The Netherlands is one of the most sought-after countries in Europe for international students. A large number of international students move to this favoured country for their further education. One of the main reasons for attraction is that the Netherlands offer degree programmes in English.
The biggest obstacle for international students is to deal with arrangements for funds for studying in Netherlands. Cost of studying in Netherlands can be expensive for overseas students and everyone cannot afford it. So here we have a solution for it. In this article, we are going to discuss everything about Education Loan to Study in Netherlands.
Netherland is a place where students come from all over the world to take advantage of its standard English taught programs. If you are unable to afford international education you can obtain an education loan for it. Here are the 8 simple steps you need to follow for obtaining an education loan for Netherlands:
Now we will put forward each step in detail. Scan each step thoroughly and take note of the important points, as it is a big decision which will affect your further financial life.
Your first step is to Research and explore the bank’s options for the international education loan for Netherlands. You should explore different banks and loan options. But before you research, there are few things you need to throw light on.
Major Factors to consider
Before applying for a student loan to study in Netherlands, you should estimate the amount of money you will require and how much you are going self-finance. Other important factors are:
After considering the above-mentioned factors, check whether you are eligible or not for an education loan to Study in the Netherlands. Here are the criteria:
Eligibility Criteria for education loan to study in Netherlands
Applicants need to understand the eligibility guidelines of banks for education loans and qualify the same. Different money lending institutions follow different eligibility criteria. Here are the common eligibility criteria followed by most of the banks:
Every day the bank receives several loan applications. To get your application on top and get approved faster, you can work on the following points to enhance your application to qualify for the loan:
Moving further, now you have to calculate the total amount you will require to study abroad in Netherlands. Generally, an international education loan covers the total cost of a student’s education in the Netherlands. For adding all the expenses, you should include the following:
Once you get your final amount, you have to check how much you will be able to finance on your own and how much loan you will require from the bank.
You are taking the loan for studying in Netherlands, so it is now the time to apply and get an admission letter from your chosen university. You have to show the proof that you are accepted by the Dutch university by submitting a letter of acceptance. There are numerous universities in the Netherlands for international students. Here are the top-ranking universities in Netherlands :
The list of universities does not end here. It continues with large, small, public and private universities in Netherlands where you can pursue your higher education. You will get full information here: Universities in Netherlands
You should check the loan options individually to find the one which suits your needs best. Compare the loans options provided by the different banks on the following parameters:
Each factor plays an important role, so take your time to decide. If you finalise after paying close attention to all the factors, you can save a few Euros.
Here, you will officially take the first step of applying. After finalising the bank and determining the loan amount, you have to fill the application form. It can be online or offline. Make sure to fill correct and accurate information in it.
You have to fill the details such as your name, parents name, address, date of birth, age, ID proof, course name, university name, duration of the courses, Income, Liabilities, employment details, tuition fees, other expenses, Details of security etc. Fill all the details correctly and recheck it before applying.
Along with the duly filled Loan Application form, every applicant needs to provide some important documents to the bank. The list of these documents required while applying for the education loan for the Netherlands are mentioned below:
For Co-applicants/ Guarantor
For Proof of Income for Self-employed Co-applicant/ Guarantor
For Proof of Income for Salaried Co-applicant/ Guarantor
Other Required Documents
As soon as your loan application is approved, the money lending institution will issue a loan sanction document. The document incorporates various terms and conditions of the loan.
The details mentioned in the document are borrower’s name, agreed loan amount, the period of reimbursement, interest rate, the signature of both the parties, collateral security, guarantors details, additional charges etc. Read the Loan sanction document carefully and if you agree with the terms and condition, sign it.
After signing and submitting your loan document, the bank will pay the loan amount to you as decided in the agreement. It can be disbursed in instalments or lump sum. Once you receive your amount, spend on the necessary expenses such as tuition fee, books and supplies, accommodation, purchase of laptop or computer etc. Don’t spend your money on the needless expenses.
Any property either movable or an immovable, deposited as a security in the bank for an education loan is collateral. The rate of interest for the education loans to study in the Netherlands depends straightforwardly on collateral availability. Most of the money lending institutes demand collateral to decrease the risk involved in re-paying off the loan.
Instruments used as collateral:
How much can be borrowed against collateral?
The value of collateral required for an international education loan for Netherlands is very subjective. It varies from bank to bank. Moreover, the academic record of the student and their scope of future employment are also checked. Most of the banks ask for collateral security to reduce their risk.
There are a few important things bank will examine before granting loan:
The loans taken to study in Netherlands are to be paid in instalments. The amount to be paid in each instalment is specified in the loan agreement. Make sure to pay the instalments on time without delay.
The loan taken to study in Netherlands can be paid in instalments. The loan can be repaid within 12 -15 years depending on the loan amount. You ought to note that the reimbursement period and the instalment amount changes with the chosen institution and the sum of the loan.
You should also read these articles:
Stay back and Work permit after Study in Netherlands
Checklist Before Studying in Netherlands
Top courses to study in Netherlands
Study in Your Dream Destination
Subscribe to the newsletter to get latest study abroad news & article right into your inbox