Student Loan To Study In Italy 2022: Top Banks, Interest-rate Comparison

Why would you plan on studying in Italy?

For some good old cheese and pizza. Valid reason.

But, along with the popular wine, cheese, and pizzas, Italy comes as a grounded overachiever in academia.

With some of the world’s oldest universities like the University of Bologna and Naples dating back to the eleventh century, Italy has been valuing education since the middle ages and the renaissance era.

Other than the touristy marvels, luxury automobiles, and fashion brands, Italy is also the go-to study destination for students of architecture, art, history, fashion, and more.

Universities in Italy offer over 500 English-taught courses.

Over 5000 Indian students chose to study in Italy in 2021.

International students can work part-time and earn up to 140 Euros a week. This means you can earn about 560 Euros a month.

So, if you too are interested in Italy for more than just a pizza, this blog will tell you how to successfully get to Italy by securing a student loan.

To secure a student loan, you must first be acquainted with the expenses you will foresee when you study in Italy. Therefore, let’s address the cost of studying in Italy and student loans for Italy, after.

Cost of Studying in Italy: Comprehensive Guide of Expenses in Italy for an Indian Student

This section will list the various expenses you will incur before and after you move to Italy.

1. Top Universities in Italy: Fees

If you plan to study in Italy, here are some of the top universities you can enroll in. To study a graduate and postgraduate course, the fee ranges from Rs. 63,870 to Rs. 35 Lakhs per year. Some of the top universities and fee ranges are:

University	Fee Range (INR)	Fee Range (EURO)
University of Bologna	2.2 – 35 Lakh/ year	2,710 – 43,118 Euro/year
Sapienza University of Rome	2.38 – 2.47 Lakh/ year	2,931- 3,042 Euro/year
University of Padova	2.2 – 2.14 Lakh/ year	2,710 – 2,636 Euro/year
University of Rome Tor Vergata	84.49K – 4.22 Lakh/ year	1,040- 5,198 Euro/year
IULM University	7 – 12.17 Lakh/ year	8,623- 14,992 Euro/year
Rome Business School	12.67 – 15.21 Lakh/ year	15,608- 18,737 Euro/year
University of Sienna	63.87K – 2.11 Lakh/ year	786 – 2,599 Euro/year
Humanitas University	6.76 – 17.03 Lakh/ year	8,327 – 20,979 Euro/year
University of Naples	2.53 – 10.5 Lakh/ year	3,116 – 12,934 Euro/year
SDA Bocconi School of Management	23.66 – 65.48 Lakh/ year	29,146 – 80,664 Euro/year
DOMUS Academy	10.5 – 23.10 Lakh/ year	12,934 -28,4556 Euro/year
Politecnico Di Milano	6.2 – 35 Lakh/year	7,637 – 43,116 Euro/year

Note: The Italian government and universities offer attractive scholarships worth 10,000 Euros/year for international students.

2. Student Visa and Health Insurance

After you receive your letter of acceptance from an Italian university, you will have to apply for a student visa or a ‘D National Visa’ to study in Italy.

Visa Type	Cost	Duration
D visa	116 Euro (Rs 9358)	Longer than 90 days
C visa	80 Euro (Rs 6,454)	For studies that last under 90 days

Along with a student visa, international students also require health insurance to study in Italy. One of the options you have is welcome association Italy, health insurance that costs about 120 Euros/year.

3. Flight Charges

Flight fares to Italy from India vary depending on the season and the time of the year.

The academic period in Italy usually begins in September/October and ends around January/February.

Students need to keep about Rs. 93,000 – Rs. 1,09,000 aside as their flight costs.

But, if you book it well in advance, it might cost you about Rs 60,000 – Rs 80,000.

4. Accommodation Costs

International students studying in Italy have quite a few options for their accommodation.

Choosing to stay alone could hike up your expenses.

But, affordable options like sharing a common room or living in student halls will help you reduce your living cost in Italy.

