https://www.wemakescholars.com/education-loan/study-abroad/italy
Education Loan for Italy
✓ Avail a loan amount upto 1.5 Cr.
✓ At interest rate as low as 8.50% P.A.
Table of content
- Unsecured Education Loan for Italy
- Banks that offer unsecured loans for Italy
- How to get an unsecured education loan for Italy?
- Disadvantages of going directly through banks for an Unsecured Education Loan
- Why Choose WeMakeScholars for an Unsecured Education Loan?
- Documents required for a loan without collateral for Italy
- The repayment plan for unsecured loans in Italy
- Secured or with the collateral loan for Italy
- Banks that offer secured loans for Italy
- How to get a Secured loan for Italy?
- Disadvantages of going directly through banks for a Secured Education Loan
- Why Choose WeMakeScholars for a Secured Education Loan?
- Documents required for a loan with collateral for Italy
- Repayment plan for Secured Education loans in Italy
- Expenses covered for education loans in Italy
- Special education loan schemes for Italy
- Scholarships for studying in Italy
- Universities recognized for Education Loans in Italy
- FAQ's
- Need Help? Ask Here!
Both secured and unsecured education loans for Italy are offered by public and private lenders in India. An amount maximum upto Rs 1.5 Cr or even higher can be offered to students depending on their loan profiles, at interest rates starting from 8.50%.
The types of education loans offered for students are:
- Unsecured Education Loan
- Secured Education Loan
Unsecured Education Loan for Italy
Loan Parameters |
Details |
Loan Limit |
Upto Rs 60 lacs Depending on the student’s loan profile, a higher loan amount can also be offered |
Expenses covered |
|
Eligible courses |
Not just that, you can pursue other courses as well |
Interest rate |
Starts from 10.50% The rate of interest can be negotiated and reduced further if possible |
Moratorium Period |
Course duration + maximum upto 1 year |
Repayment Duration |
Maximum upto 10 years |
Repayment policies |
|
Eligibility Criteria |
|
Banks that offer unsecured loans for Italy
An unsecured education loan for Italy in India can be offered of an amount upto Rs 60 lacs from the following private banks and NBFC lenders:
Axis Bank
IDFC Bank
ICICI Bank
Auxilo
Incred
Avanse
HDFC Credila
Note: In India, public banks like SBI, BOB, etc offer an unsecured education loan of up to Rs 7.5 lacs under the VidyaLoans scheme for higher education in Italy. There is absolutely no requirement of collateral security but it is usually tough to get an education loan of such a small amount from a public bank.
But we can help you get an unsecured education loan of up to Rs 7.5 lacs from a public bank, as we have a separate VidyaLoans team to process special loan requirements. Request a callback from WeMakeScholars to start your loan process at the earliest.
How to get an unsecured education loan for Italy?
Step 1 Reach out to your financial officer at WeMakeScholars or fill out the common application form
Step 2 Mention your loan requirements and other details to complete your loan application
Step 3 After your loan profile analysis, your financial officer will send you a documents checklist and document uploading link. Upload your documents using the link as per the document checklist.
Step 4 Your financial officer will inform you about the progress on your loan application from time to time. If required, take updates from your financial officer by directly calling them
Step 5 You are good to go and take your loan sanction letter from your lender after 2-6 days of uploading your loan documents on the documents portal.
Disadvantages of going directly through banks for an Unsecured Education Loan
Private banks and NBFCs offer education loans of amount upto Rs 60 lacs without collateral, but you will face the following disadvantages if you approach the banks directly for your education loans:
- Lots of files and unnecessary documents are required
- Customer care support is sometimes not available
- Longer processing time
- Interest rates are comparatively higher
- Repayment policies are hard
To clear all hurdles, choose WeMakeScholars to apply for an unsecured education loan as we have years of experience in quickly processing the loan file and so far have got thoItalynds of loans sanctioned worth crores.
Why Choose WeMakeScholars for an Unsecured Education Loan?
WeMakeScholars is a fin-tech start-up funded and supported by the IT Ministry, Government of India. It is launched with an aim to provide unbiased education loans to students who lack proper funds to pursue their higher education.
Students choose WeMakeScholars to process their education loans, because of the following advantages:
Negotiation Support - Your financial officer will negotiate with the lender's team on your behalf for better education loan interest rates, if possible.
