You can apply for education loans for MSc Nursing in the UK to cover the costs of studying and living. Many Indian banks and NBFCs like SBI, Bank of Baroda, Avanse, Prodigy Finance, and ICICI Bank offer loans with need-based financing. Indian students pursuing MSc Nursing at top universities like King’s College London, University of Manchester, and the University of Nottingham often find it easier to secure loans at attractive interest rates starting from 8.10% p.a. To know more details, continue reading further.
Table of contents
Overview of MSc Nursing in the UK
The UK offers world-class nursing education, attracting students from around the globe. The 1-year full-time degree in MSc Nursing in the UK can significantly enhance your career prospects. Top universities offer a holistic learning experience along with on-campus clinical sessions to enhance practical skills.
- The tuition fees range from GBP 17,000 to GBP 40,000 per year (INR 18.27 lakhs to 4299 lakhs) and living expenses range from GBP 12,000 to GBP 15,000 (INR 12.93 lakhs to 16.16 lakhs) per year.
- The UK has a nursing shortage, creating ample job opportunities for graduates. MSc-qualified nurses often command higher salaries than their undergraduate counterparts.
- MSc Nursing programs can be full-time or part-time and may require previous nursing experience or a relevant undergraduate degree. However, an education loan can only be taken for a full-time degree course.
Education Loan for MSc Nursing in the UK
Several scholarships to study in the UK are available to international students, including government-funded support and university-specific awards that can cover partial expenses. However, the cost of studying MSc in Nursing in the UK can be substantial. This is where education loans come in.
When taking an education loan for MSc Nursing in the UK, you can choose between secured and unsecured education loans based on your needs. Major banks like SBI, Bank of Baroda, Axis, ICICI, and NBFCs like HDFC Credila, Avanse, and Prodigy Finance offer student loans with convenient tracking options.
Some banks provide up to 100% financing based on the student’s requirements, while others offer unsecured loans up to INR 1.5 crores. Interest rates on education loans for studying in the UK range from 8.25% to 14% p.a. Various factors influence the effective ROI such as credit history, loan amount, repayment tenure, and the type of loan.
| Maximum Loan Amount | Secured: Need-based financing Unsecured: Up to INR 1 crore with ICICI Bank |
| Interest Rates | Range from 8.25% to 14% p.a. |
| Repayment Tenure | Can be repaid up to 15 years |
| Top Loan Providers | Banks: SBI, Bank of Baroda, Axis, ICICI, HDFC, Central Bank of India, YES Bank, etc. NBFCs: HDFC Credila, Avanse, and Prodigy Finance |
Also Read: Planning to pursue law? Check out the details on education loans for a Master’s in Law in the UK.
Top Banks for Education Loans for MSc Nursing in the UK
With comprehensive loan coverage and 24/7 customer support, taking loans for MSc Nursing in the UK becomes easy. Several financial institutions provide education loans for students aspiring to pursue MSc Nursing in the UK. Some of the popular options include SBI, Bank of Baroda, ICICI, Avanse, HDFC, and Central Bank of India.
They offer competitive interest rates and flexible repayment options. You can apply for higher amounts of non-collateral loans with NBFCs.
| Banks | Features |
| State Bank of India | – Loans up to INR 1.5 crores can be availed under the SBI Global Ed-vantage Scheme. – Interest rates start from 11.15% p.a. – Online application process with no hidden costs. |
| Bank of Baroda | – Loans up to INR 1 crore at interest rates starting from 10.20% p.a under the Baroda Scholar education loan scheme. – No documentation charges. – Interest concession available for premier institutes and colleges. |
| ICICI Bank | – Offers secured loans up to 2 crores and unsecured loans up to INR 1 crore. – Interest rates start from 14.10% p.a. – Additional benefits for those with 2 years of work experience and government employees. – No margin money is required for premier institutes. |
| Central Bank of India | – Provides up to INR 2 crores at interest rates starting from 8.10% p.a under the Cent Vidyarthi Scheme. – Covers a wide range of expenses required to complete the course. – Disbursement is made directly to the university’s account. |
| HDFC Bank | – Offers need-based financing and unsecured loans up to INR 45 lakhs. – Interest rates start from 12.50% p.a. – Minimal and simple documentation. – Transparent process with no hidden fees. |
| Prodigy Finance | – Covers 100% cost at interest rates starting from 11.15% p.a. – Easy application process online. – Start payments 6 months after course completion. |
| Avanse | – Offers loans based on your needs and requirements at interest rates starting from 14.25% p.a. – Unsecured loans up to INR 75 lakhs can be availed. – Pre-admission and pre-visa loans are offered. |
| InCred Finance | – Offers loans based on your needs and requirements at interest rates starting from 11% p.a. – Unsecured loans up to INR 60 lakhs can be availed. – Instant loan approval with no hidden charges. |
| Auxilo | – Offers need-based financing and unsecured loans up to INR 40 lakhs. – Interest rates start from 13.80% p.a. – Offers many benefits if you have an excellent credit score. – Known for fastest loan sanctions. |
Also Read: A career in education from the UK is a great option. Check out the details on education loans for a Master’s in Education in the UK to cover the study abroad expenses.