The description below will give help you understand the expense range:

Accommodation Type	Cost (Euro)	Cost( INR)
Living alone	400 – 700 Euro/month	32,311 – 56,557 INR/month
Student Accommodation	250 – 300 Euro/month	20,199 – 24,238 INR/month
Sharing Rent	250 – 500 Euro/month	20,199 – 40,403 INR/month

Note: The accommodation cost varies depending on the cities you live in. Check out help guides to apply to Italian universities & accommodation abroad.

5. Transportation Costs

Italy has a well-planned public transport system.
You can move across the country easily with the help of buses, trains, metros, ferries, and trams.
With student passes like the ATM (Azienda Trasporti Milanesi), fares range from 22 euros/month (Rs 1784 INR) to 250 euros/year (Rs 20,277 INR) in cities like Milan.
On average your commute charges might come up to 1.5 Euros – 12 Euros (Rs. 121 – Rs. 968). You can also easily cycle or walk through the city areas of Italy.

6. Food Cost

The average daily cost of food per person ranges from 14 Euros to 36 Euros. (1,130 – 2906 INR).

Food	Costs	Costs (INR)
1 Meal	16 Euro	1290 INR
Dozen eggs	3.5 Euro	282 INR
1L Milk	1.33 Euro	104 INR
Pizza	8 -10 Euro	648 – 811 INR
Pasta	6 – 10 Euro	486 – 811 INR
Wine	1.50 – 3.50 Euro/ glass 3- 10 Euro/ bottle	121 – 283 INR 243 – 811 INR

Fun Fact: If you decide on eating pizza or pasta every day for a month, you will need to put aside about 180 Euros/month to relish your food fun.

7. Utilities and Other Costs

The utilities and other costs include expenditure on gas, electricity, water, WiFi, waste tax, and any other unexpected expenses you might have to cater to.
For this, it’s best you keep about 277 – 300 Euros/month (22,386 INR) in reserve.
So, as an overall round off, you will need:

Expense	Costs (in INR)
Tuition	63,870 – 35,00,000 / year
Visa	6,454 – 9,358 INR
Flights	60,000k – 90,000 INR
Accommodation	20,199 – 56,557 INR
Commute	1,784 INR/month – 20,277 INR/year
Food	486+ INR/ day – 15,000+/ month
Utilities and other costs	22,386 INR/month

Student loans and banks help you make this investment easily.
To cater to affordable education loan for study abroad, take a look at some of the banks providing loans for your study in Italy.

Top Banks and Student Loans for Italy for Indian Students

To take a bank loan to study in Italy the eligibility criteria are as follows:
● The student must be admitted to a university.
● The loan applicant must be 18 years of age.
● The student needs to have an excellent academic record.
You can avail unsecured education loans or secured education loan for study abroad from public banks, private banks or non-bank finance lending companies.
Secured loans are loans that need collateral. The collateral can be a fixed deposit. Getting secured loans from Banks and NFCSs is easier since the interest rate is lower.
Whereas an unsecured loan is given without any collateral at a higher interest rate.
Here is a compiled list of Banks and NBFCS providing loans for Italy:

Bank	Sector	Processing Fee	Maximum Loan Amount	Interest Rate	Period of Loan
Axis Bank	Private	At the discretion of the bank	RS. 20 Lakhs	13.70%pa	15 Years
Bank of Baroda	Public	Nil	RS. 80 Lakhs	UPTO 9.85% pa	15 Years
Canara Bank	Public	Nil	As per eligibility	Up to ongoing one-year MCLR+1.50 %	15 Years
Federal Bank	Private	Nil	RS. 2O Lakhs	Up to 10.05% pa	Course period and 5-7 Years
HDFC BANK	Private	RS. 1000 OR 1% of loan	RS. 30 Lakhs	9.55% pa	15 Years Including moratorium
SBI	Public	RS 10,000	RS 1.5 Crore	8.65% pa	15 Years
Punjab National Bank	Public	1% of the loan amount, subject to a minimum amount of Rs.10,000	As per requirement as repayment capacity	RLR+BSP+2.00% onwards	15 Years
IDBI Bank	Private		Upto RS. 2O Lakhs (requires no collateral for up to 4 Lakhs)	6.75%- 8.65%	15 Years