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Tata Capital > Blog > Loan for Education > Education Loan For Study In France

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Education Loan For Study In France

Education Loan For Study In France

France stands as the 8th most popular study destination globally and 5th in Europe, attracting students from all over the world. There are 250,000 international students in France, including around 10,000 from India.

This is because of its various higher education programs, many of which are accessible to students regardless of their language proficiency. France has over 3,500 public and private institutions and offers excellent courses in data science, culinary arts, history, and business. However, one challenge many students face is the high cost of living. An education loan for France can ease this burden, making it easier to pursue your academic dreams.

In this article, we explore why France is a favoured destination for students and how an education loan can support your studies there.

Why should you study in France?

1. High-quality education

France is globally recognised for its strong education system. The country offers top-quality courses in science, arts, business, and engineering. French universities consistently rank among the best in the world, providing students with a solid academic foundation and access to cutting-edge research.

2. Global exposure

One of the biggest advantages of studying in France is the international exposure it offers. As a student, you’ll be part of a diverse community with peers from across the globe. Apart from this, many French institutions also have partnerships with international universities. This provides opportunities for exchange programs, internships, and collaborations that can add value to your academic and personal experiences.

3. Multiple career prospects

Graduating from a French institution can open doors to various career opportunities. France is home to global companies in fields like fashion, technology, finance, and more. The French government also offers work visas to international students after graduation.

4. Cultural diversity

Since students come here from all over the world, you get to experience diverse cultures. Whether it’s art, history, cuisine, or language, living in France lets you learn new things that go beyond just academics.

How can an education loan for France help you?

While France is an ideal destination for education, the costs associated with studying there can be high. On average, living expenses, including accommodation, food, transportation, and personal costs, can amount to around Rs. 7.5 lakh per year. In cities like Paris, these expenses can be even higher. In addition, you should also budget around Rs. 4,500 per month for books and stationery.

Tuition fees, while lower than those in the US or UK, can still be a significant expense. For instance, tuition fees for courses like computer science can range from Rs. 8 lakhs to Rs. 35 lakhs per year. MBA programs are even more expensive, with fees ranging between Rs. 25 lakhs and Rs. 86 lakhs annually. These costs can be overwhelming for many students.

This is where an education loan for France comes in handy. A student loan helps cover these high costs and allows you to focus on your education without financial stress.

Eligibility for Education Loan for France

To apply for an education loan, you must meet specific eligibility criteria set by the financial institution.

Common criteria include-

– The applicant must be of Indian nationality.

– Must be between 18 to 35 years.

– The applicant should have completed a 12th or a diploma.

– The applicant should pursue a graduate or postgraduate degree or a PG diploma in professional education.

– The applicant should have applied to a listed, recognised, and accredited institute in India or abroad.

Types of Education Loan for France: Collateral vs Non-Collateral

There are many types of student loans in France for Indian students. These can generally be divided into education loans for France, with and without collateral.

We outline the differences between them both below:

CriteriaCollateralWithout collateral
Risk involvedBorrowers risk losing their collateral in case payments are missed.  These loans do not risk your collateral or assets, but missed payments can affect your credit score.  
Loan principalUsually, loan amounts are higher with collateral.  Loan amounts without collateral are generally lower. 
Application and approval processLoans with collateral sometimes have a longer, more extensive application process.  Education loans for France without collateral generally have quicker application processes.
Interest ratesInterest rates on collateralised loans are generally lower because they are less risky for lenders.Interest rates for non-collateralised loans are usually higher due to higher lender risk.

Top Indian Banks and NBFCs for France Education Loan

Student loans in France for international students are offered by several banks in India. These include private sector banks, public financial institutions, and NBFCs.

