Education Loan for the UK

An Education loan can offer up to 1.5 Crores at an interest rate starting from 10.25% per annum for your education in the UK. The education loan provides coverage for tuition fees, cost of living, down payment required for CAS, and many other academic expenses. You can choose either secured or unsecured education loans to study in the UK. 

You can avail of up to 45 Lacs for Higher education in the UK, with a repayment period of 15 years. For unsecured loans full simple interest or partial simple interest is to be paid during the moratorium period as they are generally offered by private banks or NBFCs.

Tip: Try to apply for top universities in the UK to get the most out of your unsecured education loan. Higher loan amounts are offered to students enrolling in top universities 

To check if your university is on the prime list of any of the banks or to know more about your eligibility for an unsecured loan request a callback or fill in the common application form.

• ICICI Bank 
• Axis Bank
• IDFC Bank
• Incred 
• Avanse
• Auxilo 
• HDFC Credila 
• EliteScholars

Step 1: To get started on your loan process, request a callback from us or fill in the common application form for an education loan.

Step 2:  You will be contacted by a financial officer from our team who will ask for your basic information. Provide them with the requested details. 

Step 3: The financial officer will perform a thorough analysis of your profile and provide you with the details of all the lenders you are eligible of getting a loan. Choose one lender from the provided list.

Step 4: Upload all the documents from the list of documents given to you on the WeMakeScholars secure document portal. 

Step 5: As soon as you are done submitting your documents you will be logged in and the result of your application will be told to you within 2-6 days.

Step 6: Sign the loan agreement and receive the sanction letter from your lender.

1. Alternative options are left unexplored when a lender is approached directly 
2. When the interest rates are not negotiated for, the students end up paying a lot more than they need to 
3. The process of applying for an education loan is not clearly explained, leaving the students feeling confused
4. No post-sanction assistance is provided by the banks

Here are some benefits you get when you process your unsecured education loan with us!

Transparency: When a lender is approached directly, the students are provided with an opinion that is biased towards the services provided by them. In order to get the full picture of the pros and cons of the lender you need a third perspective, which is WeMakeScholars.

Automatic 0.5% reduction in ROI: As WemakeScholars is a government-funded initiative, an automatic reduction in the ROI of 0.5% is offered on your education loan.

Negotiation: We negotiate on behalf of you to get your ROI reduced. There have been many cases where the ROI has been reduced from 14% to 12% upon negotiation. 

Cashback: You will receive a cashback of 3K from us after your loan amount has been successfully disbursed. 

Below provided are the documents required to acquire an unsecured education loan for Seeking higher education in the UK

Considering that the interest rate starts at 11.5% for unsecured loans and full simple interest is to be paid in some cases, the table below shows the possible EMI payment schedule. 

Loan amount: 25,50,000

Rate of Interest: 11.5%

Repayment tenure: 10 Years

Grace period: 6 months 

You can receive funding of upto 1.5 Crores at an interest rate of 10.25% for your academic expenses by going through secured loans, which are mostly offered by public banks, you don’t have to pay any interest during the moratorium period 

• State Bank of India 
• Bank of Baroda 
• Karur Vysya Bank 
• IDFC Bank 
• Axis Bank
• ICICI Bank
• IDFC Bank
• HDFC Credilla 
• Incred 
• Avanse 
• Auxilo

Step 1: To get started on your process of getting a secured education loan, contact us by requesting a callback. 

Step 2: You will be getting a call from one of our financial officers who will then send you a common application form. Fill in the form with the details requested.

Step 3: The financial officer will analyze your profile and provide you with details of the lenders you are eligible to get a loan. Pick a lender. 

Step 4: Submit all the mentioned documents in your document checklist to the lender branch nearest to you

Step 5: The result of your loan application will be told to you in 15-20 days.

Step 6: Sign the loan agreement and receive your loan sanction letter 

Issues faced by students when approaching the banks directly for a secured loan 

• Public banks generally take a very long time to process an education loan (Around 2 months! )
• Because most of the major public banks are less technologically advanced most of the process has to be done in person
• When you process your loan directly through a public bank, you will end up taking numerous rounds to the bank
• Banks do not have the proper knowledge of how to handle multi-city cases.

Our organization is an initiative started by the government of India, Ministry of IT and electronics which strives to help students pursue their dream of studying abroad. All the services provided by WeMakeScholars are free of cost!

