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Here’s an easy way to finance your study in Germany

Germany is known for producing some of the finest technology products mankind has ever seen; thanks to the robust foundation of engineering and technology education there. Germany is known for its sprawling automobile industry and similar advances in automation and clean energy-harnessing technologies.

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Here’s an easy way to finance your study in Germany

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  1. Here’s an easy way to finance your study in Germany

  2. Germany is known for producing some of the finest technology products mankind has ever seen; thanks to the robust foundation of engineering and technology education there. Germany is known for its sprawling automobile industry and similar advances in automation and clean energy-harnessing technologies. Pursuing higher education in Germany is fairly affordable. What costs more is living in Germany. It means, by the time you finish your higher studies in Germany, you would end up spending more money on living costs than paying money as course tuition fees. Getting a student loan is fairly easy. Just search ‘student loan Germany’ on Google to know about different loan schemes to finance your stay and study there. In this blog, we will tell you about an easy way to finance your study there.

  3. Check the eligibility criteria to get study loans for abroad studies Check the eligibility criteria to get a study loan in India. Collect documents and identity cards that prove that you fulfill the eligibility criteria. You may need your ADHAAR card, PAN card, school mark sheets, and so on. Use an education loan eligibility calculator to calculate the maximum amount of student loan you are eligible to get. Remember that this calculator will provide a speculative amount in its result field. Apart from that, calculate the costs of living in Germany, and paying the course tuition fees on time. Adjust these costs for inflation and volatility of FOREX exchange rates. Read reviews about different lenders and select the most suitable one for yourself based on the ratings they get.

  4. Apply for a higher education loan and complete its process Apply for an education loan either online, on the lender’s website; or offline, at the lender’s office. Some lenders provide value-added services like doorstep services. In it, one of the lender’s representatives visits your house to fill the student loan application form and collect a set of relevant documents. The lender then processes the application. In it, the lender verifies the authenticity of the information and the documents provided to them. This process takes a couple of days. The lender may ask you to appear for an interview while this process moves forward.

  5. Learn the German way of settling finances Upon the completion of the verification process, the lender sanctions the student loan based on the authenticity of the documents and details provided to them. The lender then disburses the first installment of the higher education loan. This first installment pays the first-semester course tuition fees. The rest of the first installment is supposed to be deposited into a local German bank to cover your 1 year’s living expenses there. The account is then blocked and is called sperrkonto. Every month a small sum of money is unlocked from the account for you to cover the costs of living in Germany. This process continues every year until the end of your course.

  6. We hope this article was helpful to you.

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