Financial aid is an important factor to consider for students applying abroad. Students are required to show proof of sufficient funds to cover at least the first year of their college education to apply for a student visa.

Bank Loans are widely used by students to fund their overseas education.

At CampusUK we help, guide and assist students in getting Bank Loans, which can be paid after few years while the student would be employed.

We have special arrangements with State Bank of India Chennai Branch to help students get loans quickly and easily.

Some information and useful tips about Loans

Interest rates on Loans are as per the RBI guidelines changes from time to time. No service charges are usually charged on educational loans. Students are advised to please confirm the interest rate with bank at the time of applying.

The interest rate is equal to Medium Term Lending Rate (MLTR) for loan up to Rupees 4 Lakh, and MTLR plus 1 per cent for loans above Rupees 4 Lakhs.

Students are allowed a repayment holiday during the course period plus, one year or six months after getting a job whichever is earlier. The loan has to be repaid in 5 to 7 years after commencement of repayment. Interest will be calculated at simple (not compound).

Generally no security is asked for a loan up to Rupees 4 Lakhs. Above Rupees 4 Lakh the borrower has to offer collateral equal to 100 per cent of loan amount, or guarantee from a third person known to bank.

Claim Tax Deduction on Education Loans, Under the Income Tax Act, 1961, Section 80 E tax deduction can be availed from total income on educational loans.