Norway was once famous for tuition-free public universities. But that changed in autumn 2023, when tuition fees were introduced for non-EU/EEA students, including Indians. Today, world-class education at UiO, NTNU and UiB comes with real costs (₹11–40 L/year tuition plus high Osl…
₹62 L–1.01 Cr
Typical Loan
Free
Counsellor call
From 8.6%*
(if simple interest is paid during the course; 9.6% otherwise)
* From 8.6% with collateral (PNB Udaan standard, if you pay simple interest during the course; 9.6% otherwise) and around 10.5% without collateral. Final rate is set by the lender.
Country Snapshot
Why Norway
World-class universities
12+ approved institutions
Strong career outlook
~1,500–2,500 Indian students/yr
Loan-ready
All 12+ FundMyCampus banks lend here
Global network
Clear post-study work pathway
The Complete Guide
Norway has long been one of Europe's most attractive study destinations, for its world-class research universities, its strengths in energy, sustainability, marine and data sciences, and for decades of tuition-free public education. That last point changed in autumn 2023, when Norway introduced tuition fees for non-EU/EEA students, including Indians, at its public universities. Today, an excellent education at institutions like the University of Oslo, NTNU in Trondheim and the University of Bergen comes with real tuition costs of roughly ₹11–40 L per year, on top of some of Europe's highest living expenses.
That shift is exactly why planning your financing carefully matters. Total cost for a 2-year Master's now runs about ₹62 L–1.01 Cr, and Oslo, Bergen and Stavanger are genuinely expensive cities to live in. The good news: Norwegian post-study salaries are high enough to make repayment comfortable. Unlike the US and UK, international lenders such as Prodigy and MPower generally don't serve Norway, so almost everyone funds their studies with an INR loan from an Indian bank or NBFC.
This guide walks you through everything an Indian student needs: realistic cost breakdowns by program, the best Indian lenders and their rates, collateral and unsecured options, the unusual Norwegian deposit-account proof-of-funds requirement for the Student Residence Permit, post-study work via the Job Seeker Permit, applicable government schemes and tax benefits, sample EMIs, and the documents you'll need. Whether you're headed to NTNU for engineering, UiO for sciences, or NHH/BI for business, the goal is to help you fund your Norway degree the smart way.
Use these numbers to right-size your loan, under-borrowing forces 18%+ personal loans abroad, over-borrowing wastes interest.
Tuition
Living
Travel
Misc + Books
Average Total Program Cost
₹62 L–1.01 Cr for 2-year Master's
Typical for Indian Master's students
| Program | Tuition | Living | Travel | Misc | Total |
|---|---|---|---|---|---|
| Master's (2 yrs) | ₹22–60 L (₹11–30 L/yr) | ₹35 L | ₹1.5–2.5 L | ₹3–4 L | ₹62 L–1.01 Cr |
| Bachelor's (3 yrs) | ₹33–90 L (₹11–30 L/yr) | ₹52 L | ₹2–3 L | ₹4–6 L | ₹92 L–1.51 Cr |
| PhD (3–4 yrs) | ₹0 (salaried position) | Covered by ~NOK 5–6 L/yr salary | ₹2–3 L | ₹2–3 L | ₹4–6 L (mostly self-funded by salary) |
| MBA / Specialized (BI, NHH) | ₹35–80 L | ₹22–28 L | ₹2–3 L | ₹4–5 L | ₹63 L–₹1.16 Cr |
Your Journey
From admit to disbursement, what FundMyCampus handles end-to-end.
Check eligibility
Free 2-min quiz tells you which banks will approve and at what rate.
Submit documents
Upload through our portal. We organise and stress-test before submission.
Sanction in days
Most Norway loans approved in 5–14 days. We chase the bank for you.
Disbursement
Bank wires fees directly to your Norway institution. You focus on the move.
