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Looking for education loans for studying in Italy? Know the several education loan options available and how to get the best study loan for Italy through GyanDhan.
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.
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:
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.
Expense | Cost |
---|---|
Student visa |
116 EUR |
Accommodation |
750 EUR per month |
Transportation cost |
25 -30 EUR per month |
Food |
400 - 450 EUR per month |
Utilities |
247 EUR per month |
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:
Feature | SBI | UBI | BOB |
---|---|---|---|
Loan amount |
Up to INR 1.5 cr |
Up to INR 2 cr |
INR 1.5 cr |
10.65 - 11.15% |
9.8 - 10.15% |
10.14 - 11.15% |
|
10 - 15% |
10 - 15% |
Nil |
|
Processing fees |
INR 10,000 + GST |
INR 5,000 |
INR 10,000 + GST |
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:
Feature | Private banks (ICICI Bank, Axis Bank, IDFC First Bank) | NBFCs (HDFC Credila, InCred, Avanse) |
---|---|---|
Loan amount |
Up to INR 50 Lakh |
Up to INR 25 Lakh |
Interest rates |
11.15% - 13% |
12.5% - 14% |
Margin money |
Nil |
Nil |
Available |
Not available |
|
0.5 - 1% |
0. 5 -2% |
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 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:
Co-applicant’s documents:
Income proof for salaried co-applicant/guarantor:
Income proof for self-employed co-applicant/guarantor:
The expenses covered under education loans by various lenders include the following-
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 is usually divided into equated monthly installments (EMIs), which remain consistent throughout the repayment period. EMIs comprise both the principal loan amount and the interest.
It's crucial to fully comprehend the terms and conditions of your education loan repayment before signing the agreement.
Lender | Repayment during the moratorium period |
---|---|
Nil or Simple interest |
|
Nil or Simple/Partial interest/EMI |
|
Simple interest/ Partial interest / EMI |
The process of applying for an education loan to study in Italy is quite simple, especially when you apply through GyanDhan. All you need to do is follow the below-mentioned steps -
The best education loan option for Italy depends on various factors. Taking an education loan is a crucial decision and should be dealt with after careful consideration of terms and conditions of each lender. Belo are some common scenarios with suitable lenders.
Getting an education loan for studying abroad is a significant commitment, and selecting the ideal lender from a vast pool of options is equally crucial. It is crucial to make a well-informed decision after thoroughly evaluating all aspects of the loan. To avoid all the hassle you can begin your abroad education journey with GyanDhan. GyanDhan can help you to provide all the information regarding abroad education loans. GyanDhan will help you to compare different lenders and provide you with the best lending options for you. So, what are you waiting for? Check your loan eligibility now with GyanDhan to start your loan application process.
Read Also
To apply for a student loan in Italy students need to check their loan eligibility. Once you have checked your eligibility you need to choose the suitable lender for your abroad education loan.
Yes, you can get both secured and unsecured loans for study in Italy.
The education loan interest rate for Italy ranges from 11.5 - 14
Check Your Education Loan Eligibility
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Best Lenders for Education Loan
ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB