Spain is one of the most preferred study destinations in Europe. International students are attracted to its interesting culture and lifestyle. With lots of universities and courses to offer, there will be something for everyone in this popular country.
Studying abroad is an expensive affair. Many international students drop their plans to study in Spain as it is costlier than studying in their home country. If you are among those, don't worry we have a solution for it. Here we are going to present you complete information about Education Loan to Study in Spain.
International Students aspiring to study in Spain with the help of an education loan must start their process not less than 7 to 8 months before their semester begins. Here is the process you need to follow for applying for a student loan:
Its time to get deeper into these steps. Read each step thoroughly and take note of the important points, as it is a crucial decision which will affect your further financial life.
Education Loans are a great way to fund your education abroad in Spain. Your first step would be researching. Explore the different banks and loan options. But before you start your process, there are a few things you have to consider.
Factors to consider for applying for education loan
Before applying for a student loan to study in Spain, you should have a proper idea of how much money you will require and how much you are going to self-finance. Other important points you need to picturise before applying for the education loan are:
After considering these points, check your eligibility for an education loan to Study in Spain. Here are the criteria:
Eligibility Criteria to apply for international education loan
Before applying for the loan, check whether you are eligible or not. Different loan providing institutions follow different eligibility criteria. The common eligibility criteria followed by almost all the banks are given below. The applicant-
Improving Eligibility for an Education Loan
Plenty of loan applications are submitted in the banks every day. To get your application to get the advantage of priority, you can work on the following points to enhance your application to qualify for the loan:
Here you have to estimate the total amount of finance you will require to study abroad in Spain. Generally, an education loan to study in Spain covers the total cost of a student’s education in Spain. The loan amount differs with the chosen institution and study program. While calculating the total expenditure, consider the following expenses:
Once your final amount is ready, you have to check how much you will be able to pay on your own and how much you will require to take a loan. Estimating the Cost of studying in Spain is a crucial step, calculate it properly after including all the expenses.
The whole loan process is for studying in Spain, so you need to take admission in the University of Spain. You need to show the evidence of admission while applying for the loan. There are a plethora of Spanish universities welcoming international students. The top universities in Spain are listed below:
The list continues with many more universities for pursuing your higher education in Spain. You will get the complete list with details here: Universities in Spain
You should compare the different education loan options. Select the one which matches your requirements better. Compare the loans options offered by the different banks based on the following points:
Each factor plays an important role, so take your time to conclude. If you decide after proper planning and comparing you can save a few dollars.
In the next step, you have to start the process of applying. After deciding the bank and loan amount, you have to duly fill the application form. It can be online or offline. Make sure to fill correct information in it and recheck it before submitting. You have to fill the form with the following details
Loan applicants need to provide some documents for verification along with the Loan Application Form for Spain study. The list of the documents required for applying for the education loan are listed below:
Documents for Students for Primary Applicant
Documents of Co-Applicants
Other Optional Documents
After checking the eligibility criteria and verification of documents, the bank will approve your loan. It will issue a loan document that will have various terms and conditions of the loan.
The details mentioned in the loan document are the borrower’s name, agreed loan amount, the period of reimbursement , interest rate, collateral security, the signature of both the parties, etc. Read the loan agreement and then sign it.
After signing and submitting the loan document, the bank will pay the loan amount to you either in parts or lump sum as mentioned in the agreement. Once you receive your amount, spend it on the necessary expenses such as tuition fee, books and supplies, accommodation, project works, examination fee etc. Don’t waste your money on the needless expenses.
Any movable or an immovable, property deposited as a security in the bank for an international education loan is known as collateral. The rate of interest of the education loans to study in Spain directly depends on the value of collateral deposited. In order to minimise the risk involved in paying off the loan, most banks request collateral.
Instruments used as collateral:
How much can be borrowed against collateral?
The loan taken to study in Spain can be paid in instalments. The loan can be reimbursed within 10 -15 years after taking the loan. Usually, the repayment period starts when the study program is completed. Some banks even provide a relaxation period of 6 months after securing a job or a year after the completion of studies for repayment.However, the period and instalment amount differ with the bank and loan amount.
For many students, Education Loans schemes make their higher education possible in foreign countries. Follow all the steps you will surely reach your study dream destination.
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