As an international student, the UK can be financially higher. Managing it on your own can be a little overwhelming. The cost of living in the UK for international students can be between £900 to £1,400 per month. Bearing these costs can be hard without any financial support. If you want an answer, having an education loan can ease your financial worries. Fortunately, education loans can provide you with the financial support you need, making it easier to study abroad in the UK.
Table of Contents:
- Prodigy Finance
- Lendwise
- Indian Banks Offering Education Loans for UK
- Tips for Indian Students Applying for Education Loans
- Frequently Asked Questions
Prodigy Finance
Prodigy Finance offers co-signer and no-cosigner loans for studying in the UK. With a quick application process, Prodigy provides financial assistance that covers the entire cost of attendance (up to 100%). Prodigy Finance has supported over 45,000 students studying abroad and also offers education loans for the UK without collateral.
| Interest Rates | Starting from 8.34% |
| Collateral Free Loans | Up to $220,000 |
| Repayment | From 7 to 20 years |
Lendwise
Lendwise is a UK-based private lender offering UK education loans for international students pursuing postgraduate studies. Although it primarily offers loans to UK students, it also offers loans to international students on a case-by-case basis, based on local credit reports, account records, payment history, and other factors.
| Loan Amount | £5,000 to £100,000 |
| Interest Rates | Based on your profile |
| Grace Period | 6 Months |
| Early Repayment | No penalties for early repayment |
Indian Banks Offering Education Loans for UK
Several Indian banks and financial lenders offer education loans to study abroad in the UK. Every bank has different eligibility criteria, interest rates, and loan amounts. Here are some of the top Indian banks offering UK education loans for international students:
| Bank | Loan Amount | Interest Rates |
| State Bank of India (SBI) | Up to INR 3 Crores | 9.15% – 9.65% |
| Bank of Baroda (BOB) | Up to INR 1.5 Crores | Starting from 9.20% |
| Union Bank of India | Up to INR 1.5 Crores | Starting from 9.00% |
| Bank of India (BOI) | Up to INR 1.5 Crores | • Floating: RBLR + 1.70% presently 10.35% – 10.55% • Fixed: 12.20% – 12.40% |
| Axis Bank | Unsecured Loan up to INR 1 Crores | 13.70% – 15.20% |
| HDFC Bank | Entire Cost of Education | Starting from 8.64% |
| ICICI Bank | Up to INR 3 Crores | 10.25% – 13.75% |
Tips for Indian Students Applying for Education Loans
- Understand Types of Education Loans: For overseas education in the UK, several types of education loans are available. No co-signer, co-signer, secured (collateral), and unsecured (no collateral) loans. Try to understand the difference between them or ask your lender, and choose whatever suits you the best.
- Eligibility Criteria: Every bank has its criteria for a UK education loan for international students. Make sure you fulfill the required eligibility for a successful loan application.
- Total Cost: Students often miss the total cost and only apply for a loan for their tuition fee amount. Do not make this mistake and thoroughly calculate the total cost before applying for a loan.
- Compare Interest Rate: Your interest rate determines the total amount of the loan. Interest rates may vary depending on the lender and university. Perform a thorough research of interest rates to effectively compare different available options.
Frequently Asked Questions
How much does it cost to study in the UK for international students?
For international students, studying in the UK can cost between £9,000 £ 38,000. However, the amount may vary depending on the university and program.
Can I get a education loan to study abroad in the UK?
Yes, you can get an education loan to study abroad in the UK. Before applying, you must fulfill the bank’s eligibility criteria and prepare all the important documents.
Can an Indian student get education loans in the UK?
Yes, several banks, private lenders, and NBFCs offer education loans to study in the UK. An Indian student can apply based on its requirements.
Which country is best for overseas education?
The USA, the UK, Canada, Ireland, Australia, and Germany are some of the best countries for overseas education. Research carefully before deciding on which country to study because each country has distinct advantages and disadvantages.
Who is eligible to study in the UK?
To study in the UK, you must have a student visa, be 16 or over, and have an admission letter to a UK university.
