.avif)
Spain is emerging as a top destination for Indian students seeking quality education at an affordable cost. In the 2022/2023 academic year, Spain welcomed a record 241,777 international students, marking a significant increase from previous years. For Indian students, financing education in Spain requires careful planning.
Education loans are a practical solution to cover tuition fees, living expenses, and other associated costs. This comprehensive guide explores the various education loan options available, including eligibility criteria, interest rates, and the application process/
Top Universities in Spain
Spain is home to several top QS-ranked universities that are highly regarded internationally. For instance, the Universitat de Barcelona ranks #160 globally, while the University of Navarra holds the #262 spot in the QS World University Rankings 2026.
Below are the top 5 Spanish universities that provide excellent education:
Minimal Docs, Maximum Approval - Apply Now.
Cost to Study in Spain
Spain offers a cost-effective education compared to other European countries. Public universities have low tuition fees, while private institutions are relatively affordable.
Tuition fees are typically structured per credit, with bachelor's degrees costing between €1,800 and €6,000 annually, and master's degrees ranging from €2,700 to €7,000.
In addition to tuition fees, students should account for living expenses like
- Accommodation: €600 - €800/month
- Food: €125 - €130/month
- Transportation: €150 - €200/month
- Utilities: €300 - €350/month
The cost of living in Spain is lower compared to other European countries; however, it still requires careful budgeting.
Types of Education Loans and Interest Rates
Spain student loan interest rates are a crucial factor, as they determine the total cost of borrowing. Indian students can choose between secured and unsecured education loans to fund their studies. These loans are offered by various financial institutions, including public and private banks, as well as NBFCs.
Secured Education Loan for Spain
Secured loans are backed by collateral, such as property, fixed deposits, or other assets of value. This education loan with collateral for Spain typically has lower interest rates and a higher loan amount. Public sector banks like SBI and Union Bank of India are among the key lenders offering these loans.
Unsecured Education Loan for Spain
Unsecured loans do not require collateral and are granted based on the borrower's academic record, the co-signer's financial profile, and the university's ranking. This education loan without collateral for Spain often has a higher interest rate, but is preferred by students who do not have assets to pledge.
Get an Education Loan 10X Faster than Banks.
Eligibility for Education Loan in Spain
Securing an education loan for Spain hinges on a comprehensive evaluation of the applicant's profile, including their academic record, the co-applicant's financial standing, and the chosen university's reputation. Lenders scrutinise these factors to determine the loan amount and interest rate, ensuring the loan is a sound investment.
- Be at least 18 years old and a citizen of India.
- Have secured admission to a recognised Spanish university for a full-time program.
- Demonstrate a strong academic record.
- For unsecured loans, show promising career prospects; for secured loans, provide acceptable collateral.
Planning to study overseas but worried about finances? Don't miss our detailed guide on how to get an education loan for abroad studies in 2024.
Expenses Covered in Education Loan for Spain
Education loans to study in Spain cover a wide range of expenses, including:
- Complete coverage of tuition costs.
- Expenses related to living in student housing or private rental.
- Flights to and from Spain.
- Purchase of necessary textbooks, notebooks, or online subscriptions.
- Laptop/Computer for academic purposes.
- Miscellaneous expenses, which include library fees, project work, study tours, and other related expenses.
Application Process for Education Loan to Study in Spain
The application process typically includes comparing various lenders, gathering the necessary documents, applying with a co-applicant, and receiving the loan disbursement. Students can apply through Indian public or private banks, as well as international lenders, depending on the loan type and eligibility.
- Ensure you meet the basic eligibility criteria, such as age, academic history, and admission status.
- Choose the most suitable loan scheme based on the loan amount, interest rates, and repayment terms.
- Gather all the required documents, including admission letters, academic transcripts, proof of identification, and financial records.
- You can apply online or at a branch. Submit the application form along with the necessary documents.
- Upon approval, the loan amount is disbursed in stages, either directly to your bank account or to the university for tuition fees.