Below, we list some of the most popular banks and NBFCs for student loans in France for Indian students:

  1. Public banks: Public banks are a suitable option for those seeking higher loan limits and more competitive interest rates. Some public banks include the State Bank of India and Union Bank of India.
  2. Private banks: Private banks offer borrowers faster processing times and multiple collateral-free loan options. Popular private sector banks in India include Axis Bank and ICICI Bank.
  3. Non-Banking Financial Companies: NBFCs are an excellent option for applicants who may not meet the French education loan eligibility. They offer higher loan amounts, collateral-free loans, faster processing and approval, flexible eligibility, and more. Tata Capital is India’s leading NBFC. For more information regarding education loans for France for international students, visit Tata Capital’s website today!

Expenses Covered Under French Education Loans

French education loans generally cover a wide range of academic and living expenses. However, loan coverage varies by lender and policy. Some everyday expenses typically covered by education loans include:

  • Your tuition fees
  • Your registration charges
  • Examination registration costs payable to the university
  • Living expenses, like your accommodation, food, travel, and daily living costs (but these are subject to limits)

Some additional covered costs that could be covered may include health insurance, visa fees, books, study materials, laptops, and mandatory deposits. However, it is important to check with your lender to see what will be covered under your education loan. In most cases, the tuition fees and boarding expenses are covered under education loans.

Documents Required for Education Loan for France

When applying for a student loan for France, you must provide a few documents to ensure a smooth approval process.

These include-

– ID proof

– Academic records (such as 10th and 12th marksheets, available semester transcripts, degrees or certificates).

– Financial documents

How to Apply for Education Loan for France

You can apply for an education loan either online or by visiting the lender’s branch. To apply online, follow the steps below-

1. Visit your preferred lender’s website.

2. Fill in the online student loan application form.

3. Submit the required documents.

4. Await verification.

5. The financial institution will review the submitted documents.

Once everything is verified, the sanctioned loan amount will be disbursed into your account.

Tips for a Winning Application: What Increases Approval Chances?

When applying for student loans in France for international students, here are some tips to increase approval chances:

  • Assess your academic profile: Consistently high grades and strong entrance test scores improve loan eligibility and demonstrate strong repayment potential.
  • Research and shortlist suitable loan schemes: Conduct thorough research online or in person, looking at public and private lenders, and compare interest rates, limits, and repayment flexibility. This will help you choose the best possible loan.
  • Prepare documents carefully: Ensure your income proofs, KYC, and co-applicant details are complete and valid to prevent delays.

Summing up

France offers a world-class education system, cultural diversity, and excellent career prospects. However, the cost of living and tuition fees can be a challenge for many students. An education loan provides financial support and allows you to focus on achieving your career and academic goals in France.

At Tata Capital, we offer instant student loans tailored to your needs. With attractive interest rates and flexible repayment tenure, we are here to help you every step of the way in your journey toward a successful education in France. To know more, visit the Tata Capital website or download our app today!

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FAQs

Can I get an education loan for France without collateral from India?

Yes, many private and public banks and NBFCs offer non-collateral education loans for France. However, these may depend on your university, credit profile, co-applicant profile, and more.

What are the main eligibility criteria for Indian students seeking a loan to study in France?

Education loans (France) eligibility typically includes confirmed admission, a strong academic record, enrolment at a recognised French institution, and a co-applicant with stable income and a strong credit profile.

Which Indian banks or NBFCs offer the best loans for France education?

Public and private sector banks, as well as NBFCs offer French education loans. It is essential to research which option best suits your needs, as they vary by interest rates, processing times, loan limits, and collateral requirements.

 

What expenses are typically covered by an education loan for France?

Education loans usually cover your tuition fees, housing or accommodation, food, books, travel, visa charges, health insurance, and other education-related expenses. However, this will vary by lender.

Does an education loan cover living costs, flight tickets, and health insurance in France?

Yes, most lenders include living expenses, one-time travel costs, and mandatory health insurance. However, covered expenses will vary by lender and policy.

 

Is co-applicant income required for an education loan without collateral for France?

Yes, in many cases, lenders will require a co-applicant for loans without collateral. This is because they require proof of income stability and a credit profile to assess repayment capacity.

How soon should loan applications be started before a France course begins?

It is best to apply for a loan well in advance of your French education beginning. Applying 3-5 months in advance allows time for approvals, visa documentation, and unexpected delays.

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