Education Loan to Study in the UK through GoStudy

GoStudy has some of the best education loans to study in the UK through GoStudy exclusively for merits like you to study in the UK.

Some of the finest colleges, such as Harvard, Oxford, and Cambridge, make the UK a perfect destination for studies and future prospects. With the help of GoStudy, you can easily avail an education loan to study in the UK through GoStudy and pursue your study. We are based in multiple locations in India, such as Hyderabad, Mumbai, Cochin, Bangalore, Trivandrum, etc, to help you.


9

Factors That Can Get You An Education Loan to Study in the UK through GoStudy

1

Excellent Academic Profile

You need to have an excellent profile in terms of academic background with proven credentials to procure an Education Loan to Study in the UK through GoStudy.

2

University Choice

University selection in regards to career prospects can impact the education loan to study in the UK through GoStudy.

3

Future Focused Programmes

GoStudy boasts 90% of the favorite and exclusive degree programs from UK universities in terms of your future job prospects.

4

Extensive Opportunities in the UK

Tremendous opportunities in the UK are waiting for talented aspirants, and as such we assist with the best education loan for the UK in India through GoStudy.

5

No Income Proof is Required!

Just with the KYC, students can smoothly procure education loans to study in the UK through GoStudy.

6

Easy Sanction & Disbursement

Never face any hectic loan formalities and complications as GoStudy assists with faster sanction and easy disbursement of the loan.

7

Comprehensive Education Loan Product

GoStudy brings an exhaustive list of popular education loans to study in the UK to help you save substantial money and fulfill your career.

8

Loan Processing on Priority

With dedicated credit managers and professional consultants, GoStudy processes loans faster on priority basis.

9

Lowest Interest Rates In The Market

With GoStudy, lowest interest rates are offered, which are usually 0.5% - 1% lower compared to other counterparts!


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Education Loan to Study in the UK through GoStudy

Although studying abroad for any talented student is very prestigious and a dream come true, the massive costs associated with studying, staying, traveling, etc., make it hard for most to accomplish this goal. Education loans to study in the UK through GoStudy are designed just for that, and it not only helps you in completing your career goals but also to do it in the safest and most transparent way. Education loans to study in the UK through GoStudy boasts many advantageous schemes from the government and can take care of all your funding necessities when you are studying abroad. Education loan for the UK in India through GoStudy is made absolutely creative with GoStudy since we have partnered with the best financial lenders to avoid any hassles for you.

Speaking of education loans to study in the UK through GoStudy, you can find two primary types of education loans which are secured loans and unsecured loans. There is a third category for partially secured loans, but not as popular as the first two. The increasing demands for education loans among students have led the NBFCs and banking organizations to come up with some interesting avenues when it comes to UK education loans in India through GoStudy. Covering diverse expenses right from your Tuition Fee, Accommodation Costs, Travel, Food, Shopping, etc., you can study with ease in the UK since we take care of all your interruption-free funding. An education loan for the UK in India through GoStudy can meet all your expense-related needs so that you can focus just on your study and take your career to the next level.

When studying abroad, the primary education and accommodation expenses are not the only ones you need to incur-there are a lot more. GoStudy can help you find the best education loans to study in the UK that can even cover your expenses, starting from the purchase of any electronic gadgets and books prior to traveling & your other traveling expenses for making it to the UK for study.

Education Loan to Study in UK
Education Loan to Study in UK

Interest Rate For Education Loan To Study in the UK through GoStudy

Interest rates are always levied on any form of loan repayment and are an integral part of every loan. This is the same with education loans to study in the UK through GoStudy, where the financial lender places an interest rate on the education loan amount sanctioned. A better credit score, course selection, co-applicant income, and job prospects can help you reduce the rate of interest. GoStudy, helps you fetch the most competitive interest rates on both secured and unsecured available at your disposal so that your dreams do not remain untouched. Our team of consultants ensures that all your queries are cleared regarding Education Loan for studying abroad in the UK through GoStudy.

Non-Collateral Education Loans through GoStudy for studying abroad in the UK with GoStudy are offered with flexible interest rates and are subject to change over time depending on the course profiling and credit due. A simple interest formula with monthly rest is being improvised to calculate the interest rate on the education loans through GoStudy to study in the UK.

Below are the interest rates they are offered on education loans to study in the UK through GoStudy without Collateral:

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%

The mathematical formula used to calculate the EMI based on the interest rate for Education Loan to Study in the UK through GoStudy are:

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 that are covered in an education loan without collateral in France through GoStudy?

