How to Get Education Loans to Study in France - All You Need To Know About
Many students nowadays are opting for Study in France for their higher education. In recent years, France has truly come up to be a perfect study abroad destination along with many English-speaking countries. The higher education in France has many options for students looking for the English taught Universities. The Tuition fees in France are really low compared to other European countries, however, France is not exactly famous for its living and accommodation costs. If you are someone who is looking forward to student loan in France, here are all the details you will need:
Tuition Fees, Cost of Living and Miscellaneous Expenses
The average tuition fees to Study in France are approximately 190 EUR/year for Bachelor programmes. For medical study in France, the average tuition fees are 450 EUR/year. For engineering, it is 620 EUR/ year. In addition, tuition fees of Master and PHD are 260 EUR per year and 396 EUR per year. The average accommodation cost in France is somewhere between 200 to 300 Euros. The food costs are 200 to 250 Euros, too. Transportations will cost you up to 20-25€ with student discounts.
To cover your tuition fees and living expenses, there are scholarships to study in France. However, not everyone is eligible for a scholarship or grant. The next best way to fund your expenses is to apply for Student Loan in France. Many banks provide easy and accessible student loans for France.
Keep the following documents ready for a swift process of Loan Application at your bank:
Proof of Admission / Acceptance Letter
Student Loan Application Form
Passport Size Photographs
Academic Mark Sheets, Certificates and Degrees
Exam scores (GMAT / GRE / IELTS)
Residence proof of both Student and Guarantor
One year statements of the bank
Guarantor’s income Proof
In most cases, if the loan amount is more than 7.5 lakhs, you are required to deposit a collateral as a security to bank. A Collateral can be anything, liquid assets like golds, security deposits and bonds, or immovable tangible assets like properties, land, etc. When you are applying for a student loan in France, the following procedures are executed:
Legal Opinion on Collateral:
A lawyer appointed by your bank will inspect the collateral, and decide if the property can be mortgaged or not. You will have to submit original documents of the property.
Report of Valuation:
A bank engineer will evaluate the market value of your asset and also gauge a deferred value of your collateral in case the bank has to mortgage it.
Factors to Consider for Student Loan in France:
Margin: Simply put, the margin is difference of expenses that are covered in education loan and the ones that are not. Most of the private banks cover all the expenses for Study in France, while some Public Sector banks, like SBI, will have 10% margin. i.e. The student loan for France will cover 90% of the expenses. So make sure of the Margin before you apply for student loan in France.
Also Check Out: SBI Education Loan to Study Abroad: SBI Ed-Vantage
Moratorium Period is the duration in which the student is not repaying the loan. The Moratorium period are generally of six month to one year after the loan. See the terms of student loans before applying, for details about moratorium period.
Repayment Tenure is the time in which you will repay the loan. The repayment tenure is usually 5 to 7 years. For some loans, it may be 10 to 15 years.
Student Loan for France: Basic Eligibility
These are some basic criteria to apply for an Education loan for France that your bank will require you to fulfil.
The loan applicant must be citizen of India
The student must have applied and been accepted in a recognised Canadian institute for a full time program.
The applicant must be of 18 years. If the applicant is younger than 18, the parents will have to apply.
Improving Eligibility for an Education Loan
Daily a number of loan applications reach the banks and to top the pile, you can work on the following points to enhance your profile to qualify for the loan:
Securing high grades/ranking in the qualifying exams
Showcasing excellent academic record
Admission letter from an esteemed or top-tier college/university
Strong financial background of parents/guardians/co-borrower to ensure timely repayment
Displaying a promising future employment/income generation
Expenses that the Education Loan Covers
Accommodation/ hostel charges
Exam, laboratory and library fees
Expenses like books, equipment like computer, travelling expenses abroad, uniforms
Caution deposit/ building fund/ refundable deposit
Other expenses required to complete the course such as study tours, project work, or thesis
About the Author:
Dhruv is fond of words and everything related to them. Writing about different things from around the world gives him immense pleasure, and a very healthy by-product is sharing of the information and helping others in the process.