Education Loan to Study in France: Many students nowadays choose to further their education in France. In recent years, France, along with many English-speaking nations, has truly emerged as an ideal study abroad option. For students seeking for English-taught universities in France, there are numerous alternatives.
Tuition fees in France are lower than in other European countries. However, France is not known for its low living and accommodation prices. There are scholarships available to support your tuition and living expenses while studying in France. Not everyone, however, is qualified for a scholarship or grant. Applying for an Education Loan to Study in France is the next best option for funding your fees.
How to Apply for an Education Loan to Study in France
International students planning to study in France with the assistance of an education loan should begin their application procedure at least 7-8 months before the start of their semester. Many institutions offer simple and accessible student loans in France. The following are the procedures you must take to apply for a student loan:
- Investigate the banks that offer overseas education loans, their qualifying conditions, and the document needs.
- Calculate the amount of loan you’ll need and how much you’ll pay on your own.
- Obtain an entrance letter from the relevant French university.
- Compare the various loan alternatives offered by different banks for continuing your education in France and choose the one that best meets your needs.
- After you’ve decided on a bank and a loan amount, you should fill out the loan application form.
- Submit all documents requested by the bank, such as identification, address proof, birth certificate, and so on.
- When the bank authorizes your loan, it will produce a loan document that contains information on the loan. After reading it, you must sign it.
- Following the submission of the signed agreement, the bank will pay you the amount in installments or as requested by the university.
In the following section, we will go through each step in depth. You must adhere to it and take notice of the key aspects, as this is a significant decision that will effect your financial life in the future.
Investigate the banks and financing choices.
The first step in your procedure is to explore various banks and lending choices. However, before you begin your investigation, there are a few things you should consider:
Factors to consider for education loan to study in France
Before applying for a student loan to study in Canadian institutions, you should have a clear idea of how much money you will need and how much you will be able to manage on your own. Other critical factors include:
- Choose a university and a course of study in France.
- Determine how much money you will need to study in France.
- Make a list of all the documents and gather them in the appropriate order to submit with the application.
- Make sure you have the collateral or guarantor available.
- Apply for an international educational loan at least three months before applying for a student visa to France.
- Estimate the time it will take for funds to be disbursed.
Check your eligibility for an education loan to study in France once you have completed the preceding steps. Here are the requirements:
Basic Eligibility for a Student Loan in France
Check to see if you are eligible for the loan before applying. These are some basic requirements for applying for an Education loan in France that your bank will expect you to meet. Different banks have different eligibility requirements. The following are the most typical eligibility criteria:
- The loan applicant must be a Pakistani citizen.
- The student must have applied for and been accepted into a full-time program at a recognized French institute.
- The applicant must be at least 18 years old. If the applicant is under the age of 18, his or her parents must apply.
- The applicant must have a stellar academic record.
- The applicant must be enrolled in a job-related program of study.
Improving Your Eligibility for a Student Loan
Several loan applications arrive at banks every day, and you can work on the following factors to improve your profile and qualify for the loan:
- Obtaining excellent marks/rankings in the qualifying tests
- demonstrating an outstanding academic record
- Admission letter from a prestigious college or university
- Parents/guardians/co-borrowers must have a strong financial background to ensure timely payback.
- demonstrating the potential for future employment/income production
Determine the cost of studying in France.
The next step is to calculate how much money you will need to study in France. An education loan to study in France often covers the entire cost of a student’s education in France. This varies depending on the university and academic program chosen. Include the following expenses when determining your expenses:
- Payable fees – The university cost for each academic period.
- Accommodation/hostel fees – These fees include on-campus university lodging as well as the regular price of daily meals. If you opt to live off-campus, your expenses will include rent, utilities, and transportation.
- Fees for exams, laboratories, and libraries
- Expenses such as books, computer equipment, international trips, and uniforms
- Building fund/caution deposit/refundable deposit
- Other costs associated with completing the course, such as study excursions, project work, or thesis
Acceptance letter from a French university.
