The 21st episode of Loanflix discussed the entire abroad education loan process for students who wish to study in the UK. A lot of our viewers had replied asking about whether NBFCs and private banks provide higher amounts as an education loan without collateral for UK. Well, here is a piece of good news for those of you who are still wondering about an education loans without collateral for UK. NBFCs are now approving close to INR 40 Lakhs as an abroad education loan without collateral for UK. The below InShorts video will give you a better insight into this subject.

Approved List of Universities for Education Loan Without Collateral For UK

All private banks and NBFCs have a list of approved foreign universities for education loan. Although the process of getting an education loan for abroad studies without security in India is similar, the loan amount provided by different lenders differs depending on the country in which students wish to study. The following is a list of approved foreign universities for education loan without collateral for the UK.

1. The University of Cambridge
2. The University of Oxford
3. UCL (University College London)
4. Imperial College London
5. The University of Edinburgh
6. The University of Warwick
7. London Business School
8. London School of Economics and Political Science

Apart from the fact that the final amount of education loan without collateral for UK has been raised to INR 40 Lakhs, now the interest rates for the same begin at 10.99%.

The above list of approved foreign universities for education loan consists of some of the top universities in the UK and only students who have received an admit into any one of them can avail a maximum of INR 40 Lakhs as an education loan without a mortgage. So does this mean that there is no hope for students who haven’t secured admission into any of the above universities?

Who Can Get A UK Education Loan Without Collateral In India?

Getting an education loan without collateral for UK is not solely dependent on the rank of the university into which candidates have been accepted. There are a number of factors which play an important role in the unsecured education loan process. The financial team of WeMakeScholars explains each of these factors in vivid detail to all students who approach them for assistance in their unsecured education loan process. If you haven’t been accepted into any of the universities mentioned above, do get in touch with the WeMakeScholars team today to make your dreams of studying in the UK come true.

Apart from NBFCs, government banks in India also provide education loan for UK on the basis of collateral security. The benefits offered by government banks for secured education loans include lower interest rates (8.85% to 9.35%), a payment-free moratorium period, and easy repayment policies. This is why most students prefer to borrow the same for their education in the UK. However, all this is possible only if candidates possess collateral whose value is equal to or greater than the required education loan amount. It is better to explore the option of borrowing an education loan without collateral in India only if you are someone who can, in no way, arrange for suitable collateral to borrow from government banks. NBFCs and private banks have a different set of rules for education loan without collateral in India.

One of the perks of an education loan without collateral for UK is the absence of collateral security. For students who have been accepted into any of the top 100 universities, private banks and NBFCs are offering close to INR 20-25 Lakhs as education loans without collateral for UK. The interest rates, however, begin from 10.99% to 13%. The interest rate of a typical education loan without collateral for UK is never fixed. NBFCs consider the financial records of co-applicants before approving any education loan without collateral for UK. Due to the absence of collateral, NBFCs grant education loans without collateral for UK solely on the promise of the financial stability of a co-applicant. Hence this aspect is taken seriously into consideration in the process of getting an education loan for abroad studies without security in India.

Whom To Approach For An Abroad Education Loan Without Collateral For UK

Although the process to get an education loan without collateral for UK may seem to be complicated, seeking assistance from the right resource can make it easy for a lot of students who wish to study in UK with the help of education loans.

WeMakeScholars is an organization which was founded under the Digital India Campaign initiative of the government of India. It mainly helps students with their abroad education loan process. Since it is funded by the Ministry of I.T, the services provided are absolutely free of cost. So do get in touch with their team today to avail any assistance in your abroad education loan process.

At WeMakeScholars, the financial team has a good grasp on the education loan schemes introduced by all types of lenders and have been able to help candidates get their study loan for abroad for executive courses even in the most difficult situations. Hence, if you are looking to fund your executive course abroad with the help of an education loan, do get in touch with our team today.

Borrowing an education loan to fund studies abroad, despite the nature of the said course, is a major financial decision. Hence, it is very important to choose the lender after having conducted a thorough analysis of their lending policies and terms and conditions. The next article in this series will help you understand whether it is possible to borrow an education loan by pledging a property which is already mortgaged, as collateral security.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it is free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others