All About Student Loans to Study in Netherlands 2023 (Discover)

Unlike some countries where studying abroad can be comparatively cheap, for some destinations it requires a hefty amount of money. Student loans can be one solution to this problem that helps students to live their lifelong dream to study abroad. Today’s blog is all about it ie. Student Loan Netherlands. If you are planning to study in the Netherlands don’t miss out on this informative blog, as this can potentially help you to plan your study abroad journey without any hindrances. 

Benefits of Student Loan

Here are some of the key benefits of taking a student loan in the Netherlands:

  • If you don’t have a prior credit history, it will help you in building one.
  • It helps you in reducing your financial burden by converting your loan amount into Easy Monthly Instalments (EMIs)
  • This also includes all kinds of expenses like tuition fees, accommodation and other expenses for living in a foreign country
  • For some providers, they do not require a co-signer or collateral from the students

Also, Read- List of Top International Student Loans

Best Student Loans to Study in the Netherlands

Some of the best student loans in the Netherlands are as follows-

  • Prodigy FinanceProdigy Finance is a platform that provides loans to international students who are accepted into top-ranked Universities around the globe. The interest rates are usually lower when compared with other banks or lenders. The tenure can be up to 20 years and 7 years being the lowest.
  • MPower Financing–  This is a company that provides loans to international students. The loans are based on the student’s future potential and these are loans without a co-signer or collateral. The interest rates range from 7% to 14% and the tenure  is between 10 and 25 years,
  • Lendwise– This is a company that provides loans to international students based on their academic performance and career prospects. The best thing about this loan is it doesn’t require a co-signer or collateral. The repayment tenure is usually 5 to 10 years with a grace period of 3 months after graduation and the  interest rates range between 6.5% to 9.9% 
  • Student Finance– This is a form of student aid offered by the Dutch Ministry of Education and Culture for students enrolled in university for higher studies. The only drawback is that it’s only available for EU/EEA and Swiss International students.  It covers different kinds of expenses and grants like the basic grant the supplementary grant, tuition fees, travel fees and cost of living.

Eligibility Criteria

You need to meet certain eligibility criteria to get a student loan to study in Netherlands:

  • Your minimum age should be 18 years and your maximum age should not exceed 30 years.
  • You must be enrolled in a full-time study program
  • You must provide an estimate of your study abroad expense in a documental format
  • You must hold an offer letter from a recognized University
  • You must be of Dutch, Swiss, EU or EEA Nationality (only applicable for Student Finance)
  • You must be creditworthy (must have prior credit history)
  • You must have a good academic record 
  • You need to have a co-signer or collateral (if required)
  • You need to have an active bank account

Also Read- ​​How to Pay Off Student Loans?

Documents Required

These documents will come in handy while filling out your application form:

  • Source of income proof
  • Residential proof like a Driving license 
  • Proof of enrollment in the University
  • Credit History Report 
  • Documents related to your bank account
  • Academic Transcripts 
  • Proof of citizenship like Voter ID
  • Birth Certificate

Process of Getting a Student Loan Netherlands

Here is a detailed process on how you can get a study loan approved to study in Netherlands:

  • Research and compare the different loan options and consider the different factors like benefits, interest rates, and processing fees. (It is advisable to stay from high-interest loans and loans that have too many hidden charges)
  • Choose the desirable loan option according to your needs 
  • Applying for the loan online or offline by filling out an application form and attaching all the necessary documents.
  • Wait for the loan approval and confirmation from the loan servicer.
  • Read the loan terms and conditions carefully, as this is the most important thing to do while getting a loan, crosscheck the EMI amount and Tenure and once you are satisfied you can sign the loan agreement.
  • You will receive the loan disbursement directly into the bank account or directly be paid to the University (This depends on the loan provider)

Also Read- Student Loan- Refinance/Consolidation

FAQs

Q1. What are the drawbacks of a student loan?

Ans. Yes, There can be a few drawbacks when opting for a student loan, and some of them are as follows:
Student loans can have high fees and interest rates that can increase over time if you choose floating or variable interest instead of fixed interest.
This can have negative consequences on your credit score and future borrowing ability if not repaid on time.

Q2. Do we get up to 100% student loan?

Ans. This completely depends on the loan provider, but yes with some providers you get 100% of the loan amount.

Q3. What are the other student loan options for the Netherlands?

Ans. Here are some other student loan options to study in the Netherlands-
InCred
HDFC Credila
Avanse

This was everything related to Student Loan Netherlands. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.

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