The cost of studying overseas depends on a few major factors, including the type of course, the duration, and the location. When a student determines to study abroad, he has to arrange enough funds to pay his tuition fee and living expenses. Most students take education loans from a bank or private financial institution to pay the high tuition cost.
Education loans mainly aim to support deserving students aspiring to study abroad financially. It helps the students to fulfil their dreams and achieve their goals in life. It ensures that worthy students accomplish their future endeavours.
SI-UK understands that it is essential for many students to apply for and successfully be granted education loans to study in the UK. Proof of financial status is also the first step in visa application to study in the UK. It is advisable to start applying for the study loan upon receiving the conditional offer letter from the university as the bank or the private financial institute takes some time to fulfil their requirements and prepare the complete documentation. However, the study loan would be sanctioned only if you have received the unconditional offer letter from the university and have met all the terms and conditions of the bank. SI-UK student loan advisors will assist you with all the information you need to apply for and successfully receive an education loan if you meet the requirements.
SI-UK India offers a full range of services to help our students apply for education loans, including:
For detailed information on how and when to apply for an education loan, please get in touch with our loan advisors at SI-UK, India offices.
| Bank Name | Maximum Amount of Loan | Interest Rate | Loan Eligibility | Period of Loan |
|---|---|---|---|---|
| Bank Of Baroda | Rs.20.00 lacs | 9.70-11.20% |
|
Course period + 1 year or 6 months after getting a job, whichever is earlier. Repayable in 180 maximum installments for loan amounts above Rs 7.50 lacs |
| Punjab National Bank | Need-based Finance subject to the repaying capacity of the parents/students with a margin | 9.45-11% |
|
Maximum up to 15 years |
| Punjab & Sind Bank | Rs.20.00 lacs | 10.25% |
|
Repayment of the loan will be in equated monthly instalments for a maximum period of 15 years for all categories. |
| State Bank of India | Rs.1.5 crore | 10.50% (0.50% less for girls) |
|
Repayment of the loan will commence one year after completion of the course or 6 months after securing a job. The maximum repayment period is 15 years. |
| Syndicate Bank | 2.00 crore | 10.75-11.50% (0.50% less for girls) | The Candidate or the candidate's guardian should hold an account in the bank. The candidate should be from the same place as the bank to avail the loan; otherwise, has to open an account in the bank of his choice and avail loan 6 months. | Course period + 1 year or 6 months after getting a job. The loan interest amount should be paid back either by the candidate himself or by his guardian. |
| Bank Of India | Rs.20.00 lacs | 10.90% | Citizen of India + good academic record. For studies abroad + should have secured admission to abroad through Entrance Test. The applicant should have secured a minimum of 50% marks in the major subject. | Course period + 1 year or 6 months after getting a job and the loan is to be repaid in 15 years after commencement of repayment. |
| Central Bank of India | Rs.20.00 lacs | 10.40% (0.50% less for girls) | Should have a consistently good academic record in previous examinations with marks over 60%. | Repayment is to commence 12 months after completion of studies or 6 months after securing a job whichever is earlier. |
| Allahabad Bank | Rs.50.00 lacs | 9.90% (0.50% less for girls) | Should be Indian National and secured admission abroad through Entrance Test. | Course Period + 1 year or 6 months after getting a job, loan to be repaid within a maximum period of 15 years after commencement of repayment. |
| Bank Name | Amount of Loan | Interest Rate | Loan Eligibility | Period of Loan |
|---|---|---|---|---|
| HDFC | Rs.20.00 lacs | 14.00% | Indian National/Resident who has secured admission to study abroad. | Repayment of loan starts 1 year after course completion | 6 months after obtaining employment. |
| HSBC | Rs.1 Crore | Minimum age-18 | Indian National. | Tenor of up to 15 years. |
| ICICI | Rs.20.00 lacs | 13.00% | Indian National and secured admission to study abroad through an entrance test. | The period of the course or 6 months after the borrower gets a job and the loan shall be repaid in 5 - 7 years after commencement of repayment. |
| Axis Bank | Rs.75.00 lacs | 13.50% | Indian Nationality and a good academic record. | Based on the course duration. |
*This information changes from time to time. Please consult bank authorities for the latest updates.
I sincerely thank SI-UK for getting me accepted to UCL. The MSc in Urban Development and Planning is extremely competitive, but the right guidance provided by SI-UK made my dream of studying at University College London a reality. The services were exceptional from beginning to end.
Rashmi Lakshanya Urban Development and Planning at University College London
