Education Loan for Sweden
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Popularly called the ‘Land of the Midnight Sun’, Sweden is a well-known study destination among students, particularly for courses related to science and technology. With 12+ institutions among the top universities in QS World Rankings, Sweden is becoming popular. From top-ranked colleges and English-taught courses to a thriving student community, vibrant life, and incredible career opportunities, the country has exceptional opportunities for every aspiring student.
Studying in Sweden is overwhelming especially when you arrange finances. While scholarships, grants, and fellowships are available, sufficient funding is required to cover the exorbitant costs. To ease study expenses in Sweden, education loan for Sweden is available so you can overcome your financial burden and focus on your academics.
Types of Education Loan for Sweden
There are 2 types of student loans for studying in Sweden. Both these types are explained below:
- Secured Education Loan
Secured education loans are those types of student loans that need you to provide assets as security. This security is called collateral. The asset can be an immovable property or liquid assets like FDs and government bonds. Public banks, NBFCs and private banks offer secured education loan for Sweden but public banks are mostly preferred because of their trustworthiness and low interest rates.
- Unsecured Education Loan
Unsecured education loans are those types of study loans that do not need any assets as security or collateral. Instead, they require a co-applicant or co-signer. The co-applicant should have a steady source of income and an excellent credit profile. The co-signer has to be someone from your family or near and dear ones: your parents, siblings, cousins, or any close relative. Like secured education loans, public banks, NBFCs and private banks offer unsecured education loan for Sweden.
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Costs Covered Under Education Loan for Sweden
The expenses that study loans for Sweden cover include the following:
- Tuition Fees
- Admission Fees
- Administrative Fees
- Examination Fees
- Accommodation Costs
- Food and Grocery Expenses
- Books, Learning Materials, Stationeries, and Other Supplies
- Leisure Activities
- Health Insurance
- Travel Costs
Eligibility Criteria for Education Loan for Sweden
The eligibility criteria to apply for a student loan to study in Sweden can vary from lender to lender. So, contact your preferred loan provider for a clear idea. The general eligibility requirements to apply for an education loan for Sweden are listed below:
- A co-applicant or co-signer is mandatory when filing an application.
- The co-applicant should be someone from your family or close ones.
- The co-signer should have a stable income and a high credit score.
- The applicant has to be an Indian citizen of 18+ years of age.
- The applicant must have secured admission to a recognised Swedish university.
- The applicant must have a solid educational background.
- The applicant’s intended course of study must be a professional/ technical graduation degree program/PG program such as MCA, MBA, MS, or diploma course.
Documents Required for Education Loan for Sweden
The documents needed to apply for a student loan to study in Sweden are based on numerous factors, including your academic and professional background which is highly important and your co-signer’s financial and credit profile. Other documents needed to apply for an education loan for Sweden are:
Common Documents for Students and Co-Borrowers
- Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card or other government-issued IDs
- Address Proof: Utility Bills/ Aadhaar Card/Passport/Ration Card
- Passport-size photographs
- Education loan application form
Documents for Students
- Visa documents
- Statement of costs
- 1 year’s loan account statement
- Bank account statement
- Educational Documents:
10th and 12th mark sheets
Semester-wise UG results
Entrance test results GRE, GMAT, etc
Language proficiency results like IELTS, TOEFL, CELTA, Duolingo, etc
Admission proof
Documents for Co-Applicants
- Last 6 months’ bank account statements if the co-signer takes over the education loan for Sweden.
- 1-year loan account statement, if the co-signer has applied for any loan from other banks or NBFCs
- Legal documents related to collateral or property
Income Proof of Salaried Co-Borrowers’
- Past 3 months’ salary slips
- Last 2 years’ copies of Form 16
- Past 6 months’ salary account statement
- Assets and liabilities statement
Income Proof of Self-Employed Co-Borrowers’
- Business address proof
- Last 2 years ITR
- TDS certificate
- Qualification certificate for CAs, doctors, and other similar professionals
- Previous 6 months salary account statement
- Assets and liabilities statement
How to Apply for Education Loan for Sweden?
After confirming your eligibility criteria and arranging all the documents, it’s time to apply for a student loan to study in Sweden. Below is a step-by-step guide on applying for an education loan for Sweden:
- Step 1: Check your eligibility with Qck Loans.
- Step 2: Speak to our loan counsellor and get guidance on further steps.
- Step 3: Fill up the application form online and attach the required documents.
- Step 4: Review your application form as well as documents and submit them.
- Step 5: your application and paperwork will be assessed, which typically takes approximately 7 to 15 days.
- Step 6: After meticulous analysis, you will get your loan amount either in your account or directly to your university’s account.
Repayment Terms of Education Loan for Sweden
The repayment terms and tenure of a student loan are crucial factors that you should take into account when choosing a lender. Many lenders need you to pay the simple interest or partial simple interest during the grace period.
| Lender Name | Repayment Tenure | Repayment Option During Moratorium |
|---|---|---|
| Public Banks | Up to 15 years | NIL or SI |
| Private Banks | Up to 15 years | NIL/SI/PSI/EMI |
| NBFCs | Up to 15 years | SI/ PSI/EMI |
Part-Time Work in Sweden
Education loans cover costs of studies but to fund certain personal expenses, you can work part-time in Sweden. This will not only help you cover those expenses that an education loan does not cover but also gain work experience while studying and save for simple interest or partial simple interest which you need to pay during the grace period. If you decide to work part-time, your topmost priority should be academics.
Post-Study Work Opportunities in Sweden
Wondering whether you can stay back in Sweden and seek work after completing your studies? Well, you can do so. You can apply for a temporary residence permit and search for employment opportunities. The permit allows you to stay in Sweden for 6 months and look for a job. Beyond 6 months, this permit cannot be extended. After you secure a job offer, you can apply for a work permit and start working full-time to gain valuable work experience.
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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Everything you need to know
Yes, of course! Leading banks in the public and private sectors like SBI, UBI, ICICI Bank, HDFC, and Axis Bank offer student loans. Also, NBFCs like HDFC Credila, Avanse, Incred, Mpower, and Auxilo offer education loan for Sweden.
No, it’s not. Even though education loans to pursue higher studies in Sweden are not interest-free, some loans offer low interest rates. You can get the best interest rates through negotiation if your co-applicant has a solid credit profile and steady income.
Absolutely yes! You can get a student loan to study in Sweden without pledging your precious assets as collateral. You can apply for student loans from public banks, NBFCs or private banks as per your convenience.