Masters in Accounting in the UK is one of the most preferred courses in the country. A lot of international students pursue a masters in accounting in the UK. The course has excellent job prospects with good income. Most of the private and public sector banks in India provide education loans, both secured and unsecured loans, for Masters in Accounting in the UK easily as the job prospects are very good both in India and the UK or any other country. Let’s understand all the major features of education loans for masters in Accounting in the UK.
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Why Should You Take an Education Loan for Masters in Accounting in UK?
Pursuing a Master’s in Accounting in the UK provides a unique opportunity to gain a world-class education and enhance career prospects in the field of finance. However, the cost of education and living expenses in the UK are high and every student cannot afford this on their own. Taking an education loan helps to bridge this financial gap and allows you to focus on your studies without an immediate financial burden. Most banks offer competitive interest rates and flexible repayment options up to 15 years which makes it easy to manage and repay the loan.
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Top Banks and NBFCs for Student Loans for Masters in Accounting in UK
Some of the major banks and financial institutions that provide education loans for Masters in Accounting in the UK are SBI, BOI, ICICI Bank, HDFC Bank, Prodigy Finance, MPower Loans etc. All these banks and NBFCs are renowned for providing financial services to students. Check the major features of the loan product in the table below:
| Banks and Financial Institutions | Major Features of the Loan |
| State Bank of India | Floating rate of interest starting from 11.15% (discounts applicable under certain conditions) Easy application process through the Vidya Lakshmi Portal Multiple SBI Education Loan Schemes are available to study abroad |
| Bank of Baroda | Loans available under the Baroda Scholar Education Loan scheme Free debit card for international use No collateral is required for loans up to INR 7.50 Lakh |
| ICICI bank | Unsecured education loans of up to INR 1 crore Interest rate starting at 10.25% (Negotiable) Flexible repayment period of up to 15 years |
| MPower Finance Education Loan | Interest rates starting from 12.99% p.a. Discount on interest rate of up to 0.25% applicable 100% coverage is provided for tuition fees and living expenses |
| Prodigy Finance Education Loan | Need-based finance available with up to 100% financing Interest rate starting from 10.50% Repayment period of up to 20 years |
Eligibility Criteria
The eligibility criteria for education loans for Masters in Accounting in the UK may vary depending on the banks and financial institutions. However, there are some basic eligibility criteria which every student must fulfil. They must have secured admission to a recognised UK university. Check the major eligibility criteria below:
- The student must have a strong academic record
- Co-applicant must show proof of financial stability and a regular source of income
- The students may need to provide collateral or a guarantor, depending on the loan amount and the lender’s requirements
- The CIBIL score must be good i.e. above 750
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Documents Required
One of the major stages involved in getting an education loan is the documentation process. All the documents must be submitted and all of them must be self-attested and clearly visible. Check some of the major documents required for an education loan for Masters in Accounting in UK below:
- Aadhaar card and PAN Card
- Scorecard of previous examinations (senior and higher secondary exams, undergraduate exam etc)
- 6 months’ bank statements
- 3 months’ salary slips
- Confirmation of admission
- Visa approval letter
How to Apply for an Education Loan to Study in UK?
The application process for an education loan to study in the UK is online. If you are applying from government banks or any other bank that is associated with Vidya Lakshmi, you can apply for the loan directly through the Vidya Lakshmi portal. Check the steps mentioned below:
- Visi the Vidya Lakshmi portal
- Create your profile by filling in the personal details
- Go to the students portal and check the loan scheme of the banks
- Fill out the loan application form and upload the relevant documents
- Submit the form and wait for the verification process
- The bank will contact you for further steps
Education Loan for Masters in Accounting in the UK can be availed easily if you have a good credit score and the admission has been confirmed. Check some of the FAQs based on the loan for the UK below:
FAQs
Students can avail mainly two types of education loans for studying in the UK i.e. secured and unsecured loans. Secured loans require collateral whereas unsecured loans do not require any collateral.
The maximum loan amount for studying in the UK can vary based on the lender and the type of loan. For secured loans, banks can offer up to INR 1.5 crore or more, depending on the value of the collateral.
Education loans generally cover tuition fees, accommodation costs, travel expenses, and living expenses. Some loans also include costs for books, study materials, and other related expenses.
The eligibility criteria include being an Indian citizen, having a good academic record, and securing admission to a recognised UK university.
The repayment period for education loans usually ranges from 5 to 15 years. Repayment generally starts 6 to 12 months after the completion of the course or upon securing employment, whichever is earlier.
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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