Erasmus+ Masters Loan in Spain

The first bank anywhere in Europe to offer the Erasmus+ Masters Loan is Microbank La Caixa in Spain

British students who want to pursue a Master's degree in Spain can apply for this loan. It is also possible for a British student to apply for this loan for Master’s degrees that are taught only partly in Spain. For example, the maximum loan amount corresponds to the period in which the student is studying outside their country of residence. That is, a student pursuing a two-year master's course who studies a year in Spain and one in France may request a maximum of €12,000 because the period in France will not be covered by a Spanish bank.

To be eligible for a Microbank loan, you need to enrol at a Spanish university that is included in the Erasmus+ programme.  A full list of institutions participating in the Erasmus+ programme is available here: http://eacea.ec.europa.eu/erasmus-plus/actions/erasmus-charter_en  The number of Spanish universities on this database is 1,474.

Students who previously received an Erasmus grant for their studies are still eligible for Erasmus+ Masters Loan. However, you cannot have an Erasmus grant and an Erasmus+ Master Loan to go to the same place. You can apply for both types of funding if you study abroad for a full Masters and part of the course is in another Erasmus+ Programme Country (excluding the UK or a country where completed your first degree).

The maximum amount that you can request for a Microbank Erasmus+ Masters Loan is:

  • €12,000 for courses up to one year
  • €18,000 for courses of more than one year

This is the maximum amount; you can borrow less than the full amount if you want.

  • Interest rate is 5.15% annual, fixed throughout the term of the loan.
  • Repayment periods:
    • Master’s course lasting up to 1 year: 2 years grace on principal plus 5 years to repay the loan.
    • Master’s course lasting more than 1 year: 3 years grace on principal plus 6 years to repay the loan.
  • Setup fee: 1%. No repayment, cancellation or origination fees.
  • No security needed
  • To apply for the loan, you need to submit the following documents:
    • Certificate of completion of the degree previous to the master’s degree.
    • A receipt for the enrolment fee or documentary proof of admission and of the cost of the master’s course