The most promising fact about studying in the UK is that, one in seven world leaders has studied in the UK at some point in their life.
When you opt to study in the UK, it offers you a chance to immerse yourself in a multi-cultural global atmosphere, encourage your thinking process and live between the mix of tradition and history.
A good education loan for a student planning to study in the UK will give them a great career in the UK.
Education loans are a great way of funding international students towards pursuing their dream of studying in the Land of the QUEEN.
If you are planning to study abroad, read Is Education loan for students really FREE???
Year-round preparation for a student planning to study in the UK
August to September
Prepare and register yourself to take the required standardized test, which includes both academic and English language proficiency tests like IELTS, TOEFL, PTE, etc. in order to qualify to study abroad
September to October
The application process begins. It is best to submit an early application so that you do not miss the deadline of any institution
October to January
Depending upon the university and program, the deadline varies. University application happens in two phases with the latter phase being in January
January to February
You will receive the offer of admission to study in the UK
You need to confirm your admission and then enroll in the institute. Provide your finance details and apply for a student loan before the Visa application
September to October
You must depart with all the necessary documentation and initial funding required to study in the UK. Most University courses commence at this time
Top Universities of the UK
University of Oxford
University of Cambridge
Imperial College London
University College London
University of Edinburgh
University of Manchester
King’s College London
London School of Economics and Political Science
University of Bristol
University of Warwick
Once you select the university, Master the art of finding student accommodation in London with these tips
Application Process for education loan
Reviewing of application by Bank/NBFCs
Disbursal of the loan amount
Education loan process explained in 3 steps for a student planning to study in the UK
1. Application Process for education loan:
The first step is to apply for an education loan to any of the banks and NBFCs considering your requirements (loan amount, secured or unsecured loan, etc) by filling out a detailed application form.
You need to validate your application with KYC documents, admission letter and collateral
Make sure to check the website of the concerned bank to consolidate all the documents required for a student planning to study in the UK in one place.
This will save time and efforts
To learn about efficient document process, read With these 5 documents, an education loan will be yours instantly
2. Reviewing the application by Bank/NBFCs:
Once the documents are submitted by a student, a reviewing process is followed by the concerned bank or NBFC to ensure authenticity.
This includes verification of the borrower’s application, his/her co-applicant’s credit history, value and verification of collateral and his/her background (academic and financial).
Once verified, it is followed by the consent from the Bank. In case, the loan is approved to study in the UK, the bank decides the interest rate, which is negotiable depending on the college and the course selected.
For Tier 1 and Tier 2 colleges, the loan interest rate offered by banks is lower than the interest rate offered for the rest of the colleges.
The interest rate offered by banks and NBFC’s varies greatly. The interest rate of private banks and NBFCs (11-14%) is always slightly higher than the public banks (9.2-11.75 %).
3. Disbursal of the loan amount:
Sharing of the admission letter and fee details provided by the college with the bank to be submitted by the student planning to study in the UK
The bank verifies the information and calculates the amount required at the time of admission and throughout the course.
Student shares the amount that needs to be borrowed as per the requirement from the institution
Some banks and NBFCs may also charge remittance, also called “Currency conversion charges”