Financial planning is one of the primary things you need to do while planning your journey of study in UK. Not all students are financially strong enough to study in a foreign university on their own. Hence, to overcome this hurdle a lot of banks are there to help you get an education loan to study abroad. Usually, the banks in India provide an education loan with collateral at a floating rate of interest and the repayment term is up to 15 years. Let’s check the list of top Indian Banks providing education loans to study in the UK.
Table of contents
Fly Finance Loans
Fly Finance Education loan is one of the most preferred platforms for study abroad loans. It offers a comprehensive plan with up to 100% finance for both tuition fees and accommodation costs. The entire process of Fly Finance study abroad education loan is completely online and it helps you get an end-to-end loan offering.
- Fly Finance has a great network of around 10+ banking partners. Negotiations will be made against the interest rates with the bank on your behalf and that’s how you will get the lowest interest rate for your study abroad loan.
- It offers flexible repayment options with easy EMIs as per your requirements.
- It will just take 2-3 minutes to apply and the process will start immediately after submitting the application.
- Some of the major banking partners of Fly Finance are SBI, Axis Bank, HDFC Credila, Union Bank etc.
- You can get other add-on services like international money transfers, currency purchases & forex cards with Fly Finance.
Click Here to Apply Study Abroad Loan from Fly Finance
SBI Global Ed-vantage Education Loan
SBI is the largest public sector bank in India. When it comes to education loans for study in UK SBI has a number of schemes for the students. One of the most preferred SBI Education loan schemes is the SBI Global Ed-Vantage Scheme. This is an overseas education loan scheme available exclusively for aspirants who want to pursue full-time regular courses at foreign universities.
- SBI Global Ed-vantage loan will fund your entire tuition fee, accommodation fee, laboratory fees, caution deposit for accommodation etc.
- You will be paying simple interest which is charged during the moratorium period which will start just after the completion of the course which you are pursuing.
- The applicable margin money as per the terms and conditions of the bank will be charged year-on-year basis as and when disbursements are made on a pro-rata basis.
- The processing fee for the entire loan amount is as low as INR 10,000.00 + taxes only.
Bank of Baroda Education Loan
Bank of Baroda is one of the most popular government banks in India when it comes to study-abroad loans. Students can apply for the education loan online on the bank’s official website You can also visit the nearest branch of Bank of Baroda to apply for an education loan. The banks have a special scheme ‘Baroda Scholar Loan’ to study abroad. Check some of the key features of Bank of Baroda Study abroad loan:
- You can get a collateral loan up to an amount of INR 7.5 lakhs
- The processing charge will be refunded on availament of loan (first disbursement) for premium institutions.
- A free debit card will be provided with the loan
- The bank will not charge anything for documentation.
- The maximum loan amount under the Baroda Scholar Loan scheme will be INR 1.5 crore.
Watch Here: Why Should You Take an Education Loan
Punjab National Bank Loan
The PNB-Udaan scheme by the Punjab National Bank is exclusively for students who want to pursue higher education in foreign countries. PNB provides education loans up to INR 7.5 lakhs without collateral and up to INR 1.5 crores collateral loans with a maximum repayment period of 15 years. Check all the major highlights of the PNB Udaan loan to study in the UK below:
- PNB Udaan Education loan to study in the UK will cover tuition fees payable to the university and security deposits for accommodation in the UK.
- You will have to pay only a 15% margin money for study abroad education loans exceeding INR 4 lakhs.
- You can apply online or by visiting your nearest branch.
Also Read: Education Loan for International Students
HDFC Credila Education Loan
HDFC Credila education loan is exclusively for students who want to pursue higher education in the UK, USA or any other university. The university in which the student wants to pursue higher education shall be recognized by UGC, AIBMS, ICMR, and AICTE. HDFC Credila provides fast loan approval and disbursement and an easy documentation process.
- HDFC provides online and doorstep services for education loans to study in the UK.
- You can get unsecured loans up to INR 75 lakhs
- The bank will cover up to 100% amount for tuition fees and accommodation
- No margin money is required for study abroad loans with HDFC Credila
- The loan approval is done even before you get the admission confirmation letter
FAQs
There are a lot of banks that will offer you education loans to study in the UK. Some of the most preferred lenders for study abroad loans are Fly Finance, SBI, HDFC Credila etc.
HDFC Credila is one of the most preferred and reputed lenders accepted by the embassies of most countries.
Bank of Baroda is the bank that provides the fastest approval for education loans to study in the UK.
Getting an education loan to study in the UK is not a difficult task. If you have all the documents and a good credit history then any bank in India will offer you an education loan. While taking an education loan to study in UK you should understand all the terms and conditions of the loan so that you don’t have to face any financial difficulties later.
To know more about the top Indian banks for education loans, the best international 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. Follow our social media handles on Twitter, LinkedIn and Instagram.
