Education Loan to Study in UK
                     Education Loan to 
Study in UK
 In the UK, students can study engineering, science, art and design, 
management and business law, or finance at some of the best 
universities around the world. In order to make the most of the best 
educational opportunities and experience, the majority of Indian 
students want to pursue their further education at prestigious 
overseas institutions. However, the increased prices of international 
universities make it challenging and costly for students to maintain 
their education in these kind of institutions.
 In this scenario, students turn to student loans for financial support. 
Several government and commercial institutions, like SBI, Axis 
Bank, and NBFCs, like Avanse, Incred, etc. provide a variety of 
educational loan programs for overseas students.
3  simple steps to apply for a 
student loan in UK
 1.Applying for student loans:- You can apply to any bank 
or NBFC which will consider your needs (loan amount, 
managed to secure or unsecured loan,etc.) by completing a 
comprehensive request form as well as supporting it with the 
KYC documents, admission letter, and secured loans that 
are necessary when applying for a student loan to 
study in UK colleges. The documentation checklist is easily 
accessible by going to www.auxilo.com.Even more, you can 
apply for an education loan online, which is a simple and 
quick procedure.
2. Bank/NBFCs review your 
application
 The bank analyses the borrower's application when all of the 
documentation has been submitted, in addition to the credit history, 
collateral value, and history of any co-applicants (academic and 
financial). The bank then decides whether to accept or reject their 
case based on this information. Banks require dual borrowers to 
have clear credit records when parent have such a poor credit 
history. Based on the college and the course is chosen, the bank 
will choose the rate of interest if the loan is authorized.
 The interest rates on bank loans for Rank 1 and 2 universities are 
less than those for loans for all other institutions. Bankers and 
NBFCs both offer a wide range of interestThe interest rates on bank 
loans for Rank 1 and 2 universities are less than those for loans 
for all other institutions. Bankers and NBFCs both offer a wide range 
of interest rates. Public banks' rates of interest (9.2-11.75%) are 
usually lower than that of commercial NBFCs and banks (11–14%).
3. Disbursal of the loan
 The stages for disbursing an education loan for study in the UK are as follows:
 • The borrower gives the bank a copy of the admittance letter and the college's fee 
schedule.
 • At the moment of entrance and throughout the course, the bank verifies the 
information and calculates the required number.
 • The borrower must now provide the bank with a detailed analysis of the required 
amount, and after all the proper documents and discussions, the bank will deposit the 
funds into your account or send them right to the affiliated college or institution•
 Remittance fees may also be assessed by some banks and NBFCs (currency 
conversion charges). Therefore, it is preferable to contact the bank beforehand..
 Some NBFCs like Avanse, Incred cover full tuition fees without leaving any margin 
money. Whereas, public and private banks leave a margin money of 15-20% which has 
to be funded by the borrower himself.
 Although the loan approval letter from a nationalized or private bank can be presented 
to the Embassy or High Commission for visa application purpose as a proof/source of 
funding, loan approval letters from NBFCs like Avanse or Credila will not be recognized 
for visa purposes. In that case, it’s better to take the whole amount of loan at one go 
and keep that money in your bank account. It’s important to apply for the visa in case 
the student has to study for more than 6 months under tier 4 of the point based system.

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