Lesser Interest Rates - There is a 0.5%-2% interest rate discount on the effective interest rate on student loans processed through WeMakeScholars
No Cost Service - All the loan-sanctioning services provided by WeMakeScholars are totally free of charge for all students.
Quicker sanctioning process - The average loan processing time is 2-6 days for private banks and 15-20 days for public banks.
Documents required for a loan without collateral for Italy
To get an education loan for Italy, students will have to submit the following documents online on the WeMakeScholars documents portal using the documents uploading link shared by their financial officer at WeMakeScholars, otherwise, they can visit the bank also to submit the below-given documents:
Loan Application form
Scanned copy of your education loan application form, filled on the WeMakeScholars website with 2 passport-size photographs of the applicant.
Bank details and KYC documents of applicant, co-applicant, and guarantor (if required)
1. Telephone Bill, Bank passbook front page copy, Aadhar card, Passport of the applicant, Electricity Bill, Voter ID card as proof of residence (is permanent and present addresses are not the same then, 2 different address proofs will be required)
2. Any one of the following proof of identity will be required, passport of the applicant, PAN card, Aadhar card, election commission ID card, ration card with photo
3. Assets and liabilities statement from the bank officials
4. Last 1 year’s business transactions of the bank if the co-applicant is self-employed and last 6 months' personal bank account statement of the co-applicant, if they are salaried.
Academic documents of the applicant
1. Qualifying exams result, like IELTS, TOEFL, etc scorecard (whichever is required)
2. Letter from the university, stating the total fees of the course with deadlines of payment
3. Letter of confirmation of admission to the university in Italy
4. Applicants academic mark sheets of class 10th, 12th, and degree certificates
Income documents of Co-applicant
If Salaried
1. Salary slip of co-applicant of last 3 months
2. Company’s ID card
3. Last 2 years' Form 16 details
4. Income Tax Returns of the last 2 years
If Self-employed
1. Address proof of the business
2. Business balance sheet of last 3 years showing profit and loss statement
3. Income Tax Returns of the last 3 years
Miscellaneous Documents
1. Legal document from applicant and co-applicant side in the special format given by WeMakeScholars financial officer
2. A letter of declaration, stating that the co-applicant will bear all the expenses not covered by the education loan for Italy
Additional docs (if required)
1. Gap certificate on Rs 100 stamp paper by the applicant stating the reason for bread in academic degrees.
2. Receipt of any payment that was done in recent last 6 months, those were otherwise covered in an education loan
3. If any pending loan is running, then last 1 year loan account statement will be required
The above-given documents checklist is general, however, to get a documents checklist specially made as per your loan profile, contact your financial officer. Use the documents uploading link to fasten your loan application processing.
The repayment plan for unsecured loans in Italy
If any student takes an unsecured education loan for Italy as per the following parameters:
Loan amount - Rs 45 lacs
Rate of Interest - 10.5%
Repayment Duration - 10 years
Then the monthly EMI and loan repayment schedule for the taken education loan will be as per the following amortization schedule
Repayment Cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
Start of loan EMI |
686903 |
445430 |
241474 |
50664776 |
End of year 1 |
686903 |
421144 |
265760 |
47864965 |
End of Year 2 |
686903 |
391856 |
295047 |
44488520 |
End of Year 3 |
686903 |
359341 |
327562 |
40739979 |
End of Year 4 |
686903 |
323242 |
363661 |
36578336 |
End of Year 5 |
686903 |
283166 |
403738 |
31958065 |
End of Year 6 |
686903 |
238672 |
448231 |
26828625 |
End of Year 7 |
686903 |
189276 |
497628 |
21133902 |
End of Year 8 |
686903 |
134436 |
552468 |
14811602 |
End of Year 9 |
686903 |
73552 |
613352 |
7792562 |
End of Year 10 |
686903 |
5958 |
680945 |
0 |
You can get your own amortization schedule as per your loan parameters using the WeMakeScholars Education Loan EMI Calculator. It is the most accurate EMI calculator as it considers all necessary parameters while calculating the EMI.
