Student Loan Options for Higher Education in the Netherlands

The Netherlands is one of Europe’s most popular destinations for overseas students. For their further study, a big number of international students flock to this favoured country. One of the most appealing aspects of the Netherlands is the availability of English-taught degree programmes.

The Netherlands also features one of the most prestigious and the oldest higher education systems in the world, dating back to the sixteenth century. The University of Amsterdam, which is ranked 50th in the world, is followed by Leiden University and Utrecht University, which are ranked 75th and 80th, respectively. The Netherlands is a top choice for higher education, with 13 universities in the top 250 The Times Higher Education World University Rankings. Universities of Applied Sciences and Research Universities are two major types of universities in the Netherlands. Engineering, Social Sciences, Life Sciences, Agricultural and Environmental Science, Business Administration, Education, Health, Art and Culture are some of their most well-known courses.

Intending your finances in a planned approach is one of the many elements that must be considered when planning to study in the Netherlands. Your ambition of studying in the Netherlands can only come true if you have carefully organised your finances. This article will provide further information on how to make your higher education affordable in the Netherlands through study loans for abroad.

Cost of Studying in the Netherlands:

For Indian students who are interested in pursuing higher education in the Netherlands, the average tuition fee for undergraduate and postgraduate programmes is between €6,000 and €15,000 for Bachelor’s Programs, and between €8,000 and €25,000 for Master’s Programs. International students living and studying in Holland should expect to pay anything from €800 to €1,100 per month on living costs. Many colleges additionally help students with financial aid. There are various Netherland Scholarships available for overseas students to help with the costs of studying abroad. International students can work up to 16 hours per week during the school year or full-time during the summer months of June, July, and August.

Kinds of education loans available to study in the Netherlands:

In India, there are two forms of international education loans:

• Secured education loans
• Unsecured education loans

Secured education loans entail loan applicants pledging specific assets as collateral against their international education loan. In India, government banks and public banks are the most common lenders of these loans.

Unsecured education loans are those that do not require borrowers to put up any assets as security for the loan. In India, NBFCs (Non-Banking Finance Companies) are the most common source of unsecured education loans.

Pre-visa disbursement to study in the Netherlands:

A pre-visa disbursement is any component of an education loan that candidates may request their lending banks to disburse before the start of their visa procedure.

Pre-visa disbursement from NBFCs:

Most NBFCs (Non-Banking Finance Companies) will authorize a pre-visa disbursement for loan applicants who want to study in the Netherlands without any complications. As a result, individuals seeking unsecured education loans have little difficulty obtaining them from their lending NBFCs.

Pre-visa disbursement from public banks:

Due to the long processing time taken by these banks, many candidates who borrow abroad education loans from public banks have a difficult time getting their loans sanctioned in time for the purpose of supporting their higher education in the Netherlands.

Many public bank officials have been known to delay approving a pre-visa disbursement to candidates who require one in order to study in the Netherlands. Another group of candidates who are having issues with their lending institutions is those who require a loan sanction letter prior to beginning the visa application process.

What is the best education loan for studying in the Netherlands?

We’ve discussed the various foreign student loan choices above. Individual demands and circumstances would determine the appropriate lending option. However, there are a few things to think about before deciding on a lender and a loan:

• A larger loan amount limit is available with secured education loans. It will ensure that you are covered for the majority of your expenses. While you may be able to find part-time work in the Netherlands, it is preferable to cover all of your bases before you arrive.
• The interest rate is a crucial consideration. It determines how much money you’ll have to pay back throughout the course of your loan. Always choose a lender with a lower interest rate. Secured education loans offer the best rate of interest in this situation.
• The processing fee is an additional cost of your international education. Processing fees on secured education loans are refundable.
• Another issue that students confront is the length of time it takes for a loan to be processed. Unsecured school loans are quickly authorized.
• Because of the ease of application and approval, many students prefer to take out an unsecured school loan. Axis Bank or any other private bank offers better terms and conditions. For an unsecured education loan, NBFCs should be kept as a last option.