Can you explain how education loans work for studying in the UK and what are the eligibility criteria?

Yes, Indian students commonly use education loans to fund studies in the UK. Here’s how they typically work and the main eligibility criteria:

- Loan coverage: Usually includes tuition, living expenses, travel, and other academic costs. Coverage and maximum amounts vary by lender.
- Repayment: Repayment usually starts after your course ends, with a moratorium (grace) period covering the study duration plus about 1 year. Repayment tenures can go up to 15 years. Interest rates are typically 10 - 14%/year (subject to change).
- Eligibility: You must be an Indian citizen, usually aged 18 - 35, with a confirmed offer from a recognized UK university. A co-applicant (parent/guardian) with stable income is typically required. Loans above a certain amount (often ₹ 7.5 lakh) may need collateral. Lenders often require a good credit score for the co-applicant.

For detailed steps or to compare loan options, connect with your LeapScholar counsellor.