Secured or with the collateral loan for Italy
Loan Parameters |
Details |
Loan Limit |
Upto Rs 1.5 Cr Students can try to get a higher loan amount with a better course or university. |
Expenses covered |
|
Eligible courses |
|
Interest rate |
Starts from 8.50% |
Moratorium Period |
Course duration + maximum upto 1 year |
Repayment Duration |
Maximum upto 15 years |
Repayment policies |
|
Eligibility Criteria |
|
Types of Collateral |
|
Value of collateral |
|
Banks that offer secured loans for Italy
Secured education loan for Italy is offered by the following public and private banks in India:
- State Bank of India
- Union Bank of India
- Bank of Baroda
- Karur Vysya Bank
- IDFC Bank
- Axis Bank
How to get a Secured loan for Italy?
Step 1 Talk to your financial officer at WeMakeScholars, to get your loan profile analyzed and know the best lender suiting your profile.
Step 2 Provide your loan profile details about your loan requirement, type and value of collateral, course of study, country, etc to help your financial officer analyze your profile.
Step 3 Post loan profile analysis your financial officer will suggest to you all possible lenders suiting your profile.
Step 4 Use the WeMakeScholars documents uploading link to upload your documents on WeMakeScholars documents portal as per the documents checklist
Step 5 Collect your loan sanction letter from the bank after signing the documents of formality.
Disadvantages of going directly through banks for a Secured Education Loan
You will have to face the following disadvantages, if you approach to the banks directly to process your education loan for Italy:
- Arranging unnecessary documents
- Longer processing time
- Insufficient loan product details
- Discrepancy in legal and valuation reports
- Higher processing fees
Why Choose WeMakeScholars for a Secured Education Loan?
WeMakeScholars is partnered with 14+ public and private banks in India. Our main motive is to provide unbiased education loans to students who lack proper funds to pursue their higher education in India or abroad.
Students enjoy the following benefits, when they apply for their education loan
Tax saving procedure - Your financial officer will guide you to take benefits under the Section 80E and 80C of the Income Tax Department, to save your taxable income because of education loans
Cashback Reward - You will get upto Rs 3000 as cashback from WeMakeScholars at the time of your loan disbursement from your lender bank
Documents checklist - A proper documents checklist will be provided to you by your financial officer after your loan profile analysis, which will reduce your burden of arranging multiple unnecessary documents
Online application procedure - In the era of digitalization, you can apply online and complete the processing for your education loan at the comfort of your home only through WeMakeScholars.
All the above-mentioned benefits will be served to applicants choosing WeMakeScholars as their education loan processing partner.
Documents required for a loan with collateral for Italy
Applicants will have to submit the documents mentioned in the unsecured education loan documents section along with the below-mentioned collateral documents to take a secured education loan for Italy:
- Original registration documents of the property
- Plot or plan layout of the municipality-approved building
- Sale agreement or gift deed
- Allotment letter of property by authorized government body like MHADA, CIDCO, DDA, HUDA, or municipality corporation
- Property title deed
- Electricity bill and recent property tax receipts of the same address
- The last 30 year’s sale deed agreement is necessary
You will be provided with a documents checklist by your financial officer having a blend of both normally required and required collateral documents, so that you can upload your documents all at once on WeMakeScholars documents portal to speed up your loan process.
Repayment plan for Secured Education loans in Italy
If you have taken a secured education loan as per the following conditions:
- Loan amount - Rs 50 lacs
- Rate of Interest - 9%
- Repayment duration - 15 years
Then your repayment schedule for a secured education loan will look like the following:
Repayment Cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
Start of loan EMI |
56419 |
41719 |
14700 |
5547800 |
End of year 1 |
56419 |
40459 |
15959 |
5378641 |
End of Year 2 |
56419 |
38962 |
17456 |
5177534 |
End of Year 3 |
56419 |
37325 |
19094 |
4957562 |
End of Year 4 |
56419 |
35534 |
20885 |
4716955 |
End of Year 5 |
56419 |
33575 |
22844 |
4453778 |
End of Year 6 |
56419 |
31432 |
24987 |
4165913 |
End of Year 7 |
56419 |
29088 |
27331 |
3851044 |
End of Year 8 |
56419 |
26524 |
29895 |
3506638 |
End of Year 9 |
56419 |
23720 |
32699 |
3129925 |
End of Year 10 |
56419 |
20652 |
35766 |
2717873 |
End of Year 11 |
56419 |
17297 |
39121 |
2267168 |
End of Year 12 |
56419 |
13627 |
42791 |
1774184 |
End of Year 13 |
56419 |
9613 |
46805 |
1234955 |
End of Year 14 |
56419 |
5223 |
51196 |
645142 |
End of Year 15 |
56419 |
420 |
55999 |
0 |
While processing your education loan with WeMakeScholars, you can use the WeMakeScholars education loan EMI calculator to know your repayment schedule and EMI amount in advance.
