It is never too late to study in the UK with these Education loan tips


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

April


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 %).

​​ Read how​​ The UK government is taking care of International Students- Corona Insurance

 

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

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