Many students nowadays are opting to 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. Higher education in France has many options for students looking for English taught Universities.
The Tuition fees in France is lower compared to other European countries. However, France is not exactly famous for its living and accommodation costs. 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 an Education Loan to Study in France.
International Students looking forward to studying in France with the help of an education loan must start their process at least 7-8 months before their semester begins. Many banks provide easy and obtainable student loans for France. The steps you need to follow for applying for a student loan are given below:
In the next part of the article, we will go through each step in detail. You need to follow it and take note of the important points, as it is a big decision which will affect your financial life in future.
Your process begins with researching different banks and loan options. But before you start your research, there are few elements you should take into account:
Before applying for a student loan to study in Candian universities, you should have a clear picture of how much fund you will require and how much you are going to manage on your own. Other important factors are:
Once you are prepared with the above factors, check your eligibility for an education loan to Study in France. Here are the criteria:
Before applying, check whether you are eligible to apply for the loan or not. These are some basic criteria to apply for an Education loan for France that your bank will require you to fulfil. Different banks follow different eligibility criteria. The common eligibility criteria are:
Daily several 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:
In the next step, you have to estimate the amount you will require to study abroad in France. Generally, an education loan to study in France covers the total cost of a student’s education in France. This can vary depending on the selected institution and study program. While calculating the expenses include the following expenses:
You have to get admission in the University of France. You have to show the proof while applying that you are admitted to the French University. There are plenty of universities in France open to international students. Here are the top universities in France:
Not only the above-mentioned universities, but you also have several options in France where you can pursue your higher education. You will get full information here: Universities in France
You should compare the different loan options provided by the different banks for studying in France and select the one which suits your needs. Compare the loans on the following parameters:
Margin: Simply put, the margin is the difference of expenses that are covered in education loans 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 a 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 a student loan in France.
Moratorium Period: Moratorium Period is the duration in which the student is not repaying the loan. The Moratorium period is generally six months to one year after the loan. See the terms of student loans before applying, for details about the moratorium period.
Repayment Tenure: Repayment Tenure is the time in which you will repay the loan. The loan taken to study in France can be paid in instalments. The repayment tenure is usually 5 to 7 years. For some loans, it may be 10 to 15 years. However, the period and instalment amount differ with the bank and loan amount.
Each factor is important, so take your time and choose wisely. If you decide after careful planning and comparing you will be able to save a few dollars.
In this step, you will start the process of applying for your education loan for France. Once you finalise the bank and amount of loan you will require, you have to fill the loan application form. You can apply online or offline according to the bank facilities. You must fill the Loan application form with correct information
In the application form you will have to fill your Full name, parents name, residential address, date of birth, information of ID proof, course name, duration of the courses, name of the university, Income, Liabilities, employment details, type of security, tuition fees, statement of other expenses etc. Fill each and everything you are asked in the form correctly and recheck it before submitting.
Every applicant needs to provide some common and important documents along with the Student Loan Application Form while applying. Keep the following documents ready for a swift process of Loan Application at your bank:
Once your international education loan application is approved by the bank, it will issue a loan document. The document will have all the terms and conditions of the education loan along with the basic details.
The information mentioned is the borrower’s name, agreed loan amount, the period of repayment, interest rate, the signature of both the parties, collateral security details etc. Read all the elements properly and if you agree with those, sign it.
After signing your loan agreement for France, the bank disburses the amount. It will pay the amount to you in instalments or lump sum as per agreement. In some cases, the bank may pay the tuition fee directly to the respective university. Once you receive your amount, spend it on the necessary expenses such as tuition fee, books, purchasing laptop, accommodation etc.
In most cases, if the loan amount is more than 7.5 lakhs, you are required to deposit collateral as a security to the 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:
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.
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