Your trusted consultancy for pursuing higher education in top German Public Universities.
Table of Contents
- What is the cost of studying in Germany?
- Financing Your Education: Types of Education Loans
- Secured Education Loan to Study in Germany
- Unsecured Education Loan to Study in Germany
- Applying for an Education Loan to Study in Germany
- Documents Required for an Education Loan to Study in Germany
- Additional Factors to Consider
Tuition Fees (Approx.)
Technical University of Munich
258 Euros per year
Additional fees for admin & services
Ludwig Maximilian University of Munich (LMU)
258 Euros per semester
Tuition may apply for some English-taught courses
1,500 Euros per semester (for non-European students in bachelor's or master's programs)
Humboldt University of Berlin
No tuition fees
International students pay approx. 300 Euros per semester for other expenses, incl. public transportation
Education Loan Provider
State Bank of India (SBI)
Competitive interest rates and flexible repayment options.
Loans for tuition fees, living expenses, and other education-related costs.
Customized loan solutions with fast approval and doorstep service.
Education loans with attractive interest rates and easy repayment options.
Punjab National Bank (PNB)
Loans for higher studies abroad, covering various expenses.
GyanDhan Unsecured Loan
Unsecured personal loan for higher studies abroad.
Avanse Unsecured Loan
Unsecured loan for abroad studies, no collateral needed.
InCred Unsecured Loan
Unsecured education loan for studying overseas.
- Admission Letter: Proof of admission or offer letter from the German university or institution where you have been accepted for your course.
- Academic Documents: Copies of your academic records, including high school transcripts, and any relevant diplomas or degrees.
- Course Details: Information about the course you are going to pursue in Germany, including the duration and cost of the program.
- Cost of Living Estimate: An estimate of your living expenses in Germany, including accommodation, food, transportation, etc.
- Collateral Documents (if applicable): If the loan requires collateral, you may need to provide documents related to the collateral, such as property papers or bank statements.
- Passport and Visa: A valid passport and a student visa to study in Germany.
- Identity Proof: Any government-issued identity proof, such as an Aadhar card or driver's license.
- Residence Proof: Proof of your permanent address, such as utility bills or rental agreement.
- Income Proof: Documents showing the income of your parents or guardians, which may be required if they are co-applicants for the loan.
- Bank Statements: Bank statements of the last 6 months or a year to assess your financial stability.
- Income Tax Returns: Income tax returns of your parents or guardians for the last 2-3 years.
- Letter of Intent: A statement explaining why you chose the specific course and how it aligns with your career goals.
- Letter of Collateral: In case of collateral, a letter from the person providing the collateral.
- The loan processing time: NBFCs take the least time to process loans and usually sanction them within a short period of 4-5 days. Unsecured loans, on the other hand, require 7-10 working days to be sanctioned by a private bank, while secured loans take much longer to be sanctioned/processed because of the involvement of collateral.
- Expenses included: NBFCs and some public sector banks cover 100% of student education-related expenses. Some public banks and most private banks cover only 90% of the student's education-related expenses. A student must chart out the possible expenses and produce the list before the lenders to get the required remuneration.
- Co-applicants income details: Secured loans do not require the co-applicant's income details. However, it is mandatory for the sanctioning of unsecured education loans. The requirement varies between lenders.
- Repayment process: The repayment process and period vary between institutions and lenders. Most public banks offer a repayment period of 10-15 years, wherein the student is required to begin paying his/her EMIs after 6 months of course completion. Private banks offer a comparatively shorter repayment period wherein the student is required to begin his/her EMIs after a year of course completion. Similarly, NBFCs offer a further short repayment period and require a student to begin paying his/her EMIs soon after the sanctioning of his/her education loan.
- Common reasons for loan declination: There are innumerable reasons that can factor in loan refusal, some of which can be a poor CIBIL score, incomplete documentation, low co-applicant's income, etc. However, proper counseling and support can help you increase the probability of loan approval.
- Can I get an education loan to study in Germany without collateral? Yes, some banks and financial institutions offer unsecured education loans for studying abroad, including Germany. However, unsecured loans may have higher interest rates compared to secured loans that require collateral.
- What documents do I need to apply for an education loan to study in Germany? Commonly required documents include admission letter, academic records, passport, visa, income proof, collateral documents (if applicable), and bank statements. Specific document requirements may vary by lender.
- Is there an age limit to apply for an education loan for studying in Germany? The age limit for education loans may vary by lender, but many have a maximum age limit for loan applicants, typically around 35-40 years.
- What is the loan repayment period for education loans to study in Germany? The loan repayment period can range from 5 to 15 years, depending on the loan amount and the terms offered by the lender.
- Can I apply for an education loan before receiving the admission letter from the German university? Yes, you can apply for a loan before receiving the admission letter, but the final approval and disbursement of the loan may be subject to providing the admission letter as proof of acceptance.
- How much loan amount can I get for studying in Germany? The loan amount you can get depends on various factors, including the course, university, your academic profile, and the lender's policies. Typically, loans cover tuition fees, living expenses, and other educational costs.
- Can I apply for multiple education loans from different lenders? Yes, you can apply for education loans from multiple lenders. However, make sure to consider the terms, interest rates, and repayment conditions offered by each lender before finalizing any loan.
- What are the interest rates for education loans to study in Germany? The interest rates can vary depending on the lender, the loan amount, and your creditworthiness. Interest rates for secured loans are generally lower than those for unsecured loans.
- When should I start repaying the education loan? Loan repayment typically starts after the completion of the course, and there is usually a moratorium period during the study duration. The exact repayment terms will be specified by the lender.
- Can I apply for scholarships along with an education loan for studying in Germany? Yes, you can apply for scholarships to fund your education along with an education loan. Scholarships can help reduce the overall financial burden.