A 5-step process to get a student loan for Germany

 

Germany is known for its automobile industry apart from its music heritage. You can learn skills in the engineering field, business management, liberal arts and much more in Germany. The country has one of the best education systems in the world, making it a great place to earn your higher degree from. In this article, we will inform you about the 5 steps to get a student loan for Germany.

 

 



  1. Calculate the education loan amount you are eligible for

Many lenders offer an education loan eligibility calculator on their websites to help students calculate the education loan amount they are eligible for. You have to put your co-borrower’s monthly income, their monthly obligations, the rate of interest offered, and the repayment tenure of the education loan in the calculator and press the calculate button. Then you will get the speculative education amount you are eligible for.

 

  1. Compare the lenders based on the services they provide

Read reviews about different education loan lenders on the internet. Know the praises or the complaints the borrowers have from their lenders through those reviews. Based on this, shortlist some good lenders for yourself.

 

Visit the office of those lenders and ask questions about the maximum loan amount they will offer you, the expenses they will cover, the interest rate they will levy, the moratorium period they will offer, etc. on their education loan. Ask them about the EMIs they will set for you and the length of your repayment tenure and so on.

 

  1. Compare the lenders based on the value-added services they provide

Students may need funds before they are admitted into a university in Germany. For such students, lenders offer a student loan for Germany with value-added services like proof of funds, pre-visa loans, pre-admission loans and so on. Ask your lender whether they will provide these services.

 

  1. Apply for the education loan

The next step is to apply for a study loan for Germany. You have to fill the education loan application form either offline—at the lender’s office - or online on the lender’s website. Once you fill the application, the lender will ask you to submit relevant documents to them. Then when you submit the filled application and relevant documents, the lender will process your application.

 

The lender will verify the details and documents of your application, and sanction your application and disburse the money.

 

  1. Open a sperrkonto (blocked account) at a local German bank

The state of Germany expects you to open a bank account in a local German bank. It is called a sperrkonto or Blocked account. The student is expected to deposit the money equal to the 1 year’s living expenses in Germany in that account that will then be blocked. And every month the German bank will allow you to withdraw a fixed sum of money to pay your living expenses.

 

Apart from that, your lender will pay your tuition fees directly to the German university you are admitted into.

 


So, these are the 5 steps to get a education loan for Germany. We hope that this article enlightened you about funding your higher studies in Germany. All the best!

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