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Looking for education loans in Germany? Finance your study in Germany even before your visa process. This blog is a Complete Guide to all your queries.
Germany has become an increasingly popular study destination for international students, with over 349,438 international students enrolled in the country's universities in the academic year 2021/2022, including a significant number from India. Germany boasts over 40 universities ranked in the QS World University Rankings 2023, reflecting the country's commitment to academic excellence. One of the most appealing aspects of studying in Germany is that public universities offer education with no tuition fees, making it an attractive choice for students seeking affordable higher education. Additionally, the quality of education is outstanding, with renowned professors and state-of-the-art facilities that create an enriching learning experience.
It's important to note that studying in Germany does require finances, and while tuition fees are typically not a concern in public universities, students may still have living expenses and other costs to consider. In such cases, taking out a loan can be a viable option to support their studies in Germany.
Check Your Education Loan Eligibility
If you are planning to study in Germany and require financial assistance, you can opt for education loans to fund your education. There are two types of education loans that you can consider, secured and unsecured.
Before searching for lenders to finance your education in Germany, it's essential to evaluate the average cost of studying in Germany. This information can help you determine the appropriate amount of Germany student loan to take from your chosen lender. The table below shows the average cost of studying in Germany.
Expense | Average cost in EUR |
---|---|
Tuition fees |
Public University: 250 - 300 per year
|
Health insurance |
110 - 125 Per Month |
Accommodation |
350 - 800 per month |
Transportation cost |
20 - 30 per month |
Food |
140 - 265 per month |
Utilities |
200 - 250 per month |
There are various lenders that offer education loans for studying in Germany, including public banks, private banks, NBFCs, and international lenders. To provide you with a better understanding of each lender and their loan services, a comparative analysis has been conducted. This analysis can help you choose the most suitable lender for your education loan needs.
Lender | Loan Amount in INR | Interest Rate |
---|---|---|
Up to 40 Lakhs |
11.00% - 11.50% |
|
Up to 50 Lakhs |
10.85% - 12.50% |
|
Up to 35 Lakhs |
11.75% - 13.25% |
|
Up to 25 Lakhs |
12.00% - 12.75% |
|
Up to 20 Lakhs |
12.50% - 13.50% |
|
Up to 20 Lakhs |
12.50% - 13.50% |
|
Up to 20 Lakhs |
12.50% - 13.50% |
|
Up to 100,000 USD |
12.00% - 14.00% |
It is important to verify if you meet the eligibility requirements for the loan before submitting your application. The eligibility criteria may vary among different lending institutions. Below are some common eligibility criteria that are typically followed by most lenders:
An education loan for studying in Germany also has specific document requirements that must be submitted during the loan application process. These documents may include:
Applying for an education loan to study in Germany is a straightforward process, especially when applying through GyanDhan. The following steps outline the procedure:
The lending institution may cover not only the tuition fees as specified by the university or college, but also other expenses such as accommodation, travel, examination, library and laboratory charges, as well as the purchase of books, equipment, uniforms, computers, or laptops, and instruments necessary for completing the course. The lender may also provide one economy-class return ticket between India and the country where the student is studying as travel expenses.
Having a good understanding of the loan process can make a significant difference when applying for a study loan in Germany, which is a great destination for studying abroad with several lenders offering educational loans. With so many options, it can be challenging to choose the most suitable lender. Therefore, by gaining comprehensive knowledge about education loans in Germany and comparing different lenders, you can make an informed decision. If you require expert advice or assistance, you can contact GyanDhan's loan experts by checking your loan eligibility.
Know more about studying in Germany:
Calculate your Education Loan EMI
In Germany, you can avail up to INR 1.5 Crore with a secured loan and up to INR 50 Lakh for an unsecured loan. The secured option requires collateral, while the unsecured does not, allowing flexibility in financing your studies and associated expenses.
Yes, lenders can provide funds for a Germany Blocked Account, which is a requirement for obtaining a student visa for Germany. This account ensures you have sufficient funds to cover your living expenses for the first year of your studies. Education loan providers understand this requirement and can disburse the specified amount directly into your blocked account to meet visa application requirements.
Applicants must be Indian citizens, accepted into a German university recognized by the bank, over 18, enrolled in a job-oriented course, and must have a blocked account with a minimum balance as per German visa requirements
Check Your Education Loan Eligibility
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