UK is a dream destination for international students planning to study abroad. More than 538,000 students are currently enrolled in UK universities. Remarkably, India is the 2nd top country of origin represented at higher education institutions in UK. If you too are an aspirant seeking admission in UK and feel overwhelmed by the cost of studying in UK then you have landed in the right place. Among various financial aid available for international students, an education loan to study in UK is one of the most popular options.
These days you can avail study loan for UK at low interest rates with flexible payment plans, easy application process, minimal document requirements and timely approval. Get in touch with loan providers to know about interest rates, repayment plans and amount of loan and prepare a budget of your cost of studying in UK. Go through the guide below to explore the cost of studying in UK, eligibility criteria, requirements for student loan UK, expenses covered by the loan, repayment, loans for Indian students in UK etc.
- Why Do You Need A Student Loan for UK
- Eligibility Criteria and Requirements to Secure A Student Loan for UK
- How To Get Loan For Students in UK?
- Types of Education Loans in UK
- Which Indian Banks Provide Student Loan for UK?
- What Expenses Are Covered Under Student Loan in UK?
- Repayment of Student Loan for UK
- Frequently Asked Questions About Student Loan for UK?
Why Do You Need a Student Loan for UK?
If you have made up your mind to study in UK, you must be aware that UK is one of the costliest study abroad destinations. The total cost includes the tuition fees for universities, cost of living including accommodation, food, transportation, medical costs and miscellaneous expenses. You may feel financial constraints if you don’t have your expenses planned.
- Interest rates for any loan, such as a home loan, a car loan, a personal loan, and so on, are often greater than on educational loans. In addition, all Government banks offer a 0.5% discount to female borrowers.
Therefore, an education loan is the best alternative to help you cover all your expenses in https://badcreditloanshelp.net/payday-loans-nd/ a safe and timely manner while fulfilling the admission and visa requirements.
Eligibility Criteria and Requirements to Secure A Student Loan for UK
Before understanding the process of securing an education loan for UK, let us take a look at the eligibility criteria to get loans for Indian students in UK:
What are the Documents Required to Secure a Student Loan?
In order to apply for a study loan for UK, you will need the following documents to support your loan application:
How to Get Loan for Indian Students in UK?
If you are wondering whether you can get loans for Indian students in UK or not then the answer is a big yes! You can borrow money to pay for fees and living costs at universities in UK . The eligibility for student finance depends on the university, course, age, nationality and whether you have studied a higher education course. Take a look at the student loan eligibility UK:
Types of Education Loan to Study in UK
Secured education loan for UK or secured loan wherein you will have to provide a security or collateral to avail when applying for the loan. The security can be tangible or intangible such as FDs or fixed assets such as property.
Which Indian Banks provide Student Loans for UK?
You can apply for a UK education loan for international students through public or private banks in India such as Bank of India, State Bank of India, Central Bank of India, Allahabad Bank, Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, HSBC Bank among others. Take a look at the table below to learn about some important details regarding loans from India banks: