Education Loan for the UK Without Collateral Through GoStudy

Explore the most competitive & dynamic collateral-free student loan offerings to pursue your education in the UK through GoStudy!

Are you looking for the best education loan for the UK without collateral security? GoStudy’s unparalleled education loan offerings, representing all the major banking providers & NBFCs in the country, ensures that you get the most competitive deals in the market. Our teams in Chennai, Bangalore, Coimbatore, Mumbai, Hyderabad, Pune, Delhi, Cochin & Trivandrum offer you everything you are looking for!


9

Factors That Get A You UK Education Loan Without Collateral

1

Excellent Academic Profile

If you have a very good academic track record with a lesser number of backlogs, it is easy for you to get an unsecured education loan for the UK!

2

Choice of University

University choice is the key and at GoStudy, we have negotiated and included most of the universities for an education loan in the UK without collateral!

3

Future Focused Programmes

The future prospect of the course is a defining parameter and we at GoStudy cover more than 90% of the categories of courses that are available just for you!.

4

Extensive Opportunities in UK

Countless employability opportunities upon completion of the course programme in the UK!

5

No Income Proof Required!

With GoStudy, you can get a Non Collateral Education Loan for the UK simply on the basis of your KYC.

6

Easy Sanction & Disbursement

Avoid the legalities of collateral evaluation & get an unsecured loan based on your profile.

7

Unique Education Loan Product

We at GoStudy offer you education loans based on your future prospects and not just on your financial profile.

8

Priority Education Loan Processing

Since we process 1000s of education loans, we have faster processing time including dedicated credit managers visiting our offices!

9

Lowest Interest Rates In The Market

With GoStudy, you get access to the lowest interest rates, which is usually 0.5% - 1% lower than the market rates!


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Education Loan for the UK Without Collateral Through GoStudy

With the growing number of students opting to pursue specialization courses in different parts of the world, education loans have become extremely common among aspirants. This is one of the wisest financial decisions one can make, making sure that we have access to funds which are solely to support the cause. The UK has grown to be one of the most favored countries for pursuing higher education.

Now, when it comes to acquiring an education loan, one of the worries that strike you is pledging your properties or any immovable asset of personal value. To your delight, there are several banks & NBFCs that offer unsecured education loans for the UK through GoStudy. The expenses that are covered are diverse - right from your Tuition Fee, Accommodation Costs, Travel, Food, Shopping etc where you are in the UK. You can opt for an Education Loan for the UK Without Collateral through GoStudy to fulfill all of your needs.

Expenses are also not just limited to the ones that are discussed above. You may receive an education loan for the UK without collateral through GoStudy which can even cover your expenses of purchasing the necessary electronic gadgets, books before you travel & your travel expenses to make it to the UK.

Education Loan for UK Without Collateral
Education Loan for UK Without Collateral

Interest Rate For Education Loan To Study in the UK Without Collateral through GoStudy

Every financial institution that lends you a loan comes with interest rates for repayment. Interest Rates are charged by the financial institution in return for their financial disbursement of an Education Loan for the UK without Collateral through GoStudy that was made to tend to your educational requirements. Based on the overall credit scores of the applicant, co-applicant, their incomes & the student’s profile, one is judged for an education loan. The interest rate for Unsecured education loan for the UK is comparatively a little higher than an secured loan. However, with GoStudy, you will be able to get the most competitive rates that are available in the market to ensure that your dream of studying abroad comes true. Our team of experts ensure that you get all of your queries cleared regarding Education Loan for the UK Without Security through GoStudy.

The Interest Rate For Non Collateral Education Loan for the UK through GoStudy is quite flexible & periodically changes based on your overall credit and course profiling. They use a simple interest rate with monthly rest to calculate the interest rate for education loans

Below is the interest rates the are offered for education loan for the UK without Collateral 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% 9.5%
Unsecured Education Loan (Others) 11.75% 11.50%

Furthermore, the following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan for the UK without Collateral through GoStudy:

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 the UK through GoStudy?

An Unsecured Education Loan for the UK through GoStudy comprehensively covers all the expenses that you shall be incurring towards your education in the UK. The expenses include your tuition fee, accommodation, food, travel & other expenses. The financial institutions ensure they take care of you in every aspect of your financial needs. Below is the list of 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

Generally, a student can get an Education Loan Without Collateral for the UK through GoStudy of upto 50 Lakhs for almost all top universities. It depends on the university of choice, the course & the employability post education. The parameters of Non Collateral Education Loan for the UK through GoStudy vary from profile to profile. Nevertheless, it is fully transparent & hassle-free with their representatives available to make sure every need is taken care of. The below is a list of the financial institutions that provide and education loan in the UK without collateral through GoStudy:

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

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 Travel Expenses
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Education Loan for the UK Without Collateral Through GoStudy

GoStudy loan scheme is ideal for fetching loans of more than 20 lacs and abroad studies. However, that is a form of secured loan, and you need to pledge collateral. Unsecured education loans through GoStudy come under the student loan scheme and are ideal for students wanting to study in India. There are four different institution lists falling under the education loan scheme, which are AA, A, B, and C lists for technical and non-technical courses. AA list represents the top tier universities in India, like IIM, where you can get loans up to 40 lacs, and the C list comprises 92 universities for which you can get funding from 7.5 lacs up to 30 lacs. Up to 4 lacs, you need not pay any loan margin, but there is a 5% loan margin on the amount from 4.5 lakhs to 7.5 lacs. There are no processing fees on the loan amount, however, which is a bright side to be considered.

GoStudy is known to offer secured education loans mainly; however, their new offering of unsecured education loan for the UK through GoStudy is pretty unique to meet your educational expenses. GoStudy’s unsecured loans are offered without any form of collateral and are ideal for students who want to enroll in some of the best universities. Owing to the nature of unsecured loans, you may need to spend a bit more on interest rates compared to secured education loans, but the holistic structure, moratorium period, and easy repayment options make it a good choice. You can also opt for loans of higher amounts than 7.5 lacs, but a tangible form of collateral security will be needed in that case. An education loan for the UK without collateral through GoStudy will require a co-borrower to complete the application process, and several factors are taken into consideration. The co-borrowers income and the borrower’s projected income will be checked before sanctioning the loan. At the same time, the creditworthiness of both the borrower and co-borrower will be checked for deciding the loan approval

Collateral For Education Loan In UK through GoStudy

Why do you need to go through any hassles for a collateral loan when you can secure a non collateral education loan for the UK through GoStudy? Nevertheless, given below is a detailed account of collateral for education loans in the UK. Have a look!

Any form of asset that the lender accepts, which is then taken as the security for the loan to be sanctioned or disbursed is a collateral. The asset can be of various types. It is also referred to as a secured loan. This is needed in case the financial profile of the student is not eligible for an Education Loan for the UK without Collateral through GoStudy. In this case, wherein he/she does not qualify for an unsecured education loan for the UK, you can look into the following documents that are accepted as a collateral:

  • 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 manager of the institution assigning it in favor of an education loan in the UK without collateral through GoStudy.
  • Surrender Value Certifications of Life Insurance that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

In cases where you have a very good financial profile & an admit from a top university in the UK, you have a great chance of acquiring an Unsecured Education Loan for the UK through GoStudy. The other parameters that determine an education loan for the UK without collateral through GoStudy are the course the student is going to take up & the employability of the student upon completion of the programme. Unsecured Education Loan for the UK through GoStudy is granted to a maximum of 50 Lakhs, which can even vary based on the specific requirements of the candidates. The creditworthiness of the candidates for a Non Collateral Education Loan for the UK through GoStudy determines the quantum of sanction & disbursement. In this case, the higher the credit scores, the more the chances of getting an Education Loan Without Collateral for the UK through GoStudy.

Below is the list of documents that are required to process a Non Collateral Education Loan for the UK through GoStudy:

  • 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

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

Several banks & financial institutions in India provide you with unsecured education loans for the UK through GoStudy. The UK is home to nearly 30% of the top universities across the world to pursue postgraduate studies & therefore all the top educational loan providers will be keen to provide you the loan that you desire. With nearly 85,000+ students opting to study in the UK alone, there is no dearth for providers offering Education Loan To Study in the UK Without Collateral through GoStudy. Below is the list of universities that have been pre-approved by the banks for an unsecured education loan to study in the UK through GoStudy.

List of Universities accepted by Education Loan through GoStudy

GoStudy’s 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 UK Education Loan Without Collateral through GoStudy

For an unsecured education loan for the UK through GoStudy, it is important that you have a co-applicant. Even if you are financially well versed, with access to assets & surplus wealth amounting to significant numbers, the financial institutions ask for a co-applicant. This is because once the primary applicant, that is, the student goes to pursue the education, their income will cease to exist and therefore the co-applicant is very important. The net worth, income, age & relationship of the co-applicant are the main factors that decide the creditworthiness of the co-applicant.

