Study in the UK: Dreaming of studying overseas is legit. If you are also thinking to study abroad to meet the international standards of skills and professionalism, then that’s a pretty nice plan. But the second thought that might resist you from firmly planning your study abroad is the financial investment that is required to be made.
Aspiring to study abroad in countries like the UK to accomplish goals set for life will demand you a financial investment that is to be made initially. This article largely emphasizes on the student loans and other financial aids which might help the students who are planning to study in UK.
Education Loan is The Best Financial Aid to Study in UK
In the present scenario, UK has emerged as the best educational destination for students. This is the reason why most of the students aspire to study in UK. The fees of the Universities, along with other miscellaneous structure for livings, makes up a huge sum to be afforded without any aid.
Thus, the financial institution makes the student loans available so that students can accomplish their goals of settling up at a place where they aspire to. The main aim of the student loan is that the deserving students will not be restrained their respective financial stability to create a career as they view for themselves. Scholarship to study in UK can also help students avail financial help.
Things to Know Before Applying for The Student Loan
If you see greater opportunity in UK worth investing your sums, then student loan can be the final financial aid that you can rely on. But before that, you must know a few things about the education loan to study in UK and how to apply it.
Eligibility Criteria for Students
Various criteria determine the student’s eligibility for the loans. Some of them are the nationality of the student, which must be Indian. Students must also possess a strong academic background so that the financial institution can rely on and extend the loan amount to study in UK. The student must also get an admission in a secured University of UK. Lastly, the age of the student must mandatorily b 18 or above.
Eligibility Criteria of Course
The eligible courses for which loans are granted are the graduation and post-graduation courses which are recognized by the central government and state government. The job-oriented courses and the technical courses are also courses which can be eligible for the loans to get sanctioned.
The Maximum Amount of Loan
There is a certain limit to the financial aid that can be extended to the students. Generally, Rs 20 lakhs is sanctioned at maximum. There are some financial institutions which charge processing fees. Generally, it is 1% of the total amount. Requirements for a student loan cannot be met if the amount exceeds from Rs 20-25 lakhs.
Expenses Considered for Loan
Bank will not sanction loans on the miscellaneous and personal expense of a student. Some of the expenses which are considered by the bank to grant the loan application are fees of college and hostel, examination or lab fee, purchase of book or travel expense, purchase of laptops, etc.
A student loan requires a guarantee. Parents can be a guarantor and in some cases, if the loan is in between Rs. 4 lakhs to Rs. 6 lakhs, then a third-party guarantor is also required. Not only this but also after the sanction of the loan, the student’s guarantee is also obtained, which would convince the financial institution that the student would make an effort to attain the majority.
One of the main document that is to be produced while applying for the loan is the acceptance letter from the University claiming your selection for the loan. Not only this, but you will also require to produce the mark sheet of the last exam that you have qualified. Apart from that, different banks have varied requirement when it comes to the documents. Thus, you will require to get it confirmed from the bank in which you have applied for student’s loan to study in UK.
Payment of Loans
The repayment of the loan can only begin after the course has been completed. The repayments sets in with the employment of students. The loan is scheduled for repayment within seven years at maximum. If the student fails to complete the course within that period, then the extra time of 2 years is given. Thus, the maximum years within which the loan is to be paid back is ten years. If the students are unable to get secure employment, then the period of repayment will get started irrespective of any condition.
Getting student loans granted depends is governed by many other factors. A proof of the financial status is the primary step that is demanded in the process. Meeting all the other requirement of the institute helps the loans to get sanctioned. All the above information mentioned can help the readers have a clear and vivid idea of the financial aids that can be availed for arranging the financial investment. One can even get to know about the application process for student loans to study in UK.