Education Loan for MS in the UK Through GoStudy

Save yourself from the time-consuming and lengthy loan procedure by getting an education loan for MS in the UK through GoStudy with expert assistance!

An education loan application for MS in the UK is a tedious and complex process that experts best handle. An education loan for a master's in the UK through GoStudy enables a student to enroll in a master's in the UK, even with a low budget. Several NBFCs and banks provide education loans for MS in the UK for Indian students through GoStudy without security or collateral for a specific amount. Our teams in Bangalore, Chennai, Mumbai, Trivandrum, Cochin, Hyderabad, Pune, and Delhi will always assist you.


9

Factors That Get You an Education Loan for MS in the UK Through GoStudy

1

Impressive Academic Success Rate

An impressive academic success rate with lesser backlogs will make it easier for you to avail of the best education loan for masters in Ireland through GoStudy.

2

Choice of the Right University

Go through GoStudy's list of pre-approved universities in the UK for an education loan for masters in the UK for Indian students and choose the right university.

3

Job-Oriented MS Programme

As for GoStudy, we cover 90% of the course categories available for your study in the UK.

4

KYC in Place

With GoStudy, you need to have your KYC in place instead of your income proof to be eligible for an education loan for MS in the UK.

5

Collateral Ownership

In case you cannot provide a co-applicant for your education loan for a master's in the UK, you will have to present collateral.

6

Co-Applicant for the Loan

Your access to a co-applicant for your loan also makes you eligible for an education loan for MS in the UK through GoStudy.

7

Best Rate of Interest in the Market

Hardly any other platform can match the ROI offered on an education loan for masters in the UK through GoStudy. You get the lowest rates of interest here!

8

100% Paperless Loan Application Procedure

Everything is digital at GoStudy! You can have a hassle-free loan application procedure where you do not need to visit our office physically.

9

Zero Prepayment or Pre-Closure Charges

With GoStudy, you do not require 12 years to repay your education loan for MS in the UK for Indian students. No need to pay anything when you want to close or prepay your loan.


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Education Loan for MS in the UK Through GoStudy

The drastic increase in educational costs and living costs abroad have led most talented students in India to seek education loans, and since then, education loans have been an integral part whenever it comes to studying abroad. To meet the funding requirements for studies, living, fooding, and education materials purchase, it is very important to opt for a reliable education loan. Our main goal at GoStudy is to ensure you get the best of many comprehensive educational loans so that your studies abroad are uninterrupted. The UK has been one of the most preferred educational destinations for immense opportunities and massive future prospects.

With GoStudy, you do not have to pledge any assets as collateral for an unsecured education loan for MS in the UK. We have partnered with many NBFCs and banks who always assist you in fetching an education loan for masters in the UK without collateral through GoStudy that fits your bill. The expenses covered under the education loans are comprehensive, and range from Tuition fees to accommodation, traveling, fooding, hostel fees, and many other expenses you may incur abroad. Students can easily qualify for an education loan to study MS in the UK without collateral through GoStudy to cater to all their financial requirements whilst pursuing their study abroad.

While the above-mentioned expenses are the primary ones, those are not the only expenses you will have to bear. A good Education loan for MS in the UK without security through GoStudy will compensate for other costs such as the purchase of gadgets, shopping for study materials before leaving, and other miscellaneous travel costs prior to traveling or whilst studying there.

Education Loan for MS in UK
Education Loan for MS in UK

Interest Rate for Education Loan for MS in the UK Through GoStudy

You need to consider the interest rate for an education loan in India for MS in the UK through GoStudy when choosing any esteemed bank or financial institution for the loan. This is necessary because even a minuscule difference can help you save a huge amount of money. First, understand the difference between fixed and floating interest rates. Next, you must compare the interest rates different banks and financial organizations offer and then opt for the most affordable option. The interest rate for an unsecured education loan for MS in the UK through GoStudy is usually higher than a secured education loan.

Nevertheless, if you go for the services of GoStudy, you can get competitive rates on interest on your education loan and live your dream of studying master's in the UK. The team of experts working for us will clear all your doubts regarding education loans for masters in the UK through GoStudy.

Note that the interest rate for an education loan for a master's in the UK for Indian students through GoStudy is flexible and keeps changing periodically based on course profiling and overall credit. Below is a complete list of the rates of interest offered for an education loan for MS in the UK for Indian students through GoStudy

Type of Education Loan

Education Loan Rate of Interest As Per Market

Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

You can use a definite mathematical formula to calculate the monthly EMI of your loan based on its interest rates. The formula goes like this:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What are the Costs Covered in an Education Loan for MS in the UK Through GoStudy?

