A guide on how to apply for study loan for UK Institutes

The UK has been a major educational hub for decades. With the presence of prestigious educational institutes such as Oxford, Cambridge and Leeds to name a few, the UK has a rich tradition of providing high-quality education to the students who come to learn. If you are planning on going to the UK for your higher studies, then you can do so with the help of an overseas education loan.

But, it is natural to have questions related to education loans. Where to get it from? What can kind of documents are required? Do you need to provide any collateral? We have listed the steps below to clear your doubts regarding an educational loan for students:

1. Get in touch with an financial institution

The first step is to get in touch with a financial institution of your preference. This could either be a bank or an NBFC. You could visit their website in order to get more information and contact them. Alternatively, you could visit their office personally to get more information related to the study loan for UK institutes.

2. Get an estimate related to your loan

On the website of the loan provider, you can provide personal details related to you following which the financial institution will contact you and give you an idea about how much the EMI will be based on the loan amount, the ROI, and the tenure. You can also use the loan calculator to do the calculations for different amounts, interest rates and tenures.

3. Submit the necessary documents

Once you have finalized the amount and the tenure of your loan, you will have to submit a list of documents that are required with your loan application. Identity proof, address proof for you and the co-creditor, bank account details, college application details and acceptance letter are the documents that you will be required to provide to your loan provider for verification of your overseas education loan application.

4. Provide collateral if required

If you approach a banking institution for your education loan, then you will be required to provide some kind of collateral that matches the loan amount required. This could be a property, a fixed deposit, or a life insurance policy. However, NBFCs do not require any form of collateral and can provide you unsecured loans. So, select a loan provider who will provide an education loan for students without any collateral.

Once your documents have been verified properly, then that financial institution will begin the process to disburse the overseas education loan to your bank account. The amount can be used to pay the tuition fees of the educational institution where you have taken admission for your higher studies. You can also use this amount to book your tickets, pay for your accommodation, buy your study material, pay your exam fees, and so on.

These are the steps that you have to follow to get a study loan for UK universities. We hope that this helps in securing the loan that suits your requirement and helps in achieving your dream.

I am a finance consultant who loves to write during his spare time. I have considerable information about education Loans.