Lakhs of Indian students fly abroad every year to pursue the course of their dreams. In the past years, the United States has always dominated when it comes to accommodating international students. However, the recent years have witnessed a surge in the international student population in other countries like Germany, New Zealand and France.
Germany stands out as a popular destination for international students, including those from India. One of the biggest reasons for this is the cheap higher education in the nation. German public universities don’t charge tuition fee from students and that attracts a swarm of students. Still, there are expenses to be taken care of other than tuition fees. Also, private universities in Germany charge the full amount, as per bars with the UK and other popular destinations.
Education Loan from various banks and NBFCs in India help aspiring students fund these expenses. Though the tuition might be free, miscellaneous expenses in a foreign nation are often burdensome to bear. These bank education loan schemes make sure they cover all kind of different expenses for an Indian student’s higher education in Germany.
Some of the popular bank education loan schemes and their benefits for studying abroad in Germany are mentioned in the table below:
|Education Loan Scheme||Interest Rate||Travel Expense Covered||Processing Fee||Maximum Loan Limit|
|SBI Global Ed-Vantage Education Loan||Base Rate+1.70%||Yes||INR 10,000||INR 1.5 crore|
|PNB Udaan Education Loan||Up to INR 7.5 lakh: MCLR+2% Above INR 7.5 lakh: MCLR+2.6%||Yes||Nil||INR 20 lakh|
|HDFC Credila Education Loan||9-14%||Yes||1% of the loan amount||INR 10 lakh|
|Axis Education Loan||15.5-17.5%||Yes||Nil||INR 20 lakh|
|ICICI Education Loan||13.6%-14.6%||Yes||Nil||INR 1 crore|
|Canara IBA Model for Abroad Education Loan||Up to INR 7.5 lakh: 10.70% Above INR 7.5 lakh: 10.50%||Yes||1%||INR 20 lakh|
|Baroda Scholar Loan Scheme||Premier Institute: MCLR+1.25% Non-Premier Institute: MCLR+ 2%||Yes||Nil||INR 60-80 lakh|
|InCred Education Loan||Up to INR 10 lakh: 12.75-14% Above INR 10 lakh: 11.75-13.75%||No||1%||INR 1 crore|
|Tata Capital Finance Limited Education Loan||11-15%||Yes||Variable||INR 15 lakh|
|Bajaj Finance Limited Education Loan||12.99% onwards||No||2.25-3%||INR 25 lakh|
More than 2.8 million Indian students apply to study abroad in Germany ever year. These education loan schemes ensure that they don’t face any financial problems and carry on with their studies in a swift manner. The living cost and other miscellaneous expenses while studying abroad are also increasing every year. As the RBI states, the spending on tuition fees and hostel fees by Indian students abroad have gone up 44% from $1.9 billion in 2013-14 to $2.8 billion in 2017-18.
Germany offers a welcoming environment for every international student landing in the country. All the concern remaining for students pursuing their studies abroad in Germany is the financing. These banks and NBFCs come forward and help in solving that too.