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Education Loans for UK

Updated on Nov 15, 2022
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Students must first comprehend and meet the qualifying standards before applying for an Education Loan from their preferred money lending institution or bank. Various banks have different eligibility conditions.

General Eligibility Criteria

There are a few factors, however, that all money lending organizations (banks) consider:

  • The student must be an Indian citizen.

  • If the loan applicant is under 18, their parents must take out the loan.

  • A strong academic background is required of the candidate.

  • A recognized international university, institution, or college must have accepted the candidate.

  • Because banks prefer courses that will assist people in obtaining employment, the applicant's chosen course must be technical or professional in nature.

Nationality:

  • Indian citizens

  • Non-Indian Residents (NRIs)

  • Overseas Citizens of India (OCI)

  • Persons of Indian Origin (PIOs)

  • Students born to Indian parents abroad and wish to study in India

Courses:

  • Undergraduate programs

  • Postgraduate programs

  • Doctoral courses and PhDs

  • Certificate courses with 6 months or longer duration

  • Job-oriented courses

  • Technical/diploma/professional courses

Institutes:

  • Recognized institutions and government colleges

  • Private institutes aided by government

  • Professional institutions

  • International colleges and universities

Collateral:

  • Collateral-free loans up to Rs.7.5 lakh from leading lenders

  • Collateral-free loans up to Rs.40 lakh for select courses/institutions from select lenders

Acceptable collateral: Residential or commercial property or plot, fixed deposits, insurance

Loan amount: Up to Rs. 1 crore

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