What student loan options are available for a Master's in the UK?
More expert answers
Yes, as an Indian student planning a master's in the UK, you have several education loan options:
- Unsecured loans up to ₹7.5 lakh: No collateral needed.
- Loans above ₹7.5 lakh: Usually require collateral like property or fixed deposits.
- Interest rates: Public banks typically offer 8.5%-9.5% p.a.; private banks and NBFCs range from 9.75%-12.5% p.a.
- Repayment: Moratorium covers the course plus 6-12 months; repayment can extend up to 15 years.
- Tax benefit: Interest paid is eligible for deduction under Section 80E for up to 8 years.
- International lenders: Some (like Prodigy Finance) offer no-cosigner, no-collateral loans, usually at higher rates.
A confirmed UK university offer is required for most loans. A loan sanction letter can also be used to meet UK visa financial proof requirements.
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