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Looking for funding options for higher education in Spain? Know the cost of studying and living in Spain, available education loan options, and how you can get one through GyanDhan.
If there is any country that has truly captured the pulse of the start-up and entrepreneurship culture, then it surely is Spain with Madrid and Barcelona being touted as the next Silicon Valley. Along with this, the country is also known for its top academic quality and innovation in technology and is, therefore, the latest hot destination for international students.
The question now comes - Is studying in Spain expensive or cheap for international students? What are the options when it comes to education loans for studying in Spain? Which loans are easier to get? We will answer all the questions in this blog.
The cost to study in Spain is reasonable as the public university here has very low tuition fees. On the other hand, the tuition fee of private universities is a bit expensive but not as much as compared to other study-abroad destinations like the USA, UK, or Canada. Unlike other countries, the tuition fees in Spanish universities depend on the pay-per-credit system, that is, tuition fees are divided as per the credit in the program you can enroll in. Below is a table that showcases the different programs and the cost involved with them.
Program Name | Average cost per credit | Approx total credit | Approx total cost per year |
---|---|---|---|
Bachelor’s Degree |
30 EUR - 45 EUR |
60 ECTS |
1,800 EUR - 6,000 EUR |
Master’s Degree |
15 EUR - 55 EUR |
60 - 70 ECTS |
2,700 EUR - 7,000 EUR |
Apart from the tuition fees, the cost of living in Spain is yet another factor that plays a vital role in determining how much education loan you need. The cost of living is shown in the table below.
Expense | Cost per month |
---|---|
Accommodation |
600 EUR - 800 EUR |
Food |
125 EUR - 130 EUR |
Transportation |
150 EUR - 200 EUR |
Utilities |
300 EUR - 350 EUR |
Living in Spain is generally around 20% cheaper than in other European countries. With some thoughtful planning, you can make sure you live comfortably during your time studying there.
To successfully get admitted to a Spanish university and obtain an education loan for studying in Spain, you would need to fulfill the below-mentioned eligibility criteria:
The different expenses which are covered under the education loan for Spain are -
A secured education loan in Spain is a kind of educational loan where you need to provide collateral or security. This is also known as an education loan with collateral. Collateral could be assets like property (such as a house or land), fixed deposits (FDs), or insurance policies. This loan type usually comes with advantages like reduced interest rates, longer repayment periods, and the possibility of getting approved for higher loan amounts. When it comes to choosing a lender, public sector banks are preferred due to their larger loan amounts, more competitive interest rates, and other perks compared to private banks and NBFCs. The table below illustrates various lenders and the secured education loan options they offer.
As the name implies, an unsecured education loan for Spain doesn't demand you to provide collateral, making it known as an education loan without collateral. Since it's an education loan and doesn't require security, the interest rate might be somewhat higher compared to public sector banks.
You have three categories of lenders that can furnish education loans for Spain. These encompass private banks, NBFCs, and international lenders. We'll delve into the specific offerings from each lender in the table presented below -
Lender Name | Maximum Loan Amount | Rate of Interest | Margin Money |
---|---|---|---|
Up to 50 Lakhs INR |
11% - 13.50% |
5% |
|
Up to 50 Lakhs INR |
10.85% - 12.50% |
0 - 15% |
|
Up to 35 Lakhs INR |
11.75% - 13.25% |
Nil |
|
Up to 20 Lakhs INR (Only STEM Courses) |
12% - 13% |
Nil |
|
Up to 20 Lakhs INR (Only STEM Courses) |
12.75% - 13.25% |
Nil |
|
Up to 100,000 USD |
12% - 14% |
Nil |
Now that you're familiar with how to select the most suitable lender, it's crucial to comprehend the necessary documents to smoothly complete your loan application process. The documentation requirements for obtaining an education loan to pursue studies in Spain are outlined in the list below:
Obtaining an education loan for Spain is a straightforward procedure. However, managing interactions with multiple lenders individually can feel overwhelming. To simplify this process, GyanDhan provides streamlined assistance in acquiring education loans for Spain through the following steps:
There is a perception that to study in Spain, one would need to learn Spanish. However, numerous courses are taught in English. Plus, you'll get the chance to learn Spanish, which can be a game-changer. Why learn Spanish? It's one of the top 4 most spoken languages worldwide, opening numerous opportunities. When compared with other European countries, Spain boasts reasonably lower study costs due to minimal tuition fees in public universities and affordable living costs in some areas. So what are you waiting for? Simply check your eligibility with GyanDhan and watch your dream of studying in Spain become a reality.
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Upon completing your studies, whether at the undergraduate or postgraduate level in Spain, you'll have the opportunity to apply for a "post-study work visa." This visa grants you the chance to remain in Spain for up to a year after graduation, facilitating your pursuit of employment opportunities.
The exact sum needed for a Spanish student visa varies based on the applicant's unique situation. An estimate suggests maintaining a bank balance of approximately €7,000 to €8,000 (6,00,000 - 7,00,000 INR). This showcases financial security and the capacity to sustain oneself throughout the duration of the stay in Spain.
As per the latest guidelines, international students with a student visa are now permitted to work in Spain for up to 30 hours weekly while studying. This can include internships, both curricular and extracurricular, whether compensated or not, contingent upon university and employer policies.
The top five preferred courses, if you are planning to study in Spain are:
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