Planning to take an instant loan for studies in Spain? Ensure you are familiar with the co-applicant rules first. Our guide on 'Who Can Be a Co-Applicant for an Education Loan' breaks down the eligibility and documents required.
Documents Required for Spain Education Loan
To apply for a study loan for Spain, you will need to provide a set of documents to the lender. Here is a general checklist:
- A fully completed and signed loan application form is required.
- A formal admission letter from a recognised Spanish university must be submitted.
- Two recent passport-size photographs of both the applicant and co-applicant, preferably with a light background, are essential.
- Identity and address proofs, such as a passport, Aadhaar, PAN, driving licence, voter ID, or utility bills, must be provided for both parties.
- Academic documents, including mark sheets/certificates for Class 10, Class 12, and graduation (if applicable), must be included.
- Entrance exam scores like IELTS, TOEFL, GRE, or GMAT must be submitted if required by the university.
- A statement of the study costs or university-provided fee structure is needed to outline tuition, accommodation, and living expenses.
- Co-applicant (typically a parent/guardian) financials - including bank statements, salary slips, income tax returns, and Form 16 (for salaried), or income returns/GST documents for self-employed must be provided.
- Collateral documents, such as fixed deposit receipts or property papers, are necessary when applying for a secured loan.
Repayment of Study Loan for Spain
Most education loans for Spain come with a moratorium period, during which you are not required to make any repayments. This period typically covers your entire study duration plus a grace period of 6 to 12 months. This allows you to find a job and start earning before you begin your EMI payments.
The repayment period can last from upto 20 years, depending on the loan amount and the lender. You can often choose a repayment plan that fits your financial situation.
Scholarships and Grants
In addition to the student Loan for Spain from India, various scholarships and grants are available for Indian students. These financial aids can significantly reduce the overall cost of education. Institutions like the Complutense University of Madrid offer scholarships based on academic merit and financial need.
While this guide focuses on Spain, if you're considering other destinations as well, our detailed blog on Education Loans for MS Abroad breaks down loan eligibility, interest rates, and application steps for international students.
Curious About Medical Field Loans to Study in Spain? Here's What Students Are Asking!
Many students dream of studying abroad but wonder how to fund their education in countries like Spain. A common question is whether loans are available to cover tuition and living expenses. If you're in a situation similar to many others, you may be wondering if it's possible to get an education loan to study in Spain as an international student.
Reddit User in r/GoingToSpain shared:
"I'm applying to medical schools in Spain, but the tuition for a private school is about €18,000 per year for 6 years. Is it possible to get a student loan as a foreigner in Spain? Can I use a U.S. bank, or are there options in Spain for international students?"
Insight: While private loans are often available in Spain, most are limited to Spanish nationals or European Union citizens. U.S. citizens may need to rely on U.S. lenders for funding, or international lenders that specialise in education loans for students planning to study abroad.
What can we infer from this case?
- Most banks in Spain do not offer loans to non-residents. Foreign students usually need to secure loans through their home country or through private international lenders.
- To qualify for a loan, you'll need a solid credit history, admission to a recognised institution, and proof of tuition fees and living expenses. Additionally, evidence of your family’s financial situation may be required.
- It's also possible to work part-time during your studies in Spain (especially during the summer months), which could help supplement your income.
Tip: Research banks that offer loans to non-residents and check with your home country's institutions for loan programs designed for students going abroad. Be sure to compare interest rates and repayment terms, as they can vary widely between lenders.
Getting an education loan for Spain can open the door to your study abroad dreams. By comparing lenders and selecting the right option, you can make the process simple and hassle-free. Looking to begin your journey? Propelld offers customised education loans designed to match your needs and make studying in Spain easier.
Propelld has you covered with personalised education loans that fit your unique needs. Propelld offers fast digital approvals, study loans of up to ₹50 lakhs, and the ease of zero-collateral requirements.
Take the first step towards your future—Apply with Propelld today!
Are you parent of a JEE/NEET aspirant?
.svg)