You must gain admission to the University of France. You must provide documentation that you have been admitted to a French university while applying. There are numerous universities in France that accept overseas students. The following are the top universities in France:
- PSL University of Research
- Polytechnic Institute
- University of Sorbonne
- Lyon Normal and Superior School
- ParisTech Ecole des Ponts
- The Sciences Po
- Paris Sud University
- University Pantheon-Sorbonne
- Superior Normal School
In addition to the universities indicated above, you have various possibilities in France for furthering your studies. You may get more information here: France’s Universities
Education Loan Options Comparison
You should analyze the various loan alternatives offered by different banks for studying in France and choose the one that best meets your demands. Compare the loans using the following criteria:
Factors to Consider for Student Loan in France:
- Simply explained, the margin is the difference between expenses covered by school loans and those that are not. Most private banks cover all expenditures for studying in France, whereas some public sector banks, such as SBI, offer a 10% margin. In other words, the student loan for France will cover 90% of the costs. So, check the Margin before applying for a student loan in France.
- Moratorium Period: The period during which the student is not repaying the loan. The moratorium period is usually six months to a year after the loan is made. Before applying for a student loan, read the terms to learn more about the moratorium period.
- Repayment Tenure: Repayment Tenure is the length of time you will take to repay the loan. The loan for studying in France can be paid back in installments. The repayment period is typically 5 to 7 years. Some loans may have a term of 10 to 15 years. The period and instalment amount, however, varies depending on the bank and loan amount.
Other considerations include:
- The interest rate
- Tuition, books, travel, and other expenses are covered.
- Fee for Processing
- Exemptions from income taxes
- Time required for loan processing
Each factor is significant, so take your time and make an informed decision. You will be able to save money if you make your decision after rigorous planning and comparison.
Application for an International Education Loan
In this phase, you will begin the application process for your French education loan. Once you’ve decided on a bank and the amount of money you’ll need, you’ll need to fill out the loan application form. You can apply online or offline, depending on the bank’s policies. You must provide accurate information on the Loan application form.
In the application form, you must fill out your full name, parents’ names, home address, date of birth, ID proof information, course name, duration of the courses, university name, income, liabilities, employment details, type of security, tuition fees, statement of other expenses, and so on. Fill out the form completely and correctly, and double-check it before submitting it.
Please submit the papers.
When applying for a student loan, every applicant must present some common and important papers in addition to the Student Loan Application Form. Keep the following paperwork on hand for a quick loan application process at your bank:
- Admissions Documentation / Acceptance Letter
- Application for a Student Loan
- Photographs in Passport Size
- Academic transcripts, certificates, and diplomas
- Identification proof, such as a valid passport or voter’s ID card, is required.
- Age verification As proof, you may present your birth certificate.
- Exam results (GMAT/GRE/IELTS/TOEFL)
- Proof of residence for both the student and the guarantor
- Bank statements for one year
- Proof of Guarantor’s Income
Additional Optional Documents
- Minority Caste Official Certificate
- Extracurricular activity certificates
- Documentation pertaining to any disability or illness.
Agreement on a student loan to study in France
The bank will issue a loan paperwork once your foreign education loan application has been authorized. The paper will include all of the terms and conditions of the student loan, as well as the basic information.
The borrower’s name, negotiated loan amount, repayment time, interest rate, signatures of both parties, collateral security details, and so on are all provided. Read all of the contents carefully and sign if you agree with them.
Student Education Loan Disbursement
The bank disburses the loan amount after you sign your loan agreement for France. It will pay you the agreed-upon amount in instalments or in one lump sum. In other situations, the bank will pay the tuition straight to the university. When you receive your funds, use them to cover necessary expenses such as tuition, books, laptop purchases, and housing.
Education Loan Collateral Rules for Studying in France:
In most circumstances, if the loan amount exceeds 7.5 lakhs, you must deposit collateral with the bank as security. Collateral can be anything, such as liquid assets such as gold, security deposits, and bonds, or immovable tangible assets such as properties, land, and so on. When you apply for a student loan in France, the following steps are taken:
Legal Advice on Collateral:
A lawyer selected by your bank will assess the collateral and determine whether or not the property can be mortgaged. You will be required to present actual property documents.
A bank engineer will assess the market worth of your asset as well as the deferred value of your collateral in the event that the bank needs to mortgage it.