Education Loan for France

In order to pursue higher education in France, students may obtain student loans from both public and private banks/financial organizations up to 1.5 cr rupees. Tuition, living expenses, and accommodation deposits are all covered by an education loan.

Several lenders offer unsecured/without collateral loans for France to pursue higher education, some of them are private banks and the rest are NBFCs.

• ICICI Bank
• Axis Bank
• IDFC Bank
• Avanse 
• Incred
• Auxilo
• HDFC Credila

Getting an Unsecured student loan for France can be an easy process if you simply follow these steps. 

Step 1 - Visit WeMakeScholars and request a callback or fill out a  common application form which takes only 2-3 mins.

Step 2 - A financial officer will be assigned to you and they will get in touch with you to initiate the loan process.

Step 3 - The assigned financial officer checks your eligibility for an education loan and lets you know about the eligible lenders for your profile to get an unsecured loan.

Step 4 - Thereafter you have to submit the required documents specially made by the assigned financial officer according to your profile in the WeMakeScholars secured document portal, From there all the assigned lenders will be able to download your documents to initiate your loan application. 

Step 5 - Once the documents are with the lenders your application will be sanctioned within 2-6 days.

Step 6 - You’ll receive the sanction letter from the respective lender which you can sign and initiate the disbursement process to pay the deposit for the Blocked account.

There are multiple chances that your student loan application can be either delayed or simply rejected.

• No proper document checklist is provided
• Your application can be ignored if you don’t follow up         
• Lack of transparency 
• Delayed sanction 
• No pre-visa disbursement will be given to pay the Blocked account deposit

Majorly the issue lies in not being aware of the product that is suitable for your profile, and lenders might take advantage of you by exploiting you with a higher rate of interest as you're not aware of better products in the market that are much more affordable for your profile.

Rate of interest Negotiation: When it comes to unsecured loans, lenders typically demand higher interest rates based on the consumer's profile. However, at WeMakeScholars, we negotiate the interest rate on your behalf and lower it by at least 1% to 2%.

Experience in typical cases: Every day, we handle thousands of complicated cases involving several parties that must be handled immediately. Regardless of how complicated the case is, we always manage to get the sanction done

No service charge: WeMakeScholars doesn’t charge a single penny from the student and is absolutely free of cost, and we extend our service till you repay the loan to the lender.

Transparency: The information we provide students regarding the complete loan application process is one of the primary arguments in favor of using WeMakeScholars. Each stage of this process is completely explained by our financial officers. We make sure the students are fully aware of and understand the entire process before we start processing their loans.

Cashback provided: You will be given a cash back on the first payout up to a maximum of INR 3000 as a thank you for utilizing WeMakeScholars to apply for your study abroad loan.

These are the basic documents that are required for unsecured / without collateral education loans for France

Application form

A simple loan application form as provided by your financial officer with 2 photographs and your signature.

Student Documents

• Identification proof - Aadhar card, PAN card, and Passport of the applicant
• Admission letter from the University of France
• Utility bills - The electricity bill, House tax
• Academic documents - 10th, 12th, Degree/Diploma
• Competitive exams - IELTS, TOFEL GRE, GMAT scorecards 
• Gap certificate in case there’s any gap between the degrees
• Experience letter, if there’s any work experience 

Co-applicant Documents

Basic identification documents are a must along with these financial documents

If Salaried

• Latest 3 months' salary slips 
• 6 months' bank statement
• Company I’d
• Latest 2 years form 16
• Last 2 years ITRs

If Self Employed

• Last 3 years ITRs 
• 6 months' bank statement
• Balance sheet, and Profit and loss account for the last 3 years
• Proof of Business address

Other Documents 

• A letter stating that leftover expenses, apart from the loan amount will be borne by the Co-applicant ( Assigned financial officer will be sending you the format of the letter)
• A manifested standard bank statement with both student and co-applicant
• An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 
• Receipt for any transactions made in advance.
• Any remaining loan statements from the preceding year.
• Letter explaining the gap. Sample- on Rs. 100 stamp paper. 
• If relevant, a letter explaining the lack of a co-applicant’s Income tax return.

The repayment period for an unsecured student loan will be 10 years and you need to start paying EMI after the moratorium period.

If, for example, a student borrows Rs. 35 lacs at an 11.25% interest rate for a repayment period of 10 years, the student will be required to return the loan in accordance with the following repayment schedule:

Both public banks and private banks along with NBFCs give secured education loans for France to pursue higher education.

