Are there student loans in Germany?

Yes, there are many banks and NBFCs that offer student loans in Germany Students loans in Germany cover the applicant’s tuition fees, his accommodation charges, the caution deposit money, travel expenses, expenses of his study tours and other project work during the course of the year.

The eligibility criteria for the application of this loan is quite simple. To apply for these loans, students need to be Indian citizens. They need to be above 18 years of age, they need to have secured admission to a reputed college or university in Germany.

To apply for these loans, students need to submit fill in the loan application form along with certain documents at the selected non-banking financial corporation. The documents that they need to submit include the letter of admission from the college/University, the duly-filled in loan application form, documents containing the applicant’s identity and address proof, his PAN details.

Applicants to student’s loans in Germany also need to have a collateral or a guarantor for their loans. They need to submit the guarantor’s bank statements and statement of assets along with their loan application. In most of the cases, the collateral could be the applicant’s parent, sibling, in-laws or spouse. .

Once they reach Germany, students are required to open a student loan account with a local bank where they are required to deposit the ‘blocked amount for the entire calendar year.

Hope the above information helps you secure the best student loan in Germany.

 


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