Education loan for a Masters in Pharmacy in UK offers funding options for international students. It covers tuition fees and living expenses in the country without worrying about finances. For those with excellent credit history, various types of private and public sector bank education loans are available at competitive interest rates.
Applicants must check the terms and conditions and apply for the loan that best suits their requirements and financial needs. To know more about the best banks, features, interest rates, and other details, continue reading further.
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Overview of Education Loan for Master’s in Pharmacy in the UK
The cost of pursuing MPharma in the UK for international students ranges from GBP 16,000 to 35,000 annually (INR 17 lakhs to 37.28 lakhs). Funding your studies via an education loan lets you cover study abroad expenses, including tuition fees, accommodation costs, food, transportation etc. It covers additional costs like health insurance, textbooks, and other materials.
You can apply for loans with public and private banks in India. Some of the top banks include the State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Central Bank of India, ICICI Bank, HDFC Bank, etc. Many of them offer no upper limit on the maximum amount of the loan that can be availed with them if you mortgage an asset (collateral) with the lender. Some of them offer non-collateral loans for the UK up to INR 1.5 crores.
Also Read: Planning to pursue law? Check out the details on education loans for a Master’s in Law in the UK.
Best Banks for Education Loans for Master’s in Pharmacy in the UK
Many banks and financial institutions offer education loans for Masters in the UK. Under various schemes like SBI’s Global Ed-vantage, Bank of Baroda’s Baroda Scholar, and Central Bank of India’s Cent Vidyarthi, students can easily apply for education loans for Masters in Pharmacy in UK.
Besides, Non-Banking Financial Companies like Prodigy Finance, Avanse, Auxilo, and MPower Financing offer financial assistance. They offer higher loan limits, flexible repayment options, quicker loan processing, and a hassle-free disbursement process.
| Bank/ NBFC | Loan Amount and Interest Rates | Features |
| State Bank of India | Loans up to INR 1.5 crore at 11.15% p.a onwards | -Quicker approvals before Visa -Easy application process -No hidden costs |
| Bank of Baroda | Loans up to INR 1 crore at 10.20% p.a onwards | -No documentation charges -Interest concession for admission to premier institutes |
| Central Bank of India | Loans up to INR 2 crores at 8.10% p.a onwards | – Covers multiple expenses -Interest concession for females |
| ICICI Bank | Loans up to INR 2 crores with security and INR 1 crores without collateral at 14.10% p.a onwards | -Offers additional benefits to experienced and government employees |
| HDFC Bank | Need-based financing at 12.50% p.a onwards | -Minimal documentation -Online application process -No hidden costs -Unsecured loans up to INR 45 lakhs |
| Prodigy Finance | Covers 100% cost at 11.15% p.a onwards | -Easy application process online -Start payments 6 months after course completion |
| Avanse | Need-based financing at 14.25% p.a onwards | -Pre-admission and pre-visa loans are offered -Unsecured loans up to INR 75 lakhs can be availed |
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.
The process to Apply for Education Loan
To apply for an education loan for a Master’s in Pharmacy, you can easily apply online with the lender. Visit their official website and navigate to the education loan section. Click on Apply Now once done. You can apply via the Vidya Lakshmi Portal. However, you must follow the process for effective management of your finances.
- Research various lenders and loan products. Compare the education loan interest rates of different banks and NBFCs.
- Check eligibility criteria, repayment terms, and documents required.
- Prepare your documents and self-attest them.
- Fill out the lender’s application loan form, submit the necessary documents, and submit the same.
- Review the loan agreement, interest rates, and repayment schedule, and look out for penalties for early repayment or missed payments.
Eligibility and Documentation
You must fulfil the eligibility criteria to apply for the education loan for a Master’s in Pharmacy in the UK. Generally, the basic criteria is that you should be an Indian citizen to apply with Indian lenders.
- Be an Indian citizen between 18 to 35 years of age.
- Have a good academic and CIBIL record.
- Have a co-applicant with a stable income.
- Have secured admission to a recognised university via an entrance examination or merit basis.
After checking the lender-specific eligibility, make sure to attach the required documents-
- Admission letter from the UK university
- Academic grade sheet of class X, XII, and Graduation
- Passport and visa details
- Financial documents like bank statements and ITR statements
- Course fee structure
- Loan application form
This was all about the education loan for a Master’s in Pharmacy 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 it. An education loan for a Master’s in Pharmacy in the UK offers funding options for international students. It covers tuition fees and living expenses in the country without worrying about finances.
Education loan lets you 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. However, choose a loan that aligns with your financial needs.
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 Masters in Pharmacy in the UK range from 8.25% to 14% p.a.
To apply for an education loan for a Master’s in Pharmacy, you can easily apply online with the lender. Visit their official website and navigate to the education loan section. Click on Apply Now once done. You can apply via the Vidya Lakshmi Portal.
Some common documents required for an education loan for a Masters in Pharmacy in the UK include KYC documents like a PAN Card and Aadhaar Card, academic transcripts, financial statements, and admission confirmation.
