Education Loan to Study in Spain

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. 

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.

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.

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.

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 -

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:

• Learn everything about Spain student visas for Indian students
• Application deadline for Spanish Universities 2023
• Education Loan to Study in France 2023 
• Guide on Education Loans for Canada

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