This solution worked for me, however I used a different IE11 offline installation package, because the one linked in
VeganTommy.nett`s post does not want to install until I am offline, but after going online it installed the version including the KB3038314 patch, so I was back to the same loop.
I tested the solution only with English windows no other language packs.
So what I did:
- The computer must be offline
- Fresh install Windows 7 SP1 64 bit ENG
- Install all required drivers
- Install the bellow listed 6 updates. I downloaded them and put on a pendrive.
http://download.microsoft.com/download/6/C/A/6CA15546-A46C-4333-B405-AB18785ABB66/Windows6.1-KB2729094-v2-x64.msu
http://download.microsoft.com/download/9/F/E/9FE868F6-A0E1-4F46-96E5-87D7B6573356/Windows6.1-KB2731771-x64.msu
http://download.microsoft.com/download/F/1/0/F106E158-89A1-41E3-A9B5-32FEB2A99A0B/Windows6.1-KB2533623-x64.msu
http://download.microsoft.com/download/1/4/9/14936FE9-4D16-4019-A093-5E00182609EB/Windows6.1-KB2670838-x64.msu
http://download.microsoft.com/download/1/8/F/18F9AE2C-4A10-417A-8408-C205420C22C3/Windows6.1-KB2786081-x64.msu
http://download.microsoft.com/download/5/A/5/5A548BFE-ADC5-414B-B6BD-E1EC27A8DD80/Windows6.1-KB2834140-v2-x64.msu
- Install IE11 but you have to download the installation package from the bellow link:
I downloaded the IE offline package on another PC, and put on a pendrive, so the freshly installed PC was offline all the way until IE11 was successfully installed.
https://www.microsoft.com/en-us/download/internet-explorer-11-for-windows-7-details.aspx
The page should look like this:

As a default setting it offers the wrong package, so click on change system link, above the select language drop box, and make the bellow selection.

Download the IE11 offline installation package put on a pendrive and install on the freshly installed PC.
It is very important to go online just after the IE11 installation completed because during the IE11 install it tries to connect to the internet and check for updates and finds the KB3038314. If you are
offline than it will install the IE11 with update KB2841134.
Onwards from this point, your PC, from patching point of view, is similar to PCs installed before the release of our famous KB3038314 update on 14th April, 2015.
If you are ready with the IE11 install you can go online and use windows update to install all updates, including the KB3038314.
Regards,