Education Loans to Study in Italy

With a rich heritage of education, Italy hosts some of the world's oldest universities, like the University of Bologna and Naples from the 11th century. Beyond its famous tourist spots, fancy cars, and fashion, Italy emerges as an ideal destination for studying architecture, art, history, and fashion. What's more, Most of the universities in Italy offer more than 500 courses that are taught in English, making it easier for international students.

Cost of Studying in Italy

The average cost of pursuing an under-graduate course in Italy is 13,000 EUR to 15500 EUR, whereas a post graduate course costs somewhere between 11,000 EUR to 13,000 EUR.

Top 5 universities in Italy:

Cost of Living in Italy

Before moving to different lenders for education loans to study in Italy, let’s first evaluate the average cost of studying in Italy. It is important to know this as this will help you to ensure that you are able to take the right amount of loan from the chosen lender.

Top Banks and Student Loans for Italy for Indian Students

Secured Education Loan Options for Italy

Secured education loans require the borrower to provide collateral as security for the loan amount. Collateral is an asset that can be an immovable property or liquid assets like fixed deposits or government bonds. These loans are offered by public banks, private banks, and NBFCs, with public banks often being favoured for their reliability and potential to offer more affordable interest rates.

Overview of Secured education loan for Italy:

Unsecured education loans are loans that do not require a collateral instead they require a co-applicant with a stable monthly income and a CIBIL score of 700 plus. A co-applicant can be the applicant’s parents, siblings, or a close relative. Unsecured loans are offered by public banks, private banks, and NBFCs.

Overview of Unsecured education loan for Italy:

Education Loan Eligibility Criteria for Italy

It is important to check your loan eligibility before submitting your application. The eligibility criteria may vary among different lending institutions. Below are some common eligibility criteria that are typically followed by most lenders:

• The applicant should be a minimum of 18 years of age and a resident of India. 
• The applicant must have secured admission to a recognized Italian university and must have an admit letter to prove the same.
• The applicant must have completed their schooling or a bachelor’s from a reputed Indian institute and should have had a good academic performance till now.
• The application should have appeared for the English language proficiency test such as IELTS, or PTE if required.

Documents required for education loan in Italy

The documents required for an education loan for Italy depend on the type of loan and student’s profile. A generic list is stated below.

Applicant’s documents:

• Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
• Education loan application form.
• Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
• Visa documents
• Statement of expenses.
• 2 passport-size photographs.
• Loan A/C statement of one year (if applicable)
• Bank account statement of the student (if applicable)
• Academic record

• 
  10th standard mark sheet
• 
  12th standard mark sheet
• 
  Undergraduate result (semester-wise)
• 
  Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
• 
  Proof of admission: admission letter (A conditional admission letter is also applicable).

Co-applicant’s documents:

• Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 2 passport-size photographs.
• Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
• If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
• Legal documents of the collateral/ property documents.

Income proof for salaried co-applicant/guarantor:

• Salary slips for the last 3 months.
• Copy of Form 16 of the last 2 years or copy.
• Bank account statement for the last 6 months (Salary account).
• Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.

Income proof for self-employed co-applicant/guarantor:

• Business address proof.
• Last 2 years IT returns ( If IT Payee).
• TDS certificate (Form 16A, if applicable).
• Certificate of qualification (for C.A./ doctor and other professionals).
• Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
• Bank account statement for the last 6 months.

Expenses Covered in Education Loans for Italy

The expenses covered under education loans by various lenders include the following-

• Tuition fee
• Admission fee
• Examination fee
• Books or laptop expenses
• Accommodation or hostel fee
• Food costs
• Travel expenses
• Health insurance expenses
• Miscellaneous expenses

Repayment of Education Loan for Italy

The repayment of education loans for studying in Italy typically follows a structured process. Most education loans offer a moratorium period, also known as a grace period, during which you don't need to start repaying the loan immediately. This period usually lasts until after you complete your studies or secure a job. Interest might still accrue during this time. Once the moratorium period ends, you will begin repaying the education loan. Monthly installment payments are common, and you'll need to pay back the principal amount you borrowed along with the accrued interest.

Your monthly repayment