To simply put, the co-applicant acts as an additional security for the lending financial institution where in case there is an inability to repay the loan from the end of the applicant under unforeseen circumstances.

Below is the list of co-applicants for Non Collateral Education Loan for the UK through GoStudy that are accepted:

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

Eligibility Criteria For Education Loan for the UK Without Security through GoStudy

Non Collateral Education Loan for the UK through GoStudy requirements are easy to understand. To fulfill the eligibility criteria for an unsecured education loan for the UK through GoStudy, you must have a firm/unconditional/confirmed offer letter from your university in the UK. The student has therefore satisfied all the requirements towards his/her admission to the university of choice. The offer implies that it cannot be revoked at any point of time. Apart from that, there are a few other requirements for education loan without collateral for the UK through GoStudy which 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.
  • Minimum CIBIL score for an education loan without collateral for the UK through GoStudy must be met

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Documents required for Education Loan for the UK Without Collateral through GoStudy

The documentation required to process a UK Education Loan Without Collateral through GoStudy varies case to case, but in the end, the basic checklist almost remains similar. At GoStudy, our experts make sure it is a cakewalk where we help you understand what is needed. The list of documents that are required for an Education Loan Without Collateral for 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

Apart from the ones listed above, there might be additional documents that might be required which are purely based on the discretion of the provider for Non Collateral Education Loan for the UK through GoStudy.

Process & Procedures For Unsecured Education Loan for the UK through GoStudy

Every year, thousands of students apply for an Education Loan To Study in the UK without collateral through GoStudy. This huge demand also opens avenues to various providers that offer Education Loan for the UK Without Collateral. The application process for Unsecured Education Loan for the UK through GoStudy starts with the student approaching the financial partners who need to be specifically told about the quantum of financial assistance that is required for the education, the details & the course of the institution of choice. You must also provide the complete identity of the co-applicant.

Once the first rounds of quality & financial checks are done, you shall receive an elaborate list of documents that are required to be submitted to process the education loan in a formal loan letter. The processing time is usually 5-7 days for an Education Loan To Study in the UK Without Collateral through GoStudy. Upon detailed reviewing and signing of the education loan agreement, the loan amount will be disbursed at the earliest through a DD, Cheque or an Electronic Transfer.

Sanction & Disbursement of Education Loan Without Collateral for the UK through GoStudy

Upon a firm approval of the education loan, a sanction letter is released affirming the same with elaborate details such as the course name, name of the university, the quantum of education loan that is sanctioned, applicant’s name, co-applicant’s name, guarantor’s name (if applicable), rate of interest, tenure of repayment, moratorium period/holiday period and others to name a few. It will also constitute all the terms and conditions pertaining to it. The sanction letter that is accepted is a full sanction letter and not an in-principle sanction letter or an approval in-principle sanction letter. The latter attunes that there are pending conditions on the approval of the loan and therefore not accepted.

Upon successful sanction of Education Loan for the UK Without Collateral through GoStudy, the funds will be ready to be disbursed either towards the university for the payment of the tuition fee or the concerned bank account of the recipient who can either be the applicant or the co-applicant, purely based on what was mutually agreed upon by both the parties. 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 Without Collateral for the UK through GoStudy

Moratorium period or a holiday period refers to the tenure upon disbursement of an education loan where the applicant is not required to start paying the EMI immediately. Many banks & NBFCs provide you with a moratorium period for an unsecured education loan for the UK through GoStudy. Otherwise, a trend that is generally followed is a partial simple interest, which may be as low as just 2,000 INR, which must be paid till the time of completion of studies & securing an employment within a set period of time. Thereby, specifically enquire about the moratorium period clearly and understand the necessities before proceeding.

Repayment for Education loan for the UK Without Collateral Through GoStudy

When it comes to the repayment options for an education loan for the UK without collateral through GoStudy, you have the option to choose a suitable tenure that ranges from 12 months to 180 months on an average. Here, there are several repayment options that can be chosen, which in many cases can be chosen by you depending on your feasibility. In dire cases where the financial profile is weak, the options will be chosen for you by your provider.

The different types of repayment options for Non Collateral Education Loan for the UK through GoStudy:

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

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

According to Section 80E of the IT Act, you can claim a deduction on the overall EMI to be paid on Education Loan for the UK Without Security through GoStudy for the financial year. You, your spouse, your children or your legal guardian who has partaken responsibility in your UK Education Loan Without Collateral through GoStudy 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 as to how much of tax benefit can be claimed but it is advised to ensure the loan repayment is done within 8 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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