Convenient Process: From filling in the application form to receiving the sanction letter most of the process can be done online when you process your loan through WeMakeScholars.
Lesser processing time: when you go through with WeMakeScholars you can get your entire loan processed in a short span of 15-20 days.
Expertise: As WeMakeScholars helps education Loans get sanctioned all across india, we’ve dealt with complicated cases of all kinds. So no matter how impossible you might think your case is, we can help you get it sanctioned.
Multi-city cases: The cases where the permanent and current addresses are not the same, they are usually rejected. But we can get it sanctioned for you as we have expertise in dealing with multi-city cases. 

In order to avail of a secured student loan you need to have all the applicant and co-applicant documents mentioned above in the documents required for unsecured loans along with the following property documents.

1. Property Title Deed 

2. Registered Sale Agreement / Gift Deed / Will

3. The original receipt of registration for the above-mentioned agreement

4. If applicable, a Letter of allotment by the Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc. 

5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.

(If you own the property for more than 30 years, then the previous sale deed is enough.)

6. The newest property tax bill and Latest electricity bill bearing the same address 

7. A Copy of the municipality-approved building plan or plot layout.

Each city has its own list of document requirements. To know more about the city-specific documents required for a collateralized loan contact us by requesting a callback.

Considering that the current interest rate for secured loans starts from 10.25% and that you do not have to pay anything during the moratorium period the Amortization schedule would look something like this 

Loan amount: 55,00,000

Rate of Interest: 10.25%

Repayment tenure: 15 years 

In order to receive CAS/ ATAS a down payment of around 1-3 Lacs is to be paid by the applicant/ student. 

If you want to pay this amount from the loan the amount has to be disbursed before the VISA application. 

Financial requirement 

• You would need around 1,334 Euros for living in London 
• You would need around 1,023 Euros for living outside of London 
• This is a rough estimation of the amount you would need to last 9 months in the UK

All of these expenses can be covered by either taking out an education loan or receiving funding through scholarships. Below mentioned are some scholarships you can avail of to receive funding for your education in the UK. 

Scholarships offered by specific institutions 

Scholarships offered by specific universities 

SBI education loan for the UK 

SBI offers up to 1.5 crores on secured or collateralized loans for the UK at an interest rate of 10.55%.

HDFC Credila education loan for the UK

HDFC Credila offers secured, unsecured, and partially secured loans upto 40 Lakhs at interest rates starting from 9.5%  

Avanse education loan for the UK 

Avanse provides unsecured, secured, and partially secured loans with no upper limit for higher studies in the UK (depending on the applicant’s profile) at an interest rate of 13.65% p.a. 

EliteScholars

WeMakeScholars has launched an initiative under the name EliteScholars which aims to provide services to Indian students wanting to pursue further studies in the field of Science, Technology, Engineering, or Mathematics (STEM) or Management (MBA) in the UK 

• Key features of EliteScholars
• A financial co-applicant is not required 
• Receive the sanction letter within 4 working days
• 100% of the loan requirement is met

Education loan for Masters in the UK

You can get a secured and unsecured loan in order to pursue higher education in the UK. Some of the most commonly pursued master’s in the UK include MA, MSc, MFA, and MPhil 
From an education loan for a Masters in the UK without collateral, you can receive up to 45 Lakhs. 

Education loan for MBA in the UK   

An Education loan for MBA in the UK provides upto 1.5 crores towards the tuition fee,  expenses, caution fee, and other academic expenses through a secured education loan. 

Confirmation of Acceptance for Studies (CAS)

It acts as proof that a student has been offered an unconditional letter. An unconditional letter is an invitation offered to a student when they meet all the criteria required by the university.  

Generally, the following are mentioned in the CAS letter 

1. Sponsor university license number.
2. Title of your course. 
3. Start and end date of your course. 
4. The tuition fee for the course. 
5. The amount you have already paid from the tuition fee.
6. The amount that you have paid for the accommodation (if any).
7. Scores of IELTS or TOEFL.

Academic technology approval scheme certificate (ATAS)

For a few STEM-related courses that are considered sensitive in the UK, you would need to apply for an Academic technology approval scheme certification or ATAS.

Both the CAS and ATAS certificates are only valid for 6 months. You need to apply for your student VISA within six months of receiving the CAS and ATAS. 

All the banks have their own list of institutes/ universities for which special loan products are available. Many institutes from the UK are available on the list. To know if your university is present in any of these lists talk to the financial officers at WeMakeScholars by requesting a call.

To gain valuable insights and guidance on this topic, we recommend watching our video on the complete guide to UK education loans. This comprehensive video will provide you information and resources to help you navigate the UK education loan process.