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!

Comments

Post a Comment

Popular posts from this blog

How to calculate your MBA education loan EMI value?

Image
  Do you want to earn an MBA degree? If yes, then study hard in your undergraduate years and clear the MBA entrance exam with flying colours. Along with that, find different ways to fund your MBA education. Many students confirm their seat at B-schools by taking an education loan for MBA studies to pay its fees because pursuing an MBA degree is an expensive affair. To help you estimate your total MBA education costs and help you estimate the EMI values to repay it, we have written this blog. Let us look at the costs you would want your education loan to cover. First, you will need money to pay your course tuition fees every year of the course. If your MBA college is not in your hometown then you will have to relocate to a hostel near your college. You will need money to travel to the city where your college is based. You will need money to sustain a good lifestyle in that city for the duration of your MBA course. If you need to relocate to a foreign city for your MBA educati...
Read more

3 features of education loans for the wards of defence forces

Image
  The defence forces of India spend tiresome sleepless nights defending the borders of our country against all kinds of external threats. They look after the safety of the Indian land, the Indian nautical borders, and the Indian airspace. And most of all, they are there to guard Indian interests—be it in the Indian mainland or away from its shores. At times, these men and women sacrifice their lives in the line of duty. The men and women in the defence forces have families and they are not able to be there with them all the time. To help make the future of the wards of these men and women bright, lenders offer education loans. These education loans are aimed at helping those wards achieve their higher education aspirations with flying colours. In this article, we will tell you the features of these overseas education loans—even known as privilege loans. Zero processing fees To keep the cost of the debt in control for those wards, some lenders offer the education loan for stu...
Read more

5 Features to look for in education loans

Image
  Education loans have helped many deserving students get the opportunity to study the course of their dreams. But you need to know what to look for in an education loan to ensure that you get the right funding. In this article, we will tell you the 5 features to look for in an education loans .   Covering all education expenses Education loans should not leave students jumbled about how to manage the finances of their education. They should cover up all the expenses of students’ education. From the students’ course tuition fee to their travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses and so on.   So, look for an education loan that pays all your education expenses and hence, allows you to focus on your studies.   Lower interest rate The interest rate levied on the students’ education loans in India is generally between 9-14%. The interest rate directly affects the amount of ...
Read more