Project management in the UK is highly regarded for its structured approach and adherence to internationally recognised standards. The country is home to a range of industries like construction, IT, finance, and healthcare, all of which demand efficient project management practices. Education loans for MS in Project Management in UK can be availed from any bank or NBFC in India easily. Since the course has better job prospects, banks easily sanction the loan for the required amount. To know more about education loans for MS in Project Management in UK and the major features, continue reading further.
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Why Should You Take Education Loan for MS in Project Management in UK?
Pursuing an MS in Project Management in the UK will enhance your career prospects. However, the cost of studying project management in UK is very high and not everyone can afford it without financial support. Taking an education loan makes this investment feasible by covering tuition fees, living expenses, and other costs. A degree from a prestigious UK institution can provide you with a lot of job opportunities in the field with a high income. Education loan for MS in project management in UK covers all major expenses like tuition fees, accommodation costs etc. You will also get one year of moratorium period apart from the course period.
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Top Banks Offering Education Loans for Project Management in UK
As per the RBI guidelines on education loans, the public sector banks in India are supposed to provide collateral free education loans for UK of up to INR 7.5 lakhs. A lot of banks provide collateral free loans of up to 1 crore also. Some of the major banks are SBI, Bank of Baroda, HDFC Bank, ICICI Bank, Indian Bank, Canara Bank etc. There are a lot of NBFCs also that provide education loans to study in UK like Avanse Financial Services, MPower Financing etc. Check the major features of these banks and NBFCs below:
| Financial Institution | Major Features |
| State Bank of India | Up to INR 1.5 crore education loan under SBI Global Ed-vantage Scheme Floating interest rate starting from 11.15% Rebate on interest rate based upon different criteria |
| Canara Bank Education Loan | No margin money up to INR 4 lakh Interest rate starting from 11.15% onwards Repayment period up to 15 years |
| Bank of Baroda Education Loan | Only a 1% Processing Charge (Max INR 10,000/-) which will be recovered upfront for loans above INR 7.50 Lakh No Processing Charge up to INR 7.50 Lakh Free debit card and zero documentation charges |
| Indian Bank Education Loan | Interest rate starting from 10.75% Discount of 0.5% in the total interest rate for female students Zero margin money for loan amount INR 4 lakh |
| Axis Bank Education Loan | Pre-admission loan sanction Unsecured Loans upto INR 75 lakhs Unsecured Loan for Abroad universities based on GRE scores upto INR 50 lakhs |
| MPower Finance | Fixed interest rates with 0.25% discount depending on various parameters Interest rate starting from Starting from 12.99% p.a. Loan amount of USD 2,001 to USD 100,000 |
| Avanse Financial Services | Up to 100% finance to study in UK Interest rates vary between 14%-16.5% per annum INR 75 lakh education loan without collateral |
Eligibility Criteria for Education Loan for UK
Eligibility criteria must be checked by the student before applying for the loan. Usually, the common eligibility criteria required by the banks are similar like the students must be Indian citizens aged between 18 and 35 years. Check more details below:
- The student should have secured admission to a recognised university in UK which conducts project management courses.
- Students must have a strong academic background and entrance exams must have been cleared (differ based upon admission criteria)
- The co-applicant, such as a parent or guardian, must have a stable income.
- The lenders may require collateral for larger loan amounts and proof of the ability to repay the loan
- The credit story of the applicant and co-applicant must be good i.e. above 750
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Documents Required
To secure an education loan for a Masters in Project Management in the UK, you’ll need to provide three main types of documents: KYC documents, financial documents, and academic documents. Each document must be self-attested and clearly visible. The required documents include:
- PAN card and Aadhaar card
- ITR, salary slips, and bank statements for the last 6 months
- Senior and higher secondary exam scorecards
- Undergraduate exam scorecard
- Visa approval letter and admission confirmation letter
How to Apply for Education Loan to Study in UK?
All the education loan applications, especially through government banks and major private banks, must be submitted through the Vidya Lakshmi portal. If you are taking education loans from banks or NBFCs that are not associated with the Vidya Lakshmi portal, you can apply through their official website or by visiting the branch office. Check below the steps to apply through the Vidya Lakshmi portal:
- Visit the Vidya Lakshmi portal and register by providing email ID and phone number
- Login to the portal and check the loan scheme and the features
- Fill up the application form and submit it along with the relevant documents
- Wait for the bank to verify your profile
FAQs
Since MS in project management in UK is a costly course that costs around GBP 11,000 to 45,000, an education loan is required. Taking an education loan for an MS in Project Management in the UK helps students to cover high tuition fees and living expenses.
Several major banks in India offer education loans for studying project management in the UK. These include State Bank of India, Canara Bank, Bank of Baroda, Indian Bank, and Axis Bank. These banks provide features such as collateral-free loans, competitive interest rates, and flexible repayment periods.
To be eligible for an education loan for studying in the UK, students must be Indian citizens aged between 18 and 35 years and should have secured admission to a recognized university in the UK.
To apply for an education loan for an MS in Project Management in the UK, you need to provide PAN card, Aadhaar card, ITR, salary slips, bank statements etc.
To apply for an education loan to study in the UK through the Vidya Lakshmi portal, students must first register on the portal using their email ID and phone number. After logging in, they can check the loan schemes and features and apply for the loan.
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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