MS in Business Analytics in UK is one of the most preferred courses in the country. A lot of international students from all over the world come to UK to study Business Analytics. However, studying in UK comes with a high cost most students can’t afford to study in the UK on their own. In this case, education loans become one of the most important and useful products to fund studies abroad in the UK. Let’s understand all the major features of education loans for MS in Business Analytics in UK.
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Why Should You Take Education Loan for MS in Business Analytics in UK?
Business Analytics is an advanced degree which has a plethora of job opportunities internationally. The average fee for Business Analytics in UK is around GBP 21,900 – GBP 37,300 annually which everyone cannot afford without financial help. Most of the UK’s renowned universities conduct this course that enhances your analytical skills and industry knowledge. As many banks offer non-collateral education loans for UK, you can get your loan sanctioned easily without any hassle. An education loan to study in UK can bridge the financial gap which ultimately allows you to focus on your studies without financial stress.
Also Read: Check here all the important details about the best Forex card for students and the major features of the same
Top Banks Offering Education Loan for UK
A lot of banks in India offer education loans to study in the UK, especially for job oriented courses like Business Analytics. The banks offer both secured and unsecured education loans to study in UK. Some of the top banks providing education loans to study in UK are ICICI Bank, SBI, PNB, Canara Bank etc. Similarly, there are some major NBFCs also that provide unsecured loans to study in UK such as HDFC Credila, Prodigy Finance, Auxilo Finance etc. Check all the major features of these banks and the loans offered by them below:
| Financial Institution | Features of Education Loan Offered |
| ICICI Bank | Up to INR 1 crore loan amount without collateral Easy loan approval through the Vidya Lakshmi portal or direct application Interest rate starting from 9.50% |
| State Bank of India | Loans provided under various SBI Education Loan Schemes Floating interest rates starting from 11.15% Rebates are provided on the interest rate if SBI RinN Rakhsa is purchased along with the loan |
| Punjab National Bank | Floating rate of interest starting from 10.50% Rebates on interest rates provided for female candidates Repayment period up to 15 years |
| Canara Bank | Interest rates start from 11.15% No margin money up to INR 4 lakhs and 15% margin above 4 lakh The moratorium period of 1 year or six months after getting a job whichever is earlier |
| HDFC Credila | Interest rates ranging between 10.5% to 14% Co-applicant must have a bank account with cheque-writing facilities Repayment period of up to 12 years |
| Prodigy Finance | 100% financing available for top-notch courses Interest rates starting from 10.50% Flexible repayment period of 7-20 years |
| Auxilo Finance | Up to INR 40 lakh unsecured loan Loan sanction with 5 days No margin money required |
Also Read: Check here some of the most important details about Education loans for Masters in Education in UK
Eligibility Criteria
Eligibility criteria for education loans must be checked properly before applying for an education loan to study in the UK. For pursuing business analytics in the UK, there will be certain eligibility criteria which need to be met. If at a later stage, the loan gets cancelled due to eligibility factors, then it will be reflected in your credit report which may lead to rejection of future loans. Check some of the essential eligibility criteria below:
- The applicant must be an Indian citizen
- The age of the applicant must be between 18 and 35 years
- The co-application must have a source of stable income as the loan amount will be determined by the same
- The admission of the student must have been confirmed
Documents Required
One of the most important stages of an education loan is the documentation process. All the verification by the bank is done through documents only. All the documents must be self-attested or attested by any gazetted officer of the state or central government (if required). Check the major documents required for education loan for MS in Business Analytics in UK below:
- KYC documents (PAN card, Aadhaar Card, Voter ID, Driving License etc)
- Financial documents (ITR, 3 months’ salary slips, 6 months bank statements etc)
- Academic documents (scorecard of last qualifying exams, undergraduate, HSE, SSC etc)
- Visa approval letter
- Admission letter
How to Apply for Education Loan for MS in Business Analytics in UK?
The application process for education loan for MS in Business Analytics in UK is completely online. You can apply for the loan through the Vidya Lakshmi portal education loan or directly on the website of the bank. Check below some of the major steps involved in applying for education loan:
- Visit the Vidya Lakshmi portal
- Log in and go to the student corner and check the features of the loan scheme
- Fill in the loan application form and submit the relevant documents
- Wait for the approval
- Keep tracking the education loan status
This was all about the Education Loan for MS in Business Analytics in UK. Always check and compare different lenders before applying for the loan. Check some FAQs based on the same below:
FAQs
Taking an education loan for MS in Business Analytics in the UK is beneficial because the course offers numerous international job opportunities. The annual fees range from GBP 21,900 to GBP 37,300, which can be financially challenging.
Several banks in India offer education loans for studying in the UK. Some major banks are ICICI Bank, SBI, PNB, and Canara Bank. Some NBFCs like HDFC Credila, Prodigy Finance, and Auxilo Finance also provide unsecured loans for courses like Business Analytics.
The eligibility criteria for education loan to study in UK is that the student shall be an Indian citizen aged between 18 and 35 years. You must have a co-applicant with a stable income, and secure confirmed admission in a recognised UK institution.
Some major documents to apply for an education loan are KYC documents (PAN card, Aadhaar Card, etc.), financial documents (ITR, salary slips, bank statements), academic documents (last qualifying exam scorecard, undergraduate certificates), visa approval letter, and the admission letter from the UK institution.
The application process is primarily online. You can apply through the Vidya Lakshmi portal or directly on the bank’s website.
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.
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