Education Loan to Study in Spain

    Updated on: 29 Sep 2023

    If there is any country that has truly captured the pulse of the start-up and entrepreneurship culture, then it surely is Spain with Madrid and Barcelona being touted as the next Silicon Valley. Along with this, the country is also known for its top academic quality and innovation in technology and is, therefore, the latest hot destination for international students.

    The question now comes - Is studying in Spain expensive or cheap for international students? What are the options when it comes to education loans for studying in Spain? Which loans are easier to get? We will answer all the questions in this blog. 

    Table of Content

    1. Cost to study
    2. Eligibility to education loan
    3. Expenses covered
    4. Secured education loan
    5. Unsecured education loan
    6. Documents required
    7. How to get an education loan?
    8. Frequently asked questions

    Cost to study in Spain

    The cost to study in Spain is reasonable as the public university here has very low tuition fees. On the other hand, the tuition fee of private universities is a bit expensive but not as much as compared to other study-abroad destinations like the USA, UK, or Canada. Unlike other countries, the tuition fees in Spanish universities depend on the pay-per-credit system, that is, tuition fees are divided as per the credit in the program you can enroll in. Below is a table that showcases the different programs and the cost involved with them.

    Program Name

    Average cost per credit

    Approx total credit

    Approx total cost per year

    Bachelor’s Degree

    30 EUR - 45 EUR

    60 ECTS

    1,800 EUR - 6,000 EUR

    Master’s Degree

    15 EUR - 55 EUR

    60 - 70 ECTS

    2,700 EUR - 7,000 EUR

    Apart from the tuition fees, the cost of living in Spain is yet another factor that plays a vital role in determining how much education loan you need. The cost of living is shown in the table below.


    Cost per month


    600 EUR - 800 EUR


    125 EUR - 130 EUR


    150 EUR - 200 EUR


    300 EUR - 350 EUR

    Living in Spain is generally around 20% cheaper than in other European countries. With some thoughtful planning, you can make sure you live comfortably during your time studying there.

    Check Your Education Loan Eligibility Apply Here

    Eligibility to education loan for Spain

    To successfully get admitted to a Spanish university and obtain an education loan for studying in Spain, you would need to fulfill the below-mentioned eligibility criteria:

    • To apply, you need to be at least 18 years old and hold Indian citizenship.
    • Your application should be to a recognized French university for a full-time program.
    • A strong academic history is essential.
    • Unsecured loans require promising career opportunities, while secured loans require collateral.

    Expenses covered by education loan for Spain

    The different expenses which are covered under the education loan for Spain are -

    • Accommodation
    • Tuition Fees
    • Examination fees
    • Traveling expenses
    • Library and laboratory fees
    • Purchase of Computer or laptop
    • Study tours and project work during the academic year
    • Purchase of books, equipment, uniform, or any other necessary thing. 
    • Other reasonable expenses that would be required to complete the course successfully 

    Secured education loan for Spain

    A secured education loan in Spain is a kind of educational loan where you need to provide collateral or security. This is also known as an education loan with collateral. Collateral could be assets like property (such as a house or land), fixed deposits (FDs), or insurance policies. This loan type usually comes with advantages like reduced interest rates, longer repayment periods, and the possibility of getting approved for higher loan amounts. When it comes to choosing a lender, public sector banks are preferred due to their larger loan amounts, more competitive interest rates, and other perks compared to private banks and NBFCs. The table below illustrates various lenders and the secured education loan options they offer.

    Lender Name

    Maximum Loan Amount (in INR)

    Rate of Interest

    Margin Money


    Up to 1.5 Cr

    10.65% (for girls)

    11.50% (for boys)



    Up to 1 Cr

    10.5% - 10.85%


    (listed university)


    (non-listed university)

    Unsecured education loan for Spain

    As the name implies, an unsecured education loan for Spain doesn't demand you to provide collateral, making it known as an education loan without collateral. Since it's an education loan and doesn't require security, the interest rate might be somewhat higher compared to public sector banks.

