Switzerland is home to several most reputable higher education institutions of Europe. A lot of students from different corners of the world are accepted into universities in Switzerland each year. 25 percent of the Swiss population are coming from outside the country which proves bilingualism and multiculturalism have a deep presence in Switzerland.
Studying abroad is often more expensive than studying in the home country. Same should be dealt with Switzerland as well. International students face difficulty in arrangements of funds to study in Switzerland. This article aims to provide you with each minute detail of Education Loan to Study in Switzerland.
An education loan is one of the most major sources of higher education funding for most international students who wish to study in Switzerland.
International Students should start their loan process minimum 6-7 months before their study program starts. Here are the steps you should follow for applying for an education loan:
In the following part of the article, we will discuss these steps in detail. Each step is important to get an education loan which covers the cost of studying as well as doesn't put much burden on your further financial life.
Your first step will be researching. You should explore different loan schemes provided by different banks. But before you research, there are few points you have to take note of.
Major factors to consider before starting the process of education loan
Before applying for a student loan to study in Switzerland, you should have a proper estimation of how much money you will require and how much you are going to arrange from your pocket. Other important factors to take into account are:
After considering these factors, check whether you are eligible for an education loan to Study in Switzerland. Here are the criteria:
Basic Eligibility Criteria
Before filling the loan application form, check your eligibility to apply for the education loan to study in colleges in Switzerland. Different banks follow different eligibility criteria. The common eligibility criteria followed by most of the banks are:
Improving Eligibility for an Education Loan
Every day there are several loan applications the banks have to deal with and to top the pile, you can work on the following points to strengthen your profile to qualify for the loan:
Now it’s time to estimate the amount you will require to study abroad in Switzerland. Generally, the cost of a student’s education in Switzerland is fully covered by an education loan to study in Switzerland. However, the loan amount can vary depending on the chosen bank and study program. While adding all the expenses, include the following expenses:
Once you get your final amount, you have to check how much you will be able to arrange the funds on your own and how much loan you will need to take from the bank.
You have to get an admission letter from the University of Switzerland to present as proof to the bank. You can apply to the swiss universities with all the documents required to get your admission confirmed. There are plenty of universities in Switzerland which welcomes international students each year. Here are the top universities in Switzerland:
The list continues with a broad spectrum of universities in Switzerland where you can pursue your higher education. These prestigious universities offer a variety of courses to international students. You will get full information here: Universities in Switzerland
Here you have to sit calmly and compare the different loan options offered by the different banks for studying in Switzerland. After proper comparison choose the one which benefits you the most. Here are the parameters, you can check on to compare the loans options :
Each factor plays an important role. You should decide only after proper planning and comparison.
Until now you have been dealing with the research and calculations part, it is time to start the process of applying for a loan legally. After finalising the bank and amount of loan you will require, you have to fill the loan application form. It can be done online or offline according to the bank. Make sure to fill correct details in it.
In the application form, you will have to fill the details such as your full name, parents name, date of birth, address, ID proof, qualifications, swiss university name, the course chosen, duration of the course, tuition fees, Income and Liabilities, employment details, type of security, other expenses etc. You should fill everything asked in the form correctly and recheck it before submitting.
For getting an education loan every applicant needs to submit some important documents. You need to attach these documents along with the Loan Application Form. The list of documents required are given below:
Other Documents are(if applicable)
Once your loan application gets approval from the bank, it will issue a loan document that includes various terms and conditions of the loan along with the basic details. Read the terms and conditions carefully and if you agree with that, sign it.
The document will have the following details on it:
After signing your loan document, the bank will disburse the amount to you. The bank can pay the amount in instalments or lump sum as per the terms and conditions mentioned in the agreement. The loan sanctioned by a bank would completely be for educational purposes and not to cover any of the personal expenses.
Generally, banks ask for collateral security for loans which include a high amount. Collateral security is some kind of movable or an immovable asset which is pledged with the lender by a borrower to obtain education loan. Most of the banks ask for collateral to reduce the risk involved in paying off the credit.
Instruments used as collateral:
Banks examine the following:
Education loan for Switzerland without collateral
Students have a tougher time trying to gain education loans without collateral. Since there is no security for the loan, the banks pay close attention to factors such as
The loans taken to study in Switzerland are to be repaid with interest. It is usually paid in instalments, as decided in the loan agreement. Reimburse with the timely instalments with the agreed amount.
The loan can be repaid within 10 -20 years after taking the loan. The repayment can be done 4 to 12 months after the completion of the course. Moratorium time varies with different loans providing banks.
You should also read these articles:
Choose Top Courses to Study in Switzerland
Stay back and Work Permit after Study in Switzerland
Top 10 Reasons to Study in Switzerland
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