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: FeesIf 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|
2. Student Visa and Health InsuranceAfter 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.
|D visa||116 Euro (Rs 9358)||Longer than 90 days|
|C visa||80 Euro (Rs 6,454)||For studies that last under 90 days|
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:
400 – 700 Euro/month
32,311 – 56,557 INR/month
250 – 300 Euro/month
20,199 – 24,238 INR/month
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).
8 -10 Euro
648 – 811 INR
6 – 10 Euro
486 – 811 INR
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:
Costs (in INR)
63,870 – 35,00,000 / year
6,454 – 9,358 INR
60,000k – 90,000 INR
20,199 – 56,557 INR
1,784 INR/month – 20,277 INR/year
486+ INR/ day – 15,000+/ month
Utilities and other costs
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:
Maximum Loan Amount
Period of Loan
At the discretion of the bank
RS. 20 Lakhs
Bank of Baroda
RS. 80 Lakhs
UPTO 9.85% pa
As per eligibility
Up to ongoing one-year MCLR+1.50 %
RS. 2O Lakhs
Up to 10.05% pa
Course period and 5-7 Years
RS. 1000 OR 1% of loan
RS. 30 Lakhs
15 Years Including moratorium
RS 1.5 Crore
Punjab National Bank
1% of the loan amount, subject to a minimum amount of Rs.10,000
As per requirement as repayment capacity
Upto RS. 2O Lakhs
(requires no collateral for up to 4 Lakhs)
The above list includes some of the best educational loans available to study in Italy.
By taking any of the listed loans with the help of FundRight, you get the best student deal possible to study abroad.
Carefully check the loan requirements, and criteria to apply for a loan suitable to your needs.
The average salary of a working professional in Italy ranges from 30,000 Euros and above.
Also, Italy is relatively cheaper as compared to other EU countries.
So, taking a student loan and paying it off after you find a job wouldn’t be a tough task.
Thus, take a loan, fulfill your dreams and take over the life you aspire to.
All the best!