Master’s in Psychology in the UK offers many specialisations to suit your interests. It opens various career paths in research, academics, healthcare, and other industries. Exploring funding options for this program is crucial to your journey in the country. While many consider working part-time, others consider taking education loans for Masters in the UK or applying for scholarships. To learn more about student loans for MS in the UK, continue reading further.
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Overview of Master’s in Psychology in the UK
Master’s in Psychology in the UK is a full-time one to three years course. The UK universities are renowned for their psychology programs, offering excellent academic standards and research opportunities. From clinical psychology to forensic psychology, the country offers a diverse range of courses based on your interests.
Many programs incorporate internships, placements, and research projects, providing practical experiences. You can get job opportunities in various industries.
Cost of Study for Masters in Psychology in the UK
The cost of pursuing a Masters in Psychology in the UK is comparatively high, however, the tuition fees are worth the exposure. Indian students can expect to pay approximately GBP 20,000 to GBP 50,000 annually (INR 21.55 lakhs to 53.88 lakhs).
| Cost of Study | GBP 20,000 to GBP 50,000 (INR 21.55 lakhs to 53.88 lakhs) |
| Cost of Living | GBP 12,000 to GBP 15,000 (INR 12.93 lakhs to 16.16 lakhs) |
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.
Education Loans for Masters in Psychology in the UK
Many banks offer education loans for Master’s in Psychology in the UK. This lets you cover the cost of studying and living in the country. You can avail of secured and unsecured education loans for Masters in the UK. While a secured loan allows you to secure higher amounts of funds by pledging collateral, unsecured education loans have usually higher interest rates due to higher risks and the absence of collateral.
The funds provided by the lender also allow you to obtain your visa by showing the minimum bank balance for a UK student visa.
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.
Top Providers
Both private and public sector banks provide education loans for Master’s in Psychology in the UK. Popular banks include the State Bank of India, ICICI Bank, HDFC Bank, Bank of Baroda, Bank of India, Central Bank of India, etc. The maximum amount of loan and interest rates differ based on the lender you choose.
However, with many of them, you can get 100% financing to cover all your costs, provided that you take secured loans. Unsecured loans can be provided up to INR 1 crore with ICICI Bank and up to INR 50 lakhs with Axis Bank and IDFC First Bank.
NBCFs are also preferred for education loans for Masters in Psychology in the UK. They offer higher loan amounts, quicker loan processing, and hassle-free disbursement. Popular NBFCs include Avanse, Prodigy Finance, MPower Financing, Auxilo, etc. It is advisable to compare the education loan interest rates of various banks and NBFCs before applying for loans.
| Education Loans for Masters in Psychology in the UK | ||
| Top Loan 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 Unsecured- Up to INR 1 crore | 14.10% p.a |
| HDFC Bank | Need-Based Finance Unsecured- Up to INR 45 lakhs | 12.50% p.a |
| Axis Bank | Need-Based Finance Unsecured- Up to INR 50 lakhs | 13.70% p.a |
| IDFC First Bank | Up to INR 50 lakhs (Unsecured) | Up to 15% p.a |
| YES Bank | Up to INR 45 lakhs (Unsecured) | Starting from 12% p.a |
| Central Bank of India | Up to INR 2 crores | Starting from 8.10% p.a |
| Bank of India | Up to INR 1.5 crores | Starting from 9.25% |
| 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% |
Please Note: The loan amount and interest rates mentioned are subject to change based on changes in the bank’s guidelines. Kindly refer to their official website for the latest ROI.
Eligibility Criteria
To pursue a Master’s in Psychology in the UK, you must have a bachelor’s degree in Psychology or a related field like Social Sciences or Science. You also need to demonstrate proficiency in English through tests like IELTS or TOEFL. Some programs may prefer or require relevant work experience.
To be eligible for an education loan for a Master’s in Psychology in the UK, you must be an Indian citizen. The admission is to be secured on a merit basis or entrance examination to the university in the UK. Besides, you must have an excellent credit history.
Documents Required
When applying for education loans with the lender, you must submit documents related to your identity, address, academic qualifications, financial proof, and others. Some of the common documents required for an education loan are-
- KYC documents like PAN and Aadhaar Card
- Residence proofs
- Last qualification mark sheets, score card, degree or diploma
- Latest admission proofs
- Basic qualification records (HSC/10th/12th passing records)
- Bank Statements
- ITR statement
- Documents of ownership of the asset
- Loan Application form
- Guarantee forms
Major Highlights of Master’s in Psychology in the UK
This section briefly talks about the other details of the course. Though education loans can cover the costs of studying and living in the UK, it is advisable to target top universities for better interest rates and concessions. Check out which universities can help you secure education loan for Masters in Psychology in the UK at favourable terms and conditions. Also, learn about the job prospects available to help you with hassle-free loan repayment.
