https://www.wemakescholars.com/education-loan/study-abroad/sweden
Education Loan for Sweden
✓ Education loans featuring an interest rate 8.oo% P.A
✓ For Loan Amounts of up to 1.5 Cr
Table of content
- Unsecured or without Collateral Education loan for Sweden
- Banks that Offer Unsecured loan for Sweden
- How to get an Unsecured Loan for Sweden
- Disadvantages of going Directly through Banks for an Unsecured Education Loan
- Why Choose WeMakeScholars for an Unsecured Education Loan?
- Documents Required for Education loan without Collateral for Sweden
- Repayment Plan for Unsecured Loans in Sweden
- Secured or with Collateral Education Loan for the Sweden
- Banks that offer Secured Loan for Sweden
- How to Get Secured loan for Sweden
- Disadvantages of going Directly through Banks for a Secured Education Loan
- Why Choose WeMakeScholars for a Secured Education Loan?
- Documents Required for Education loan without Collateral for the Sweden
- Repayment Plan for Secured Loans in Sweden
- Expenses Covered for Education Loans in Sweden
- Scholarships for Studying in Sweden
- Universities Recognized for Education Loan in Sweden
- FAQ's
- Need Help? Ask Here!
Public and private banks, respectively, offer education loans for Sweden up to 1.5 cr secured loan and up to 75 lacs unsecured loan. Expenses for living, travel and insurance are all covered by education loans in addition to tuition rates.
Unsecured or without Collateral Education loan for Sweden
Loan Parameters |
Details |
Loan Limit |
Upto 75 lacs |
Expenses covered |
|
Eligible courses |
|
Interest rate |
10.5% to 12.5% per annum |
Moratorium Period |
Course duration plus 6 months |
Repayment Duration |
10 years |
Repayment policies |
Simple interest or partial simple interest is charged during the moratorium period |
Eligibility Criteria |
|
Co-applicant Salary |
The salary of the co-applicant should start from 4.5 lacs to 6 lacs per annum, but this can be negotiated according to your profile. |
Banks that Offer Unsecured loan for Sweden
There are several lenders offering unsecured loans, including private banks and NBFCs.
- ICICI Bank
- Axis Bank
- IDFC Bank
- Avanse
- Incred
- Auxilo
- HDFC Credila
How to get an Unsecured Loan for Sweden
By simply following these procedures you can get an unsecured loan for Sweden
Step 1 - Visit our WeMakeScholars website to request a callback or to fill out a simple common application form.
Step 2 - A financial officer assigned to your profile will initiate the process of applying for a student loan and will contact you by phone.
Step 3 -The financial officer assigned to your loan profile will assess whether you are eligible for an unsecured loan and will inform you of the lenders that are able to provide you with such a loan.
Step 4 - Once you have uploaded the necessary documents, all lenders will be able to access them through the WeMakeScholars secure document portal. These documents, which are customized for your specific profile, will be provided to you by the financial officer assigned to your case.
Step 5 - After the lenders receive your documentation, they will typically take two to six days to approve your loan application.
Step 6 - After you receive the approval letter from the lender, you can begin the process of disbursing the loan.
Disadvantages of going Directly through Banks for an Unsecured Education Loan
There are several factors that could cause your student loan application to be denied or delayed.
- Without a clear list of required documents, it may be difficult to know what to include in your application.
- If you do not keep track of the progress of your application, it may be ignored.
- If the process is not transparent, it can be confusing and make it harder to know what is expected of you.
- If there are delays in the approval of your visa, it may be helpful to reach out for more information.
- You may not receive funding in advance to cover the cost of a blocked account deposit. It is important to plan accordingly and have the necessary funds available.
One of the main reasons for denial or delay in student loan applications is a lack of understanding of which product is the most suitable for your profile. If you are unaware of more affordable options that may be available on the market, lenders may charge you higher interest rates. It is important to be informed and shop around for the best options that meet your needs and financial situation.
Why Choose WeMakeScholars for an Unsecured Education Loan?
Rate of interest Negotiation: Lenders often charge higher interest rates for unsecured loans based on a student's background. However, WeMakeScholars can help negotiate the loan rate down by at least 1% to 2% for you.
Experience in typical cases: We handle a large volume of complex cases involving multiple parties on a daily basis and are able to successfully secure loan approval, no matter how challenging the case may be.
