Are you a Student Aspiring to Study in France? Here is the Complete Guide on STUDENT Loan in France!

student loan france

France is a well-known choice for international students seeking higher education due to its top-notch universities, diverse culture, and lively student community. Nevertheless, the expenses associated with studying in France can be high, making it challenging for many students to afford tuition fees, accommodation, and other costs. In such cases, obtaining a student loan France can be a practical solution for those who do not qualify for scholarships or grants. This article will blog into the available options for education loans in France and provide guidance on the application process.

Student Loan France for Indian Students

There is a wide range of education loan options available to Indian students aspiring to pursue higher education in France. Notable options include 

To apply for a student loan France, an applicant will typically need to submit essential documents such as university offer letters, academic transcripts, fee details, proof of identity, proof of income of the student or co-signer, and residence. The loan amount and interest rates offered may vary depending on the lender and the applicant’s financial background. It is advisable for students to conduct thorough research, carefully compare different study abroad loan options, and select the one that aligns with their budget and specific requirements.

Types of Student Loan France

Two types of study in France education loans are available for international students:

  • Student Loan with Collateral
  • Student Loan without Collateral

Also Read: Terms And Conditions For Education Loan For Students

How to Apply for Student Loan France?

Here are the steps involved in applying for an international student loan France:

  • Secure an acceptance letter from an accredited educational institution in France.
  • Evaluate the total expenses associated with studying in France.
  • Conduct research to determine the loan amount needed and explore banks that offer education loans for international students in France.
  • Complete the application form for the student loan.
  • Compile and submit all the required documents.
  • Provide collateral security, if it is a requirement for the loan.
  • Once the loan is approved, sign the loan agreement document.

It is advisable to initiate the application process at least 7-8 months ahead of the intended start of classes to allow sufficient time for processing.

Also Read: Education Loan For Ireland For International Students 2023: A Complete Guide!

Eligibility Requirements

To apply for a student loan France, an aspirant must meet the following eligibility requirements:

  • The candidate must be an Indian resident
  • She/they/he must have proof of admission to a university/college in France
  • The applicant must have enrolled in a course recognised by the French government
  • The student must have collateral if applying for an education loan with collateral
  • The aspirant must have a valid passport and a student visa
  • The candidate must have a co-signer/parent/co-borrower/guardian with a decent financial background to ensure timely loan repayment. However, certain study abroad loans exempt students from these conditions. 
  • The aspiring student must display a potential for income generation after course completion

Ways to Improve Eligibility for Study Loan France

As banks, NBFCs, and private education loan lenders deal with a lot of study abroad loan applications on a daily basis, a study in France applicant must ensure that she/they/he stands apart from the crowd to secure loans easily and at a lower rate of interest by improving her/their/his profile. Any student loan France aspirant can improve her/their/his profile in the following ways:

  • By scoring high grades or securing a high rank in the qualifying examination/s
  • By displaying academic excellence in her/their/his previous classes/courses/degree-levels
  • By securing an admission letter from a top-tier university in France
  • By showcasing the potential to secure promising employment in the future

Loan Documents

To secure a hassle-free student loan from nationalised banks of India or NBFCs education loan, a study in France aspirant must produce the following education loan documents:

  • Completed loan application form
  • Proof of Identity (Passport/Voter ID/PAN Card/Driving Licence/Aadhaar Card)
  • Proof of Income (of the applicant and the co-signer)
  • Admission letter from the enrolled university
  • Proof of Residence (Utility bill/Rent Agreement/Property Papers)
  • Passport-size photograph of the borrower and co-borrower
  • Proof of Income of the co-applicant
  • Academic transcripts
  • Income Tax Return (ITR) for the last three years
  • Documents of Immovable Property, in cases where the collateral is required

Also Read: Here’s How You Can Get An Education Loan Without Income Proof!

Loan Repayment

Student loan in France loan repayment options are as follows:

For Indian Banks

For an Indian government student loan France, repayment begins after the completion of the course and the moratorium period. The moratorium period ends either one year after course completion or six months after securing a job, whichever comes earlier. This study abroad loan is provided as a term loan and is repaid through equated monthly instalments (EMIs) over a maximum repayment term of 15 years (180 EMIs). In the case of abroad studies education loan, EMI repayment starts either 6 months or 12 months after course completion or six months after obtaining employment, whichever is earlier. 

The repayment duration and moratorium period depend on the bank and the type of loan. The interest accrued during the moratorium and course period is added to the principal loan amount, and the repayment amount is determined based on EMIs.

For French Banks

In France, different banks offer a variety of repayment options for education loans. The student loan France repayment tenure refers to the duration within which the borrower is required to repay the entire loan amount. Most banks in France allow students to repay the loan in instalments over a period of 5-7 years. However, there are banks that offer longer repayment periods of 10-15 years, and some even provide flexible policies tailored to students’ needs. 

As an international student, meeting the eligibility criteria and showcasing a strong financial and academic background can increase the chances of obtaining an education loan in France. It is crucial to conduct thorough research on the expenses covered, repayment periods, and bank policies before applying for a study loan to pursue education in France.

FAQs

1. Which Indian banks provide student loan France?

The State Bank of India (SBI), Bank of Baroda (BOB), HDFC, Axis Bank, and ICICI provide study abroad loans.

2. Can international students apply for study loans in France?

Yes, international students are eligible to apply for study loans in France. However, they may need to fulfil additional requirements such as having a valid student visa, providing proof of admission to a recognized institution, and meeting the lender’s specific criteria. It is advisable to explore loan options designed specifically for international students.

3. What expenses can be covered by study loans for France?

Study loans for France typically cover tuition fees, accommodation costs, living expenses, travel expenses, and other related educational expenses. It is important to check with the specific lender to understand the scope of expenses that can be covered.

To apply for study abroad student loans, stay in tune with Fly Finance. If you are planning to study abroad, resolve all your finance-related queries with our experts at 1800 572 126. For any Student Loan, Bank Account or Money Transfer related queries, contact our Fly. Finance Team

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