A glance at the eligibility criteria to get an education loan to study in the UK

 

The United Kingdom or the UK is known for being the cradle of the industrial revolution. It is the birthplace of the first textile machines and factories. The UK is known for its advances in the mechanical engineering field. It is also known for its Arts and humanities talent. It is known for Oxford and its younger peer Cambridge. But studying in the UK is an expensive affair. Students need to take education loans to study in the UK. In this article, we will tell you the eligibility criteria to get an education loan to study in UK.

To get an education loan, you and your co-borrower would have to fulfil the following eligibility criteria:

 

 

Student eligibility criteria

The student must be an Indian citizen. He or she should be above 18 years of age. If the student is not above 18 years of age, then the parents of the student would have to apply for an education loan on behalf of the student.

 

The student should display good academic performance and should have admission proof into a college approved by the lender. Also, he or she should have applied for a course that is widely acclaimed, and job-oriented.

 

Co-borrower eligibility criteria

If a student has applied for a full-time course, then he or she needs a co-borrower to get an education loan to study in the UK. A co-borrower in most cases is either of the student’s parents or a guardian. A spouse can be a co-borrower as well.

 

The repayment of the study loan lies on the co-borrower’s shoulder if the student is unable to pay back the loan after completing their higher education. The co-borrower must be an Indian citizen and have a reliable source of income. He or she should have a good credit score and a good credit history. Once you fulfil the eligibility criteria, you have to submit your and your co-borrower’s documents to get an education loan to study in the UK.

 

Student documents required

The student documents usually required to get a loan are a filled student loan application form, a couple of passport-sized photographs, identity proof (AADHAR card/ PAN card/ Passport), residential proof (Electricity bill/ Gas bill/ Water supply bill), academic mark-sheets and certificates, competitive exam mark-sheets (GRE /TOEFL / GMAT), admission proof into the university approved by the lender, and a log of potential expenses that the student will incur while studying the course.

 

Co-borrower documents required

The co-borrower’s documents generally required are a couple of passport-sized photographs, identity proof (AADHAR card/ PAN card/ Passport), residential proof (Electricity bill/ Gas bill/ Water supply bill), and the details of the loans held presently by the co-borrower.

 

If the co-borrower is a salaried employee, then they need to submit the documents like their salary slip of last 3 months, their income tax returns, and their salary account statements of the last 6 months. If the co-borrower is self-employed then they need to submit the documents like their qualification certificate (B.A certificate if the co-borrower is an Arts graduate), the address proof of their business office, their income tax returns, and their bank account statement of the last 6 months.

 

 

So, this was the eligibility criteria and the documents required to apply for an education loan to study in the UK. We hope that after reading this article, you have a better understanding about the eligibility conditions to get an education loan to finance your higher studies. All the best!