Avail Unsecured Loan to Study 1-Year Master’s Degree in UK
Many Indian students aspire to pursue their higher education in UK, as it is home to some of the best universities in the world. With the extension of Post Study Work Visa for 2 years, there has been a surge in the number of students aspiring to study Masters in UK.
Finances play a major role in higher studies abroad and the same is true for students headed to the U.K. as well. But UK aspirants do not have to bother about the financials as banks in India offer overseas education loans at very competitive rates of interest to help students fulfil their study abroad dreams. The best part is that there is a great possibility of availability of Unsecured Loans for Master’s degrees in UK and we are going to throw light upon these aspects in this article. So, UK aspirants who find it difficult to manage the cost of education on their own can opt for education loan for studying in UK which will help reduce the financial burden.
To have a better understanding let’s first have a look at the cost of education for masters in UK.
Cost of Education in UK for a Master’s Degree
Across the world, most of the universities offer 2 years of master’s degree courses whereas in UK you have a possibility of 1-year master’s degree, thus reducing your time of study and the expenses incurred. The total expenditure of studying 1-year master’s in UK ranges from 22,000 GBP to 35,000 GBP which comes up to 22 lakhs to 34 lakhs approximately based on the university and the study location.
2 years master’s degrees are also available in the form of 1+1 wherein student will be studying one year ‘Taught Masters Programme’ and the next year will be the ‘Placement Year.’ The tuition fees is mostly charged only for 1 year. Few universities might charge a nominal 2nd year fees which is entirely dependent of the university and the master’s subject.
Now as the cost of education is clear let us understand the basics about availing an unsecured loan for pursuing a master’s course in UK.
Unsecured Loan/Education Loan without Collateral to Study in UK
It is essential to know that you can avail an Unsecured Loan only for a Master’s Degree or a PG Diploma. To avail study abroad loan without collateral several factors play an important role apart from the rank of the university into which the candidates have got an admit in.
Unsecured Loans for UK are offered by the following Financial Institutions
Amount Offered – Up to 25 to 40 Lakhs
Amount Offered – Up to 20 - 25 Lakhs
Amount Offered – Up to 7.5 Lakhs
Documents Required to avail the Loan
Offer Letter stating Tuition Fees
Candidate’s Academic Documents
Applicant and Co Applicant’s KYC Documents
Document proving Own Place of Residence
Proof of Income Documents (based on Salaried/Business)
Applicant and Co-Applicant Saving Account
Good Academic profile with Less Backlogs / No academic gap
CIBIL score (must be above 700)
Parents Annual Income must be more than 5 lakhs
If you have all the above specified documents and if you fit into the eligibility criteria you can easily apply for and get the unsecured loan based on the kind of financial institution you opt for and the amount required.
The process isn’t as simple as it appears to be and many nuances need to be kept in mind so it’ll be advisable to avail the free services of E’LAN loans team who are experts in this domain and will get the process done without any hassles. By going through ÉLAN, the chances of disapproval of loans becomes very meagre as complete profile evaluation, financial assessment, and right guidance to select the financial institution is already taken care of.
Contact our Loan Advisors for further details and you can connect to them in person or virtually. We assist in loan disbursals PAN India and we will be happy to assist you in fulfilling your dream of pursuing Master’s in UK.