Pursuing a postgraduate degree in the UK is an exciting journey of academic excellence and personal growth in one of the world's top education destinations. The popularity of a postgraduate degree in the United Kingdom is undoubtedly high. With the presence of world-renowned universities, a rich academic heritage, and unparalleled cultural diversity, the UK stands as an ideal study destination for international students. Yet, the path to this academic brilliance often comes with a high price tag.
This comprehensive guide will help you navigate the financial aspects of your UK postgraduate journey, providing insights into tuition costs, living expenses, and, most importantly, the various education loans in India for study abroad options available to international students. Thus, enabling you to be fully prepared for your UK educational journey.
Postgraduate tuition fees in the UK are as diverse as the institutions themselves. On average, students can expect to pay between £15,000 and £40,000 for their taught and research programs. For those aiming for an MBA, the costs are even higher, ranging from £20,000 to £60,000 depending on the university and program.
Surviving in the UK necessitates budgeting for accommodation, food, transportation, and various other living costs. For students in London, a city known for its premium living costs, this could average £1,334 per month. Meanwhile, those studying outside London can enjoy relatively lower living expenses, at an average of £1,023 per month for the same duration.
National Health Insurance
A mandatory expense for all students is the National Health Insurance, which costs approximately £470 per year.
After knowing the estimated study expenses, let’s learn more about one of the most preferred funding options for international students. Yes, you have guessed it right, it’s taking an education loan.
While the costs of studying in the UK can be daunting, education loans can be a lifeline for international students. Here are some key benefits of opting for an education loan to study in UK.
Financial Flexibility: Education loans offer flexibility in managing your expenses, covering not only tuition fees but also living costs, course materials, and even travel.
Low-Interest Rates: Numerous banks and financial institutions offer competitive interest rates for education loans, making them a cost-effective financing solution.
No Collateral Required: Some banks provide unsecured loans, eliminating the need for collateral, which is specifically beneficial for students without significant assets.
Now, let's explore some of the well-known financial institutions that specialize in catering to the unique financial needs of international postgraduate students embarking on their educational journeys in the UK.
1. Prodigy Finance
Prodigy Finance is a go-to option for students with weaker financial profiles. This leading International Lender provides unsecured loans of up to 75 lakhs depending on the cost project. So, if you have CIBIL or income issues you are still eligible to get this education loan for UK without collateral.
2. Punjab National Bank:
Under a recently launched scheme, Punjab National Bank offers attractive interest rates as low as 9.25% for students enrolling in the top 50 UK universities. They also provide secured loans based on the project cost.
3. Union Bank of India
Union Bank of India caters to both secured and unsecured education loans. With rates starting at 9.70%, they offer up to 1.5 crores for secured loans and 40 lakhs for unsecured loans, specifically for the top 160 universities.
4. Bank of India
Bank of India is known for its specialized scheme that offers unsecured education loans to study abroad. These loans cover the top 200 universities, extending up to 20 lakhs, and come with competitive interest rates.
5. Bank of Baroda
Bank of Baroda stands out by providing 100% loan funding for prime-listed universities, with interest rates as low as 9.70% for secured loans.
6. Bank of Maharashtra
For those students eyeing the top 200 universities, the Bank of Maharashtra offers secured loans at relatively low interest rates.
These leading financial institutions are renowned for providing specialized education loan solutions, but several other banks, including State Bank of India, Saraswat Bank, IDFC First Bank, Axis Bank, and ICICI Bank, also provide loan options for international students pursuing education in the UK.
After knowing the details of these financial institutions, you must also be aware of the loan guidelines of the UK visa process. This is an important consideration because if you don’t follow these guidelines given by the UKVI High Commission you might face visa rejection.
The successful sanction of an education loan is one aspect of your journey; the other critical component is the successful loan disbursement for the UK Student Visa Process. Here are the guidelines that will ensure a seamless visa application.
The loan must be a proper education loan; home loans or gold loans are not accepted.
The education loan should be in the name of the student, with parents serving as co-borrowers, if applicable.
Loan disbursement conditions should be mentioned clearly in the loan sanction letter.
You can use the education loan to pay tuition fees before applying for your student visa, but you will need a disbursement letter to substantiate this.
The education loan must be unconditional and adhere to the specific format accepted by UKVI.
Adhering to these guidelines is imperative to ensure a successful visa approval.