• State bank of India
• Bank of Baroda 
• Karur Vysya bank
• ICICI Bank
• Axis Bank
• IDFC Bank
• Avanse 
• Incred
• Auxilo
• Credila

Getting a secured loan can be really hard as it involves a multi-layered process and here’s how you can process it faster

Step 1 Get in touch with your financial officer at WeMakeScholars, by requesting a callback or filling up the common application form.

Step 2 Give your loan details over the call so that your financial officer can analyze your loan profile.

After analyzing the loan profile, your financial officer will connect you with the lender that is offering you the best education loan deal.

Step 3 Submit your documents on the WeMakeScholars documents portal as per the documents checklist provided to you by your financial officer.

Step 4 Your financial officer will carry forward the process from here and will keep updating you about it.

Step 5 Collect your student loan sanction letter from your lender within 15-20 days after you have submitted your documents. 

Your application for a student loan may be refused or delayed for a variety of reasons.

• No proper document checklist is provided
• Your application can be ignored if you don’t follow up 
• Lack of transparency 
• No chance for negotiating the rate of interest
• Delayed Sanction 
• No pre-visa disbursement will be given to pay the Blocked account deposit

The main problem is that you may not be aware of the better product for your situation, and lenders may take advantage of you by charging you a higher rate of interest since you are unaware of the better, more cost-effective products available for your situation.

Government-funded: WeMakeScholars is a government-funded organization funded by the Ministry of IT, the government of India.

Experience in typical cases: On a daily basis we deal with thousands of cases that are complex and need to be handled on priority involving a lot of people, and we get the sanction done no matter how complex the case is.

No service charge: WeMakeScholars doesn’t charge a single penny from the student and is absolutely free of cost, and we extend our service till you repay the loan to the lender.

Transparency: Students who approach WeMakeScholars are always fully aware of the process that has been going on and are handily informed about the loan process and are given several lender options to choose from, and all the decisions made according to the profile will be informed to the student on a priority basis.

Cashback provided: As a thank you for using WeMakeScholars to apply for your study abroad student loan, you will receive a cashback on the first payout up to a maximum of INR 3000

All the documents that are required for an unsecured loan are required for a secured loan as well. For secured loans the co-applicant need not to have ITRs, basic income certificate is acceptable and here are the additional documents of collateral that you are pledging.

Additional Documents for Secured Loans

• Property Title Deed
• Registered Sale Agreement / Gift Deed / Will
• Original registration receipt for the above agreement
• Allotment Letter By Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC etc. (if applicable)
• 30 years link document or Previous chain of sale deed establishing title or EC is required. It is a 30 years track record of who sold the property to whom in the last 30 yrs. If you own the property for more than 30 years, then the previous sale deed is enough.
• The latest property tax bill and Latest electricity bill bearing the same address
• Copy of municipality-approved building plan or plot layout.

Note: A callback request or completion of the common application form at WeMakeScholars will let you know what additional documents are needed based on the collateral's location.

In France, secured loans have a 15-year repayment period with course duration plus a one-year moratorium period 

For instance, if you took out a loan for 24 lacs with an interest rate of 8.5% and a 10-year repayment period, this would be your payback plan.

The living expenses in France are more when compared to other European countries but the tuition fees are unexpectedly less than usual. And the accommodation should be booked upfront before visa as per the France embassy. You will also need to provide tickets and medical insurance before applying for visa.

Expenses covered

• Tuition fees
• Living expenses
• Accommodation deposit and rent
• Travel expenses + Insurance

Student Loan for International Students in France

International students can avail of education loans from banks/lenders who fund both secured and unsecured loans where the rate of interest for a secured loan is around 8.5% to 10% and 10.5% to 12% for an unsecured loan. 

The challenge lies in getting to know which bank gives the lowest rate of interest on the best terms, The way to choose the best bank is by visiting WeMakeScholars and requesting a callback or filling out the common application form and a professional financial officer will be assigned to process your loan application.

France universities have lower tuition fees compared to other European universities, Moreover, the number of scholarships offered isn't less either but the percentage of scholarships awarded is dependent on the student profile. Here is a list of various scholarships that are provided to the majority of international students

• Eiffel scholarship program of excellence 2023
• HEC Paris MBA Scholarship in France, 2022
• Labex DigiCosme Masters Scholarship for International Students at University of Paris - Saclay in France 2022
• CIFE Master Scholarships in EU studies in France, 2022
• INSEAD GEMBA Scholarships in France, 2022

Each bank be it public or private they have a list of universities for each country and those universities are ranked accordingly. All French universities are on the bank's list with respect to their ranking to know whether your university is on the list of those banks or not, Just get in touch with the financial officer of WeMakeScholars by requesting a callback or filling out the common application form.