Many aspiring students opt for an education loan for masters in the UK. Indian banks and NBFCs provide financial assistance to help them cover tuition fees and living costs in the country. They can get funding to cover 100% of their costs abroad by availing of secured education loans at attractive interest rates with banks like SBI, ICICI, HDFC, Axis, and others.
The education loans for masters in the UK come with flexible repayment options. This way students can easily focus on their academics without worrying about finances. If you are also planning to take postgraduate loans in the UK, continue reading further.
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Overview of Education Loan for Masters in the UK
Considering the cost of study in the UK, students choose to take education loans for postgraduate funding. The loan amount ensures an easy stay by covering tuition fees, accommodation expenses, and related study-abroad expenses.
You can showcase a well-structured financial plan that lets you successfully secure admission to the university. The assistance provided by the banks and other financial institutions also lets you obtain your visa by showing the minimum bank balance for a UK student visa.
To ascertain how much education loan for a master’s in the UK is required, you must begin your research by finalising the university you plan to study in. Other factors like course specialisation and loan providers also determine the loan amount needed.
- Typically, the average tuition fee for master’s in the UK ranges between GBP 20,000 to GBP 40,000 per year (INR 21.54 lakhs to 43.09 lakhs).
- Accommodation costs for international students in the UK in 2024 cost somewhere between GBP 12,000 to GBP 15,000 per year (INR 12.92 lakhs to 16.16 lakhs).
Thus, the amount of education loan for masters in the UK should be enough to cover your 2-year program tuition fees and living expenses.
Also Read: Know all about LLB education loans to study abroad and the best public banks, private banks, and NBFCs providing education loans for LLB students.
Banks Offering Education Loans for Masters in the UK
The UK is a popular destination for study-abroad aspirants, so almost all Indian banks provide education loans for masters in the UK. Popular choices are State Bank of India, ICICI Bank, Axis Bank, ICICI Bank, Bank of Baroda, and Central Bank of India. They provide higher loan amounts and easy repayment options.
However, you must have a good academic record and successfully secure admission to a recognised university to secure an education loan for a master’s in the UK. You might also be required to provide collateral for larger loan amounts. Check out the features of various banks and compare the education loan interest rates of various banks and NBFCs.
State Bank of India
SBI education loan for masters in the UK is provided under the SBI Global Ed-vantage loan scheme. Loans of up to INR 1.5 crores are offered at interest rates starting from 11.15% p.a. Their online application process ensures quicker loan approvals.
Specialisation in any master’s course in the UK will be covered under this loan. You must submit a copy of your passport, university admission proof, academic transcripts, and financial documents to avail of this loan. Visit their official website to apply for an SBI education loan for a master’s in the UK.
Bank of Baroda
Another of the best banks in the UK that provides education loans for masters is the Bank of Baroda, which is under its Baroda Scholar scheme. You can take loans up to INR 1 crore at interest rates starting from 10.20% p.a. There are no documentation charges on BoB education loans to study abroad, however, a processing fee of INR 10,000 is charged to process the application form.
ICICI Bank
ICICI Bank education loans are offered up to INR 2 crore for masters in the UK. Their interest rates are based on the repo rate. For loans above INR 4 lakhs, the applicable ROI is 14.60% p.a. for males and 14.10% for females. You can easily apply by visiting their nearest branch and online via their official website and Vidya Laksmi Portal.
Axis Bank
Education loans with no upper limit are offered by Axis Bank for masters in the UK. This means they provide 100% financial assistance based on your needs and requirements. The interest rates start from 13.70% p.a. Axis Bank education loan processing time is between 10-15 days. Once your application is approved, the amount is disbursed to your university within 24-48 hours.
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
HDFC Bank
HDFC Bank also offers education loans for masters in the UK. With no upper limit, loans are provided at interest rates starting from 12.50% p.a. You can also avail of unsecured loans up to INR 45 lakhs. Applying for an HDFC bank education loan to study abroad is easy via the bank’s official website.
Central Bank of India
Central Bank of India provides education loans for masters in the UK under its Cent Vidyarthi loan scheme. Loans of up to INR 2 crores can be easily availed by aspiring students with collateral security. The interest rates on these loans start from 8.10% p.a. Easy application process, faster approvals, and hassle-free disbursement make it a preferred option among many students.
Bank of India
Under its Star Education Loan scheme, the Bank of India offers education loans for masters in the UK. You can avail up to INR 1.5 crores of funds from the bank at interest rates 9.25% p.a onwards. There are no documentation and processing charges. Bank of India SUD Life New Sampoorna Loan Suraksha is also offered to all students as a part of loan insurance.
Education Loan for Masters in the UK by NBFCs
NBFCs are emerging as preferred options for education loans abroad. Compared to many public-sector bank education loans, they offer a higher loan amount at competitive interest rates. Besides, they offer varied options for education loans for masters in the UK. Their streamlined processes lead to quicker loan approval and disbursements.
Most of them offer higher amounts of unsecured education loans compared to traditional banks. Some of the prominent NBFCs providing education loans for studies in the UK include:
- Auxilo Finance
- Incred Finance
- Avanse Financial Services
- Mpower Finance
- HDFC Credila
- Prodigy Finance etc.
| List of NBFCs | Maximum Loan Amount | Interest Rates |
| Prodigy Finance | Covers 100% cost of studies abroad | Starting from 11.15% p.a |
| Avanse | Secured- No maximum limit Unsecured- Up to INR 75 lakhs | 14.25% p.a |
| InCred Finance | Secured- Need-based Unsecured- Up to INR 60 lakhs | Starting from 11.00% p.a |
| Auxilo | Secured- 100% financing Unsecured- Up to INR 40 lakhs | Starting 12.70% p.a |
| HDFC Credila | Secured- 100% financing Unsecured- Up to INR 7.5 lakhs | Starting from 13.80% |
Also Read: Check all the details about non-collateral loans for the UK. The blog includes details of loan amounts and interest rates for collateral free from public banks, private banks, and NBFCs.
This was all about education loans for masters in the UK. Make sure to compare the lenders and check through the terms and conditions. It is important to keep all documents ready for quicker processing and submit bonafide certificates for faster approvals. You may also consider other alternatives like scholarships in the UK to eliminate the repayment burden.
You can easily apply for an education loan for a master’s in the UK through Fly Finance. The platform offers diverse loan options with quicker loan processing in as low as 3 days. The interest rates offered are lower than those of the market standards. You get it all at zero service fees.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes. Students can get an education loan for masters in the UK. Indian banks and NBFCs provide financial assistance to help them cover tuition fees and living costs in the country, covering 100% of their costs.
The amount of education loan for a masters in the UK should be enough to cover your 2-year program tuition fees and living expenses. The average tuition fee for a master’s in the UK ranges between GBP 20,000 to GBP 40,000 per year (INR 21.54 lakhs to 43.09 lakhs) and living costs range between GBP 12,000 to GBP 15,000 per year (INR 12.92 lakhs to 16.16 lakhs).
SBI is the best bank for education loans in the UK. You can get loans of up to INR 1.5 crores offered at interest rates starting from 11.15% p.a under their Global Ed-vantage loan scheme.
Students can get education loans for masters in the UK to cover 100% of their costs by availing of secured education loans at attractive interest rates with banks like SBI, ICICI, HDFC, Axis, and others. These banks also offer unsecured education loans at competitive ROI.
To qualify for education loans for masters in the UK, you must have a good academic record and successfully secure admission to a recognised university. Applicants with a good credit history get loans much more easily.
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