Can I get loan for MS in Germany?

An education loan is of two types – secured education loan and unsecured education loan, and depending on their individual case, students can apply for either of these. Students who are desirous of studying in Germany must remember that they need to present a Blocked Bank Account while applying for a German Visa.

How can I get a loan for MS?

In this case, the student concerned does not have to pledge any asset in order to get a loan. Several private banks and NBFCs offer such loans. On the other hand, an education loan with collateral is also known as a secured loan. To get this loan, a student has to mortgage an immovable property or asset.

How much can I borrow in Germany?

German residents can borrow up to 80\% of the property value. Non-residents can be limited to approximately 55–60\% of the assessed value. Borrowers must also have an annual income in excess of €20,000. What’s more, your monthly mortgage payments can never exceed 35\% of your monthly income.

How much bank loan can I get?

However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most of the cases, individuals are eligible for a personal loan amount of up to 30 times of their monthly income.

How to apply for an education loan to study in Germany?

Eligibility criteria to apply for an education loan to study in Germany. The student must have attained the age of 18 years or his/her parents should apply for the loan. The applicant must have secured admission to a job-oriented course.

What is the procedure to apply for international loans?

The procedure to apply for international loans is simple in some cases. However, here the borrower needs to have a co-signer as a guarantor who should be a permanent citizen of the respective country with a good credit record. The Co-signer is obliged to repay the loan in the event of the borrower defaulting.

How to open a savings account in Germany?

Once the applicant has deposited the required funds into their Blocked Accounts, they are required to open a savings account with a bank in Germany once they reach there for their higher studies. On the completion of this step, the applicant is required to inform the bank in which they have opened their Blocked Account, about their savings account.

How do I apply for a personal loan?

Fill an easy online application form giving us your personal and professional details. It takes 5 minutes to complete the form. The last step is to upload your documents and you will receive the loan amount in your bank account.