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Posted by : Shreyasee Sarkar

Author Designation : Junior Counselor

Education loans for studying Abroad Germany

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 an education loan for Germany can be a viable option.

Loan Options in India for Students Studying Abroad in Germany

Several Indian banks and financial institutions offer education loans for study abroad, which are designed to cover a range of expenses including tuition fees, living costs, books, and travel. Here are some of the top banks providing education loans for study abroad and what they offer:

  • State Bank of India (SBI)

SBI’s Global Ed-Vantage scheme offers overseas education loans for study abroad in Germany for courses including graduate, post-graduate, doctorate, and job-oriented professional and technical courses. The loan amounts can range from INR 20 lakhs to INR 1.5 crores, covering up to 90% of the total education cost.

  • HDFC Bank

HDFC provides customized education loans for study abroad that are tailored to meet the needs of students going to Germany. These loans cover tuition, living expenses, books, and more, with flexible repayment options and competitive interest rates.

  • ICICI Bank

ICICI Bank offers comprehensive education loans for study abroad with loan amounts up to INR 1 cr. and repayment periods extending up to 10 years after the course period. ICICI ensures quick and hassle-free disbursal with minimum documentation.

  • Axis Bank

Axis Bank’s education loan for study abroad is designed for students who require financial support to pursue their education in Germany. The bank offers loans up to INR 40 lakhs with simple interest rates during the course period.

Eligibility to obtain an education loan for Germany

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:

  • Should be an Indian citizen.
  • Must have gained admission to a German university that is recognized by the bank.
  • Applicant should be a minimum of 18 years of age.
  • Should have chosen a job-oriented course that can help repay the loan after their education.
  • Applicants must demonstrate proof of having 11,208 EUR deposited into their bank account, which will be used as a blocked account.
  • Applicants must also provide a financial co-applicant meeting minimum income criteria to secure an education loan for Germany without collateral.

Required documents for education loan to study in Germany

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:

  • Applicant’s KYC documents
  • Mark sheets of 10th, 12th, and bachelors. 
  • Admission letter
  • Fee structure
  • Co-applicant KYC and income proof
  • Blocked account fund proof

Additional documents may be requested in case of collateral required Accepted Security/ Collateral: Residential/ commercial property/ plots (Non-agricultural) Fixed deposits.

  • Accepted Security/ Collateral:
  • Residential/ commercial property/ plots (Non-agricultural)
  • Fixed deposits.

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.

Securing an education loan for study abroad is a significant step towards achieving your academic goals in Germany. With various options available in India, students can find financial solutions that fit their needs. The process might seem daunting, but understanding how it works can greatly simplify securing an education loan for study abroad. With the financial support from an education loan, students can focus fully on their studies and career development, making the most of their education in Germany.


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