Education Loan for studying in UK

A large number of Indians are opting to study in the United Kingdom as it offers a world-class education system. They apply to the university in the UK and get an offer letter as well but just getting an admit letter is not enough. As even before the tiring overseas education application process, students are required to arrange for funds to finance their overseas degree. While applying at the overseas universities, students are required to showcase a well-structured financial plan. For which, majority of the students apply to avail an education loan for studying in UK.

Cost of education in the UK:

The tuition fee for a bachelors and a master’s degree in the UK is between 10 to 30 Lakhs per year. This cost entirely depends on the ranking of the university, its location and chosen program. A bachelors and a master’s degree in the United Kingdom is of three and two years respectively. The duration of a master’s degree is quite flexible.

Know the Eligibility Criteria to Apply for an Education Loan in the UK:  

To apply for an overseas education loan to study in the United Kingdom, students must meet the following requirements:

• An applicant should possess a decent academic qualification
• An applicant should not have any academic gap
• An applicant must have less backlogs
• In case of an unsecured education loan UK, the minimum income criteria for the co-borrower should be above 6 lakhs.

5-Step Guide to Apply for an Education Loan for UK and UK Student Visa:

First and foremost, students are required to submit the application of admission to the chosen university and after receiving the offer letter, one must follow the mentioned steps:
Step 1: Applicants must approach the financial institution and submit the loan applicant to the bank.

Step 2: Once the loan is approved, students must pay the initial deposit for the tuition fees and block the seat.

Step 3: After making the initial payment, students will get the Confirmation of Acceptance of Studies (CAS) from the university.

Step 4: On the basis of CAS, applicant must apply online for the Tier 4 Student Visa.  

Step 5: After the successful biometric and medical document submission, students will receive a visa via courier within a week or two.  

Expenses Covered in an Education Loan:

• Tuition fees
• Examination fees
• Library fees
• Expenses of books, laptops, uniform, and field visit if any
• Living expenses
• Travel fare and other expenses required for the completion of the program

Right Time to Apply:

It is recommended to apply for an overseas education loan as soon as the student receives the offer letter from the university. After submitting the loan letter to the financial institution, it takes up to 3-4 weeks for the processing of the loan application.

You can also, contact us at ELAN Loans to speed-up your foreign education loan process. Our experts will assist you in getting the loan sanctioned from the bank in no time. Consult us at www.elanloans.com or you can also book a free appointment with us.

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