Top Universities for Masters in Psychology in the UK
Oxford University and Cambridge University in the UK remain the best universities for Master’s in Psychology in the UK. Check out the top 10 universities for a Master’s program in the UK as per QS World Rankings 2024.
| Top Universities for Masters in Psychology in the UK | QS Ranking 2024 |
| University of Oxford | #2 |
| University of Cambridge | #3 |
| UCL | #5 |
| King’s College London | #16 |
| London School of Economics and PS (LSE) | #23 |
| University of Edinburgh | #24 |
| The University of Manchester | #37 |
| University of Birmingham | #58 |
| University of Nottingham | #62 |
| The University of Warwick | #69 |
Job Opportunities for Masters in Psychology in the UK
Multiple jobs are available for those who pursue a Masters in Psychology in the UK. You can work as a child, health, clinical, or educational psychologist, life coach, or therapist. Schools, hospitals, government organisations, private businesses, legal firms, and many others hire psychology students for jobs in the UK.
The average salary after completing a Masters in Psychology in the UK is approximately GBP 29,000 annually at entry level. It can go up to GBP 90,000 depending on your profession and experience in the field.
| Jobs | Psychologist, Assistant Psychologist, Health Psychologist, Child Psychologist Educational Psychologist, Counselling Psychologist, Psychologist Counsellor Clinical Psychologist, Chartered Psychologist, Life Coach, Play Therapist |
| Salary | GBP 29,000 to 90,000 annuallyINR 31.25 lakhs to 96.98 lakhs |
Top Scholarships for Masters in Psychology in the UK
Numerous scholarships to study in the UK are available to International students. Some of the top scholarships offered for Masters in Psychology in the UK are-
| Masters in Psychology UK Scholarships | Details |
| Bangor University School of Psychology | Provides a range of scholarships for both domestic and international students, including the Women in Science Bursary. |
| Hilde Himmelweit Scholarship | Provided by the London School of Economics for MSc Social and Cultural Psychology students. |
| Lancaster University | Awards merit-based scholarships for MSc psychology students. |
| University of Edinburgh School of Philosophy, Psychology, Language Science | Offers multiple scholarship options for psychology students. |
| University of Kent School of Psychology ERC-funded PhD Studentship | Provides tuition fee discounts of up to GBP 4,500 on achieving excellent results in a Master of Psychology degree. |
| Kings College London | Offers postgraduate scholarships for students pursuing psychology programs within the Institute of Psychiatry, Psychology & Neuroscience. |
This was all about a Master’s in Psychology in the UK and the ways to fund your education. 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. Both private and public sector banks provide education loans for Master’s in Psychology in the UK. Popular banks include the State Bank of India, ICICI Bank, HDFC Bank, Bank of Baroda, Bank of India, Central Bank of India, etc.
Your education loan should cover the tuition fees for a Master’s in Psychology and living expenses in the UK. The cost of the study is GBP 20,000 to GBP 50,000 in a year (INR 21.55 lakhs to 53.88 lakhs) and the cost of living is GBP 12,000 to GBP 15,000 (INR 12.93 lakhs to 16.16 lakhs). You can calculate the amount based on your needs.
Banks offer need-based financing to students studying for a Master’s in Psychology in the UK. With banks like ICICI, you can get unsecured loans up to INR 1 crore and up to INR 50 lakhs with Axis Bank and IDFC First Bank. However, based on your family income and collateral, the sanctioned loan amount can be different.
Absolutely. You can apply for the Hilde Himmelweit Scholarship offered by the London School of Economics (LSE). Other scholarships from Bangor University School of Psychology, Lancaster University, University of Edinburgh, and Kings College London can help you fund your Master’s in Psychology in the UK.
You can work as a psychologist, life coach, or therapist. The average salary after completing a Masters in Psychology in the UK is approximately GBP 29,000 annually at entry level. You can be employed as an Assistant Psychologist, Child Psychologist, Educational Psychologist, Counselling Psychologist, Psychologist Counsellor, or Clinical Psychologist.