An education loan for MS in the UK through GoStudy covers all expenditures, from tuition fees and accommodation to the money you spend on travel, food, and other utilities. Lending organizations ensure taking care of every borrower's requirement, including their financial needs, through education loans for masters in the UK through GoStudy. Below is a comprehensive list of the expenses covered by an education loan for MS in the UK for Indian students through GoStudy

  • Living expenditures
  • Tuition fee
  • Cost of laptops, books, health insurance, travel tickets, and other electronic gadgets.
  • Application expenses of all forms
  • Fee for competitive and entrance examinations
  • Visa application fee

As a student option to study master's in the UK, you can avail of an education loan of up to Rs. 50 lakhs for the majority of the top universities in the UK. However, the loan amount and approval will depend on your choice of university, your MS program, and your job potential after you complete the course. These parameters of loan approval can vary from one profile to another. The process can get simpler and more transparent with GoStudy's representatives, ensuring all your requirements are met in the best way possible. Find the list of financial organizations that offer an education loan for masters in the UK for Indian students through GoStudy below:

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

Following are the lists of the Costs Covered by Education Loan for MS in the UK through GoStudy

Things covered under Education Loan for MS in the UK through GoStudy

Costs Covered by Education Loan for MS in the UK through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees(Approx)

Education Loan for MS in the UK Without Collateral Through GoStudy

In an unsecured or non-collateral education loan for a master's in the UK for Indian students through GoStudy, you do not need to provide tangible or intangible assets. However, you must have a cosigner submit their income proof to get you the loan. An unsecured education loan in India for MS in the UK through GoStudy is taken without security, and the loan amount can increase up to Rs. 50 lakhs. The main eligibility criteria you need to satisfy for the best education loan for a master's in the UK through GoStudy without collateral is an impressive academic profile and good employment potential. You require a minimum of 60% on Class 10, 12, and graduation. Candidates with more than three backlogs may not be eligible for an unsecured education loan.

One of the significant deciding factors for an unsecured education loan for MS in the UK through GoStudy is the CIBIL score and the co-applicant's income. That's because the banks need to ensure that in case you fail to repay the loan amount as the main borrower, your co-applicant can repay the loan on your behalf. Most lenders also focus on key study-abroad destinations, such as the UK, USA, and Canada. Still, they are skeptical about less-popular options like Ukraine or China when providing unsecured education loans for masters in the UK through GoStudy. Also, the private banks have a complete list of universities pre-approved for unsecured education loans. So, if you want the same, you need to enroll for your MS at those universities. Nevertheless, if you find yourself ineligible for an unsecured education loan in India for MS in the UK through GoStudy, do not worry and get in touch with GoStudy. We are associated with several lenders and can work on necessary deviations if you are refused an unsecured education loan for your MS studies in the UK.

An unsecured education loan for MS in the UK for Indian students through GoStudy covers tuition fees, flight fare, study materials, living expenses, and more. Your lender will offer you a hassle-free and quick unsecured education loan for masters in the UK for Indian students through GoStudy if you fill in your application form along with all required documents, which include:

  • 2 passport-size photographs of the main borrower and the co-applicant
  • KYC documents of the borrower and the guarantor.
  • Guarantor form- optional
  • Bank statement of the co-applicant for the last six months.
  • Copy of offer letter from the UK university of choice along with fee structure
  • Passing certificate or mark sheets of HSC, SSC, degree courses, and entrance tests, such as TOEFL and IELTS.
  • Co-applicant's income proof like Form 16 or salary slip

Note that the co-applicant is crucial for getting an unsecured education loan for MS in the UK for Indian students through GoStudy, especially the co-applicant's earnings. Your co-applicant can be self-employed or salaried; on this basis, the lender may request different documents from the co-applicant.

Collateral for Education Loan for MS in the UK Through GoStudy

A secured or collateral education loan for MS in the UK through GoStudy requires you to present any collateral as loan security. Collateral for the best education loan for MS in the UK through GoStudy includes:

  • Tangible assets include flats, houses, non-agricultural land, or other premises.
  • Intangible assets such as shares, bonds, fixed deposits, and life insurance.

Most of the top private and nationalized banks across India offer the best education loan for masters in the UK through GoStudy with collateral. A bank will offer you the minimum or maximum loan amount based on the collateral security you produce.


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University-Wise Pre-Approved Amount for Education Loan for MS in the UK Through GoStudy

Several financial organizations and banks in India offer the best education loan for masters in the UK through GoStudy. The UK has long served as one of the most sought-after overseas destinations for MS studies, especially for Indian students. With the re-introduction of the GIR or Graduate Immigration Route, the UK has become one of the favourite study-abroad destinations for Indian students. However, the main problem with the UK as an MS study destination is the high expenses. Students and their parents need to dip into their savings to fund higher studies in the UK. This is when it becomes crucial for you to take the best education loan for MS in the UK through GoStudy that can help you reduce the financial burden you need to go through in chasing your dream to study master's in the UK. If you want to study master's in the UK and you are looking for an education loan, go through the list below to know the UK universities that have been pre-approved by banks for an education loan for master's in the UK through GoStudy

List of Universities accepted by Unsecured Education Loan through GoStudy

GoStudy’s Unsecured Pre Approved Education Loan Amount

Imperial College London 40 Lakhs (Approx)
University of Southampton 40 Lakhs (Approx)
University of Birmingham 40 Lakhs (Approx)
University of Manchester 40 Lakhs (Approx)

Co-Applicant for Education Loan for MS in the UK without Collateral Through GoStudy

The lender of an education loan for MS in the UK through GoStudy generally asks for a co-applicant or guarantor for the loan. The banks generally look for a co-applicant when your education loan amount is very high or when you try to avail of an unsecured education loan for a master's in the UK for Indian students through GoStudy. Now, here you must ensure that your co-applicant has the potential to repay your education loan amount if you fail to do so under any circumstances.

