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7 things to know before applying for a loan in Germany

Germany offers a world recognized education system, excellent industry interface, an innovative and research-based environment, and multi-cultural perspective. Yet a student is wary of the same. The worry is the same…with no or very little tuition fee, how easy would it be to acquire a student loan in Germany? Well, we answer…it’s simple and quick!

Let us find out the important aspects you must know before applying for a student’s loan in Germany:

One important pre-requisite to get a student loan as an international student in Germany is to produce a guarantor.

1. Students applying for a student loan will have to undergo a creditworthiness check and get the SCHUFA certificate.

2. The application process in some banks is comprehensive. Some of the banks in Germany may require you to complete the assessment.

3. If you are an international student, you can directly apply online with the chosen bank.

4. The repayment of a student’s loan in Germany is not on interest-based but is based on the income after completion of your course. The tenure of the repayment lies in between four to five years.

5. Only a few banks in Germany offer to finance for a second bachelor’s degree or postgraduate degree.

6. Useful points about the working it out with the banks:

o The bank will prepare the educational grant agreement after verifying the necessary documents, such as last exam grades, CV and enrolment documents.

o Bank’s student loan criteria and your finances will determine the repayment period.

o A loan will be disbursed either as a one-time payment or on a semester-wise or monthly basis. Once you have taken the loan you may need to meet the local banking consultant once a year. The banks might ask you to share the printout of your latest exam score and your enrolment confirmation.

o Different banks have a different student loan interest payment model.

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