Are there opportunities for Undergraduate students here?

Yes Lloyds Banking Group do internships.

I would also like to know what the grad scheme opportunities is about?

I've worked with people who are interns and I am a current grad so will explain best I can. The grad scheme is 24 month where you spend 8 months in 3 different teams to experience and develop a variety of skill sets.

In terms of internships, we offer a 8 week placement in summer where you get a taster of what it is like to work in Lloyds within the business area you have applied for.

Apart from internships we have industrial placements as well :)