Specific requirements required for a student loan to study abroad in the U.K.
In the modern world of globalization spirit, counts of Indian students are breaking their geographic barriers to take their academic aspirations abroad. Out of this, the United Kingdom has emerged as a prime choice owing to the course varieties, international exposure, higher quality standard of living, and career prospects offered here.
Ahead of every student searching for their perfect course, there are hours of research on the right educational loan options as they make or break their dreams. With the heightened academic expenses awaiting them, students look to student loan options to finance their overseas education dreams. But most of the time, they must search for a long time before reaching the right solutions.
So, if you are an Indian student looking for educational opportunities in the United Kingdom for 2023-2024, read through this article and see the various features of student loans and the specific requirements regarding the same.
Academic expenses and Student loan
There are various complex procedures before an aspiring student can finalize their admission to a university of their choice. First, students should be clear about how they plan to manage the academic expenses associated with the program.
On average, pursuing an undergrad degree at a prestigious institution in the U.K. could cost around twelve lakhs to thirty-eight lakh rupees. Similarly, post grad program could start from ten lakh and go up to thirty lakh rupees.
Subsequently, realizing the dream to study abroad is based on securing an education loan for the same.
Basic requirements for a student loan to the U.K.
All credible loan providers like the State Bank of India and HDFC Bank require a standard set of documents to accept student loan applications. Out of this, the basic requirements include :
- Identity Proof: Aadhaar Card, Voter ID, Bank Passbook
- Address Proof: Passport, Ration Card
- Academic records: Mark lists from tenth and twelfth grade, undergrad degree mark lists(if completed)
- Proof of admission to the program: Admission letter from the institute.
Specific Requirements for Student Loans to U.K.
All student loans to pursue higher education from overseas institutions require an applicant, the student, and a co-applicant, the financial lender for the prospective course program. Usually, co-applicants are the student’s parents or siblings with income sources to show.
In the event of the student being unable to pay back the loan amount, it is the financial lender who takes up this responsibility.
Accordingly, loan providers ask for various records, like
- Last 8 Months Bank Statements of Co-Applicant: This statement should reflect the co-applicants ability to fund the prospective coursework selected by the student from the overseas university.
- Income proof of the Co-applicant: In the event of financial sponsorship, the co-applicant has to show proof of their salary to secure a student loan.
- Collateral: The clause to provide collateral changes from course to course and according to the type of financial support received from the co-applicant. In this regard, considering land ownership records requires getting approval from various offices under the respective municipality or panchayat of the student.
Some of these requirements can be overruled to speed up the loan approval process by opting for Unsecured Loans. In this type of loan option, students can avoid the need to show collateral with the condition of paying a higher interest rate in the long term.
How and When should I start my loan application?
After considering the various factors associated with availing of UK student loans for international education, we can understand the documentation process for the same is rather tedious. However, if the same procedures are properly organized from the student’s end, loan amounts will be easily secured.
Accordingly, it is best to start by fixing your loan option if you want to put your aspirations of studying abroad into action. As securing the right student loans is vital to completing your Overseas education, trust only credible overseas study counseling teams to help you.
EduLoan group has years of credible experience in the market for their transparent and Contact us immediately to decide the ideal financing options to help you achieve your academic goals.