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Switzerland is home to some of Europe's most prestigious higher education institutions. Every year, a large number of students from all over the world get admitted to universities in Switzerland. With 25% of the Swiss population originating from outside the country, bilingualism and diversity have a strong presence in Switzerland. Most overseas students consider education loans as one of their primary sources of higher education funding in the country. A student loan in Switzerland is a popular approach to aid students with their finance and covers a major part, or the majority of their study abroad-related expenses. Let's look at some of the most crucial factors to consider when applying for a study loan in Switzerland.

In order to secure an international student loan in Switzerland, applicants must fulfil a set of requirements. While the factors vary based on the choice of university, program, loan tenure, academic merit, credit scores, the co-applicant, and more, the following are a few criteria that students should keep in mind when applying for a Switzerland education loan - 1. The applicant must be a qualified citizen of India 2. The candidate must be accepted at a Swiss university with a confirmed seat 3. Outstanding or Good academic records are important 4. The candidate must be enrolled in a course that has been approved by the funding institution (Bank, NBFC) 5. The applicant must be of 18 years or older. If this is not the case, then his/her parents or guardians must apply for the loan

1. Upon receiving a conditional or unconditional offer letter from the university of your choice, based on the tuition fees & living expenses, students start looking for a student loan in Switzerland 2. To get started, you can visit the UniCreds website & fill in your personal information and other basic details 3. You can then upload the necessary documents as required by your university 4. This will then be reviewed by our experts and sent to the lenders 5. Within a few working days, if you’ve met the criteria, your loan will get sanctioned 6. Based on the set date, you can expect the loan disbursal.

Before you proceed with applying for an education loan in Switzerland, here are some factors to be taken into consideration - 1. A co-applicant is required at the time of application. The co-applicant could be a friend, sibling, parent, relative, or anyone who has financial stability. 2. It is important that you have an eligible CIBIL score for your loan to get approved. 3. If you’re planning to apply for secured education loans, keep in mind that you will have to submit collateral. 4. Financial documents of both, the borrowers as well as of the co-applicant 5. If the co-applicant is self-employed, he/she must have an ITR.

There is a set of documents that applicants must attach when applying for Switzerland student loans. These documents determine the student’s eligibility for the loan and the procedures and list of documents may vary depending on the financial institution and the applicant. However, there is a generalised list of documents for both, the applicant as well as the co-applicant. They include - 1. A valid passport copy 2. Academic documents 3. Proof of enrollment at a Swiss institution 4. Financial Documents of both - the applicant and co-applicant 5. Proof of Identity, Age & Residence 6. Brief Statement of assets & liabilities 7. Passport-sized photographs 8. Co-applicant’s bank statements, proof of income, & other relevant documents 9. If required, original certificates may be asked

Most Swiss universities provide students with an average monthly expenditures chart so it is easier to analyse and anticipate the overall cost of studying in Switzerland. Apart from the course costs, students will also have to account for living expenses such as accommodation, food, transport, clothing, and more. However, these expenses differ based on the student’s tastes, preferences, location, and so on. Graduate-level programmes are usually taught in the native language in Switzerland which is inclusive of French, Italian, German, and Roman. The majority of international students go to Switzerland to pursue their master’s degrees or research degrees. On average, the fees for studying at a public university in Switzerland range from CHF 1200 to CHF 2500 whereas at private universities it starts at CHF 9500 and can go higher based on the programme.

The best part of taking a student loan in Switzerland with UniCreds is that you can get up to 100% financing implying that all your expenses will be covered by the loan. The following are the things you can expect an education loan to cover - 1. Tuition Costs 2. Travel & Transport including the tickets 3. Accommodation & Rental expenses 4. University fees & additional course costs 5. Food expenditures 6. Living expenses 7. Laptop 8. Other research, thesis, and project-work-related expenses 9. Any other expense required for your education

To study in Switzerland, there are primarily 2 types of loans available to students. What type of student loan in Switzerland you apply for, however, will depend on the financial institution and your eligibility - Secured Education Loans: A secured study loan is one for which the applicant must offer security or collateral. Apartments and retail stores are instances of tangible assets, whereas fixed deposits and government bonds are examples of intangible securities. Unsecured Education Loans: A student loan in Switzerland without collateral is an unsecured loan. As the name implies, applying for an unsecured student loan. However, it is important for students to note that the interest rates may be higher for an unsecured student loan due to no collateral.

Applying for a student loan in Switzerland involves a lot of research and requires a set of steps to be followed. The procedure may seem cumbersome at first, and the student may get overwhelmed when applying. However, UniCreds makes it easier for students with expert counsellors assisting students at every step of the process at no extra cost. There are some tips that students should be aware of when applying for an international student loan in Switzerland and they include - 1. Selecting A Financial Institution Selecting a bank or NBFC that offers the best loan terms is more important than ones that give more finances. It is also important to verify if the lender gives the option to make the EMI payments in advance or allows for partial payments of the loan. Knowing the service charges and prepayment penalties is a must. 2. Total EMI Cost The EMI paid for education loans in Switzerland depends on how a student chooses to repay the loan. Some students choose to borrow money for a longer period of time since the EMI would be lower. The cost of the loan and the interest paid, however, will be significantly greater in this case. Therefore, if the chances of finding a well-paying job following the course are strong, choosing a shorter loan term is better. 3. Moratorium Periods Moratorium periods are sabbaticals that typically last the length of the course plus an additional year or six months after finishing the course, whichever comes first. Students are not required to make loan payments during this time, although interest will continue to accrue. Students are permitted to pay down the interest during the moratorium period, which will lighten the burden of the loan and reduce the cost of the loan once they must begin making EMI payments. 4. Pay In Installments Banks tack on interest on the amount of money sent. Typically, a student must pay for the course once per year or once per semester. Therefore, it would be wiser to apply for a loan when needed. In this manner, substantially less interest will accrue. Make sure that the money is distributed as and when it is needed, rather than having it sanctioned in one lump sum. 5. Tax Benefits Under Section 80E of the Income Tax Act, students can get tax benefits on the interest they pay on student loans. The loan must be obtained from an Indian scheduled bank or a gazetted financial institution in order to qualify for this deduction. Eight years is the maximum time for a tax deduction. Therefore, choosing a longer loan implies that students will only receive the tax deduction for the first eight years.

UniCreds, unlike any other platform, makes securing student loans easy. Here are some of the reasons why receiving a student loan in Switzerland with UniCreds is the best choice - 1. Full financing (up to 100 %) for tuition and living expenses 2. No margin money 3. Immediate sanctions in the event of an emergency 4. Options for customised financing 5. Comparing education loans 6. Tracking of loan applications 7. Loans with no collateral 8. Doorstep delivery of services 9. Paperless approval of loans