Eligibility Criteria
To be eligible for an education loan for MSc Nursing in the UK, you generally need to be an Indian citizen. The age of the applicant should be between 18 years to 35 years. It is important to note that admission must be secured to a recognised university in the UK through an entrance examination or merit basis. Check out the basic eligibility criteria to avail hassle-free loans-
- Be an Indian citizen.
- Have secured admission to a recognized UK university for MSc Nursing.
- Have a good academic record.
- Meet the age criteria specified by the lender.
- Have a co-applicant with a stable income.
Documents Required
The specific documents required for an education loan for MSc Nursing in the UK may vary depending on the lender. However, some common documents include KYC documents like PAN Card and Aadhaar Card, academic transcripts, financial statements, and admission confirmations.
- Admission letter from the UK university
- Academic grade sheet of class X, XII, and Graduation
- Passport and visa details
- Financial documents of the co-applicant (income proof, etc.)
- Course fee structure
- Loan application form
How to Apply for Education Loan for MSc Nursing in the UK in the UK?
Applying for an education loan for MSc Nursing in the UK is easy. You must compare different banks and NBFCs based on interest rates, repayment periods, and other terms and conditions. Once finalised, you can visit the lender’s official website or the nearest branch and fill in the loan application form. Other ways to apply with public and private sector banks are-
- Register and log in to the Vidya Lakshmi Portal.
- Navigate to the search bar to enter the bank name or education loan scheme.
- Fill out the application form and attach the necessary documents.
- Wait for the bank to verify the documents and reach out to you.
This was all about the education loan for MSc Nursing in the UK. 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. You can get education loans for MSc Nursing in the UK to cover the costs of studying and living. Many Indian banks and NBFCs like SBI, Bank of Baroda, Avanse, Prodigy Finance, and ICICI Bank offer loans with need-based financing at attractive interest rates starting from 8.10% p.a.
Education loans can truly provide a boost to your career by providing you with the funds needed to cover study abroad expenses. Some banks provide up to 100% financing based on the student’s requirements, while others offer unsecured loans up to INR 1.5 crores at competitive interest rates.
The exact loan amount depends on your requirements. However, it is ideal to take a loan that should cover the cost of studying MSc Nursing and living in the UK. The tuition fees range from GBP 17,000 to 40,000 per year (INR 18.27 lakhs to 42.99 lakhs) and living expenses range from GBP 12,000 to 15,000 (INR 12.93 lakhs to 16.16 lakhs) per year.
Some banks provide up to 100% financing based on the student’s requirements, while others offer loans up to INR 1.5 crores. Interest rates on education loans for studying MSc Nursing in the UK range from 8.25% to 14% p.a.
To be eligible for an education loan for MSc Nursing in the UK, you generally need to be an Indian citizen. The age of the applicant should be between 18 years to 35 years. You must secure admission to a recognised university in the UK through an entrance examination or merit basis.
Applying for an education loan for MSc Nursing in the UK is easy. You can visit the lender’s official website or the nearest branch and fill in the loan application form.
some common documents required for an education loan for MSc Nursing in the UK include KYC documents like a PAN Card and Aadhaar Card, academic transcripts, financial statements, and admission confirmation.
Follow Us on Social Media
