Planning To Study In Germany? Here Is How You Can Finance Your Plans

 

Germany is a popular study abroad destination amongst Indians. The high quality of living, world-class educational institutes, excellent job opportunities, and so on attracts a large chunk of Indian students to Germany every year. If you too have plans to study in Germany and perhaps settle there, then you may be concerned about the finances. German cities like Munich rank among the most expensive cities to live in. To help you out, we take a look at the several ways you can fund your study plans and decipher which may be the best option for you. 

 


1. Selling off family assets 

 

It is a common occurrence in Indian families to sell precious family assets to finance the higher studies of the children of the family. Usually, the asset refers to land, multiple items of expensive jewelry, property, and so on. While this is a well-intentioned act, it may not be the right option. Firstly, the family may be left with no solid backup in case any financial issues prop up. Secondly, the amount received on selling the asset may not prove to be sufficient in some cases. There are a multitude of expenses that you will have to deal with if you study in Germany such as rent, flight expenses, insurance premiums, and so on. So, it is advisable to look for other options. 

 

2. Borrowing from a friend/family member 

 

This practice too is common amongst many people. It is preferred by some as it ensures that the finances stay amongst the family or loved ones only. However, this exact factor might cause a problem later on when the student is not able to repay the borrowed money on time. It might lead to the souring of relationships between the lender and the borrower. Plus, such an agreement might also lead to confusion as the exact terms and conditions might not be clear. Therefore, it is preferable to avoid such options for your plans to study in Germany. 

 

3. Opting for an education loan 

 

An education loan provides funding as per your requirement which you have to repay after your education is done and you have gained employment. A good education loan from a reliable lender can cover several kinds of expenses such as rent, travelling fare, costs for study materials such as a laptop, insurance premium, building fund, and so on. Nowadays, there are many lenders offering collateral-free education loan options. So, your family will not have to part with any valuable asset for you to pursue your plans to study in Germany. 

 

A large number of students are also hesitant to apply for education loans as they think that they will have to pay large amounts as margin money. However, with many lenders offering 100% financing these days, the need to arrange margin money is eliminated. Considering these reasons and more, an education loan seems like the best funding option for your plans to study in Germany. 

 

If you are concerned about the interest rates or how to structure your repayment for education loans, then you can take the help of a student loan interest calculator or an EMI calculator. 

 

We hope the information provided here has been helpful to you. Thank you for reading! 

 


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