No service charge: Students can use WeMakeScholars for free, and this service will remain free until the lender has been repaid for the loan.
Transparency: One of the key advantages of using WeMakeScholars is that we provide education on the entire loan application process. Our financial officers will thoroughly explain each step of the process to ensure that students fully understand it before we begin processing their loans. This helps students make informed decisions and ensures a smooth and successful loan application process.
Cashback provided: As a reward for using WeMakeScholars to apply for your study abroad loan, you will receive a cashback on the first disbursement of up to INR 3000.
Documents Required for Education loan without Collateral for Sweden
To apply for an unsecured student loan in Sweden, you will need to have the following documents:
Application form
To apply for the loan, you should fill out a basic application form and attach two photos of yourself with your signature, as instructed by your financial officer.
Student Documents
- You will need to provide identification documents such as an Aadhar card, PAN card, and passport.
- An admission letter from a university in Sweden will also be required.
- Utility bills such as electricity and house tax will also be necessary.
- Your academic documents, including transcripts from 10th and 12th grade as well as your degree or diploma, will also be needed.
- Scores from competitive exams like IELTS, TOEFL, GRE, and GMAT will also be required.
- If there is a gap between your degrees, you will need to provide a gap certificate.
- If you have any work experience, you will need to provide a letter of experience.
Co-applicant Documents
In addition to identification documents, financial documents are also required as part of the application process.
- If Salaried
- Latest 3 months' salary slips
- 6 months' bank statement
- Company ID
- Latest 2 years Form 16
- Last 2 years ITRs
- If Self Employed
- Last 3 years ITRs
- 6 months bank statement
- Balance sheet, Profit and loss account for the last 3 years
- Proof of Business address
Other Documents
- You will need to provide a letter stating that the co-applicant will be responsible for any remaining expenses not covered by the loan (your financial officer may send you the format for this letter).
- The application materials should include a verified bank statement showing the co-applicant's and the student's information.
- If you are requesting a loan, you will need to provide an invoice for the requested funds, which may include costs for travel and/or a laptop.
- Any receipts for previous transactions should be included with the application materials.
- If you have any outstanding loan statements from the previous year, you should provide them as part of the application process.
- The application should include a letter detailing any discrepancies, along with a sample on stamp paper costing Rs. 100.
- If the co-applicant is not available, you will need to submit a letter explaining their absence along with the application.
Repayment Plan for Unsecured Loans in Sweden
After the moratorium period, you must start repaying an unsecured student loan with a 10-year repayment term in monthly payments.
For example, if a student borrows Rs. 35 lacs at an interest rate of 11.25% for a period of ten years, they will be required to follow the following repayment schedule:
Repayment schedule |
EMI |
Interest portion |
Loan Outstanding |
Principal portion |
End of 1st year |
58684 |
37462 |
21222 |
3974695 |
End of 2nd year |
58684 |
34947 |
23737 |
3703962 |
End of 3rd year |
58684 |
32135 |
26549 |
3401152 |
End of 4th year |
58684 |
28989 |
29695 |
3062462 |
End of 5th year |
58684 |
25471 |
33214 |
2683643 |
End of 6th year |
58684 |
21535 |
37149 |
2259938 |
End of 7th year |
58684 |
17134 |
41550 |
1786031 |
End of 8th year |
58684 |
12210 |
46474 |
1255972 |
End of 9th year |
58684 |
6704 |
51980 |
663109 |
End of 10th year |
58684 |
545 |
58139 |
0 |
Secured or with Collateral Education Loan for the Sweden
Loan Parameters |
Details |
Loan Limit |
Upto 1.5 cr |
Expenses covered |
|
Eligible courses |
|
Interest rate |
Starts from 8% |
Moratorium Period |
Course duration plus one year |
Repayment Duration |
15 years |
Repayment policies |
No need to pay any interest during the moratorium period |
Eligibility Criteria |
|
Types of Collateral |
|
Value of collateral (In case of a collateralized loan) |
|
Banks that offer Secured Loan for Sweden
In Sweden, secured student loans are offered by NBFCs, private banks, and state banks.
- State bank of India
- Bank of Baroda
- Karur Vysya bank
- Union Bank of India
- ICICI Bank
- Axis Bank
- IDFC Bank
- Avanse
- Incred
- Auxilo
- HDFC Credila
How to Get Secured loan for Sweden
Here are some ways you can expedite the process of obtaining a secured loan.
