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Education Loan for UK

UK is a dream destination for Indian students seeking quality education and diverse cultural education experience. There are various compelling reasons due to which students prefer UK over other countries for their higher studies.

  1. Quality of education: UK is known for it’s world class education and prestigious universities that rank amongst the top universities in the world. Indian Students prefer to study in UK due to education programs offered, innovative methods of teaching and the research opportunities.
  2. Courses offered: Universities in UK offer many specialised courses in multiple fields like Science, Business, Art, Humanities and many more which allows students to pursue studies in the field of their interest. 
  3. Worldwide Recognition: Universities in UK are hardly regarded and carry a significant value which helps enhancing career prospects and global mobility for Indian students. 
  4. Language Advantage: English is a primary language in UK based universities. This helps Indian students with seamless communication and education integration.
  5. Cultural diversity: Staying in abroad country provides cross cultural understanding, Personal & professional growth and prepares students for excelling globally with these skills.
  6. Networking: Studying in UK universities provides Indian students the opportunity to connect with industry leaders and get job opportunities in multi- national companies.
Education Loan to Study in UK

Looking for an education Loan to study in UK?

Fill the form below and get in touch with the education loan expert

Education Loan options for students pursuing higher studies in UK:

The education loan can be classified in to two main categories 1) Secured Education Loan 2) Unsecured Education Loan

There are few key differences between secured and unsecured loan options.

1)Secured Education Loan:

Secured education Loan as the name suggests requires you to provide a collateral as security against the loan amount. If you opt for this category of loan then you don’t require a co- applicant for your education loan process to study in UK. Secured loans are provided by multiple banks and NBFCs at a different interest rate. You can reach out to Key2kred team to get the best interest rate for your education loan process to study abroad. We will speak to the banks on your behalf to obtain the best possible loan provider which will save you from talking to multiple Banks/ NBFCs or visit them personally.

 2)Unsecured Education Loan:

Unsecured loan doesn’t require you to pledge any collateral against the education loan amount. There are many Private Banks and NBFCs in India who provide unsecured education loans to study in UK. If you opt for unsecured loan option you will require a co-applicant with a good credit history and minimum salary requirement. However there are also some international lenders who provide unsecured loans without any co-applicant but the interest rate for the education loan to study in UK will be comparatively higher.

Expenses covered under education loan to study in UK:
  • Tuition fee 
  • Living Expenses that includes accommodation, Food, Utility etc 
  • Visa Fee
  • Health Insurance
  • Any other expenses related to the course (Study tour, Project work, thesis etc)
Banks / NBFCs that provide education loan to study in UK
Recognised Universities to get education loan to study in UK

Each Private Bank and NBFC have their own set of categories to list these universities. If you want to check if your university is recognised reach out to the key2kred team. The education loan expert will get in touch with you and provide all the necessary information.

Why you should choose key2kred for education loan
  • Lower Rate of Interest: We work with multiple private banks and NBFCs which enables us to provide you the best rate of interest for your education loan. Getting an education loan via key2kred will save you from the hassle of contacting multiple loan providers and visiting their office physically.
  • Low chances of loan rejection: For the education loan process there are many documents required which requires coordinating with Banks and making sure all the documents are proper to avoid your loan getting rejected. Key2kred helps to prepare your file and coordinate with Banks/ NBFCs to secure education loan for you at the best interest rate.
  • Faster education loan sanction: With key2kred your education loan will get sanctioned within 3-6 days of submitting all the required documents.
Documents required for education loan process to study in UK

 

For KYC

1) PAN Card

2) Aadhar Card

For Address Proof

1) Valid Electricity/ Water/ Gas bill/ Postpaid bill

2) Voter’s ID card

3) Passport

4) House Rent/ Lease agreement

For Academic record:

1) 10th Marksheet

2) 12th Marksheet

3) Admit card proof

4) Entrance Exam result ( GRE/ TOEFL/ IELTS/ GMAT – if applicable)

5) Under Graduate result ( if applicable provide semester wise)

For Co-applicant – Salaried:

1) Salary Slips (Last 3 months)

2) Bank Account Statement (Last 6 months)

3) IT Returns/ Form 16 for last 2- 3 years

For Co-applicant – Self Employed/ Business owner/ Farmer 

1) GST or ITR  (Last 2 -3 years)

2) Bank account statement (Last 6 months)

3) Business Address Proof (if required

Process to get education loan to study in UK:

Obtaining an education loan to study abroad requires systematic approach. You need to find the right partner to get the loan sanctioned at the earliest and at the best interest rate. We recommend you to start the loan application process early to complete the required documentation process well in advance and avoid any delays. There are many Banks and NBFCs that provide education loan to study in UK and going to multiple lenders and visiting them physically can be a tiresome work. Key2kred provides you end to end support to make sure your loan process is smooth. We speak to these Banks and NBFCs on your behalf to get the best education loan for you to study in UK. Here are few steps to follow.

  1. Check your eligibility by contacting Key2kred team to get education loan to study in UK
  2. We will connect you with a dedicated loan expert to guide you in your loan application process and present you with multiple options to choose from the Banks/ NBFCs.
  3. Loan expert will share the list of documents required to study in UK. Once you provide all the documents, the loan expert will contact with all the lending partners to get the best education loan option for you.
  4. Once you select the Bank/ NBFC for your education loan process, Wait for the verification and loan sanction. 
  5. Once approved the loan amount will get deposited directly into your Bank account or to the University account.
How do you decide your loan partner from the list of Banks/ NBFCs?

Many Banks and Non- Banking financial companies provide education loan to study in UK however to select your loan partner there are various factors which you should consider before deciding.

  1. Interest rate: Compare the interest rates offered by different Banks and NBFCs for your education loan to study in UK. Choose the option based on your affordability. 
  2. Loan Amount and coverage: Choose a loan partner that provides sufficient funding based on your requirements for your education loan to study in UK. Evaluate the maximum loan amount and coverage provided by each lender before deciding.
  3. Collateral requirement: Understand if you have the option to get a loan without collateral. This depends on your academic record, CIBIL score and university rank etc. If based on your profile only collateral loans can be given then understand what kind of collaterals will be accepeted by the banks and NBFCs and determine if you have assets as per the requirements.
  4. Processing time: Get the full understanding of loan approval and disbursal time. It’s important to have a partner who is responsive and is available to clear your doubts at anytime and is available to communicate via channels like phone, message, email, whatsapp etc.
  5. Moratorium period: This duration is usually of 6 months to 1 year. In this duration the Bank/ NBFC allows student to figure out their finances and decide on the loan repayment accordingly. Generally you have to pay interest during for the moratorium period.
  6. Repayment terms and conditions: Review the repayment terms and conditions like repayment duration, Moratorium period, and flexibility in repayment options.

These factors should be evaluated to make an informed decision of selecting a loan partner from available list of Banks and NBFCs for your education loan to study in UK.

Why you should choose key2kred for education loan

  • Lower Rate of Interest: We work with multiple private banks and NBFCs which enables us to provide you the best rate of interest for your education loan. Getting an education loan via key2kred will save you from the hassle of contacting multiple loan providers and visiting their office physically.
  • Low chances of loan rejection: For the education loan process there are many documents required which requires coordinating with Banks and making sure all the documents are proper to avoid your loan getting rejected. Key2kred helps to prepare your file and coordinate with Banks/ NBFCs to secure education loan for you at the best interest rate.
  • Faster education loan sanction: With key2kred your education loan will get sanctioned within 3-6 days of submitting all the required documents.
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