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Read GyanDhan’s guide on education loans for Sweden, loan amount, eligibility for student loans for Sweden, documents required, repayment, and much more.
More than 12 Sweden universities are ranking at top positions in QS World University rankings.
From its world-renowned universities and English-taught programs to its vibrant student life and career opportunities, Sweden has something exceptional to offer every aspiring learner. If you are also an aspiring student who is interested in studying in Sweden but are worried about the cost then let’s take a deeper look at the cost of education from Sweden and the available loan options.
Sweden is home to top-tier universities renowned for their programs in medicine, arts, science, and technology. Pursuing a graduation degree in Sweden costs around SEK 129,000 per year, while a post-graduate degree tends to cost approximately SEK 220,000 per year.
Top 5 QS ranked Swedish universities 2023
QS Ranking 2023 | University name | Tuition fee (per annum) |
---|---|---|
73 |
KTH Royal Institute of Technology |
SEK 310,000 - SEK 366,000 |
85 |
Lund University |
SEK 200,000 - SEK 225,000 |
105 |
Uppsala University |
SEK 50,000 - 70,000 |
139 |
The Chalmers University of Technology |
SEK 50,000 - SEK 80,000 |
181 |
Stockholm University |
SEK 90,000 - SEK 140,000 |
Check Your Education Loan Eligibility
The cost of living in Sweden varies depending on the city you are living in. Your cost of living will be high if you are staying in big cities like Stockholm or Gothenburg compared to smaller cities like Lund or Uppsala. International students can, however, expect to shell out SEK 2500 - 6500 as monthly rent (INR 21,000 - INR 54,000)
Expense | Cost per month |
---|---|
Accommodation |
SEK 2500 - 6500 |
Travel |
SEK 550 |
Food |
SEK 2000 |
Health Insurance |
SEK 1500 |
Utilities |
SEK 300 |
Embarking on an international education journey, especially in a country as academically distinguished as Sweden, is an exciting prospect. However, with tuition fees, living expenses, and other costs to consider, financial planning becomes a crucial part of the process. Fortunately, there are various education loan options available that can help make your study abroad dream a reality. For abroad education there are two types of loans, secured and unsecured loans.
Secured education loans are those loans that require borrowers to pledge some sort of security against the loan amount. That security is known as a Collateral. It can be an immovable property or liquid assets such as fixed deposits or government bonds. Secured education loans are offered by public banks, private banks, and NBFCs, but public banks are often considered the preferable choice due to their reliability and ability to provide lower interest rates.
Secured education loan - overview
Feature | SBI | UBI | BOB |
---|---|---|---|
Loan amount |
Up to INR 1.5 cr |
Up to INR 2 cr |
INR 1.5 cr |
10.65 - 11.15% |
9.8 - 10.15% |
10.14 - 11.15% |
|
10 - 15% |
10 - 15% |
Nil |
|
Repayment tenure |
15 years |
15 years |
15 years |
Processing fees |
INR 10,000 + GST |
INR 5,000 |
INR 10,000 + GST |
Unsecured education loans are those loans that do not require collateral instead they require a co-applicant with a stable monthly income and a good CIBIL score. A co-applicant can be the applicant’s parents, siblings, or a close relative. Unsecured loans are offered by public banks, private banks, and NBFCs.
Unsecured education loan - An overview
Feature | Private banks (ICICI Bank, Axis Bank, IDFC First Bank) | NBFCs (HDFC Credila, InCred, Avanse) |
---|---|---|
Loan amount |
Up to INR 40 Lakh |
Up to INR 30 Lakh |
Interest rates |
11.15% - 13% |
12.5% - 14% |
Margin money |
Nil |
Nil |
10 - 15 years |
15 years |
|
Available |
Not available |
|
0.5 - 1% |
0. 5 -2% |
The expenses covered under education loans by various lenders include the following
Cost of study | Cost of living | Other costs |
---|---|---|
Tuition fee Admission fee Examination fee Books or laptop expenses |
Accommodation or hostel fee |
Food costs Travel expenses Health insurance expenses Miscellaneous expenses |
The eligibility criteria for an Indian student to secure an education loan to study in Sweden include the following:
Get the Funds you need to Study Abroad
The documents required for an education loan for Sweden depend on several factors, primarily your academic and professional history, and your co-applicants financial and credit profile.
Applicant’s documents
Academic record.
Co-applicant’s documents
Income proof for salaried co-applicant/guarantor
Income proof for self-employed co-applicant/guarantor
The Repayment tenure of an education loan is one of the key factors that a student should keep in mind before selecting a lender. Most lenders require borrowers to pay simple interest or partial simple interest during the moratorium period.
Lender | Repayment during the moratorium period |
---|---|
Nil or Simple interest |
|
Nil or Simple/Partial interest/EMI |
|
Simple interest/ Partial interest / EMI |
Also, international students in Sweden have the flexibility to work while pursuing their studies, with no official restrictions on the number of hours they can work. Moreover, most universities offer career services to assist students in securing part-time employment opportunities during their academic journey. Working part-time can help students earn 8000-10,000 SEK per month with a 20-30% tax reduction in Sweden. This income helps them manage their expenses and plan their repayment early. To plan your repayment better you can also use the estimate future earning tool by GyanDhan, which helps you gain a rough idea of your future earnings and enables you to plan your repayment for the future.
Furthermore, students have the option to extend their residence permit by six months for searching for a job or to start a company, followed by the opportunity to apply for a work permit. As the birthplace of renowned multinational corporations like IKEA, Volvo, Ericsson, and H&M, Sweden provides an ideal platform for students to launch their careers.
Securing an educational loan for Sweden is a simple process. Nevertheless, handling multiple lenders separately is a daunting task. To your rescue, GyanDhan is here. We provide assistance in obtaining education loans for studying in Sweden, with a streamlined process through the following steps:
Step 1: Check loan eligibility
Step 2: A dedicated loan counselor will be assigned to you.
Step 3: Loan counselors will evaluate your profile and suggest you the lender.
Step 4: After starting your loan application, they will send you a customized document checklist.
Step 5: The lender will verify your documents, this can take up to 7-10 days. Once approved, sign the loan agreement and monitor progress through GyanDhan's user dashboard.
Step 6: Initiate the loan disbursement according to the lender's procedures, with funds being directly deposited into your account or to the university.
The best education loan option varies according to each student's profile and requirements. Students can make a well-informed decision by evaluating the following scenarios. These are general takeaways. However, students should select a loan that suits their needs and individual requirements.
Choosing the right education loan from all the choices out there is a big decision that affects your future financial planning. So, to help you navigate through all the options available, GyanDhan is here to help. We offer personalized guidance and counseling services to students. This assistance helps them choose the right lender amongst the various loan options available. From offering a tailored document checklist to acting as your personal coordinator with the lender, we have got it all covered. To start your abroad education loan journey for Sweden, check your loan eligibility and leave the rest to us!
Read also:
There is no age limit for student visas in Sweden. However, there is an age limit for securing financial aid which is 18 years.
Yes, there are student loans available for Sweden. Leading Public and private banks such as SBI, UBI, ICICI Bank, and Axis provide education loans for Sweden. Apart from this, leading NBFCs such as HDFC Credila, Avanse, and Auxilo also provide loans for Sweden.
Most of Swedish universities require IELTS. However, to secure a Swedish visa, an overall score of 6.5 bands is required in IELTS.
Yes, you can get an education loan without collateral for Sweden from private banks and NBFCs. To start your abroad education loan journey check your loan eligibility now.
In Sweden, a study gap of about 4-5 years is acceptable. However, a legitimate justification of the gap should be submitted during the application and visa process.
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