Studying in UK is top choice for today’s youth, but the financial issues didn’t allow students to fulfill their dreams even the deserving students lose their hope, due to lack of funds. tuition fees, living and other expenses needs to be paid which is difficult for most of aspirants. But now there is no need to worried about paying your fee or other expenses, private banks and non-banking financial companies (NBFC’s) comes up with the solution of educational loans to help students to achieve their goals. Even they are proving educational loans for aboard studies without collateral, lets have a deep look into it.
Cost of study in UK:
If we are thinking about loan, first we have to know how much amount is required to study in UK, this will clarify our financial needs.
| Expenses | Amount in pounds | Amount in INR |
| Tuition fees(Per annum) | UG: 12,000 -35,000PG: 15,000 – 40,000 | UG: Rs.12,66,000 – Rs.36,92,500PG: Rs.15,82,500 – Rs.42,20,000 |
| Accommodation(Per month) | 500 – 1500 | Rs.52,751 – Rs.1,58,253 |
| Transport(Per month) | 100 – 200 | Rs.10,550 – Rs.21,100 |
| Food(Per month) | 200 – 300 | Rs.21,100 – Rs.31,650 |
| Miscellaneous(Per Month) | 200 – 300 | Rs. 21,100 – Rs.31,650 |
This is the expected amount to study in UK, don’t be worried and let’s explore some best private banks and non-banking financial companies (NBFC’s) with the help of Minay Overseas.
- IDFC First Bank
- ICICI Bank
- Yes Bank
- Axis Bank
- HDFC Credila
- Incred/ Auxilo
- Avanse
All these banks and NBFC’s are offering loans.
Eligibility to get Loan
There are some criteria if you are applying for collateral-free education loan you must be eligible for points below:
- First of all you must be an Indian citizen.
- Your age should be above 18 years.
- The university you applied in, must be accredited and recognized.
- You must have offer letter from provider in UK.
- You must have a good educational history or marks.
- Co-applicant, a parent or guardian must required.
- Credit score above 700 is required to be eligible for the loan.
If u fulfill all these points, you are eligible to get loan and apply for your abroad study visa.
Documentation:
- Adhaar card.
- PAN card.
- Passport or voter ID.
- Passport size picture.
- Filled and signed loan application form.
- For address proof copies of Aadhaar card, passport, electricity/telephone bill, or any other valid. address proof.
- All academics.
- Offer letter from the UK university.
- Bank statement of 6 months of applicant or co-applicant.
Some providers may ask for additional documents.
UK Visa Rules for Educational Loan Applicants
- If your loan is approved and now u are applying for visa so before applying for visa lets discuss about some important visa rules which is specified for those applicants who are applying with educational loans:
- While applying for UK visa, if you having an education loan from a bank, you must have to show Loans Sanction letter in embassy.
- Embassy accept loan sanction letters from HDFC Credila and nationalized, private banks only. If u are getting loan from NBFC you must make sure that the loan money is transferred to your or your parents account. After 28 days get a bank balance certificate or bank statement from NBFC and show this to embassy.
Loan Amount, Interest Rate & Repayment:
Lets have a final look toward the private banks and NBFC’s that how much amount of loan they offer with interest rate and repayment method.
IDFC First Bank: Provide unsecured 41 lacs of loan with 10.85% to 12.75% interest rate & repayment tenure is 12 years
- ICICI Bank: Provide collateral free loan from 20 lacs to 1 crore with interest rate of 10.5% to 11.25% & repayment tenure is 15 years.
- Yes Bank: Offers unsecured loans up to Rs.50 lacs for the A category Universities, Rs.40 lacs for the B category Universities, Rs.30 lacs for the C category Universities, and Rs.25 lacs for the D category Universities & Interest rate is 11% to 13% with the repayment tenure for the A, B & C Category is 15 years consider the hold period and for the D Category 10 years including the moratorium period.
- HDFC Credila: it’s a top NBFC that offering rs.35 lacs loan & interest rate is 11.5% to 12.75% with repayment tenure of 12 years.
- Avanse: it is a NBFC that offer collateral free loan of 35 lacs & interest rate is 11.5% to 14% with repayment tenure of 10 to 14 years.
- Incred/Auxilo: This NBFC offer unsecured loan of 25 lacs & interest rate of 11.5% to 12.75% with repayment tenure of 12 years.
We have shared all points, requirements, eligibility criteria and method documentations to apply for educational loan to design your dream life of education in UK, but the method of education loan is not easy its quite hectic sometimes that’s why Minay overseas is here to give u complete service with their expert staff and tension free process of loan. Feel free to contact Minay Overaeas and get your loan without Collateral for your abroad education.
