Education Loan to Study in Belgium

It is true that the decision to study abroad comes with its own opportunities and obstacles. At times, even if you think that you have figured out the financial needs to study abroad, there might be certain difficulties that will come your way. Arranging funds is one of the biggest challenges that you will face when deciding to study abroad. This is where the student education loan comes to light.

In order to resolve this issue, various banks provide student loans for those who want to pursue higher education abroad. Belgium is a popular study destination for international students. This is because it is home to some of the popular universities like Ghent University, Vrije Universiteit Brussel, Catholic University of Leuven, etc. Apart from this, Belgium has a rich culture and multilingual society. Students who are still figuring out a way to study in Belgium can apply for an education loan from different agencies. These agencies can be private, government-owned, non-profit organizations, banks or foundations, etc. In this article, we will cover every aspect from eligibility to the application process and documents required to apply for an education loan to study in Belgium.

Points to keep in mind before applying for an Education Loan to study in Belgium

Before applying for a student loan, you must consider the following points:

• How much will be the cost of living
• What will be the tuition fees
• How much has to be spent on books
• What is the cost of a visa
• Any other expenditures

The loan amount covers the tuition fee. But, some education loan providers can consider paying the overall cost or cost for books as well, in addition to the tuition fee. So, before applying for a study loan, plan your finances, know how much money you need to spend on higher studies, and then, apply for it with a suitable provider.

Eligibility Criteria to apply for an Education Loan to study in Belgium for International Students

The basic eligibility conditions that are followed by the banks in order to provide an education loan are given below. But, note that these conditions may vary from bank to bank.

• You should be an Indian citizen
• You are required to have a strong academic record
• You must have secured admission to a recognized foreign university or college
• You must be 18 or above or else your parents need to avail of the loan
• You must be taking admission to a professional or technical course. This is because the banks prefer that the course must be job-oriented

Read: Eligibility Criteria for Education Loan

How to apply for an Education Loan to Study in Belgium?

In order to get an education loan to study in Belgium, you are required to write a promising application. Generally, you get a student loan if you show enthusiasm to complete the coursework. Before applying for an education loan, it is also advised to check the borrower’s liabilities and ask every question that comes to your mind.

Procedure to get an Education Loan to Study in Belgium

The loan process is a time-taking process and it is advised to start it as soon as you can. Given below are the steps to apply for a student loan:

• Check whether banks recognize the course in which you have to take admission or not
• Decide in advance how much loan amount you need and how much you will arrange on your own
• Then, compare the student loan provided by different banks and select the bank you feel is appropriate
• Then, finalize the bank and fill out the loan application form and approach your bank
• Once the loan is approved, the bank will issue a loan document that specifies the elements of the loan
• Once the loan document has been signed, the bank will disburse the amount in installments or as specified by the university

Documents Required for Obtaining an Education Loan to study in Belgium for Indian Students

Certain documents that are required to be submitted before you access a student loan to study in Belgium are:

• Filled-in loan application form
• Passport-size photographs of the applicant and co-applicant
• Residence proof
• Academic documents
• Admission proof
• Date of birth certificate
• Photo id proof
• Income proof

Education Loan Providers in India to Study Abroad

Some of the top education loan providers in India for studying abroad are:

• HDFC Bank
• State Bank of India
• Axis bank
• Punjab National bank

Besides the nationalized banks, student loans can also be availed from non-banking financial companies or institutions. HDFC Credila is one of the non-banking financial companies that provide education loans to students.

Read: Indian Banks offering Education Loans for Studying Abroad

What is Collateral?

A bank requires security against an education loan. This is known as Collateral. Collateral can be any property that is movable or immovable. Most Indian banks demand collateral as security so as to reduce the risk involved in paying off the credit. This means, if you cannot pay back the loan, then the bank has the right to sell the assets and recover the money that you owe them.

Students can avail a loan of up to Rs 4 lacs without collateral. For loans up to Rs 7.5 lacs, parents or guardians are made joint borrowers and a suitable third-party guarantee is required. If the loan is exceeding Rs 7.5 lacs, then property or any other asset is required as collateral.

Repayment: Most banks decide their repayment plan and interest plans as per their terms and conditions covered under the loan scheme. So, it is advised to check the banks' policies for the repayment of education loans.

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Expenses covered under a student loan

The student education loan will cover the expenses like:

• Tuition fees
• Fee payable to the college
• Purchase of books or equipments
• Caution deposit
• Travel expenses
• Purchase of laptop (if needed)
• Examination, laboratory, and library fee
• Other expenses like project work or study tours

Part-Time Work Options for International Students in Belgium

As an international student in Belgium, you can also do part-time jobs while studying. The government in Belgium allows a student to work 475 hours as a student. While you work under the quota of 475 hours, you are required to pay less social contributions than an ordinary employee. Basically, under the student contract regime if you remain within the 475 hours per year limit, then you owe only a limited solidarity contribution. Some of the popular part-time job roles for students are tutor, babysitter, social media assistant, event planner, etc.

Related Reads:

• Cost of Living in Belgium
• Cost of Studying in Belgium
• Scholarships to Study in Belgium