France can be the perfect destination for international students to pursue their higher education programs. Usually, you will not hear of France as a major abroad destination for students, even though it is home to some of the world’s top-ranked universities like INSEAD, École Normale Supérieure, HEC Paris, etc. 

You may notice that students are flocking to major countries such as the United States, the United Kingdom, Australia, etc, which are great destinations for education in general but may also be quite expensive. France on the other hand is not only less expensive but also has some of the world’s top-ranked universities.

This is why every year, many international students from all over the world go to France for their higher education. Yes, it cost less to study in France comparatively but you would still need a large sum to finance your education in France.

Most of the students chose education loans as their major source of funding. However, a major percentage of these students are unaware of the exact procedure to study in France with education loans.

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

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

Types of education loans for France

Education loans in India are majorly bifurcated into two different kinds-

1. 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, payment-free moratorium period, flexible loan repayment policies, etc.

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.

2. Unsecured education loans: These loans do not require candidates to pledge any collateral for education loans. Private banks, 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 fulfill certain requirements laid down by these private lenders 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 for secured education loans. 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 master's in France can get up to Rs. 40 lakhs from prominent private lenders.

Top universities in France 

France boasts multiple entrants in the QS World University Rankings 2022, 9 of which are ranked within the world’s top 300. The rankings are determined by a methodology that evaluates each university's academic and employer reputations, research impact, and other factors.

Financial pre-requirements to be fulfilled to study in France with an 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.

What are some of the student visa requirements for France?

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:

• Passport
• Proof of funding
• Proof of accommodation
• Medical insurance
• 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 for obtaining a French student visa & how to fulfill 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 accounts 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 statements to the embassy.

Students who plan on completing their higher education in France with an education loan will be required to submit a loan sanction letter from their lending bank to fulfill 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 letters before a visa 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.

It is our firm belief that the needs of the students always come first and we strive every day to keep up with 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 to study in France. You can get in touch by requesting a callback.