Education loans for MS in UK are easy to secure. The UK is one of the best countries for academics and is a very popular destination among international students. There were around 139,539 Indian students in the UK as of 2022.
There are a lot of banks that provide education loans for MS in the UK. Some banks provide additional discounts on interest rates if you are admitted to premier institutions like Oxford University, London School of Economics etc. To know about all the major banks, interest rates and eligibility criteria for education loans for MS in the UK, continue reading further.
Table of contents
Why Should You Take an Education Loan for MS in UK?
An education loan for pursuing an MS in the UK can reduce the financial burden for Indian students. The education loan for the UK covers tuition fees, living expenses, and other related costs. It may also cover student travel insurance for UK. The banks offer competitive interest rates, and flexible repayment options if you are taking a loan for studying in a premier institute in the UK. You can get both secured and non collateral education loan for UK based on the co-applicant’s financial profile. As there are a range of lenders providing specialised education loans for the UK, the students can access funds to attend prestigious UK universities.
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Best Banks for Student Loans for the UK
Some of the best banks for student loans for UK are the State Bank of India (SBI), HDFC Bank, Bank of Baroda, Axis Bank etc. All these banks offer competitive interest rates, flexible repayment terms, high loan amounts etc. These banks provide loan products specifically designed for international students. Check the details of the banks below:
| Best Banks for Student Loans for the UK | Major Features |
| State Bank of India (SBI) | – Dedicated scheme for abroad education loan- SBI Global Ed-vantage Loan – Discount in Interest Rates up to 2% for premier institutes – Easy application process through YONO SBI Education Loan |
| Bank of Baroda (BOB) | – The loan is provided under the dedicated scheme- Baroda Scholar Loan – Interest Rates starting from 8% for premier institutes – Free International Debit Card |
| HDFC Bank | – Loan up to INR 50 lakh without collateral – Preferential rates for top-ranked colleges and universities – No hidden charges and minimal documentation |
| Axis Bank | – Loan up to INR 1 crore without collateral – No margin on loans up to INR 4 lakhs – Pre-Admission Loan Sanction |
| Union Bank | – Loan under the Union Education Premier Abroad scheme – Up to INR 40 lakh without collateral – 50% up to <100% collateral |
Eligibility Criteria
To be eligible for an education loan for an MS in the UK, the students must be Indian citizens with confirmed admission to a recognised UK university. All the students must check eligibility criteria properly so that the loan can get approved without any hindrance. Check the major eligibility criteria below:
- The student and the co-applicant must be an Indian citizen
- The student must have a good academic record.
- The co-applicant should have a stable income
- Collateral may be required for higher loan amounts
- Applicants usually need to be within the age range of 18-35 years
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Documents Required for Education Loan for MS in UK
All the documents required for an education loan for MS in the UK must be kept handy so that you can submit them properly. The types of documents that are required to submit include KYC documents, financial documents and academic documents. All the documents must be self-attested or by any gazetted officer of the state and central government (as per the requirements). Check the list of documents required below:
- Aadhaar Card of applicant and co-applicant
- PAN card for applicant and co-applicant
- Scorecard of Senior and Higher Secondary Examination of Student
- Scorecard of undergraduate examination of student
- University acceptance letter from a recognised university in the UK
- The income statement of the co-applicant
- Last 6 months’ bank statements and salary slips
- Visa approval letter
How to Apply for an Education Loan in the UK?
As per the directions of the Government, all the applications for education loans to study in the UK or any other country shall be made through the Vidya Lakshmi Portal education loan. However, if you are applying through any NBFCs or any other bank not associated with the Vidya Lakshmi portal, then you need to contact the lender directly. Check the application process below:
- Visit the Vidya Lakshmi portal
- Register and log in to the portal and go to the students’ corner
- Check the loan scheme by different banks and finalise the lender
- Fill out the loan application form and upload the relevant documents
- Submit the loan application and wait for the bank to contact you
FAQs
Taking an education loan to pursue an MS in the UK can reduce the financial burden on Indian students. The loan covers tuition fees, living expenses, and other related costs.
Some of the best banks offering student loans for the UK include the State Bank of India (SBI), HDFC Bank, Bank of Baroda, Axis Bank, and Union Bank.
To be eligible for an education loan for MS in the UK, the student and the co-applicant must be Indian citizens. The student must have a confirmed admission to a recognised UK university and a good academic record.
The documents required include KYC documents (Aadhaar card and PAN card for both the applicant and co-applicant), scorecards of senior and higher secondary examinations, undergraduate examination scorecards, university acceptance letters etc.
Applications for education loans to study in the UK should be made through the Vidya Lakshmi Portal. Students need to register to the portal and fill out the loan application form.
Taking an education loan to pursue an MS in the UK can reduce the financial burden on Indian students. The loan covers tuition fees, living expenses, and other related costs.
Some of the best banks offering student loans for the UK include the State Bank of India (SBI), HDFC Bank, Bank of Baroda, Axis Bank, and Union Bank.
To be eligible for an education loan for MS in the UK, the student and the co-applicant must be Indian citizens. The student must have a confirmed admission to a recognised UK university and a good academic record.
The documents required include KYC documents (Aadhaar card and PAN card for both the applicant and co-applicant), scorecards of senior and higher secondary examinations, undergraduate examination scorecards, university acceptance letters etc.
Applications for education loans to study in the UK should be made through the Vidya Lakshmi Portal. Students need to register to the portal and fill out the loan 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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