Popular Indian Banks Offering Education Loan for UK

When pursuing higher education in leading study destinations, one must deeply scrutinize the financial landscape. Especially to study in destinations like the UK, you need to understand different financial aids to execute your study abroad plans. 

Fortunately, several esteemed financial institutions, encompassing banks and lenders, offer study-abroad loans to bolster the academic ambitions of aspirants. In this article, we delve into some well-regarded financial entities that provide tailored education loans to study in UK.

Leading Financial Lenders Offering Loans for UK Education 

From comprehensive loan packages to competitive interest rates, the following institutions play a crucial role in alleviating the financial challenges for students pursuing higher education in the UK.

• State Bank of India

SBI is among the largest and most popular public financial institutions in India. Under its specialized scheme called SBI Ed-Vantage, it offers tailored education loans for Indian students aspiring to pursue higher education in the UK. Eligible applicants with a confirmed application can benefit from competitive interest rates, a faster online process, and the flexibility to repay through equated monthly instalments.

What makes SBI an Ideal Choice for UK Education?

• • Quantum of Finance: Up to 1.5 Cr.
  • Types of Loans: Secured Loan
  • Interest Rate: Starts at 11.15% approx.
  • Processing Fee: 10000+ GST
  • Tentative Time Taken for Loan Sanctioning: 3 - 4 Weeks
    
    

• Union Bank of India

Like other popular financial lenders, Union Bank of India has a particular education loan scheme for premier institutions abroad. According to it, study abroad aspirants from leading study destinations such as the UK, USA, or other countries get secured and unsecured loans in the top 150 institutions globally. The selection of universities is done by the bank itself, which can be accessed through the bank's official website.

What makes Union Bank of India an Ideal Choice for UK Education?

• • Quantum of Finance: UL- 40.00 Lakh (for top 160 Universities Globally) Secured Loan - 1.5 Cr
  • Types of Loans: Secured Loan and Unsecured Loan
  • Interest Rate: Starts at 9.80% approx.
  • Processing Fee: 5500+GST
  • Tentative Time Taken for Loan Sanctioning: 3 - 4 Weeks
    
    

• ICICI Bank

ICICI, a private financial lender, offers one of the best study abroad loan services. The bank understands students' career aspirations from distinct backgrounds and offers student or education loans in alignment with academic demand. ICICI Bank's overseas education loan for UK education covers essential expenses such as tuition and living costs and provides additional financial support for various educational needs.

What makes ICICI Bank an Ideal Choice for UK Education?

• • Quantum of Finance: STEM- 75.00 Lac MBA- 1.00 Cr
  • Types of Loans: Secured Loan and Unsecured Loan
  • Interest Rate: Ranges between 10.65% - 12.75%
  • Processing Fee: 1% + GST
  • Tentative Time Taken for Loan Sanctioning: 1 -2 Weeks
    
    

• Prodigy Finance

Prodigy Finance believes that financial restrictions should not hinder quality education. Unlike traditional banks, it not only emphasizes the credit history and current circumstances. It is an NBFC that provides faster-unsecured education loans based on the academic aspirants and background of the applicant.

What makes Prodigy Finance an Ideal Choice for UK Education?

• • Quantum of Finance: Up to $ 100K for masters
  • Types of Loans: Unsecured Loan
  • Interest Rate: 12-16%
  • Processing Fee: 5% + GST
  • Tentative Time Taken for Loan Sanctioning: 2 Weeks
    
    

• Axis Bank

Axis Bank offers education loans to aspirants seeking quality education in study-abroad destinations such as the UK, USA, Germany, Ireland, Australia, etc. Typically, these loans cover tuition fees, living expenses and other related costs. The bank offers reasonable interest rates with incorporated features such as no pre-payment or pre-closure penalties.

What makes Axis Bank an Ideal Choice for UK Education?

• • Quantum of Finance: SL- 1.5 Cr Unsecured Loan- Prime (A- 75 Lac, B- 50Lac C- 7.5Lac)
  • Types of Loans: Secured loan and Unsecured Loan.
  • Interest Rate: 11% - 12.75%
  • Processing Fee: 1% + GST
  • Tentative Time Taken for Loan Sanctioning: 1 Month

Even though various leading financial institutions offer overseas education loans for studying in the UK, exploring multiple options, and choosing one that caters to your needs is paramount. If you are a graduate seeking a student loan for postgraduate study UK, you may connect to an overseas education loan advisor to finalize the right banking institution as per your requirements and loan eligibility.

We hope you get the best deal!