Study abroad aspirants can get education loan without collateral for UG in Germany from private banks and NBFCs. In addition, they can also reach out to international lenders if they fail to get loans from other providers. Study abroad loans offered by these lenders cover the cost of studying and the cost of living in Germany.
To avail of loans from NBFCs, private banks, and international lenders, students can reach out to Fly Finance. They can start the application process by visiting the website of Fly. Thereafter, select the ‘Education Loan’ option from the drop-down menu on your phone and the top menu on your desktop. Now, click on the ‘Apply for Loan’ option. In the next step, select the ‘Calculate your EMI’ button to know about your future equated monthly instalments. Finally, click on the ‘Request a Callback’ option to get expert advice and proceed with the education loan application process.
Or, students can directly apply via the websites of each lender individually. However, it is advisable to apply with Fly Finance to save time as it allows you to send applications to multiple lenders at once.
Eligibility to Get an Education Loan to Study in Germany
To avail of an education loan without collateral for UG in Germany, a student must meet the eligibility criteria before applying. The requirements may differ for different universities in Germany and lenders. However, certain criteria remain the same. Here are the common eligibility criteria:
- She/they/he must be an Indian citizen
- She/they/he should have proof of admission from a recognised university in Germany
- She/they/he must not be below 18 years of age
- She/they/he must have enrolled in a job-oriented course which will help her/them/him repay the education loan
- She/they/he should have proof of depositing EUR 11,208 in her/their/his bank account. This account is used by lenders as a blocked account.
Documents Required for Education Loan Without Collateral for UG in Germany
Furthermore, to successfully obtain an education loan to study in Germany, a student needs to furnish specific documents. These documents are produced along with the loan application form. To avail of a student loan without collateral, a student needs to submit the following:
- KYC of the applicant and co-applicant
- Academic transcripts of the student- Marksheets of Classes 10th and 12th and diploma and UG degree, if any
- Admission letter of the candidate
- Fee structure of the University of enrollment
- Income proof of the co-signer
Top Lenders and Loan Amount
Private banks like Axis Bank, ICICI Bank, and IDFC First Bank also offer education loan without collateral for UG in Germany. In addition, private lenders like Prodigy also sanction unsecured loans. Furthermore, NBCs like Incred, Auxilo, HDFC Credila, and Incred also grant unsecured loans.
Stay in tune with Fly Finance News Desk to get regular updates on study abroad loans and international money transfers.
