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Application conditions for study abroad loans in the UK

1. Application conditions for study abroad loans in the UK

To apply for a UK study loan, you need to meet the following requirements:

1. The applicant must be between 18 and 55 years old and have full civil capacity;

2. Provide valid personal identification document and household registration certificate;

3. Have certain repayment ability and good repayment willingness;

4. Provide additional financial proof or provide a guarantee;

5. Provide relevant certification documents for studying in the UK, such as a UK school admission letter or other documents issued by the school;

6. Good personal credit and no record of illegal or disorderly behavior.

2. UK study loan process guide

1. Loan Target

Applicants for study abroad loans are those who intend to study abroad, their immediate family members or their spouses.

II. Loan Conditions

To apply for a study abroad loan, the borrower must have full civil capacity and must not be over 55 years old on the loan maturity date. The applicant must also hold an admission notice or other valid admission certificate from the school where the student is going to study abroad and a passport with an entry visa for the country where the student is going to study abroad. The applicant must have a permanent residence or other valid residence status in a controllable area, a fixed residence, a stable job and a source of income.

Applicants can choose the student himself as the borrower according to their own needs, or they can choose their parents or legal guardians as the borrowers. If the actual borrower is under the age of 18, his legal guardian should be the borrower. The borrower needs to have good credit.

Of course, the borrower must also provide property mortgage, pledge or third-party guarantee approved by the lender. The mortgaged property is limited to real estate that can be mortgaged; the pledged property is limited to government bonds, bank deposit certificates, corporate bonds and other securities; the guarantor should be a legal person or natural person with compensation ability and willing to bear joint and several repayment responsibilities.

III. Regulations on the amount and duration of UK study abroad loans

The amount of the loan for studying in the UK shall not exceed the application fee stated in the UK school's admission letter or other valid admission certificate, the total amount of RMB equivalent of tuition, living expenses and other necessary expenses within one year, not exceeding RMB 500,000, and the maximum term shall not exceed 6 years (including 6 years).

IV. Application Materials for Study Abroad Loans

1. Your valid identity proof, present your original passport and provide a copy for record.

2. The "Admission Notice" of the school you are attending, and the certification of the total amount of tuition and miscellaneous fees required for the student's study period issued by the school; if the loan is issued on a school year basis, you should produce the tuition and miscellaneous fee certification for the next year before the end of each school year.

3. If property is used as collateral or pledge, a list of collateral and pledge and a written consent or statement signed by the person with the right to dispose of the property (including the property co-owner) shall be provided. For collateral, a value assessment report issued by the relevant department and insurance documents issued by the insurance department shall be submitted, and for pledge, a document proving the rights shall be provided.

3. Things to note about UK study abroad loans

I. Diversified financial services promote loan services

At present, the overseas financial services provided by various banks have long gone beyond simple foreign exchange purchase and overseas remittance business, and various "one-stop" and "package" services have become the mainstream service models in the current market.

It is worth noting that the special services launched by different banks are very eye-catching. For example, ICBC's global quick remittance business; Bank of China, CITIC Bank and other banks provide overseas loan business; China Everbright Bank, China Merchants Bank and other banks provide overseas account pre-opening business; Bank of China's overseas account opening and foreign exchange overseas loan business; CITIC Bank's embassy visa agency business and agency sales of US visa appointment phone password cards, etc. The advantages of inter-bank special financial services are highlighted, making the competition in the overseas financial market increasingly fierce, and the diversified financial services industry has effectively promoted the continuous improvement of loan services.

2. Apply for study abroad loans as early as possible

When you have decided on the direction of studying abroad, you should start to consider the financial preparation for your child's study abroad. Currently, many families choose to take out study abroad loans to reduce the family's financial pressure.

Study abroad loans can be mortgaged with real estate, treasury bonds, certificates of deposit, etc., generally using the national benchmark interest rate, with a three-year term. The loan amount is estimated based on the borrower's overseas tuition and living expenses. The loan amount generally does not exceed 80% of the total tuition and living expenses of the borrower during the period of study abroad. It can also be appropriately increased to 90% of the total cost based on the borrower's situation and the collateral provided. The specific loan term, loan ratio and loan amount should be determined based on the borrower's expenses for studying abroad and the guarantee situation.

Generally, foreign institutions require funds to be deposited in a bank for a period of time as a deposit, and the bank will issue relevant certificates. Therefore, the sooner you apply for a study abroad loan, the better. Generally, you can apply for it 6 months in advance, and it takes about a week to successfully apply. Currently, there are not many banks in China that offer study abroad loan services.

3. Things to keep in mind when making loans

When applying for a study abroad loan, there must be a clear indication that the loan is for studying abroad. In addition, many banks currently provide study abroad loan services, but not all banks can provide an English version of the study abroad loan contract. This is also something that customers need to pay attention to when applying for a study abroad loan. If there is no English version, it may be a bit troublesome when applying for a visa. At the same time, we must try our best to pay attention to our integrity when applying for a study abroad loan, and try to avoid using leveraged means to apply for a loan. After all, the fundamental purpose of customers coming to apply for a study abroad loan is to go abroad, and integrity is still the first priority.

IV. Information you need to know in advance when applying for a study abroad loan

Study abroad loans refer to loans in RMB or foreign currency issued by banks to borrowers to support students in paying tuition and living expenses during their study abroad.

4. Benefits for students studying in the UK

1. Free medical care

NHS (National Health Service) public health system, international students can get a number of free services including prescription drugs, dentistry, eye care, travel medical care, etc. In fact, these fees have been paid when applying.

2. International Student Card

In the UK, if students apply for an international student card, they can enjoy considerable discounts when buying train tickets, plane tickets, visiting museums, etc.

3. Shopping tax refund

You can enjoy the tax refund policy three months before your study visa expires. The store will ask for your passport number and domestic address. Keep the receipts and items so that you can get a tax refund when you leave the country within three months.

If you have many receipts from a store, you can get a master receipt from the store before you leave to ensure that the tax refund is made within three months before your departure. Please fill in the purchase amount, items and signature at the store to make it a valid tax refund form.

When you arrive at the airport customs, hand the tax refund form to the customs staff and you can choose to get cash or have it deposited into your card.

4. Work

The British government currently allows international students to work. The specific regulations are: a maximum of 20 hours per week during the semester, and full-time work during holidays. Most British institutions have dedicated staff to help students find jobs.

5. Transportation card discounts

Overseas students aged between 16 and 25 can apply for a visa at any major train station with their passport and bareheaded photo.

Young Person Rail Card, enjoy a 1/3 discount on train fares. Overseas students aged 25 and over,

You can apply for it with an International Student Identity Card (ISIC). The card fee is 27 pounds.

In addition, students in London can apply online for a 30% discount on the Oyster Card on Transport for London, which will allow them to enjoy discounted fares on the London Underground and buses.

6. Family members accompanying students

If the spouse and children under the age of 18 of international students obtain visas as family members to study in the UK, they can also enjoy many benefits: they can enjoy the same medical benefits as the international students themselves; if the international students hold a visa of more than 12 months, the spouse and children can generally work or study full-time in the UK without the need for additional permits.

7. International Students Office on Campus

British institutions generally have a special office for international students, which is responsible for providing guidance to international students in all aspects of study and life, such as visas, free medical care, housing, work, etc. Some also include psychological counseling.

Summary of application conditions for study abroad loans in the UK

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