Studying in the UK is a dream for many students. Around 530,000 students are studying in UK universities, and India is the second highest country contributing to this number. If you are one of the aspirants to enrol in UK universities and worrying about fees payment and applying for loan, then this guide will help you. Among many financial options, an education loan is a prominent option with easy repayment, simple flexible rates, and minimum documentation. Look through the article and learn the process.
Need For Student LoansAs you know studying in the UK is the most expensive option to go for and if you don’t want to disrupt your financial planning, then go for an education loan. Apart from this there are other reasons to opt for an education loan. You may take below points into consideration:
- Student’s loans in the UK cover all expenses like tuition fees, accommodation, food expenses, tickets, and other expenses related to education.
- If you compare, the interest rate of education loans is less than other loans like housing loans, personal loans, provided by banks.
- It’s a dream for parents to send their wards abroad for studies and to make this possible they try very hard. During this process they have to dissolve their assets, which can make them financially unstable in the long run. So, it’s better to choose an education loan.
Eligibility Criteria For Education Loan In UKHere are the eligibility criteria for applying student loan in UK for Indian aspirants:Must be resident of India
- Have legitimate admission letter from university in UK
- At the time of application age must be between 18-35.
- Should have parents or spouse as co-applicant.
- Co-applicant must have steady income.
Necessary Documents For Applying Study Loan In UKFollowing documents are required for your loan application:Loan application form from the respective bank.
- Admission proof
- Identity proof
- Address proof
- Proof of age
- PP photograph
- Proof of income
- Latest examination marksheet
- Copy of scholarship, if any
- List of expenses during the course of study
- Borrower’s bank account statement
- Co- borrower’s assets and belongings.