France is the perfect destination for international students to pursue their higher education programmes. It is home to some of the world’s top-ranked universities like INSEADÉcole Normale SupérieureHEC Paris, etc. Every year, many international students from all over the world are accepted for higher education programs in these universities. Most of them study in France with education loan as their major source of funding. A major percentage of these students are unaware of the exact procedure to study in France with education loan as their method of financing. As an international student, it can get quite difficult for you to look for education loan in France for higher education.

This article will give you an insight into the exact steps involved in the procedure to study in France with education loan. Or better yet, watch the 23rd episode of Loanflix, in which, the speaker, Ms. Damini Mahajan explains this topic of how you can study in France with education loan being your sole source of funding.

Candidates who need to study in France with education loan from prominent lenders need to conduct thorough research of how the abroad education loan process works.

What are the kinds of possible student loan for studying in France?

Education loans in India are majorly bifurcated into two different kinds on the basis of the kind of security that candidates need to pledge against these education loans.

Secured education loans: These loans require candidates to pledge certain forms of assets as collateral security against their education loans. Government banks or public banks are some of the biggest lenders of secured abroad education loans in India. Secured loans provide some of the most beneficial education loan schemes for candidates who are looking to borrow a student loan for studying in France.

Some of the major benefits offered by government bank education loan schemes include lower interest rates and flexible loan repayment policies.

Do watch the 2nd episode of the Loanflix web-series to get more information about the various benefits of borrowing a secured education loan to study in France. Government banks have not set any loan amount limits for those who wish to study in France with education loan as their funding source. Candidates can avail an amount of up to Rs.1.5 Cr from most of the major government banks. An education loan with collateral is an easy, safe and affordable option.

Unsecured education loans: Candidates do not need to pledge any collateral against unsecured education loans. Private, non-banking companies called NBFCs (Non-Banking Finance Companies) are the major lenders of unsecured education loans. These loans are majorly borrowed by students who do not have any form of assets that can be pledged as collateral security. 

Candidates who apply for an unsecured education loan to study in France need to fulfil certain requirements laid down by NBFCs in order to get their loan application approved. This is mainly because of the absence of collateral security in unsecured education loans. The eligibility criteria laid down by NBFCs for unsecured loans are more stringent as compared to those set by public banks. The financial risk is higher when you borrow a non-collateral education loan to study in France.

Students who are looking for an unsecured education loan to study Masters in France can get up to Rs. 15 lakhs from prominent NBFCs.

Candidates who have approached the WeMakeScholars team in the past have been able to secure more than Rs.20 Lakhs for supporting their higher studies in France.

When Would Students Require Funding?

Candidates who are looking forward to pursuing their higher education in France with education loan always have this question on their minds. Knowing the exact time of requirement of funds is crucial to the abroad education loan procedure. Before diving into the details, let’s take a quick look at the higher education process to study in France with an education loan. It is essential to have a good knowledge of the process to study in France with education loan so that you get an estimate of the expenses and accordingly apply for an education loan to study in France.

  • As is the case with any abroad education process, those students who wish to go ahead with their higher education in France need to apply to prospective universities and wait for their admission letters to come through.
  • The next step will require students to decide on a university and then, after having had a good look at the possible expenses for the entire course and going through the financial pre-conditions required for a French student visa, apply for an education loan to study in France from a reliable lender.
  • After having made the decision to attend the university of your choice, you may proceed with the process of applying for an education loan.

Financial pre-requirements to Be Fulfilled to study in France with Education Loan

  • The most important point to note regarding financial requirements is that none of the French universities asks students to submit proof of their finances in order to secure admission.
  • Students are required to submit financial proof only during their French student visa process.

Read More on Education loan interest subsidy: Government schemes

What are some of the visa requirements that students who wish to study in France with education loan need to know about?

Before listing out the financial requirements, here’s a quick look at the visa application process:

Step 1. For starters, candidates will be required to log into the Campus France Website and register their details. The basic documents required from students by the French embassy for completing their visa formalities are:

  1. Passport
  2. Proof of funding
  3. Proof of accommodation
  4. Medical insurance
  5. Flight tickets

Step 2. The next step is to schedule and attend an academic interview with the designated authorities. Candidates will be asked a few basic questions regarding their intention behind studying in France, about the nature of the higher education program chosen by them, etc.

Step 3. On the successful completion of step 2, candidates need to apply for their biometric procedure with VFS France which is the official website for candidates to register for their student visa procedure. 

Step 4. On submitting their Biometrics successfully, and after their documents have been processed, the candidate’s French student visa is approved.

What are the Financial Pre-requisites of obtaining a French student visa & How to Fulfil Them?

The French embassy requires students to provide proof that they possess the funds required by their university for the chosen higher education program. Candidates are required to show the presence of these funds in their savings account in order to get their student visas without any hurdles. This is where applying for an education loan way in advance comes to your rescue.

Students who plan on self-funding their higher education in France may show the presence of these funds by submitting their bank account statement to the embassy.
Students who plan on completing their higher education in France with education loan will be required to submit a loan sanction letter from their lending bank to fulfil the same requirement.

Candidates who secure their education loans from government banks tend to have a difficult time getting their loan officer to grant them this sanction letter. More often than not, a lot of officers hesitate to issue loan sanction letter or a pre-visa disbursement to students. This mostly happens due to their limited knowledge about the various education loan policy changes made within their own organization.

WeMakeScholars has been helping students out of such tricky situations since 2016. The various long reviews given by our former students are proof of the trust and reliability earned by the financial team from having helped such students. The financial team at WeMakeScholars leaves no stone unturned to ensure a transparent and clear education loan process for our students.

When is it the right time to apply for an education loan to study in France?

The earlier, the better. When it comes to pursuing your higher education in France with an education loan, it is always wiser to apply way in advance. Does this mean that you need to apply a year prior to planning your higher education? Absolutely not!  Applying for an education loan to for studying in France at least 1.5 months earlier to your visa process would be the clever thing to do.

This timeline has been calculated by keeping in mind the total amount of time taken for a student’s visa process to study in France with education loan and also by taking into account the possible hurdles that you might face during your education loan process.

Read More on Education loan for abroad studies: Everything you need to know

What are the Loan Repayment Terms?

Government banks/public banks in India have set flexible repayment policies for the ease of students who wish to study in France with education loan as their funding source. According to the RBI guidelines, every candidate who has availed of an education loan has to be granted a moratorium period

A moratorium period refers to the time duration in which candidates are not required to initiate any payments towards their education loans. This period comprises of the loan applicant’s entire course duration, plus six months post the course. The major motive behind this policy is to give enough time to candidates who have pursued their higher education in France with an education loan, to find the right sources to repay their abroad education loans.

Getting to study in France is a rare opportunity for most students as the norms of selection followed by world-renowned universities located in the country are stricter for immigrant students. Most of the time, international students find it difficult to find sufficient funding to support their stay within Europe due to the high cost of living. Many students are rejected by potential lenders when they apply for an education loan to study in France. On conducting thorough research, our team found that this happens, unfortunately, due to the ignorance of the lenders about various abroad education loan policies.

At WeMakeScholars, this has never happened as each of our financial officers offer solutions that pertain to the individual students’ needs. It is our firm belief that the needs of the students always come first and we strive every day to keep up to our motto. Hence, our team tries to ensure that no stone is unturned to help our students realize their goals of getting an education loan for study in France.

The next episode of Loanflix will cover the education loan process for Ireland. So do subscribe to our channel and keep a lookout for updates!

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s at free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others.