Student Loan In The UK
UK has always been a dream destination for students studying abroad. More than 5 lakh students are currently studying in UK universities. And undoubtedly, India is the 2nd top country from where most students are enrolled in institutions in the UK. Students seeking admissions usually look out for financial support to finance their studies abroad. To be able to do so, a student loan in the UK or a master's loan in the UK is one of the most preferred options by students everywhere. These loans from various banks and non-banking institutes help you fund your tuition fees along with multiple other expenses that come with studying abroad. You will find loans at the lowest rate of interest with added concessions, provided you do your research well. Today, applying for a student loan UK has become an uncomplicated process compared to the tedious paperwork that people would do earlier. Apply for the best student loan in the UK through UniCreds & fulfil your study abroad dreams!
Eligibility Criteria For Student Loans The UK
Before understanding the entire process in detail of student finance UK & everything around it, check out the standard eligibility criteria to acquire international student loans in the UK. Note that the below-given criteria are the standard requirement and with different institutes, the requirements will vary depending on their processes.
- You must be a citizen of India
- You must be above the age of 18 years or your parents will have to take the loan for you.
- Must have a confirmed admission in a recognized UK institution
- A co-applicant who is either a parent or a spouse is required
- Co-applicants must have a stable and secure income source
Documents Required For Study Loan In The UK
While the requirements for applying for student loans for international students in the UK vary depending on the bank, there are some requirements that apply to all banks, such as the documentation you must submit with your loan application form. The documents mostly, but not only, comprised of the following:
- Proof of Residence/ Address (either): Recent copy of Telephone Bill/ Water Bill/ Electricity Bill / Piped Gas - Bill or copy of Passport/ Aadhaar Car/Driving License
- Proof of Identity (either): PAN/ Driver’s License/ Passport/ Voter ID card
- Valid Indian Passport
- Graduation Result: Semester-wise (if applicable)
- Academic Records: 10th Result and 12th Results
- Entrance Exam Result through which admission has been secured including GMAT, TOEFL, GRE, IELTS scores
- Statement of cost of study/ Schedule of expenses
- Proof of admission: Offer Letter or Admission Letter from the Institution. When studying abroad, a conditional admission letter could be taken into account.
- 2 passport-size photographs
- If any previous loans from other Banks/Lenders, then the Loan A/C statement for the last 1 year
Cost To Study Abroad In The UK
With prices for home students (UK/EU) having climbed to eye-watering levels recently, UK tuition fees are usually a cause of debate. UK and EU students are now expected to pay up to £9,250 ($13,050) annually to attend English universities. Undergraduate tuition rates abroad range widely, starting at about £10,000 (about $14,130 USD) and increasing as high as £38,000 (roughly $53,700 USD) or more for medical degrees.
Although laboratory and clinical degree programmes are noticeably more expensive than humanities and social sciences degree programmes at all levels, it can be difficult to imagine how you could afford to study in the UK without spending a small fortune when you consider these costs in addition to the average annual cost of living in the UK, which is roughly £12,200 (about US$16,950). According to estimates, the average cost of attending college in the UK is at least £22,200 ($31,380), with costs in London likely to be much higher.
Things That Education Loan UK Covers
People have a limited perspective on education loans to study in uk and consider them to be a type of financing that can only be used to cover the cost of tuition. But over time, the structural makeup of student loans has changed, and they now encompass much more than the average person could ever imagine.
The following expenses—which may vary from one bank to another—are typically covered by lenders for a student loan in the UK:
- Examination, laboratory fees, library
- Fee expected for college and accommodation
- Purchase of books, instruments, equipment
- Travel expenses
- Caution deposit, refundable deposit, building fund
- Insurance premium for the student (if applicable)
- Other expenses like study tours, thesis, project work
- Purchase of laptop
Types Of Loans Available For Study Abroad In The UK
Typically, there are two types of student loans available for students looking for studying in the UK, here are they:
Secured Education Loans: Secured student loan in the UK is the one where students have to provide collateral or security when they apply for the loan. The security is either tangible such as apartments and stores or intangible assets such as government bonds and fixed deposits.
Unsecured Education Loans: Education loan for the UK without collateral is Unsecured education loan for the UK. As the name suggests, applying for a student loan in the UK without any security.
Tips For Choosing The Best Education Loan
More and more Indian students aspire to study abroad because there are so many prestigious universities around the world. However, it can be exceedingly expensive to attend college overseas without a loan or scholarship. When there are so many loan providers to select from, how can students possibly pick the best one? Check it out.
Understand the loan
Be confident about the targeted college
Consider the advantages and disadvantages of the loan
Study all the available options
Confirm the grace period
Pick up the right repayment option if available
Know the repayment process
Be sure about work-outs and cancellations
Aware of pre-payment fees of the loan
Why Choose Unicreds?
UniCreds, unlike any other platform, makes securing student loans easy. Here are some of the reasons why receiving a student loan in the UK with UniCreds is the best choice:
- Full financing (up to 100 %) for tuition and living expenses
- No margin money
- Immediate sanctions in the event of an emergency
- Options for customised financing
- Comparing education loans
- Tracking of loan applications
- Loans with no collateral
- Doorstep delivery of services
- Paperless approval of loans
Frequently asked questions for student loan in United Kingdom
Banks are not restricted in how much money they can lend to students who desire to study overseas. From bank to bank, it varies. Almost all banks provide loans up to INR 20-30 lakhs. Additionally, the interest rate rises if the loan amount exceeds INR 20 lakhs.