Student Loan for UK: Costs, Funding, Lenders Interest Rates
Working part-time in the UK helps students make a living during their course.
After the completion of your course, the UK government allows you to work for 2 years with a post-study work visa.
The average annual salary of a UK working professional ranges from 8 lakhs to 50 lakhs. Thus, offering an attractive career to anyone aspiring to move to the UK.
Considering the advantages and number of international students in the UK, it is safe to say that UK is one of the easiest, safest and most accessible places to study.
In this blog, let’s give you an overview of the cost of studying in the UK along with the top education loan lenders in India.
Cost of Studying in the UK: How Much Will You Spend in the UK?
Despite the affordability, the unmatched global exposure, living and cultural experiences cost you a hefty Indian rupee in the UK.
To give you an overview, begin with the university fees of the top UK universities.
1. UK University Fees: Study Cost of UK
Tuition fees for various UK undergraduate and postgraduate courses range from £8000 to £65,000.
Some of the top UK universities and their fees are:
Fees in INR
University of Oxford
£22,930 – £65,520/year
Rs 21,99,198 – Rs 62,83,967 lakhs
University of Cambridge
£23,340 – £60,942/year
Rs 22,38,519 – Rs 58,45,152 lakhs
Imperial College London.
£31,750 – £57,200/year
Rs 30,45,851 – Rs 54,87,328 lakhs
The University of Edinburgh
£23,200 – above/year
Rs 22,25,426 lakhs
The University of Manchester
£21,000 – £32,000/year
20,14,730- 30,70, 065 lakhs
The University of Nottingham
£15,600 – £16, 200/year
Rs 14,96,999 – Rs 15,54576 lakhs
The University of Southampton
£19,300 – £23,720/year
Rs 18,51,298 – Rs 22,7,274 lakhs
King’s College London
£21,870 – £42,840/year
Rs 20,97,829 – Rs 41,09,273 lakhs
University Of Bristol
£21,100 – £25,900/year
Rs 20,14,730 – Rs 24,84,364 lakhs
University of Glasgow
£9,175 – £52,000/year
Rs 8,80,079 – Rs 49,88,028 lakhs
University College London
£31,200 – above per year
Rs 29,93,170 lakhs
London School of Economics and Political Sciences
£23,330 – above per year
Rs 22,37,541 & above
Suggested Read: How To Choose Among Top UK Universities To Study Abroad?
Fun Facts About Studying in the UK
● Durham University, UK offers an entire course module on Harry Potter. However, there are no flying lessons involved (pun intended).
● Other unique courses offered in the UK include Parapsychology (for paranormal activities), Equestrian Psychology, Sports Science and more.
Check out help guides to apply to UK universities abroad.
2. Visa and Travel Expenses
To study in the UK, you will have to take a student visa depending on the type and duration of your course.
Also, acquiring a tier 4 visa requires you to show £1015/month (₹90,000) as proof of sufficient funds to study in the UK.
Type of Visa
Short-term student visa (6 – 11 months)
Tier 4 student visa
Flight fares vary depending on seasonality. However, you will have to pay about Rs 50,000 – Rs 90,000.
3. Accommodation Costs
Students looking to rent private rooms or one-bedroom apartments would have to spend around £400 – £600/month.
Cheaper options such as residence halls costing around £300 – £500/month are provided by the universities too.
4. Commute Costs
Public transport system in the UK is easily accessible and well connected.
For the benefit of students, the UK offers student passes that can be obtained at just £32/month.
So, the estimated cost of commuting within the UK will cost you about Rs 3,021.
5. Food Costs
Estimated monthly spend on food in the UK is about £160 – £200 (approximately INR 15,000 – 20,000).
Cooking on your own would reduce the cost by half to approximately INR 7000 – INR 9000.
6. Health Insurance and Other Costs
Essential services like electricity, water, gas, stationery, household goods, etc too are important expenses to keep in mind while studying in UK.
The over costs you will incur for other essentials will be around £50 – £120/month (INR 4,500 – INR 11,000).
7. Health Insurance
International students pay £470/per year for health insurance to study in the UK.
Round Off: A Wrap Up Cost Of Studying in the UK
7,10,000 – 62,83, 900 lakhs
Visa (TIER 4)
30,000 – 50,000 INR per month
3000 – 5000 INR per month
7000 – 20,500 INR per month
4,500 – 11,000 INR per month
Health Insurance (health surcharge)
40,000+ INR per year
Disclaimer: Currency and expenses vary according to timeliness, city, university, personal choice of expenditure, etc.
As a student, these costs might seem overwhelming. However, studying in UK is worth it.
After all, London has bagged the world’s best student city award by QS top university ranking.
Before opting for an education loan for UK in India, you need to be eligible to take a study loan.
To secure a student loan for UK, you should:● Be a resident of India
● Should be between 18 to 35 years at the time of loan application
● Have confirmed admission to a recognized institution in UK
● A co-applicant who can either be a parent or spouse is required
● Co-applicants should have a stable income source
Types of Education Loan You Can Take to Study in the UK:
You can take up two types of loans to study in the UK, that are loans with collateral and non-collateral education loan.
A secured education loan for study abroad is when you will have to provide a security or collateral to avail a loan.
The pay-back interest amount on secured loans is comparatively lower than non-collateral loans.
The security can be tangible or intangible such as FDs or fixed assets such as property.
If a financial constraint worries you, banks provide student loans without collateral too as a solution.
|Bank Name||Maximum Loan Amount||Interest Rate||Period of Loan||Loan Eligibility|
|Bank Of Baroda||Rs. 60.00 lakhs||9.70 – 11.20%||Course period + 1 year or 6 months after getting a job, whichever is earlier. Repayable in 180 maximum installments for loan amount above Rs 7.50 lakhs||
1. Should be an Indian National
2. Secured admission to foreign Universities/Institutions.
|PUNJAB NATIONAL BANK||Need-based finance subject to repaying capacity of the parents/students with margin||9.45 – 11%||Maximum up to 15 years||
1. Should be an Indian resident
2. should have secured admission in university abroad through entrance test, after completion of HSC or +2 equivalent exam
|Central Bank of India||Rs 10 lakhs – 20.00 lakhs||
9% for male students
8.50% for female students
|Repayment to commence 12 months after completion of studies or 6 months after securing a job whichever is earlier.||
1. Indian national
2. Secured admission in foreign university
|Canara Bank||Need based finance||One-year MCLR + 2.00% interest||Repayment up to 15 years after the completion of the course||Indian resident|
|State Bank of India||Rs.20 lakh under SBI Student Loan Scheme and Rs.1.5 crore under SBI global Ed Vantage||8.65% (0.50% less for girls)||Repayment of the loan will commence one year after completion of the course or 6 months after securing a job. The maximum repayment period is 15 years||All courses having employment prospects are eligible.|
|Bank of India||Rs. 20 lakhs||One-year MCLR+ b 1.70%||15 years repayment period after course completion||Should be an Indian National and secured admission in a foreign university|
|HDFC BANK||RS. 45 lakhs||Preferential interests rate provided if secured admission||Repayment up to 14 years||Indian resident between 16-35 years of age.|
By taking any of the listed loans with the help of FundRight, you get the best student deal possible to study in the UK.
The UK remains a favorite destination for its hassle-free application process.
While the universities provide hands-on learning approaches, it is also a great chance for students to experience the various cultures and explore the English heritage.