UK is home to some of the best universities in the world. Many Indians aspire to pursue their higher education in these universities, but the fees makes it difficult for them to fulfil their wishes. To help Indian students in getting admission abroad, banks in India offer education loans at very competitive rates of interest. Most of these loans can be returned after the completion of the course.
Top Universities in the UK:
Mentioned below are names of some of the top universities in the UK:
- University of Oxford.
- University of Cambridge.
- Imperial College London.
- University College London.
- London School of Economics and Political Science.
- University of Edinburgh.
- King’s College London.
- University of Manchester.
- University of Bristol.
- University of Warwick.
Banks Offering Education Loan for Studies in the UK:
- Bank of Baroda
- Punjab National Bank
- Syndicate Bank
- Bank of India
- Central Bank of India
- Allahabad Bank
- HDFC Bank
- State Bank of India
It offers an education loan called Baroda Scholar loan to assist Indian students in pursuing higher studies abroad. Students can use this loan to apply for a graduate, post graduate, job oriented, doctorate or technical course in reputed foreign universities. Borrowers can avail up to Rs.60 lakhs, if they apply to any institute mentioned in List A of the scheme and they can avail up to Rs.40 lakhs, if they apply to any institute mentioned in List B of the scheme. The tenure of a loan of up to Rs.7.5 lakhs is a maximum of 120 months and the tenure of a loan of over Rs.7.5 lakhs is a maximum of 180 months. Collateral is required only if the loan amount is more than Rs.7.5 lakhs.
The education loan offered by this bank for overseas education is called PNB Udaan. The loan can be applied for by Indians for pursuing a graduate or post-graduate course or for studying a course offered by CPA in USA, CIMA – London, etc. The loan amount can be used to study any degree or diploma course as well. The loan amount offered by the scheme depends on the need of the borrower. The margin is 15% for loans of more than Rs.4 lakhs. Tangible collateral is required only if the loan amount exceeds Rs.7.5 lakhs. The tenure for this loan is a maximum of 15 years. The repayment period starts after the end of the course plus 1 year.
The education loan provided by this bank for foreign education is called SYNDVIDYA Scheme. This scheme also offers loan for education in India. The loan can be taken for pursuing graduation/post-graduation courses abroad. Borrowers can use this scheme to study degree or diploma courses and courses conducted by CPA in USA, CIMA – London, etc. For foreign education, a maximum of Rs.20 lakhs can be availed by applicants as loan, which has to be repaid in a maximum of 15 years after completion of the course plus one year. Collateral is required for loans of over Rs.7.5 lakhs.
It offers an attractive education loan scheme called Star Education Loan to Indians to help them in pursuing courses in India and abroad. Loan can be taken for pursuing graduation/post-graduation courses abroad. Borrowers can use this scheme to study courses offered by CPA in USA, CIMA – London, etc. The scheme offers up to Rs.20 lakhs as loan for foreign education. The margin on loans taken for foreign education is 15%, provided the loan amount exceed Rs.4 lakhs. Tangible collateral is required only if the loan amount is more than Rs.7.5 lakhs.
This bank offers an education loan called Cent Vidyarthi to help Indians in pursuing higher education in India and abroad. It is a term loan that offers a maximum of Rs.20 lakhs for foreign education. The rate of interest for male students is MCLR + 2% and the rate of interest for female students is MCLR + 1.5%. The bank may choose to provide 1% concession on the interest rate during the course period in certain cases. The tenure for loan of up to Rs.7.5 lakhs is a maximum of 10 years and the tenure for loan of more than Rs.7.5 lakhs is a maximum of 15 years. The scheme offers life insurance protection to the borrowers.
Allahabad bank offers education loan schemes to meritorious Indian students who want to pursue their higher studies in India and other countries. Borrowers who want to study abroad can apply for this loan, provided they are applying for professional or technical job oriented courses. The loan offers up to Rs.50 lakhs, which has to be repaid after the course is over.
This bank in partnership with Credila offers educational loans exclusively for people who want to study abroad. It offers up to Rs.20 lakhs as loan, which covers various expenses such as exam fee, library fee, cost of books and equipment, travel expenses, insurance, etc. The scheme has flexible loan terms and competitive interest rates. Borrowers can enjoy tax benefits under Section 80(E) of the IT (Income Tax) Act.
It offers two education loans called SBI Student Loan Scheme and SBI Global ED-VANTAGE Scheme to help Indian students in pursuing higher education in the UK. SBI Student Loan Scheme can be applied for after admission is secured for a course. The bank offers up to Rs.20 lakhs as loan under SBI Student Loan Scheme and it offers Rs.20 lakhs to Rs.1.5 crore as loan under SBI Global ED-VANTAGE Scheme. The repayment period of the loan is 15 years.
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