Financial Support for Indian Students
How to fund studying in the UK
Once you have decided to study in the UK, your focus naturally turns to arrange enough funds to pay your tuition fee and living expenses to support yourself whilst there. For many Indian students, securing financial aid is a critical aspect of whether they can afford to study at a UK university.
In an effort to make funding as easy to understand as possible, we have collated a list of financial aid, scholarship and bursary providers, public and private, who can help Indian students study in the UK. Additionally, our international application advisors can assist Indian students in finding the right financial package to achieve their dream of gaining a UK degree.
The main aim of the financial aid is to ensure the worthy Indian students accomplish their future endeavours and fulfil their dreams and goals in life.
What is the difference between private and public funding?
Public funding is offered by universities or government programmes, while private funding is often provided by independent lender programmes and large corporations, such as banks. Examples of such companies can be found further below.
Scholarships for Indian Students
Each year, governments, universities and private organisations make a limited number of scholarships available to students who wish to study in the UK. Because of the limited number available, competition can be fierce. Some scholarships are for students, who cannot afford to study in the UK, and some are for academic excellence, but all will enable you to worry less about how to cover the expense of studying in the UK.
SI-UK helps both undergraduate and postgraduate Indian students interested in studying the UK secure scholarships and bursaries.
Popular Scholarship Programmes for Indian Students
Education Loans for Indian Students
Indian banks offer a variety of loans which come with flexible repayment options, allowing you plan for the future accordingly. Repayments do not usually commence until six months after your course is completed, or when you find employment, and loans can cover the expense of tuition, travel, accommodation or other costs related to your course of study.
The 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. As banks take some time to sanction the loan, it is advisable to start the process of applying for the loan immediately after receiving the conditional letter.
SI-UK student loan advisors will assist you with all the information you will need to apply for and successfully receive an education loan if you do indeed meet the requirements.
Education Loans: The Facts
- Available to any person aged between 18 and 35 years.
- There will be marginal money involved depending on the amount of loan required by the student for foreign study.
- Education loans can be repaid in monthly instalments as per bank norms.
- A co-signer has to be selected for education loans taken for full time courses. Co-signers can be student’s siblings, spouse, parents or other family members.
- Short-term courses, such as English language programs, are not usually covered under educational loan.
- No security has to be submitted for education loans taken up to Rs. 4 lakhs. Third party guarantee has to be furnished for loans between Rs. 4 lakhs and Rs. 7.5 lakhs and tangible collateral security is required for loans above Rs. 7.5 lakhs.
- Not all the banks can be approached for an educational loan. Only bank which are listed as per the UKVI approved bank list are accepted for University acceptance and for Tier 4 visa. The list included both Nationalize and Private Banks.
Education Loan Providers in India
Apply for Funding
Do you want to take the next step and apply for student funding? Arrange a free consultation at your nearest SI-UK India office today so we can take you through all the options ahead of your stay in the UK.