Step 1 You can use the common application form on WeMakeScholars to contact your finance officer or request a callback.
Step 2 When you speak with your financial officer, provide them with the details of your loan so they can review your loan profile.
Once your financial officer has evaluated your loan profile, they will put you in touch with the lender that offers the most suitable education loan for your profile.
Step 3 To complete the process, upload your documents to the WeMakeScholars documents portal as directed by your finance officer.
Step 4 Your financial officer will keep you informed about the progress of the process.
Step 5 After completing your documentation, you can expect to receive your lender's letter of sanction for your student loan within 15 to 20 days.
Disadvantages of going Directly through Banks for a Secured Education Loan
There are several factors that could result in your student loan application being rejected or delayed
- No proper document checklist is provided
- Your application can be ignored if you don’t follow up
- Lack of transparency
- No chance for negotiating 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 know which product is most appropriate for your situation, and lenders may take advantage of your lack of knowledge by charging you a higher interest rate, even if more reasonably priced options are available for your situation.
Why Choose WeMakeScholars for a Secured Education Loan?
Government-funded: WeMakeScholars is a government-funded organization that receives financial support from the Indian government's Ministry of IT through the Digital India campaign.
Experience in typical cases: We handle hundreds of challenging situations that require urgent resolution involving multiple parties on a daily basis, and we are always able to find a solution no matter how difficult the situation is.
No service charge: Students can use WeMakeScholars for free, and we will continue to do so until the lender has been repaid for the loan.
Transparency: When a student comes to WeMakeScholars, we provide them with complete information about the process, a variety of lender options, and firsthand knowledge of the loan system, and we promptly communicate any choices made based on their profile.
Cashback provided: As a token of appreciation for using WeMakeScholars to submit your application for your study abroad school loan, you will receive a discount on the initial payout, up to a maximum of INR 3000.
Documents Required for Education loan without Collateral for the Sweden
All the paperwork required for an unsecured loan is likewise required for a secured loan. A basic income certificate is sufficient for secured loans; ITRs are not required. The following documents serve as further evidence of the collateral 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.
- Latest property tax bill and Latest electricity bill bearing the same address
- Copy of municipality-approved building plan or plot layout.
Note: Based on the location of the collateral, a callback request or completing the common application form at WeMakeScholars will educate you of the additional documents required.
Repayment Plan for Secured Loans in Sweden
Sweden has a secured loan repayment period of 15 years, including a moratorium period of the duration of the course plus one year.
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.
Repayment schedule |
EMI |
Interest portion |
Loan Outstanding |
Principal portion |
End of 1st year |
34317 |
18418 |
15899 |
2584254 |
End of 2nd year |
34317 |
17012 |
17305 |
2384444 |
End of 3rd year |
34317 |
15483 |
18834 |
2166972 |
End of 4th year |
34317 |
13818 |
20499 |
1930278 |
End of 5th year |
34317 |
12006 |
22311 |
1672662 |
End of 6th year |
34317 |
10034 |
24283 |
1392275 |
End of 7th year |
34317 |
7888 |
26430 |
1087105 |
End of 8th year |
34317 |
5551 |
28766 |
754960 |
End of 9th year |
34317 |
3009 |
31308 |
393457 |
End of 10th year |
34317 |
241 |
34076 |
0 |
Expenses Covered for Education Loans in Sweden
In Sweden, the government offers subsidies that can cover most of the tuition costs at public institutions, but this option is not available at private universities.
Expenses Covered
- Tuition fees
- Living expenses
- Accommodation deposit and rent
- Travel + Insurance
- Miscellaneous
Scholarships for Studying in Sweden
While there are a number of scholarships that are available to students studying in Sweden, the amount of financial assistance that an individual student receives may depend on their specific circumstances and characteristics. And here are a few of them
Universities Recognized for Education Loan in Sweden
To determine if your university is included on one of these lists, you can contact WeMakeScholars' financial officer by requesting a callback or filling out a standard application form
FAQs:
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Can I get a loan to study in Sweden?
-
Which bank gives study loan easily?
-
Is Sweden cheap for students?
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Is student loan interest free?
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How much bank balance is required for Swedish student visa?
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Does Sweden require IELTS?
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Is it easy to get a job in Sweden?
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