Student Loan for Manchester Metropolitan University: How To Apply For A Study Loan Of £3000 Pounds After Getting an Offer Letter?

So you got into Manchester Metropolitan University, UK, huh? Congratulations! With the innumerable opportunities that await you in the future, your study abroad experiences look full of promises and excitement! But now that you have received your offer letter, it really is time for you to sort out your finances and start planning your tuition, accommodation, maintenance and miscellaneous fees. In case you are planning to look for an education loan then the question arises of how to apply for a study loan of, say, £3000 (INR 3 lakh), after getting an offer from Manchester Metropolitan University.  Continue reading to know about student loans for Manchester Metropolitan University!

Banks Providing Study Loans for Manchester Metropolitan University

To start with, it’s important to note the banks that can help you with student loans for Manchester Metropolitan University. We have prepared the table below for this purpose. 

Name of the Bank	Interest Rate
Bank of Baroda	10% to 11%
Axis Bank	13.5%
Punjab National Bank	9.4% to 11%
State Bank of India	10.5%
HDFC Bank	14%

Please Note: The aforementioned rates might change from time to time. Please directly contact the bank or Fly Finance experts for a better understanding. 

Also Read: How To Negotiate Interest Rate With Banks On Your Education Loan? Here’s The Answer!

Eligibility Criteria 

Now you must be aware of the eligibility criteria before applying for an education loan. This helps you understand your chances of securing an education or student loan. 

1. You must be a resident of India. 
2. Your co-applicants income source should be stable. 
3. The role of a co-applicant is very important. He/She is compulsorily required, who can be your parent, spouse, etc. 
4. Your age should not be less than 18 years or more than 35 years. Basically, at the time of loan application, the age should be between 18 to 35 years. 
5. You should have received the offer letter and confirmed your admission to Manchester Metropolitan University. 

Requirement for Documentation

Next comes the documents which are required for you to apply for a student loan for Manchester Metropolitan University. Listed below are the documents. 

1. Acceptance of Offer Letter 
2. The filled-out application form for a student loan from the bank 
3. Proof of age 
4. Identity Proof such as Aaadhar Card/Passport/Voter ID, etc. 
5. Passport-size photographs 
6. Address proof which can include bank statements, telephone bills, etc. 
7. Financial documents
8. Academic Transcripts such as mark sheets from the latest examination
9. Proof of income such as salary slips
10. A copy of the scholarship letter, if any and if applicable
11. Bank account statement
12. A list of expected expenses 
13. A brief statement of assets and liabilities of the co-borrower 

Must Read: Documents Required for an Education Loan

Apply for A Study Loan of £3000 Pounds

So you know what banks can help you with the education loan and what are the eligibility criteria. Now let’s apply for the student loan of  £3000 (INR 3 lakh)

1. The student loan for Manchester Metropolitan University can be applied online as well 
2. Students can reach out to Fly.Finance advisors for better guidance on student loans for the UK 
3. Make sure you remember that you can avail of student loan funding to study in the UK for up to nine months after your academic course starts 
4. The time it will take to process your student loan application is 6 weeks 
5. Moreover, the amount, instalments, and repayment of the student loan depend on your monthly income after graduation 

Also Read: Best Education Loan For MBA Abroad

Repayment of Student Loan for Manchester Metropolitan University 

Next, what is the repayment process or repayment period for Manchester Metropolitan University, which is an institution for higher education in the United Kingdom? Let’s learn more below! 

When the Loan is From a Public Bank 

In this case, the repayment of the student loan may commence after the completion of your one-year of course. You will have to repay the loan within 15 years from the date of commencement of repayment. 

When the Loan is From a Public Bank 

In this case, the repayment of your student loan may commence and continue to do so for your entire course duration and 18 months after you secure a job. You can repay the loan within 15 years from the date of commencement of repayment. 

Other Options 

There are additional ways to finance your studies in the United Kingdom. For finance-related queries, you can contact Fly Finance. For more information on what these funding options are, you can have a look at our blog below. 

Scholarships for Indian Students to Study in the UK

These funding options are scholarships and bursaries. For a better insight into some scholarships at Manchester Metropolitan University, read the list below. 

• Postgraduate course-specific scholarships
• Chancellor’s and Vice-Chancellor’s International Awards
• Lee Kai Hung International Talent Scholarships
• Allan and Nesta Ferguson Charitable Scholarships
• Research Scholarships

FAQs

Hope that answered the question of How To Apply For A Study Loan Of £3000 Pounds After Getting an Offer from Manchester Metropolitan University! For any Student Loan, Bank Account or Money Transfer related queries, contact our Fly.Finance Team.