United Kingdom appeals to study overseas aspirants in many ways. Majority of the students looking forward to pursuing master’s degree choose UK as their destination due to varied advantages it has to offer.
Pursuing an international degree in the United Kingdom requires a hefty amount to support the education overseas. The tuition fee required for a one to two years of master’s degree in the UK costs somewhere around 10 to 30 lakhs annually. The tuition fee entirely depends on the chosen university, program, university ranking, location etc.
There is a common misconception among students and parents that an education loan for abroad studies only covers tuition fees however this is not true. An education loan covers all the expenses required while staying in the UK. This includes the tuition fees, examination fees, library fees, expenses of books, laptops, uniform, living expenses and travel fare.
Students are also confused with what is the right time to proceed with an application for education loan for studying in UK. So, the best time to apply for an education loan is as soon as they receive the offer letter from the university. The validity of the loan letter is of 6 months. It is advisable to the students to check with the commencement date of their course at the university and apply accordingly.
Eligibility Criteria for education loan for Master’s Degree in UK:
If a student is planning to avail an education loan to study in the UK, he/she is required to meet the mentioned eligibility criteria:
• A student should have a decent academic qualification with minimum backlogs and no academic gap.
• If a student is planning to apply for an unsecured education loan, the minimum income criteria for co-borrower should be above 6 lakhs with no liabilities.
• The students have to take education loan from the UK approved financial institution and it should be RBI approved.
Apply for an overseas education loan to study in the UK:
To provide more clarity, we have mentioned the steps involved in an overseas education loan process for UK:
Step 1: Study overseas aspirants are required to submit the application for admission at the desired university and wait till they receive the conditional offer letter.
Step 2: Once students fulfil the conditions mentioned in an unconditional offer letter, they will be required to approach the financial institution for the submission of an education loan application.
Step 3: The financial institution will check the students loan application and after verifying all the documents, the institution will disburse the loan amount for the initial deposit of the tuition fees to block the seat.
Step 4: After the initial payment, students will be receiving the Confirmation of Acceptance of Studies (CAS) from the university and based on CAS students must apply online for Tier 4 student visa to study in the UK.
Step 5: The UK Embassy situated in New Delhi will allot a time and date for biometric and medical document submission and within a time span of 10-15 days, students will receive a visa by courier.
If a student is taking loan from NBFC like Incred, Auxilo, Avanse there loan sanction letter will not be accepted. In such cases, the loan amount should be fully transferred to the student savings account and they are required to maintain the balance for 28 days. After which, students can apply for visa.
To get more clarity on the process of education loan UK, students are advised to reach out to us at ELAN Loans and our loan experts will assist them accordingly.