Studying abroad is an aspiration for many Indian students, especially those seeking to pursue advanced degrees that can help build a successful career. One popular course among Indian students is a Masters in Entrepreneurship in the UK. However, with the rising costs of international education, financing this dream becomes a critical consideration. You can get education loan for masters in UK or scholarships. In this blog, we will explore the options available for education loans for Masters in Entrepreneurship in the UK, and how Indian students can take the necessary steps to fund their studies.
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Education Loan for Masters in Entrepreneurship in UK: Major Highlights
Education loans for a Masters in Entrepreneurship in the UK is offered by a lot of banks and financial institutions. The loan cover up to 100% of tuition fees and living expenses. Some of the top banks offering education loan for UK are SBI, BOB, Union Bank etc. The eoans typically range from INR 7.5 lakhs to INR 1.5 crore with competitive interest rates between 9% to 14% per annum. You can get both collatera and non collateral loans to study in UK. Check some of the major highlights of education loan for masters in entrepreneurship in UK below:
| Education Loan | Major Highlights |
| Loan Amount | Major Banks and Financial Institutions |
| Major Banks and Financial Institution | State Bank of India Bank of Baroda Union Bank of IndiaHDFC Credila Avanse Education Loan |
| Interest Rate | 8.15% to 15% |
| Collateral Requirements | No collateral is required for loan up to INR 7.5 crore |
| Eligible Courses | Any top-notch and job oriented courses |
Also Read: Check here all the major details on Bank of Baroda International Debit Card
Education Loans for Masters in Entrepreneurship in the UK
To make studying abroad more accessible, education loans are a viable option for Indian students. Several banks and financial institutions in India offer loans specifically designed for international studies, including courses in the UK. Check some of the major factors to be considered for education loan for masters in entrepreneurship in UK below.
Loan Amount
Education loans for studying abroad can cover up to 100% of tuition fees and living expenses, depending on the lender and the applicant’s eligibility. The loan amount typically ranges from INR 7.5 lakhs to INR 1.5 crore, or more, based on the course and university. As per the IBA Model education loan, if the loan amount is below INR 7.5 lakh then there is no need for collateral.
Eligibility Criteria
While the specific eligibility requirements may vary by lender, the general criteria for an education loan include:
- The student must have secured admission to a recognised university in the UK.
- The student must be an Indian citizen.
- The student’s academic performance (especially in relevant subjects like business or economics) is considered.
- A co-applicant, usually a parent or guardian, is required to provide income proof and collateral.
Interest Rates
Interest rates for education loans to study abroad vary but typically range between 8.15% to 14% per annum. Some banks offer lower rates for female students or students who have secured admission to top-tier universities. Also, banks offer rebates in interest rates of up to 0.5% subject to terms and conditions.
Repayment Options
Repayment of the loan generally begins after the course completion, with a grace period of 6 to 12 months. Loan tenure typically ranges from 5 to 15 years. Additionally, many lenders offer flexible repayment options, including monthly installment schemes and options for deferment.
Financial Institutions Offering Education Loans
Several leading Indian banks and non-banking financial companies (NBFCs) offer education loans for studying abroad. Some of the major lenders include:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Punjab National Bank (PNB)
- Auxilo Finserve
- Credila Financial Services
Also Read: Check here all about education loan with backlogs to study abroad
Cost of Studying in the UK
The cost of studying in the UK varies depending on the university and the course. On average, tuition fees for international students pursuing a Masters in Entrepreneurship range from GBP 15,000 to GBP 30,000 per year. Additional costs, such as accommodation, food, transport, and other living expenses, can add another GBP 10,000 to GBP 15,000 annually.
Why Pursue a Masters in Entrepreneurship in the UK?
The UK is a global hub for higher education, and its universities are renowned for their innovation and entrepreneurship programs. A Masters in Entrepreneurship offers a unique opportunity to gain both theoretical knowledge and practical experience. The course provides students with the skills needed to start and manage their businesses or to lead entrepreneurial ventures in established organizations.
Some of the top universities offering this program include:
- University of Oxford
- University of Cambridge
- London Business School
- University of Edinburgh
- University of Manchester
Pursuing a Masters in Entrepreneurship in the UK can be a life-changing experience, offering unparalleled exposure to global business practices and entrepreneurial opportunities. While the financial aspect may seem daunting, education loans can provide the necessary support to make this dream a reality.
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