- Cost to study
- Eligibility to education loan
- Expenses covered
- Secured education loan
- Unsecured education loan
- Documents required
- How to get an education loan?
- Frequently asked questions
- 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.
- 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
- 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
- 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.
- Natural Science Courses
- Hospitality Management Courses
- Computer Science & Information Technology Courses
- Business & Management Courses
- Arts and Humanities Courses
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 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 Expense Cost per month Accommodation 600 EUR - 800 EUR Food 125 EUR - 130 EUR Transportation 150 EUR - 200 EUR Utilities 300 EUR - 350 EUR 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: The different expenses which are covered under the education loan for Spain are - 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) 10% Up to 1 Cr 10.5% - 10.85% 10% (listed university) (non-listed university) 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 Up to 50 Lakhs INR 11% - 13.50% 5% Up to 50 Lakhs INR 10.85% - 12.50% 0 - 15% Up to 35 Lakhs INR 11.75% - 13.25% Nil Up to 20 Lakhs INR (Only STEM Courses) 12% - 13% Nil Up to 20 Lakhs INR (Only STEM Courses) 12.75% - 13.25% Nil Up to 100,000 USD 12% - 14% Nil Fill this form and get in touch with an expert Looking For An Abroad Education Loan? 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: 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: Read also: 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. 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. 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. 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. The top five preferred courses, if you are planning to study in Spain are:
Cost to study in Spain
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.
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
Expenses covered by education loan for Spain
Secured education loan for Spain
11.50% (for boys)
15%Unsecured education loan for Spain
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Documents required for education loan for Spain
How to get education loan for Spain?
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.
Frequently asked questions
What is the maximum loan amount I can get through unsecured loans?
What is the stay-back period for Spain?
How much bank balance is required to study in Spain?
How many hours can I work in Spain as an International student?
What are some of the top courses to pursue in Spain?
First published date: 29 Jul 2020
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.
GyanDhan is India's first education financing marketplace.
