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Education Loan for Studying in the UK

Education-Loan-for-Studying-in-the-UK

You may be a brilliant student, and with all your hard work and dedication, you finally got the admission letter from your dream university. But wait, is this enough?

Hold on! You also got the scholarships to cover 20-50% of your study cost. Still, the remaining expenses must be managed by you, and this is where the education loan comes into play.

Education loans play a significant role in deciding your career trajectory. So, to help you in the complex process, we have crafted this blog that includes everything you should know about applying for an education loan for studying in the UK, understanding the terms, repayment options, expenses covered, and more. 

How to get a Study Loan for the UK?

So, now that you have understood the types of education loans for studying in the UK. The next question must be how to get a study loan for the UK.

There is no single answer to this, as it depends on factors such as the type of university, course, age, nationality, and more.

However, irrespective of the factors, here are a few steps that you should follow if you want to get an education loan for the UK from India:

  1. Research the various loan providers available in the market. It includes private banks, government banks, and more.
  2. Check if you fulfil the eligibility criteria.
  3. Select a loan that best fits your financial needs. It includes loan amount, repayment schedule, interest rates, and processing time.
  4. Collect all mandatory documents, such as admission, identity proof, and collateral documents.
  5. Complete the loan application form and submit it.
  6. Once your application is approved, the loan amount will be disbursed directly to your account.

Top Education Loan Providers for Studying in the UK

Now, after knowing the process, you must be wondering which are the best banks in India that provide education loans to study in the UK:

Here is the list of a few of the prominent banks, along with the details associated with their educational loan offerings:

Bank Name

Maximum Amount of Loan (in INR)

Interest Rate

State Bank of India

1,50,00,000

10.50%

Bank of India

40,00,000

8.95-9.75%

Bank of Baroda

1,50,00,000

8.50-9.15%

Central Bank of India

20,00,000

8.65-10.60%

Allahabad Bank

50,00,000

7.15-10.05%

HDFC Bank

30,00,000

14%

ICICI

1,00,00,000

10.50-13%

Axis Bank

75,00,000 

13.70-15.20%

How to Repay Student Education Loan in the UK

Getting an education loan is a significant step, and before taking such a major financial decision, you need to understand the repayment structure of your Student Loan for the UK.

To help you out with the process, here is a breakdown of the repayment structure provided by Indian banks for education loans in the UK:

Education Loan from a Public Bank:

Repayment will begin one year after the completion of your course. The repayment loan tenure is up to 15 years from the commencement of repayment.

Education Loan from a Private Bank:

Repayment will initiate and continue up to the course period of +1 year or 6 months after getting a job. The repayment loan tenure is up to 15 years from the commencement of repayment.

Eligibility Criteria to Get Study Loan for UK

Here are a few of the mandatory criteria that you must fulfill to avail of the education loan hassle-free:

  • Applicants must be Indian residents.
  • Your age should be between 18 to 35 years.
  • You must have secured admission to a recognized institution in the UK.
  • A co-applicant, typically a parent or spouse, is required.
  • Co-applicants must have a stable income source.

Documents Required to Get Study Loan for UK

Make sure that the following documents are ready to support your loan application:

  • Education loan Application form.
  • Proof of admission from the university.
  • Proof of Identity. It includes an Aadhar Card, Voter ID, Passport, and Driving Licence.
  • Proof of Address.
  • Passport-size photographs
  • Salary slips as income proof.
  • Academic mark sheets.
  • Scholarship letter, if applicable
  • A detailed list of expenses for studying the course.
  • Statement of assets and liabilities of co-applicant

What are the Expenses covered under an Education Loan for the UK?

Now, you must be wondering what expenses are covered under an education loan for the UK. Here it goes:

  • Tuition Fees
  • Fees related to examination, library membership, and laboratory.
  • Expenses on books and supplies.
  • Any refundable deposits, such as accommodation costs and caution money, will also be covered.
  • Travel expenses
  • Two-wheelers cost up to INR 50,000.
  • Expenses on a study tour or project work related to the course

In conclusion, we hope you have understood the complete process of applying for an education loan to study in the UK. By focusing through every step of the process, you can ensure that financing your education in the UK is as smooth and stress-free as possible.

For any further questions: Feel free to Connect with AECC - for an Education Loan for Studying in the UK. Whether you're shortlisting the banks or getting the documents ready, we are here to help you throughout the process.

Let's embark on this exciting chapter together and turn dreams into degrees !!

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