Can you get a study loan for UK universities?

1. Can you get a study loan for UK universities?

2. Studying in the UK is quite an academic opportunity. With the number of top colleges bring among the top getting in is not the only though task. There are many students find it a confusing decision of whether or not they should opt for a study loan for UK universities. Seeing that a loan can help decrease the burden, taking a loan is always a better way to go. The next thing is whether you can get the loan that you need. • There are a number of banks and non-banking financial institutions that help provide the needed funds that can help you cover for the expenses for your college tuitions, course books, accommodation, travel and other education-related expenses.

3. What are the criteria for a student applicant? • The eligibilities for applying for a loan are quite basic. • You must be an Indian citizen. • You must be between the ages of 18-35 years. • You must have a co-borrower/guarantor. • They must be Indian citizens with a checking account with any bank in India. • It is also preferable that the guarantor be a parent/guardian, or someone related to the applicant. • While these are, they eligibilities for application, there are certain other fractures of the student profile that are looked into. The other criteria will include the student’s post academics, their choice of course and University, and the guarantor’s financial history.

4. What loan amount are you eligible for? • Since you will be studying abroad, you are bound to have expenses besides your tuition fees. Some lenders can help with the overall funds that you need. So, find out how much you need, take your time and calculate the expenses that you will need when you are studying. Now, this is not all you have to do. Next step will be checking you loan amount eligibility. Here, you will check if you are eligible for the amount of the study loan UK. To get an approximate idea of this, you can make use of an education loan eligibility calculator for this. This is available on the website of several lenders. On this, you punch in the information like your monthly income, monthly income, an approximate interest rate of between 10% and 12% and the tenure that you are looking for. This calculator then uses this data to give you an idea of how much loan amount you are eligible for based on your academics and co-borrower’s finances.

5. This approximation is a good starting point for your search for the loan that you need. Once you have this, you can approach a few lenders that can help you get the loan that you need. Collaterals If you are looking for a study loan for UK higher than 40 lakhs, you are obliged to pledge collateral. This is what is called a secured loan. Your collateral can be Immovable Property i.e. he independent house, flat or land or liquid Securities that include Fixed Deposits (FDs), Life Insurance Policies (LICs) or Government Bonds. Suitable collateral can also help you get a good interest rate on your loan as well. Approach more than one lender to find the one that can help you with the study loan for UK and service that is most preferable to you. Hope this article helps! All the best!

6. We hope this article was helpful to you.

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