplify those processes and get the smoothest disbursement, one can seek the help of overseas education loan consultants. Their expert teams can help lighten the load so one can focus on preparing for their journey abroad.