Hi Bosdami
You may have already seen this, but we've put together a guide to the forthcoming loans scheme over at FindAMasters.com:
This is based on the information released with the 2014 Autumn Statement, but do bear in mind that the details of the loans scheme may change subject to further consultation.
If you're under 30 and have UK citizenship in 2016, you should be eligible according to the guidelines provided so far. Residency can sometimes be taken into consideration when determining eligibility, but, if you're paying (or are eligible to pay) the domestic rate as an undergraduate, you should be fine.
Again though - things could change. We'll be keeping things updated as we find out more.
Hope that helps!
Mark