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 | Contact Number | Link |
|---|---|---|---|---|---|---|
| Bank Of Baroda | Rs.20.00 lacs | 9.70-11.20% | 1) Should be an Indian National. 2) Secured admission to foreign Universities/Institutions. |
Course period + 1 year or 6 months after getting job, whichever is earlier. Repayable in 180 maximum Installments for loan amounts above Rs 7.50 lacs | 022-2202 0728, 022-67892816 |
Bank Of Baroda |
| Punjab National Bank | Need based Finance subject to repaying capacity of the parents/students with margin | 9.45-11% | 1) Indian nationals. 2) Parents/guardians should have a regular source of income to show that they are able to repay the loan. 3) should have secured admission to abroad through Entrance Test. |
Maximum up to 15 years | 1800 180 2222 | Punjab National Bank |
| Punjab & Sind Bank | Rs.20.00 lacs | 10.25% | 1) Indian National. 2) Should have secured admission to professional/technical courses in abroad through Entrance Test. |
Repayment of the loan will be in equated monthly instalments for a maximum period of 15 years for all categories. |
011-25720849 | Punjab & Sind Bank |
| State Bank of India | Rs.1.5 crore | 10.50%(0.50% less for girls) | All courses having employment prospects are eligible. | Repayment of the loan will commence one year after completion of the course or 6 months after securing a job. Maximum repayment period is 15 years | 1800 11 4545 | State Bank of India |
| 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 hence. | 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. | 1800 425 66 55 | Syndicate Bank |
| Bank Of India | Rs.20.00 lacs | 10.90% | Citzen 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. | 1800 11 4545 | Bank Of India |
| Central Bank of India | Rs.20.00 lacs | 10.40%(0.50% less for girls) | Should have a consistent good academic record in previous examinations with marks over 60%. | Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier. |
011 – 23318964, 23319268 | Central Bank of India |
| Allahabad Bank | Rs.50.00 lacs | 9.90%(0.50% less for girls) | Should be Indian National and secured admission in 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. | 011 - 23341669/ 23367691/23341152 | Allahabad Bank |
| Bank Name | Amount of Loan | Interest Rate | Loan Eligibility | Period of Loan | Contact Number | Link |
|---|---|---|---|---|---|---|
| HDFC | Rs.20.00 lacs | 14.00% | An Indian Citizen/Resident who has secured admission in abroad | Repayment of loan starts 1 year after course completion / 6 months after obtaining employment | 011-41514332 | HDFC |
| HSBC | Rs.1 Crore | Minimum age-18 | Tenor of up to 15 years. | 99107 92424 / 2373 8989 | HSBC | |
| ICICI | Rs.20.00 lacs | 13.00% | Indian National and Secured admission to Abroad through 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. | 011-41718000 | ICICI |
| Axis Bank | Rs 75.00 lacs | 13.50% | Indian Nationality & Should have a good academic record. | 1800 2335577, 23736555 | Axis Bank |
* 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
