Education Loan for Netherlands

Education loans for the Netherlands can be availed up to 1.5 Cr secured loan and up to 75 lacs unsecured loan from public and private banks respectively. Education loan covers both tuition fees and living expenses along with travel and insurance expenses.

Unsecured loans can be availed from multiple lenders which include both private banks and NBFCs. 

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

Unsecured loans for the Netherlands can be availed by simply following these steps:

Step 1 - Visit the WeMakeScholars website to request for a callback or fill out a common application form which takes a few minutes.

Step 2 - An assigned financial officer for your profile will be calling you to initiate your education loan application.

Step 3 - The financial officer assigned to your loan profile will be checking your eligibility and will be informing you regarding the eligible lenders for an unsecured loan to your profile.

Step 4 -  Once you submit the required documents in the WeMakeScholars secured documents portal that are custom-made for your profile that will be provided to you by the assigned financial officer, all the lenders will be able to download the documents from the portal.

Step 5 - That’s it, your loan application will be sanctioned within 2- 6 days once the lenders have your documents.

Step 6 - The respective lender will give you the sanction letter after which you can initiate the disbursement process.

Your application for a student loan may be rejected 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 
• 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 best for your profile. As a result, lenders may take advantage of you by charging you higher interest rates since you are unaware of superior products available on the market that are much more inexpensive for your profile.

Rate of interest Negotiation: Based on the student's profile, lenders frequently demand higher interest rates for unsecured loans. WeMakeScholars, on the other hand, bargains the interest rate down on your behalf by at least 1% to 2%.

Experience in typical cases: We deal with thousands of complex situations involving several parties every day that need to be resolved right away. No matter how hard the case is, we are always able to complete the sanction.

No service charge: WeMakeScholars is completely free for students to use, and we continue to provide our services until you have repaid the lender for the loan.

Transparency: One of the main reasons to use WeMakeScholars is the information we give students about the entire loan application procedure. Our financial officers fully explain each step of this procedure. Before we begin processing the students' loans, we make sure they are completely informed of and comprehend the entire procedure.

Cashback provided: For using WeMakeScholars to apply for your study abroad loan, you will receive a cashback on your first disbursement, up to a maximum of INR 3000.

These are the fundamental documents needed for unsecured/without collateral student loans in the Netherlands.

Application form

A straightforward loan application form with two photos, your signature, and the information given by your financial officer.

Student Documents

• Identification proof - Aadhar card, PAN card, and Passport of the applicant
• Admission letter from the university of the Netherlands
• Utility bills - 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 your degree
• Experience letter, if there’s any work experience 

Co-applicant Documents

Along with identification documents financial documents are a must.

• If Salaried
  • Latest 3 month's salary slips 
  • 6 month's bank statement
  • Company ID
  • Latest 2 years form 16
  • Last 2 years ITRs
• If Self Employed
  • Last 3 years ITRs 
  • 6 month's bank statement
  • Balance sheet, Profit and loss account for the last 3 years
  • Proof of Business address

Other Documents 

• A letter stating that the co-applicant would be responsible for any remaining costs not covered by the loan (The 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-applicants Income tax return

After the moratorium period, you must begin making monthly instalments on an unsecured school loan, which has a 10-year repayment duration.

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

Secured Lenders can offer up to 1.5 Cr for students to pursue higher education in the Netherlands.

Secured education loans are provided by NBFCs, commercial banks, and public banks for the Netherlands.

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

Here are some tips to help you complete the multi-layered process of obtaining a secured loan more quickly.

Step 1 Contact your finance officer at WeMakeScholars by filling out the standard application form or requesting a callback.

Step 2 Give your financial officer the information about your loan on the call so that they may examine your loan profile.

Your financial officer will put you in touch with the lender who is providing you with the finest education loan package after reviewing the loan profile.

Step 3 According to the documents checklist that your finance officer has given you, upload your papers to the WeMakeScholars documents site.

Step 4 From here, your financial officer will continue the process and keep you informed.

Step 5 After submitting your paperwork, obtain your lender's letter of sanction for your student loan within 15 to 20 days

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 primary issue is that you could not know which product is best for your circumstance, and lenders might take advantage of you by charging you a greater rate of interest since you are ignorant of the superior, more affordable items that are accessible for your circumstance.

Government-funded: WeMakeScholars is a government-funded organization that receives funding from the Indian government's ministry of IT, under the Digital India campaign.

Experience in typical cases: Every day, we handle hundreds of complicated cases involving several parties that must be resolved urgently. Regardless of how complicated the case is, we always manage to issue the sanction.

No service charge: WeMakeScholars is completely free for students to use, and we continue to provide our services until you have repaid the lender for the loan.

Transparency: When a student contacts WeMakeScholars, they are always fully informed of the procedure that has been followed, provided a variety of lender alternatives, and given first-hand information about the loan procedure. The student will be informed of any decisions taken in line with the profile as soon as possible.

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

A secured loan also requires all the documents that are needed for an unsecured loan. For secured loans, the co-applicant does not need to have ITRs; a basic income certificate is sufficient, and the following papers serve as further proof 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: A callback request or filling out the common application form at WeMakeScholars will let you know what further papers are needed based on the collateral's location.

The Netherlands has a 15-year secured loan repayment period with a moratorium period of course duration plus one year.

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

The Netherlands consists of more public universities where the government of Netherlands provides subsidies that cover most of the tuition fees, whereas in private universities that option is not available. 

Certain universities in the Netherlands require students to pay their entire year’s tuition fees before their visa process has even started, for e.g, the TU-Delft, one of the premier technical universities in the Netherlands requires students to deposit a year’s tuition fees before they can be accepted for any program. If you are going through an education loan then the sanction letter is enough to convince the embassy. 

Also if the embassy asks for Pre-Visa disbursement then you can make that happen by talking to your WeMakeScholars financial officer who will talk to the bank on your behalf.

Expenses Covered

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

Each bank, whether public or private, maintains a list of universities for every nation, with a ranking for each university. And according to their rating, all colleges are included in the banks' list. To find out if your university is included or not, just get in touch with WeMakeScholars' financial officer by requesting for a callback or filling out the common application form.