To get more information about your education loan processing, speak to your financial officer at WeMakeScholars
Expenses covered for education loans in Italy
Education loan for Italy will take care of the following expenses:
- Tuition fees
- Traveling expenses
- Cost of accommodation
- Food and mess expenses
- Premiums of insurance
- Laptop buying cost
- Laboratory and library fees
- Cost of project works, study tours, and thesis
Any other expense which is considered to be necessary for the studies will also be included in the education loan expenses
Special education loan schemes for Italy
Education loan for Bachelors in Italy
Indian students planning to pursue their bachelor's degree in Italy are provided education loans to take admission in STEM courses or any other courses with high employability chances
Education loan for Master in Italy
Students take education loans of upto Rs 1.5 Cr or even more to pursue their masters in Italy. The course has special demand among students who want to make careers after studying STEM and management courses.
Education loan for PG Diploma in Italy
Students take education loans up admission into PG Diploma courses, in subjects like risk management, data science, computer applications, animation etc as they have good scope of employment in the future.
Education loan for MBA in Italy
Indian students choose Italy as a study destination to pursue their MBA due to top-class educational facilities. Students can get an education loan of upto Rs 1.5 Cr or more at interest rates starting from 8.50%.
Scholarships for studying in Italy
There are many student scholarships for Italy, some of the following are listed below:
1. Education Future International Scholarship - Italy & Non-Italy 2022
2. NUS Research Scholarship, 2022
3. FORTÉ MBA FELLOWSHIPS
4. ETS TOEFL Scholarships
5. Lee Kuan Yew Scholarship
6. UICC Technical Fellowships 2022
7. National Air Transportation Association (NATA) Pioneers Of Flight Scholarship 2022
8. British Council IELTS Award 2022
9. UICC Technical Fellowships 2022
10. IWMF Howard G. Buffett Fund, 2022
To find more scholarship opportunities to study in Italy, suiting your requirement, search on WeMakeScholars Scholarship Portal. There are many partially and fully funded scholarships that are available to help students.
Universities recognized for Education Loans in Italy
Students from all around the world come to Italy to study in the below-mentioned top 10 universities in Italy according to USNews :
1. University of Padua
2. University of Bologna
3. Sapienza University Rome
4. University of Milan
5. University of Naples Federico II
6. University of Turin
7. University of Pisa
8. University of Florence
9. University of Trento
10. University of Milano-Bicocca
If the university in which you are planning to take admission is not in the above list, do not worry, call your financial officer to know which university is under which bank’s prime university list or fill out the eligibility check form to know your loan eligibility.
FAQs:
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What are the preferred study programs in Italy?
-
How do I repay my student loan?
-
Can I get a loan to study in Italy?
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Can I get a 100% student loan?
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Can foreigners get an education loan in Italy?
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From where can I get an unsecured education loan to study in Italy?
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What is the education loan interest rate for Italy?
-
Which Bank is best for student loans in Italy?
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How much study loan can I get in Italy?
-
How to apply for an education loan to study in Italy as an Indian student?
NEWS
Italy has initiated measures to reduce waiting times for Schengen visas, focusing on Indian applicants. Vincenzo de Luca, the Italian Ambassador to India, confirmed active efforts to expedite the processing of Schengen visa applications for Indians.
Italy, along with other Schengen nations, faces a surge in visa applications. Ambassador de Luca highlighted a 38 percent rise in Schengen visas granted to Indians in the first seven months of this year compared to the previous year.
Processing times for business and tourist visas have been reduced to 48 hours upon application receipt. Ambassador de Luca stressed the commitment to maintaining this swift processing despite the high demand.
Efforts extend to Indian professionals, with Italy increasing work permit allocations. The exact numbers weren't disclosed, but further increases are anticipated.
Indian students' interest in Italy has surged, with around 5,000 student visas granted this year.
Italy and India are negotiating a mobility agreement to enable Indian healthcare professionals and nurses to work in Italy. Ambassador de Luca hopes to finalize this agreement by year-end, boosting collaboration in the healthcare sector.
Applicants must meet prerequisites for an Italy Schengen Visa, including accommodation proof, travel insurance, and financial capability.
News Updated date- 17/08/2023
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