The United Kingdom is not just popular for its rich history and diverse culture but also its world-class education system. Students benefit from the top-notch curriculum and groundbreaking research. Indeed, studying in the UK is good value for money but it still comes with a price tag which can be overwhelming for some students.
Fret not, as is rightly said where there is a will there is always a way. One of the most convenient paths to aid your education is by applying for scholarships and grants, and certainly, they give you substantial financial assistance. But since the nature of these scholarships is very competitive, we have brought you another great option which is opting for an education loan to study in the UK.
This article is full of insights related to taking a student loan for postgraduate study in UK. So, without any further ado let us move ahead and first understand the cost of studying in the UK.
Cost to Study Postgraduate Degree in the UK
When we talk about the cost of studying in the UK, it is important to understand from the very start. We are going to bifurcate the amount starting from the commencement of the admission process to living cost. However, the living cost may vary depending on the location and the lifestyle of the students. So, for your better understanding, we have mentioned all the costs in the table below.
|Test Fees (IELTS)
|£ 156 (INR 16,500)
IELTS for UKVI: £205
|£ 490 (INR 51,624)
|£9,000 – £30,000 per year
MBA: £20,000 to £60,000
|Student halls – London: £848
Rest of UK: £664
Private Rooms – London: £750
Rest of UK: £554
|Utility Bills (electricity, gas, etc.)
Rest of UK: £80
Rest of UK: £116
|Socializing and Outings
Rest of UK: £80
Rest of UK: £54
|London & Rest of the UK: £18
Rest of the UK: £15
|£470 per year
To sum up, the total cost of living in the UK ranges between £1300-£1400 per month in London and for other places in the UK, it ranges from £900-£1300. Thus, to manage your cost of studying let us explore the option of taking student loans for studying abroad.
Benefits of Taking an Education Loan to Study in the UK
Looking at the cost of studying in the UK can be daunting, but education loans serve as an important resource for international students. These loans offer unparalleled financial flexibility, covering tuition fees, living expenses, course materials, and travel costs. What more? The benefit of lower rates from various banks and financial institutions makes them a cost-effective choice.
For those without substantial collateral, the option for unsecured loans further eases the burden. Moreover, some government banks offer concessions for the girl child, also there is an additional discount if your university falls under their prime list of universities.
Several well-established financial institutions specialize in tailoring solutions for the financial needs of students pursuing their postgraduate degrees in the UK. However, to give you a better understanding we have mentioned some of the popular financial lenders ahead.
Top Financial Lenders Offering Education Loans to Study in the UK
There are financial lenders such as Public Banks, Private Banks, NBFCs, and International lenders that offer education loans to pursue postgraduate degrees in the UK. Thus, we have mentioned some of the popular ones below.
|· State Bank of India
· Punjab National Bank
· Union Bank of India
· Bank of Maharashtra
· Bank of Broda
· Bank of India
|· ICICI Bank
· Axis Bank
· IDFC First Bank
|· HDFC Credila
|· Prodigy Finance
The processing time for education loan for UK without collateral or with collateral can take time, especially a loan with collateral since it involves a lot of documentation. Thus, we recommend you should opt for an education loan a bit early. Also, for better interest rates and to ensure seamless loan processing you can reach out to some of the top overseas education loan advisors. Good luck!
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