Education loans to study in the UK through GoStudy can compensate for up to 90-100% of the expenses that range from admission, education, traveling, and shopping budgets. The expenses include your tuition fee, accommodation, food, travel & other expenses. The financial partners of GoStudy and our consultants ensure all your fund requirements are met and taken care of intricately so that you do not have to face any complications. Below is the list of the cost covered in an Education Loan Without Collateral for the UK through GoStudy:

  • Tuition Fee
  • Living Expenses
  • Books
  • Laptops
  • Travel Tickets
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Visa Application Fee

Following are the lists of the Costs Covered by Education Loan to Study in the UK through GoStudy:

Things covered under Education Loan through GoStudy

Costs Covered by Education Loan 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 Study in UK Without Collateral Through GoStudy

Professional consultants can fetch you the best unsecured Education loans through GoStudy to study in the UK deals, and the amount can go up to 50 Lakhs depending on the candidate's profile and a few other factors. Some defining parameters that decide the loan amount are the university choice, course choice, and post-completion job prospects. Furthermore, the various parameters for Non-Collateral Education Loan for the UK through GoStudy can vary depending on individual candidates. Below is a list of the financial institutions that provide an education loans through GoStudy to study in the UK:

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

To secure 100% approval chances of an unsecured loan, the best way for a student is to procure an unconditional admission offer letter from any of the top UK universities so that the lenders can easily lend you a good Education Loan to Study in the UK through GoStudy. Some parameters that decide the eligibility for an education loan through GoStudy to study in the UK without collateral are the program attended and the future employability prospect post-completion of the program. With GoStudy, you can easily procure education loans for the UK up to 50 lakhs as our experts strive hard to make it happen for you. The catch is that you need to have a sound financial profile and fantastic academic background. The loan sanction quantum and final disbursal of the unsecured Education Loan through GoStudy for study in the UK are decided upon the creditworthiness of the student. A better and enhanced credit score with no previous backlogs can always land you a higher loan amount for study in the UK.

Below listed documents are required to initiate the process of obtaining a Non-Collateral Education Loan to Study in the UK through GoStudy:

  • IDFC First Bank
  • Unconditional/Firm/Confirmed Offer Letter
  • A co-applicants whose Income Proof is also not required in many cases
  • PAN Card
  • Academic Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

Collateral For Education Loan In the UK through GoStudy

Why go through any hectic and complicated loan processes, and legalities when GoStudy can fetch you the best education loan to study in the UK through GoStudy. Just focus on your study and leave the rest to us. As mentioned before, there are two primary categories of education loans through GoStudy for study in the UK, but first, let us discuss the collateral or secured UK education loans in India through GoStudy.

It will be a smart decision if you are opting for collateral loans, as these kinds of loans can save a lot of money by offering low-interest rates, better tenure, and a higher loan value. When you pledge any form of an asset, such as immovable property, gold, fixed deposits, etc., which the lender accepts as security against the loan, it is known as a collateral loan. Based on the needs and candidate profile, the types of assets may vary in certain cases. The UK education loan in India through GoStudy comes with an easy process, so there is nothing for you to worry about. For students with a better credit score, enhanced financial portfolio, and substantial assets to pledge, collateral or secured loans are always beneficial. If you are not able to qualify for an Education Loan to Study in the UK through GoStudy, collateral loans are also helpful for you, provided you have assets to pledge. Let us check out a few basic documents that lenders accept as collateral security:

  • House/Flat/Apartment - A personal residential property that has no dues/any standing loan on it
  • Any other legal residential property with no dues or repayments
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end of the manager of the institution assigning it in favor of an Education Loan to Study in the UK..
  • Surrender Value Certifications of Life Insurance that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

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University-wise pre-approved amount for Education loan to study in the UK through GoStudy

Most Indian banks and NBFCs are now offering brilliant schemes for UK education loans in India through GoStudy due to the surge in interest on education loans and students visiting the UK for study. The UK has one of the most advanced and developed economies and is home to some of the prestigious universities; hence, all lenders want to grant you the most impressive education loans through GoStudy to study in the UK with ease. With the rising number of students, which is now more than 50,000+ wanting to study in the UK, you will not fall short of lenders offering unsecured education loans for the UK in India through GoStudy.

Below is the list of universities that have been pre-approved by the banks for an unsecured education loan through GoStudy to study in the UK

UK Universities

Pre-approved unsecured education loan amount to study in the UK through GoStudy

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 the UK Education Loan in India through GoStudy

Securing 100% approval chances of an unsecured loan for education in the UK is only possible when you have a co-applicant with you. Financial lenders will still ask you for a co-applicant even if you have surplus wealth, assets, and good credit scores while approving an Education Loan to Study in the UK through GoStudy. It is because when the student goes to study abroad, there is no source of income, and the co-applicant acts as a security. The co-applicant's creditworthiness is judged by their age, relation with the applicant, income, credit score, assets value, and financial portfolio, to name a few.

Co-applicants are like security to the loan sanctioned wherein if under any circumstances the candidate fails to repay the loan back, the co-applicant can come forward and repay the education loan for the UK in India through GoStudy.

