Studying in the UK can be expensive for an international student. It can cost you nearly £9,000 – £38,000 to study in the UK. To cover your academic and living expenses, taking a loan is the best way to manage your finances. Leap Finance offers study abroad loans to students who are planning to study in the UK. Let’s learn more about Leap Finance loans for studying in the UK.
Table of Contents:
- Leap Finance Loan Eligibility Criteria
- Leap Finance Loan Interest Rates & Fees
- Documents Required for Leap Finance Loan For UK
- How to Apply for a Leap Finance Loan?
- Frequently Asked Questions
Leap Finance Loan Eligibility Criteria
Before applying for the loan, it is essential to thoroughly review the eligibility criteria. The eligibility criteria for Leap Finance loans for studying in the UK are tabulated below:
| Strong Academic Record | Seeking Admission to Professional, Technical, or STEM Courses |
| Secured or Applied for Admission at Foreign University | Above 18 years |
| Co-signer to Share Loan Repayment | University & Course Should be Supported by Leap Finance |
Leap Finance Loan Interest Rates & Fees
Leap Finance offers loans for study in the UK at competitive interest rates. The interest rates may vary depending on your program and university. Leap Finance offers education loans starting from 8.45%.
| Particulars | Details |
| Processing Fee | 4% at the time of fund request |
| Sanction Fee | $500 for obtaining the sanction letter |
| Repayment | A minimum monthly payment of $100 when the program starts |
Documents Required for Leap Finance Loan For UK
To ensure a successful loan application, please have all the necessary documents ready. There are typically 4 types of documents that are required: identification/KYC, financial proof, academic, and collateral documents. For a Leap Finance loan to study in the UK, here are the essential documents:
Student:
- Fully completed and signed application form
- 2 passport-size photographs (both Applicant and Co-applicant)
- University’s letter of admission
- Cost break-up of the program from the university
- Academic record
- Affidavit or Declaration stating that the applicant does not have any other loan
- ID proof (any one) – Passport, PAN card, Voter’s ID card, Driving License, Aadhaar card, etc.
- Address proof (any one) – Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card, etc.
- Age proof (any one) – Birth certificate or Class 10th certificate
- Visa approval letter and travel papers
Co-Borrower (Salaried)
- Address proof
- Identity proof
- Last 3 months’ salary slips or salary certificate
- Last 2 years Form 16 or last 2 years of Income Tax Returns
- CIBIL report
- Other income proof (if any)
Co-Borrower (Self-employed)
- Address proof
- Identity proof
- Latest 6 months bank statement
- Last 2 years of Income Tax Returns
- Proof of office (any one) – (lease deed, utility bill, or the title deed)
- CIBIL report
- Other income proof (if any)
How to Apply for a Leap Finance Loan?
Leap Finance is known for its quick online application process. It typically takes 10 minutes to complete the application form. Here’s how you can apply for a Leap Finance loan to study in the UK:
| Step 1 | Choose your course & university from the list |
| Step 2 | Fill out your online application form |
| Step 3 | Receive your loan offer, sanction time is 3 days |
Frequently Asked Questions
Can an Indian student get a loan to study in the UK?
Yes, an Indian student can apply for a loan to study in the UK. Research loan options and apply for one that suits your goals and needs to study in the UK.
What is the grace period for Leap Finance loan for UK?
Leap Finance offers a 36-month grace period for its loans. Full EMI repayments will commence after your grace period has ended.
What expenses does Leap Finance cover for my student loan?
Leap Finance covers up to 100% of the cost of attendance for student loans. The cost covers tuition, books, supplies, room and board, transportation, and personal expenses.
How will I receive my study abroad loan from Leap Finance?
Your tuition fee will be directly transferred to your university account by Leap Finance. However, your living expenses will be deposited into your UK account.
What is the repayment period of a study abroad loan from Leap Finance?
The repayment period of a study abroad loan from Leap Finance is 15 years. However, you will have to pay a US $100 monthly fee after starting your program.
