The United Kingdom has been one of the most popular destinations for Indian students when it comes to studying abroad. However, finances play a large role in deciding to go abroad for higher studies, even when it comes to the UK. UK universities are known for having very expensive programs of study. The cost of education in the UK is quite high because of which some Indian students might shelf their plans. For example, the University of Oxford charges an annual tuition fee of 36,065 euros for a four-year degree. The one year MBA program at the University of Oxford is approximately €59,490.
Similarly, the University of Cambridge has an annual tuition fee of €45,660 for management students. And the MBA would cost approximately 57,000. Hence, it is advised that the students look at the various options of education loans for the UK offered to Indian students.
Options for educational Loans:
Students that apply for an educational loan to study for an undergraduate degree in the UK have the option of choosing two types of loans, namely secured loan or loan with security and unsecured loan or study loan without security or collateral for the UK. A secured education loan is a loan where the applicant must attach collateral before applying for the loan. Can we in the form of tangible or intangible assets such as property, FEs etc. On the other hand, an unsecured loan is an educational loan for students in UK where the applicant need not attach any collateral before applying for the loan.
First, students that don’t have any collateral all go applicant. There is also an option to take an educational loan from prodigy finance. This is an international lender based in the UK that offers student loans at modest rates.
Documents required to get an educational loan with collateral:
- KYC, residence proof, as well as citizenship proof of the applicant and co-applicant.
- The relevant mark sheet of the student.
- Letter of admission.
- Documents related to the collateral.
- The fee structure.
If the students apply for the loan without collateral, then the bank statement, as well as the income tax returns of the co-applicant, will also be needed.
Conclusion
To apply for an educational loan and without IELTS UK Student visain the UK, the student can check the loan eligibility. We can also look for a loan counsellor to get the best options available. The students will have to submit the documents accordingly. The bank will review the application of the student and might require additional information as well. The student and the co-applicant will sign the sanction letter and accept the offer for the loan. The bank will send the sanction letter required to be signed by the student and the call applicant. When the letter is finalized, the student can ask for a loan. The cost of studying in the UK is quite high. However, an educational loan can act as a viable option.
