Avail Unsecured Loan to Study 1-Year Master’s Degree in UK

Pursuing higher education in the UK has been a top choice among Indian students. Interestingly, in the year 2023, most of the UK study visas were granted to Indians. The UK’s top-tier universities and the 2-year Graduate Route Visa significantly contributed to this surge. When it comes to studying master's degree, the UK is globally renowned for its 1-year masters courses with industry-relevant curriculum.

As it is widely said, “Every dream has a price tag attached”, it is important to understand the cost of studying for a 1-Year Master’s Degree in the UK. Finances play a major role in higher studies abroad and the same is true for students heading to the UK.

If you are planning to study in the UK for the upcoming academic year, then shred down all your financial worries. Many banks and financial institutions in India offer overseas education loans at competitive interest rates and help students fulfil their study abroad dreams. While there are umpteen options available for secured loans, students who don’t have any security to pledge also have great options for Unsecured Loans for Master’s Degrees in the UK. Stay with us till the end of this article as we are going to throw light upon the aspect of unsecured study loans for the UK.

To have a better understanding let’s first have a look at the cost of education for 1-year masters in the UK.

Cost of Education in the UK for a Master’s Degree

While most of the universities globally offer 2 years of master’s degree courses, the in UK you have the possibility of a 1-year master’s degree. It not only reduces your time of study but also significantly drops the expenses incurred.

The total expenditure of studying 1-year master’s in the UK ranges from 22,000 GBP to 35,000 GBP which comes up to INR 23 lakhs to INR 36 lakhs approximately based on the university and the study location. The total cost of education for specialised courses can go up to GBP 50,000 (approximately INR 53 lakhs).

Additionally, 2-year master’s degrees are also available in the form of 1+1 wherein students will be studying one-year ‘Taught Masters Programme’ and the next year will be the ‘Placement Year.’ In this, the tuition fees are mostly charged only for 1 year. However, few universities might charge a nominal fee for the 2nd year of study which is entirely dependent on the university and the subject specialization. You can further look for affordable universities in the UK to reduce your overall cost of study.

Now as the cost of education is clear let us understand the basics about availing an unsecured loan for pursuing a master’s course in the UK.

Education Loan without Collateral to Study in the UK

To avail of an education loan without collateral for a UK Master’s Degree, several factors play an important role during the loan sanction process. They include the University ranking, course choice, and previous academic profile of the applicant. A lot of times, co-applicants' financial history is also considered.

If you are wondering about the education loan without collateral amount offered for the UK, then you’ll get your answers by reading ahead.

Now that you have an idea about the maximum loan amount that you can get, going further, let’s have a glance at the common eligibility requirements.

Eligibility Criteria for UK’s Education Loan without Collateral

Most of the financial institutions are quite lenient with their eligibility requirements for study loans for the UK. They generally include:

• Admission to a Reputed & Recognised UK University

• Good Academic Profile with Fewer Backlogs

• No Academic Gap

• CIBIL Score above 700

• Parent's Annual Income must be more than INR 5 Lakhs

Once you have all these requirements in check, you will have to sort out some important documents to avail education loan without collateral for your UK masters.

Documents Required for UK’s Education Loan without Collateral

The general documents required for student loans for studying abroad in the UK include the following:

• Offer Letter stating Tuition Fees

• Applicant’s Academic Documents

• Applicant and Co-Applicant’s KYC Documents

• Document proving Place of Residence

• Proof of Income Documents (Based on Salary/Business)

• Applicant and Co-Applicant’s Saving Account Details

If you have all these specified documents and if you fit into the eligibility criteria, then you can easily apply for and get the unsecured loan. All you need do is find the right kind of financial institution according to the amount required for your 1-year masters in the UK and commence the application process.

The process isn’t as simple as it appears to be, and many nuances need to be kept in mind, so we recommend you to connect with our Experts at Élan Overseas Education Loans. By going through Élan, the chances of disapproval of an education loan without collateral become very meagre as complete profile evaluation, financial assessment, and the right guidance to select the financial institution are already taken care of.

Contact our Overseas Education Loan Advisors today for further details. You can connect to them in person or virtually. With PAN India loan disbursals, we will be happy to assist you in fulfilling your dream of pursuing a Master’s Degree in the UK.