The co-applicant in an education loan for MS in the UK for Indian students through GoStudy serves as a witness approving your authenticity as the borrower of the education loan. They even support you financially and guarantee that the loan amount will be repaid even if you (the borrower) fail to pay it or become a defaulter. Almost any individual can become your guarantor for the best education loan for MS in the UK through GoStudy, but it is better to have a family member or a close friend as a co-applicant.

Below, you will find the list of accepted co-applicants for the best education loan for masters in the UK through GoStudy

  • Siblings
  • Parents
  • Spouse
  • Parents-in-law
  • Paternal uncles and aunts
  • Maternal uncles and aunts

Eligibility Criteria for Education Loan for MS in the UK Through GoStudy

While most of the banks in India offer an education loan for masters in the UK for Indian students through GoStudy, they all have specific eligibility criteria. You can avail of an education loan in India for MS in the UK through GoStudy, either with or without collateral. Still, you cannot escape the eligibility requirements for an education loan. The eligibility criteria for an education loan for MS in the UK through GoStudy can differ according to providers, but some rules are common for all education loans. These include:

  • The applicant must be an Indian resident between 18 and 35 years of age.
  • Applicants should have scored a minimum 50% marks in graduation and high school.
  • The applicant should be able to produce income-proof documents.
  • The applicant should have enrolled for an MS program in a UK university after passing the required entrance examinations.

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Documents Required for Education Loan for MS in the UK Through GoStudy

Since an MS program is considered a professional course in the UK, the tuition fee for the course can be very high. The best education loan for MS in the UK through GoStudy comes to the rescue of students who want to pursue their masters in the UK but do not have the budget to do so. However, it is not easy to avail of an education loan for master's in the UK through GoStudy. First, you must submit all relevant documents to avail of an education loan for MS in the UK through GoStudy. Below are the documents required to avail of the best education loan for masters in the UK through GoStudy

  • Loan application form
  • Admission letter from the UK University to serve as proof of admission.
  • Academic documents like transcripts, certificates, and mark sheets
  • Documents of all qualifying examinations, such as IELTS, SAT, GMAT, GRE
  • Two passport-size photographs
  • Resident and age proof of the borrower and the co-applicant
  • Income proof of the co-applicant
  • Co-applicant's bank statements for the past 6 months.

Once all these documents are verified successfully, the lender or bank will despot your education loan amount into your account.

Process & Procedures for Education Loan for MS in the UK Through GoStudy

The procedure to avail of an education loan in India for MS in the UK through GoStudy requires detailed knowledge of all the important aspects involved. You must focus on avoiding last-minute rush once you have secured admission to a UK university. The process starts with acquiring the admit letter from your UK university of choice for MS studies. Next, you must analyze the tuition fees and the cost of living in the UK. The next step is segregating your finances into two broad categories- loan and self. Go through all existing education loan options for MS in the UK and choose a lender by considering different aspects, such as loan processing time, rate of interest, and loan processing fee.

The next and most important step is carefully filling out the loan application form. You need to provide all the details you are asked for. Along with this, you also need to submit all the documents you are asked for. Keep a close look at the documents so you do not miss out on anything crucial. Once this is done, your chosen bank will carefully review your loan application form and documents. And if the lender does not find any suspicious elements during the process, they will approve your loan request.

Note that different lending organizations have specific education loans for masters in the UK through GoStudy requirements. Therefore, you need to approach different financial organizations individually and then shortlist the lender that suits your requirement and budget.

Sanction & Disbursement of Education Loan for MS in the UK Through GoStudy

The bank will give you a loan sanction letter after you complete all the formalities. Take time to go through this letter thoroughly and also clarify all doubts. Next, you must sign the loan agreement or sanction letter and fill in an application for loan disbursal. Once this application is approved, the bank will disburse your loan amount to the UK University of your choice or directly into your account.

Moratorium Period for Education Loan for MS in the UK Through GoStudy

The moratorium period is the gap in loan repayment tenure where you are not obliged to pay your loan EMIs. The moratorium comprises your MS course duration and an additional 6 to 12 months.

Repayment of Education Loan for MS in the UK Through GoStudy

As far as loan repayments are concerned, you can repay the amount of your education loan in India for MS in the UK through GoStudy within 10 to 15 years. But remember, the longer your loan repayment tenure, the more EMIs you will have to pay against your education loan amount. You can use different loan repayment options to pay back your education loan for master's in the UK for Indian students through GoStudy. These include:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period

Tax Benefit for Education Loan for MS in UK under Section 80E of IT Act through GoStudy

Tax benefits and other aids are also available to students opting for the best education loan for masters in the UK through GoStudy. As an applicant, you can claim the interest amount you have paid for the loan under Section 80E of the Income Tax Act, 1961. You can claim these tax benefits for up to seven consecutive years.


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