Education loan for masters in law in UK can be obtained from banks and NBFCs in India at affordable interest rates. The UK is one of the best study abroad destinations which provides quality education. Some of the major reliable banks and NBFCs are Prodigy finance, Avanse education loan, State Bank of India, Bank of Baroda etc. These banks also offer non collateral education loan for UK. You just need to apply for the education loan through online mode and the lender will approve it after verifying the eligibility criteria and the documents. Let’s check and understand all the major features of education loan for master in law in UK.
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Why Should You Take Education Loan for Masters in Law in UK?
Taking an education loan for a Master’s in Law (LLM) in the UK will help you to pursue high quality education from the prestigious law colleges of London. The UK’s prestigious law schools offer specialised courses, practical training, and networking with global legal professionals. The loan covers all major expenses like tuition fee, accommodation costs, student travel insurance for UK etc. An education loan enables you to focus on your studies without financial crisis so that you gain the expertise and qualifications needed to excel in the legal field.
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Best Banks and NBFCs for Education Loans for Masters in Law in UK
Some of the top banks for education loan to study in UK are State Bank of India (SBI), HDFC Bank, Axis Bank, and ICICI Bank. These banks offer attractive interest rates, flexible repayment options, and wide loan coverage including tuition fees and living expenses. The lenders’ will also consider the amount which you have got through scholarships to study in UK. Non-Banking Financial Companies (NBFCs) like Prodigy Finance, HDFC Credila and Avanse also provide education loans with competitive terms, faster processing, and minimal documentation. Check some of the major features of banks and NBFCs below:
| Banks and Financial Institutions | Major Features of Loan |
| Prodigy Finance Education Loan | Interest rate starting from 10.54% APRNo co-signer and no collateral required for loanNo hidden fees and no additional costs |
| Avanse Education Loan | Collateral free loan up to INR 1.25 croreThe loan covers course fee, living and other ancillary expensesThe EMI payment starts after course completion |
| HDFC Credila Education Loan | Provides Ease of application and online and doorstep serviceUp to 100% finance covering tuition fee and living costsUnsecured loan up to INR 75 lakhs |
| Bank of Baroda Education Loan | 1% Processing Charge (Max INR 10,000/-) which is recovered upfront for loan above INR 7.50 LakhNo Processing Charge up to INR 7.50 LakhNo security up to INR 7.50 Lakh |
| State Bank of India | Maximum loan amount of up INR 1.5 crore under SBI Global Ed-vantage Education LoanInterest rate starting from 11.15% (Floating Interest Rate)Loan sanction before i20/Visa |
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Eligibility Criteria for Education Loans for Masters in Law in UK
To be eligible for an education loan for Master’s in UK, the students need to be Indian citizens who have secured admission to a recognised UK university. A strong academic background and proof of admission are also required. Eligibility criteria must be checked before applying for the loan so that no issue can arise at a later stage. Check the major eligibility criteria below:
- The students must also provide collateral for higher loan amounts (if required) and the value of collateral shall be 100-125% of the loan amount or as stated by the lender.
- The admission must have been confirmed to a recognised university in the UK and the visa must have been approved.
- The age of the student must be between 18 to 35 years and the undergraduate course shall have been completed.
- The co-applicant must show a stable income as the loan amount will be determined based on the same.
Documents Required
Documents required for education loan for masters in UK includes KYC, financial and academic documents. The students must submit all the documents properly to the lender for verification. The documents shall be self-attested by the students and the co-applicant. Check the details of the documents required for student loan for UK:
- Aadhaar Card and PAN card of student and co-applicant
- Marksheet of senior and higher secondary education
- Scorecard of undergraduate courses
- Last 6 months’ bank statement
- Last 3 months’ salary slips
- Visa approval letter
- Admission confirmation letter
How to Apply for Education Loan for UK?
Application process for education loan for law in UK is both online and offline. The students can apply directly through the official website of the lender. Check the steps to apply for education loan below:
- Vist the official website of the bank or lender
- Check the loan features and fill out the application form
- Submit form along with the relevant documents
- Wait for the verification process
FAQs
Taking an education loan for a Master’s in Law (LLM) in the UK allows students to access high-quality education from prestigious law schools. These institutions offer specialised courses, practical training, and networking opportunities.
Major banks like State Bank of India (SBI), HDFC Bank, Axis Bank, and ICICI Bank offer affordable interest rates, flexible repayment options etc. Non-Banking Financial Companies (NBFCs) such as Prodigy Finance, HDFC Credila, and Avanse also provide longer repayment terms, faster processing, and minimal documentation
To be eligible for an education loan, students must be Indian citizens with secured admission to a recognised UK university. They should have a strong academic background and proof of admission.
Students need to submit several documents like Aadhaar Card and PAN card, marksheets of senior and higher secondary education, scorecards of undergraduate courses etc.
The application process for an education loan can be done both online and offline. Students can visit the official website of the bank or lender and fill out the application form.
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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