Below is the list of co-applicants for Education Loans for the UK in India through GoStudy that are accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan to Study in the UK through GoStudy

The requirements of an Education Loan to Study in the UK through GoStudy are very transparent and hassle-free based on your convenience. Students must have a firm-confirmed unconditional admission offer letter from any prestigious UK university to be eligible for the best education loan for studying abroad in the UK through GoStudy. This letter confirms that the student has accomplished all the eligibility criteria for admission and that the admission offer cannot be revoked at any point in time. Few other requirements for an education loan for the UK, are as follows:

  • A citizen of India who is at least 18 years old.
  • Has a valid co-applicant or a co-borrower, working in India or anywhere in the world, or self-employed in India. The person should be either Parent, Parent-in-law, Spouse, Siblings, Maternal & Paternal Uncles & Aunts.
  • The minimum CIBIL score for an education loan without collateral for France must be met

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Documents required for Education Loan to Study in the UK through GoStudy

The documentation process for an education loan to study in the UK through GoStudy remains the same in most cases. However, some documents may change depending on the profile of the candidate. At GoStudy, our experts make sure it is flawless for you and that you understand all the details. The list of documents that are required for an Education Loan to Study in the UK through GoStudy are as follows:

  • Student’s KYC
  • Student’s Educational Documents
  • University Course Details & Fee Structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant

The need for some other additional documents might arise, which are purely based on the discretion of the provider of an Education Loan through GoStudy for studying abroad in the UK.

Process & Procedures For Education Loan to Study in the UK through GoStudy

The ever-increasing demands for education loans to study in the UK through GoStudy have led many financial lending institutions to come up with the best plans for education loans for study in the UK through GoStudy. It starts when the student informs the financial lender about the amount of education loan through GoStudy for study in the UK along with personal details, university details, co-applicant details, course name, tenure, and other relevant details. The identity of the co-applicant should be double-checked as it is very important for the sanctioning of the loan.

After the first round of checks, documents submission, a formal loan offer letter is sent to the candidate. The processing time is usually 5-7 days for an Education Loan through GoStudy To Study in the UK. When the details are reviewed, and the agreement is signed, the loan amount will be disbursed at the earliest through a DD, Cheque, or Electronic Transfer.

Sanction & Disbursement of Education Loan to Study in the UK through GoStudy

The final sanction letter with details such as applicant information, co-applicant information, course, EMI, moratorium, guarantor, if any, interest rate, tenure, and all other necessary information will be passed on to the candidate after the verifications are over, and the loan is sanctioned. It comes with important loan terms and conditions. This letter has to be a comprehensive sanction letter and not an in-principle letter since most universities reject an in-principle letter which only denotes that the candidate is yet to qualify fully for the loan.

Upon successful sanction of an Education Loan to Study in the UK through GoStudy, the funds will be sent over to the university as tuition fees or to the applicant or co-applicant, whatever was decided mutually at the time of signing the agreement. The disbursement that is made is in Indian National Rupee (INR), which can be either in parts or a full disbursement based on the needs and the protocols of both the borrower & the lender.

Moratorium Period For Education Loan for Studying Abroad in the UK through GoStudy

The moratorium period is the interim time when the student is not required to pay any EMI immediately after the loan sanction until the completion of the course and securing employment. Most banks that offer UK education loans in India through GoStudy come with a flexible moratorium period. During this period, you just can pay a fraction of simple interest, which may be as low as just 2,000 INR, until the completion of the course and till the time you secure employment. Hence, carefully inquire about the moratorium period before you sign up for the loan.

Repayment options for education loans for study in the UK through GoStudy are flexible, and you can choose it in accordance with your convenience. You can choose anything between the time ranges from 12 months to 180 months on average, depending on your ability and convenience. In most cases, students are able to choose their repayment period. However, for students who do not have a strong financial portfolio, banks may recommend an ideal repayment period for them.

The various categories of repayment options for Education Loans to study in the UK through GoStudy:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is not offered by Avanse

Below are the types of repayment & moratorium options available in the different financial institutions:

Financial Institution

Repayment Methods

IDFC First Bank Full Moratorium
ICICI Bank Simple Interest
Axis Bank Simple Interest
HDFC Credila Partial Simple Interest
Avanse Partial Simple Interest
Auxilo Partial Simple Interest
Incred Partial Simple Interest

Tax Benefit For Unsecured Education Loan for the UK through GoStudy under Section 80E of the IT Act

According to Section 80E of the IT Act, you can claim a deduction on the overall EMI to be paid on an Education Loan to Study in the UK through GoStudy for the financial year. You, your spouse, your children, or your legal guardian who has partaken responsibility in your Education Loan can claim these benefits. The deduction is applicable to all the courses for which the education loan is granted for your education abroad. The rule does not state how much tax benefit can be claimed, but it is advised to ensure the loan repayment is made within eight years of interest repayment. If you ensure the repayment is within this tenure, you are eligible to claim all the benefits under this section.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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