Education Loan for Germany

Eligibility Criteria for Germany Education Loan

Many Banks and NBFCs provide Education loans to students wanting to study in Germany. To be eligible for it, you must fulfil the following eligibility criteria.

• The applicant must be an Indian.
• The applicant must secure admission or have already applied to a recognized university/college in Germany.
• The financial institution must recognize the degree/course.
• The Co-Applicant must be an Indian and should have an earning source.

Education Loan for Germany Blocked Account

The public universities in Germany are free for international students, so many students are wondering how to get an education loan for a blocked account. And here is Abroad Cube to help you out. The required amount for the blocked account is €11,208, equivalent to around Rs 10 Lakh. So, you can demand Rs 10 Lakh to Rs 12 Lakh for your studies in Germany. The Education Loan for a blocked account is available for Indian students in two categories: UnSecured and Secured. In the secured education loan, you must provide collateral such as property or a fixed deposit as a guarantee. In unsecured, the financial institution grants an education loan based on an applicant's and co-applicants earnings and reliability. The unsecured education loan is quite famous and chosen by most students intending to study in Germany. So apply for an Education Loan and fulfill your dreams.

At Abroad Cube, we have partnered with more than 10 banks and NBFCs to ease your education loan application and check the eligibility of all banks and NBFCs in a single application. As a welcome offer, we also give up to Rs 10,000 cashback on every successful education loan. You can also refer your friends to Abroad Cube and get extra cashback.

Documents required for Germany Study Loan

The applicant must share these documents to obtain an education loan in India. Almost all financial institutions have similar requirements regarding the documentation part. Depending on the applicant's profile, they may ask you for more documents, but here are the common list of documents.

UnSecured Study Loan by Indian Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant

Secured Study Loan by India Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant
• Collateral documents such as Property registration or Fixed Deposit receipts

Cost to Study Abroad in Germany ?

Germany is known for its Free Education to all Domestic and International Students in public universities across the nation. Private universities have expensive tuition fees, some of which are considered superior to public universities.

Private Universities They are chargeable and expensive for international students. Along with tuition fees, you have to think about the Blocked account deposit of €11,208.

Public Universities: They are free for all students regardless of their nationality. They are expected to pay around €250-€400 per semester as University registration fees. But still, they have to prove minimum funds availability by opening a blocked account and depositing a minimum of €11,208 for living expenses.

Getting admission to public universities is quite hard compared to private universities due to low tuition fees and education standards. So they admit merit-based students only. In both cases, you need a minimum of around Rs 12 Lac to pursue higher studies in Germany. Our team will help you get an Education Loan from reputed and trustable lenders for your tuition fee and blocked account.

Things that an Germany Education loan covers

To Study in Germany, a student has to bear many mandatory expenses, such as

• University/College Fees (approx €250 - €40,000)
• Living Expenses (€11,208 as per Government)
• Travel Expenses (One-way flight costs about €800)
• Health Insurance (about €1500/yearly)
• Other research, thesis, and project-work-related expenses (vary)

That's huge. I know, but don't worry; an education loan for Australia covers all expenses required for a smooth visa process. Abroad Cube will help you to get 100% finances for your expenses in Australia while studying.

Types of Germany Education Loan

Tips for Choosing the Best Education Loan for Germany

Choosing the best education loan for Study in the Germany is important to avoid stress and save on your funds. Here are some tips to ace the Education Loan journey.

• Choose the right repayment method - Make a wise decision when choosing the best applicable repayment method. A small change in repayment method can help you save more than Rs 5 Lacs.
• Go for an Indian Lender if eligible - If you have a good-earning Co-Applicant, go for an Indian Bank or NBFC instead of an International Lender to save on interest rates and processing fees.
• Cross-Check the Sanction Conditions - Before paying the processing fees, cross-check the Sanction Conditions. Some conditions include proof of funds or a fixed deposit.
• Confirm the Moratorium period - Check with the Lender Representative to confirm the Moratorium and grace period. The grace period ranges from 0 to 12 months based on the Loan Terms and Conditions.
• Apply to multiple banks/NBFCs for the best offer: Always apply to at least 2-3 banks/NBFCs to avoid last-minute rejection, and compare quotes from different lenders to choose the best one.

Why choose Abroad Cube for Germany Education Loan ?

If you are looking for an Education Loan, you are in the right place. We will help you get funds for your dream of studying in Germany from the world's best universities.