Education Loan for Netherlands
Get accustomed to the benefits, cost and opportunities
to study in Netherlands
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With modern infrastructure and an incredible education system, the Netherlands is famous for various courses resulting in multiple degrees. The country witnesses a huge influx of international students every academic session. It is home to top-ranked colleges and boasts of lucrative job opportunities. Its superior education system, engaging and student-centred teaching style, and world-class colleges make the Netherlands a highly sought-after destination. Although education expenses are lower than in most countries, it still needs financial backing. Are you planning to pursue studies in the Netherlands but are worried about finances? Do not worry; an education loan for Netherlands is here to your rescue. Various public and private loan providers offer student loans at reasonable rates to make your dream come true.
Types of Education Loan for Netherlands
Different types of student loans are available for studying in the Netherlands. The table below outlines the types of student loans different lenders offer for pursuing studies in the Netherlands:
| Secured Education Loan for Netherlands | Unsecured Education Loan for Netherlands |
|---|---|
| Asset needed as collateral: Commercial or residential property/assets | No need for security |
| Low interest rate | High interest rate |
| Long repayment period | Short repayment tenure |
Choosing a loan can be hassle But we make it simpler
Expenses Covered by an Education Loan for Netherlands
A student loan for the Netherlands covers the following expenses:
- Tuition Fees
- Food and Accommodation
- Books and Stationery
- Medical Insurance
- Transport
- Telecommunications
- Visa Application
- Utilities
- Personal Expenses
Cost of Studying in the Netherlands
Before moving on to the eligibility criteria, paperwork, and application process, let’s closely look at the education expenses in the Netherlands. The cost of education is divided into 2 sections: Tuition fees based on courses and living expenses. These are costs that your education loan for Netherlands will cover. The table below outlines the cost of pursuing studies in the Netherlands:
| Expenses | Cost |
|---|---|
| Bachelor’s Degree | 6,000 EUR – 15,000 EUR yearly |
| Master’s Degree | 8.000 EUR – 20,000 EUR yearly |
| Accommodation | 400 EUR -1000 EUR per month |
| Food | 150 EUR – 170 EUR per month |
| Transportation | 40 EUR – 80 EUR per month |
| Internet | 30 EUR – 50 EUR per month |
| Miscellaneous | 150 EUR – 200 EUR per month |
| Total Expenses | 770 EUR – 1500 EUR per month |
Eligibility Criteria for an Education Loan for Netherlands
Familiarising yourself with the eligibility criteria is important before applying for a student loan. Although each lender has specific requirements, the general criteria are listed below:
- You must be an Indian citizen.
- You should be at least 18 years of age.
- You must have a letter of acceptance for a full-time course from a recognised university in the Netherlands.
- You must prove your English proficiency with language proficiency tests.
- Your co-applicant must have a remarkable credit profile with CIBIL scores and a steady income source.
- You should have collateral equivalent or more valuable to the loan amount you want to apply for.
Documents Required for an Education Loan for Netherlands
A specific set of documents is required at the time of loan application. Listed below are the documents needed to apply for a student loan for the Netherlands:
-
- Official acceptance or offer letter from a recognised college in the Netherlands
- A loan application form filled in with your details
- A document that mentions the cost structure of your course and college.
- Identification Proof: Passport/ Driving License/ Voter Card/ PAN Card/ Aadhaar Card/PAN Card
- Applicant’s academic documents: 10th, and 12th mark sheets, semester-wise mark sheets, standardised and language proficiency test scores (GRE, IELTS, TOEFL, GMAT, other)
- Residential Address Proof: Utility bills/ Adhaar Card/ Passport/ Ration Card
- The main applicant’s PAN details
- Guarantor/co-applicant/the applicant’s bank statements
- Guarantor/co-applicant/the applicant’s statement of assets
- Guarantor/co-applicant/the applicant’s income proof
Application Process for an Education Loan for Netherlands
Below is a simplified step-by-step guide to applying for a study loan for studying in the Netherlands:
- Step 1
First of all, confirm your eligibility on our Qck Loans eligibility checker tool.
- Step 2
Talk to one of our loan counsellors and get guidance, including a document checklist.
- Step 3
Fill in your details in the online application form and attach the documents.
- Step 4
Recheck your application and submit it.
- Step 5
The lender will evaluate your application and documents, which usually takes 7 to 15 days.
- Step 6
After a thorough evaluation, the lender will approve your loan and the amount will be disbursed into your account or the university’s account.
Repayment Tenure for an Education Loan for Netherlands
When your grace period is over you need to start repaying your loan. The table below outlines the repayment tenure:
| Name of Loan Provider | Repayment Tenure |
|---|---|
| HDFC Credila | Up to 15 Years |
| Avanse Financial Services | Up to 15 Years |
| ICICI Bank | Up to 10 Years |
| Incred | Up to 15 Years |
| Prodigy Finance | Up to 15 Years |
| MPOWER Financing | Up to 15 Years |
| Auxilo Finance | Up to 15 Years |
| SBI | Up to 15 Years |
| UBI | Up to 15 Years |
Select the Best Loan Provider for Education Loan for Netherlands
The number of choices can sometimes make it challenging to choose the right loan provider. There are specific factors based on which you can compare lenders and make an informed choice regarding your education loan for Netherlands. The factors are listed below:
- Interest Rate
- Processing fee and time
- Margin Money
- Moratorium Period
- Tax Benefit
- Loan Duration
- Covered Expenses
Part-Time Jobs in the Netherlands
Many part-time employment opportunities are available in the Netherlands for students across various industries, such as retail, hospitality, customer service, and education. From front office and reservation agent to teaching assistant and customer service associate, you can find a sea of part-time jobs. These opportunities help you gain invaluable experience and supplement your income. While the education loan for Netherlands helps you cover education costs, part-time jobs help you cover additional expenses that student loans do not cover. You can also save money earned from these part-time employment opportunities and repay your loan.
What to do After Completing Studies in the Netherlands?
After completing your studies in the Netherlands, you have 3 options, both of which are discussed below:
-
- Orientation Year Residence Permit: As a non-EEA citizen, you can apply for this permit which allows you to stay in the country for a year to search for employment opportunities. You can start your business, or look for an internship. Whatever you do, you need to apply for the Skilled Worker Visa to start working.
- Highly Skilled Migrant Visa: To be eligible for the Highly Skilled Migrant Visa, you should have a job offer at hand with a good salary. The job offer must meet certain requirements set by the Dutch authorities.
- Start-up Residence Permit: After completing your studies, if you want to become an entrepreneur and start your business, you need to apply for the start-ip residence permit
Our free tools will help you out
Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
EMI Calculator
Determine your EMIs and repayment schedules before committing to a student loan.
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FAQs Regarding Education Loan for Netherlands
Some lenders capped the maximum amount to Rs. 50 lakhs for an unsecured student loan for studying in the Netherlands. The amount varies from lender to lender, course to course, and college to college.
Several lenders offer student loans to pursue studies in the Netherlands. Public lenders, private loan providers, and non-banking finance companies offer education loans. You can apply for loan from any lender as per your needs and preferences. However, check the interest rates, processing fees, prepayment charges, and repayment terms before applying.
When studying in the Netherlands, you need to show proof of your financial resources. As per the Dutch Ministry of Justice, you need to have at least €850 per month. Bank statements and scholarship letters are accepted as proof of financial resources.