Education Loan to study in Germany 2023 –Hi everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you willing to study in Germany? If yes then you are on the right platform, because in this blog I will tell you about the list of banks that are providing education loans to study at prestigious German Universities. Germany is the place, where every student wants to complete their higher education. Because, Germany has a lot of well-known universities, highly qualified scholars, and professors. So, the students that are willing to complete any degree at German Universities, and worrying about expenses, you have to read this blog carefully to get all the details related to the banks that are providing education loans to students to study in Germany, with the least interest rates. These loans cover all the academic, and non-academic expenses of the students.
Top Loan Providers for Education Loans to study in Germany
Below I have provided a list of banking groups that provide education loans to study in Canada, along with their offered interest rates, and maximum loan amounts;
HDFC Credila offers education loans for students that are willing to study in Germany with suitable interest rates for reputed universities. There is no limit applicable for loans. The loan amount can surpass up to INR 25 lakhs. The processing fee is equal to 1.5% of the loan amount. Education loans for Germany offered by HDFC Credila can be achieved only if the student has secured admission at any university in Germany. Furthermore, applicants enjoy variable collateral security.
State Bank of India
State Bank of India, provides education loans to all Indian students that are willing to study in Germany. And, provide them a chance to study at any university, and any degree from Germany. The following academic, and non-academic expenses are covered in the education loans by the State Bank of India;
- Loan amount – INR 20 lakhs to INR 1.5 crore
- Collateral security requirements – For loans above INR 7.5 lakhs
- Loan margin – 15% for SBI education loan borrowers
- Interest rate: 10.25% (up to INR 7.5 lakhs) and 10.50% (above INR 7.5 lakhs)
- Repayment Tenure: 1 year – 15 years
- Processing Fee: A fixed processing fee of INR 10,000 is charged per applicant
Befog Loans for Special Students Education Loan for Germany
Befog provides education loans to the students that are provided to students with zero interest rates. All international students are eligible to apply for this education loan program. For international students following eligibility conditions are applicable;
- The applicant’s parents must be working in Germany
- Applicant must have completed their previous degree from a German institute and lives in Germany for more than 5 years
- Applicant must have a graduate or postgraduate degree
- If the applicant is working in Germany with a yearly income of more than 48,000 EUR, then they are eligible for the loan.
- If the applicant has permanent residency in Germany and is working in Germany with a yearly income of more than 48,000 EUR, are also eligible for a loan.
Bildungskredit Education Loan for Germany
Bildungskredit Education loan also provides a chance for all Indian students to study in Germany by providing them with education loans, to cover their educational expenses. This banking group is a German organization that provides loan opportunities to students. This company only provide education loan, at the higher stage of education. These are not need-based loans, these are merit-based education loans provided to talented students, with the least interest rates so that everyone can get the education loan.
General Eligibility Criteria for Education Loan for Germany
The students that are willing to study in Germany, and that want to apply for an education loan, must have to comply with the following discussed eligibility conditions;
- Applicant must be an Indian national.
- Applicant must have a minimum age of 18 years.
- Applicant must have completed the admission process at the university in Germany, where he/she wants to study.
- Co-applicants must have an account in any Indian banks
- Co-applicant must have strong financial backgrounds.
- Applicant must have an excellent academic career.
Applicants that are willing to apply for an education loan to study in Germany must have to attach the following necessary documents, along with their application form;
- Admission letter issued by the Canadian university/institution.
- Two Passport size photographs.
- Evidence of income of the assurer.
- All Academic Transcripts (certificates and mark sheets).
- Documents of passing tests (GMAT, GRE, IELTS).
- Evidence of residency of both student, and assurer.
- Bank Statement of last year of borrower’s bank accounts.
- Students also have to check the list of required documents for which they are applying for the loan.
- Identity evidence
- Legal evidence of the address
- Two recent Passport Size Photographs
- Statement of the loan account for 1 year
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