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Home arrow STUDY IN THE UK arrow Scholarships arrow Bank Loans
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Bank Loans

Most public sector banks and private banks provide education loans to students for pursuing higher professional or technical programmes abroad. The sanctioned loan covers university fees, purchase of books, equipment, travel expenses and purchase of computers. Other essentials like study tours, project work and thesis are also often covered by the loan amount.

Obtaining a Bank Loan
Different Banks have different schemes under which they define the amount of the loan they can sanction, the rate of Interest, the time and mode or repayment and all. We must strongly advise you to consult different local banks in your home town for education loans and choose the best option available.
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Documents Needed
Listed below is a guide to some of the documents that you would need to provide the bank before you can avail of the study loan:
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Unconditional offer from the university as proof of admission to the course
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Bank statements for the last six months, IT returns not more than two years old and a brief statement of assets and liabilities of the borrower
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Schedule of expenses for the course including accommodation costs, travel costs, food etc
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Mark sheets of school exams and graduate studies that you have completed so far. For a more comprehensive list visit a bank near your area and check with them.
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Note that official study loans are accepted by the British High Commission or the British Embassy as proof of funding to cover your tuition fees and living costs. However you may still be required to provide evidence of the security you have provided for this study loan.
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Repaying the Loan
Students are given a repayment holiday or moratorium during the study period plus one year, or six months after getting a job, whichever is earlier. The loan has to be repaid in five to seven years after the commencement of repayment, this again varies from Bank to Bank so please check with your banks while procuring the Bank loan. Whilst you are studying your family will usually be required to pay the interest only on the loan.
 

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