1-year full-time postgraduate program Master’s in Education in the UK has been in demand for years. It offers great opportunities and promising careers. However, the financial aspect of covering tuition fees and accommodation in the country often stands as a challenge. Consequently, many are applying for education loans for master’s in the UK in 2024. State Bank of India, HDFC Bank, ICICI Bank, BoB, and many others offer personalised education loans. Continue reading to learn more.
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Master’s in Education in the UK
Top universities offer specialisation programs in Master’s in Education in the UK for aspiring students. The course aims to teach graduates to successfully land into teaching professions or work in the related fields of education. The average salary for Master’s in Education UK jobs ranges from GBP 23,500 to GBP 55,000.
The cost of pursuing a Master’s in Education in the UK varies significantly based on the university, specialization, and the city.
- You can expect to pay around GBP 10,000 to GBP 40,000 per year (INR 10.77 lakhs to 43.10 lakhs), depending on the program and institution.
- Other daily costs related to accommodation, food, and travel range from GBP 12,000 to GBP 15,000 (INR 12.93 lakhs to 16.16 lakhs) annually.
Some of the top universities offering Master’s in Education in the UK are Brunel University, Northeastern University, University of Bristol, University of Bath, Northumbria University, and many more.
They offer more than 47 specializations in Master’s in Education. Some of these are Professional Practice in Education, Inclusion and Special Education Needs, Educational Leadership, TESOL (Teaching English to Speakers of Other Languages), Children’s Literature and Literacies, etc.
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.
Education Loan for Master’s in Education in the UK
Education loans emerge as viable options to provide financial support to international students planning to pursue a Master’s in Education in the UK. Public banks, private banks, and NBFCs in India offer education loans of varying amounts with different interest rates, repayment terms, and eligibility criteria.
- HDFC Bank and Axis Bank provide need-based financial assistance to cover 100% of the study abroad costs, including tuition fees and living expenses.
- ICICI Bank offers education loans of up to 2 crore to pursue a master’s in education in the UK at interest rates starting from 14.10% p.a.
- With the State Bank of India, you can avail of loans of up to INR 1.5 crores under the SBI Global Ed-vantage loan scheme.
Non-Banking Financial Companies also provide education loans for Master’s in Education in the UK. They are known for faster approvals and flexible repayment options. Interest rates are not fixed, and generally range from 8-14% p.a.
Most banks and NBFCs offer a moratorium period during studies, with repayment starting after graduation.
| Education Loan for Master’s in Education in the UK | ||
| Top Providers | Maximum Loan Amount | Interest Rates |
| State Bank of India | Up to INR 1.5 crores | 11.15% p.a |
| Bank of Baroda | Up to INR 1 crore | 10.20% p.a |
| ICICI Bank | Up to INR 2 crores | 14.10% p.a |
| HDFC Bank | Need-Based Finance | 12.50% p.a |
| Axis Bank | Need-Based Finance | 13.70% p.a |
| 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.
Eligibility Criteria
The eligibility criteria for education loans for a Master’s in Education in the UK differs from lender to lender. However, the basic criteria remain the same.
- The applicant must be an Indian citizen.
- Typically, the applicant’s age should fall between 16 and 35 years at the time of applying for the loan.
- Admission to the university must be obtained through an entrance examination or on a merit basis.
- A good academic record is often preferred by lenders.
- If you’re under 18, your parents or guardian will need to be a co-applicant with a stable income.
These are general eligibility requirements. The specific criteria must be verified on the official website of the lender you are applying for a loan.
This was all about the Master’s in Education in the UK and education loans for it. Research different banks and NBFCs to find the most suitable loan terms, interest rates, and repayment options. Have all necessary documents ready, including proof of admission, identity, address, and financial information. Simultaneously explore scholarship opportunities in the UK to reduce your loan burden.
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, but the eligibility criteria differ for domestic and international students. UK students can apply for a Postgraduate Master’s Loan from the UK government to cover tuition fees and living costs. International students can explore options from Indian banks or NBFCs.
The loan amount depends on tuition fees, living expenses, and personal spending. Generally, you can expect to need between GBP 20,000 to GBP 40,000 for a one-year Masters program. The loan amount should cover the cost of study and living expenses in the UK.
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.
Several Indian banks and NBFCs offer education loans. Some popular options include State Bank of India, Bank of Baroda, Axis Bank, Auxilo Finance, InCred, and Avanse.
International students must have a good academic record, admission to a recognized university, and financial capability. Fulfilling these requirements makes you eligible for education loans for master’s in the UK.
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