    You have three categories of lenders that can furnish education loans for Spain. These encompass private banks, NBFCs, and international lenders. We'll delve into the specific offerings from each lender in the table presented below -

    Lender Name

    Maximum Loan Amount 

    Rate of Interest

    Margin Money

    Axis Bank

    Up to 50 Lakhs INR

    11% - 13.50%


    ICICI Bank

    Up to 50 Lakhs INR

    10.85% - 12.50%

    0 - 15%


    Up to 35 Lakhs INR 

    11.75% - 13.25% 


    HDFC Credila 

    Up to 20 Lakhs INR (Only STEM Courses)

    12% - 13%



    Up to 20 Lakhs INR (Only STEM Courses)

    12.75% - 13.25%


    Prodigy Finance

    Up to 100,000 USD

    12% - 14%


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    Documents required for education loan for Spain

    Now that you're familiar with how to select the most suitable lender, it's crucial to comprehend the necessary documents to smoothly complete your loan application process. The documentation requirements for obtaining an education loan to pursue studies in Spain are outlined in the list below:

    • Official admission letter from the University
    • Fully completed loan application form
    • Documents detailing the study expenses
    • Proof of identification
    • Proof of residence
    • PAN (Permanent Account Number) information of the applicant
    • Bank statements of the guarantor, co-borrower, or student
    • Statement of assets belonging to the guarantor, co-borrower, or student
    • Proof of income for the guarantor, co-borrower, or student

    How to get education loan for Spain?

    Obtaining an education loan for Spain is a straightforward procedure. However, managing interactions with multiple lenders individually can feel overwhelming. To simplify this process, GyanDhan provides streamlined assistance in acquiring education loans for Spain through the following steps:

    • Begin by checking your eligibility on GyanDhan's platform.
    • Connect with a dedicated loan expert who offers personalized guidance and suggests suitable lenders.
    • Receive a tailored document checklist for effortless organization.
    • Submit the necessary documents in accordance with the lender's guidelines.
    • Await verification typically takes 7 to 15 days. Upon approval, sign the agreement and track progress on GyanDhan's user dashboard.
    • Initiate the loan disbursement following the lender's protocols, with funds either directly deposited into your account or disbursed to the university through international lenders.

    There is a perception that to study in Spain, one would need to learn Spanish. However, numerous courses are taught in English. Plus, you'll get the chance to learn Spanish, which can be a game-changer. Why learn Spanish? It's one of the top 4 most spoken languages worldwide, opening numerous opportunities. When compared with other European countries, Spain boasts reasonably lower study costs due to minimal tuition fees in public universities and affordable living costs in some areas. So what are you waiting for? Simply check your eligibility with GyanDhan and watch your dream of studying in Spain become a reality.

    Read also:

    Frequently asked questions

    What is the maximum loan amount I can get through unsecured loans?

    In the case you want to go with an unsecured education loan then with private banks, the maximum loan amount that you can get will be up to 50 Lakh, and with NBFCs it can be around 20 Lakh INR. 

    What is the stay-back period for Spain?

    Upon completing your studies, whether at the undergraduate or postgraduate level in Spain, you'll have the opportunity to apply for a "post-study work visa." This visa grants you the chance to remain in Spain for up to a year after graduation, facilitating your pursuit of employment opportunities.

    How much bank balance is required to study in Spain?

    The exact sum needed for a Spanish student visa varies based on the applicant's unique situation. An estimate suggests maintaining a bank balance of approximately €7,000 to €8,000 (6,00,000 - 7,00,000 INR). This showcases financial security and the capacity to sustain oneself throughout the duration of the stay in Spain.

    How many hours can I work in Spain as an International student?

    As per the latest guidelines, international students with a student visa are now permitted to work in Spain for up to 30 hours weekly while studying. This can include internships, both curricular and extracurricular, whether compensated or not, contingent upon university and employer policies.

    What are some of the top courses to pursue in Spain?

    The top five preferred courses, if you are planning to study in Spain are:

    • Natural Science Courses
    • Hospitality Management Courses
    • Computer Science & Information Technology Courses
    • Business & Management Courses
    • Arts and Humanities Courses

    First published date: 29 Jul 2020

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About author

Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.

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