I am not sure about the answer for general modules over a ring. I will instead answer only for the special case of vector spaces.
In the category $\mathrm{Vec}$ of vector spaces (over the same field) and linear maps we can define the tensor product functor
$\otimes : \mathrm{Vec} \times \mathrm{Vec} \to \mathrm{Vec} $
by sending two vector spaces $(V,W)$ to the tensor product $V \otimes W$
and two morphisms $T: V \to X$, $S: W \to Y$ to the morphism $T \otimes S : V \otimes W \to X \otimes Y$ defined as the linearization (as in the universal property) of the bilinear map $V \times W \to X \otimes Y$, $(v,w) \mapsto (Tv) \otimes (Sw)$.
Now if the included vectorspaces are finite dimensional then
by choosing bases it is not hard to see that $T\otimes S$ is represented by the Kronecker product in an appropriate sense. See the second part of my answer here. Hence it is called the tensor product of $T$ and $S$.
Oddly in finite dimensions the above defined tensor product of linear maps also satisfies the universal property in the following sense:
Let $X,Y,V,W$ be finite dimensional vector spaces. Denote with a prime their dual spaces.
Then it is well known that
$L(V,W) = V^\prime \otimes W $ (where $L(V,W)$ denotes the vector space of linear maps $V\to W$)
and in the same way $L(X,Y) = X^\prime \otimes Y$.
Furthermore $X^\prime \otimes Y^\prime = (X \otimes Y)^\prime $ for any two finite dimensional vector spaces.
And so using the usual rules for the tensor product:
$$L(V,W) \otimes L(X,Y) = (V^\prime \otimes W) \otimes (X^\prime \otimes Y)= ( V \otimes X)^\prime \otimes ( W \otimes Y) = L( V \otimes X, W \otimes Y) $$
with the isomorphism defined for $T \in L(V,W) $ and $S \in L(X,Y)$ by the relation
$(T \otimes S) (v \otimes x) = (Tv) \otimes (Sx)$ for all $x \in X, v \in V$.
Therefore $ L( V \otimes X, W \otimes Y)$ together with the bilinear tensor product of linear maps map (as defined in the first paragraph) also has the universal property.
I am not sure if a similar result also holds in a more general setting. I also found this post which offers a more direct proof.