How to get educational loan for studying in uk without any collerateral. We didn't have money to pay university fee that's why we are ready to take loan but they need collateral for security?

Asked by Jumana Abida lmam over 1 year ago

Answers 1
Shruti g

Shruti g

Investment Professional at TPG Capital; Co-Founder & Co-President at Headway Circuit

The Universities in the UK are known for having some of the most expensive programs of study. The cost of studying in the UK is quite steep, and students and parents must invest their savings to fund it. At such a stage, taking an education loan will help reduce the financial burden on and let you chase your dream of studying in the UK.

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

Things that you should keep in mind while applying for loan without collateral:
Repayment Period: Private banks have a repayment period of up to 20 years
while public banks give ten to fifteen years to repay the loan
Processing Time: The processing time of NBFCs is the shortest. They take 4-5
days for processing an unsecured loan up to INR 25L and 9-10 days to process a
secured loan up to INR 50L.
Expenses Covered: NBFCs cover 100% of the study expenses, while PSBs
cover 90% and private banks cover 85% of the study-related expenses. 
Co-applicant’s Income Required: For loan without collateral, NBFCs consider
the co-applicant’s income even if it is less than 20K for loans without collateral.

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%.


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