How much loan can I get for studying in UK?

 Education loans for the UK are readily available from among all the 16 lenders at Edu loans. The UK has always been a popular destination to study among Indian students due to its world class facilities, huge range of courses, and a global immersive experience. With the advent of two years work permit, there are many lenders who are providing unsecured education loans for the UK. Let's look at all the options for loan for study abroad in the UK.

Secured loans – All financial institutions would provide secured loans in case the student is looking to study masters or bachelors in the UK. Short-term courses are not eligible for education loans for the UK. The amount of the loan can be between 80% to hundred percent of the collateral value. The collateral could be in the form of property which includes residential flat, commercial Gallagh, Commercial shop etc. The collateral cannot be agricultural land. To avail Loan for study abroad all property documents have to be in order. The maximum secured loan is provided by SBI at 1.5 CR.

Unsecured loan for UK – In case the student is looking to go to top MBA schools such as London business school, London school of economics, Cambridge University, Oxford university etc you would have international funds such as Prodigy and Mpower providing unsecured and non-cosigner loans. Private banks such as ICICI and Axis Bank provide unsecured loans for top institutions such as Oxford University, Cambridge University, University of London etc. They provide loans for masters and MBA programmes but would require a valid cosigner. The amount of education loan for the UK ranges between 15 to 20 lakhs for private banks. Non Banking financial corporations also provide unsecured loans for UCAS parents. They base their loan mainly on parental income and good quality admission. Loan for study abroad in the UK is comparatively more expensive than for the USA. Average interest rate ranges between 11% to 14% for an unsecured loan. NBFCs also do provide up to a maximum value of 25,00,000 for an unsecured loan.

The application process for education loans for the UK is similar to any other country. Students would need to have an unconditional admit from the university, parents need to provide two years IT returns with good Cibil score to avail unsecured loan for study abroad. In most of the cases directly MIs are given which means that the interest payment for an unsecured loan would start immediately. In case you're looking at a secured loan for the UK you can look to have an interest moratorium from banks such as State bank of India and bank of Baroda during the study period.

Eduloans will provide the perfect unbiased comparison to help you with financial studies for the UK. We are in constant touch with all the lenders and know the practical interest rates and eligibility criteria for secured and unsecured loan for study abroad. Please connect with us and we would be happy to help you for an education loan for you at www.eduloans.org.