Rates vary 3–5% by lender type. PSU banks (SBI, Bank of Baroda) are cheapest at 8.85–10.50% but slowest at 15–25 days. Private banks (ICICI, Axis) sit at 10.25–12.75% with faster 7–14 day approvals and broader university lists. NBFCs (Credila, Avanse, Auxilo, Tata Capital) range 10.50–14.50%. The highest rates but the largest unsecured amounts and most flexible underwriting. Unlike the USA, international lenders such as Prodigy Finance and MPower Financing generally do not offer loans for Norway, so almost all Indian students take INR loans from Indian banks or NBFCs. The upside: Section 80E tax benefits, simpler documentation, and your Indian co-applicant's credit support. On a ₹40 L Norway loan, choosing a PSU bank over an NBFC can save roughly ₹8–10 L in interest over a 10-year tenure. So it pays to apply to 2–3 lenders in parallel and compare sanctions. Note: the Section 80E deduction is available only under the old tax regime.
Interest: 9.15% to 10.15%
For Norway: up to ₹1.5 Cr
Study abroad, with collateral: 9.65% (9.15% at SBI's select universities) · Study abroad, without collateral: 9.65% at SBI's select universities, up to ₹50 lakh
Lowest rates for Norway studies. Best for public universities (UiO, NTNU, UiB) which sit comfortably in SBI's recognised foreign-institution list. 15–25 day processing.
Interest: 8.85% to 10.50%
For Norway: up to ₹1.5 Cr
Strong PSU alternative to SBI. Often 5–7 days faster at Tier-2 city branches and comfortable funding NTNU/UiB engineering and energy programs.
Interest: 10.25% to 12.50%
For Norway: up to ₹1 Cr unsecured
Fast 7–14 day approval. Up to ₹1 Cr unsecured for recognised Norwegian universities. Best private bank option for quick admits.
Interest: 9.70% to 13.00%
For Norway: up to ₹1.5 Cr unsecured
Without collateral, top-ranked universities: from 9.7% · Standard profile or university: from 10.5%
Largest unsecured amounts and fastest 5–8 day approval. Best for late-stage admits and amounts above ₹1 Cr secured by property.
Interest: 11.00% to 14.00%
For Norway: up to ₹75 L unsecured
Most flexible on co-applicant profile and applied-sciences universities (HVL, OsloMet, UiA). Often approves cases banks decline.
Interest: 11.00% to 14.50%
For Norway: up to ₹60–75 L
NBFC options with flexible underwriting and quick processing. Useful for topping up the living-cost gap above what PSU banks sanction. (Note: Prodigy/MPower generally do not lend for Norway.)
Interest: 8.6% (if you pay simple interest during the course; 9.6% otherwise)
Lowest rate with collateral here
PNB Udaan standard, with collateral. Without collateral: rate on request. Rates confirmed by FundMyCampus with PNB.
Interest rates are each lender's standard range. They depend on your university, collateral and co-applicant, not on the country. What changes by country is how much each lender funds and which universities it approves.
For Norway loans, the secured vs unsecured decision hinges on your university and loan size. Norwegian public universities have charged non-EU students tuition since autumn 2023, and a 2-year Master's now costs ₹62 L–1.01 Cr in total, so the full amount is often above what public sector banks lend without collateral. Public sector banks (SBI Global Ed-Vantage, Bank of Baroda) offer collateral-free loans up to ₹50 Lakhs for recognised foreign institutions, and the major public universities (University of Oslo, NTNU, University of Bergen, UiT) qualify comfortably. Above ₹50 Lakhs, which most full-cost Norway loans are, PSU banks usually ask for collateral. Acceptable security includes residential or commercial property (LTV 75–85%), fixed deposits (LTV up to 90%), and LIC policies (surrender value). Private banks and NBFCs offer higher unsecured ceilings: ICICI up to ₹1 Crore, Credila up to ₹1.5 Crore, and Avanse up to ₹75 Lakhs unsecured. At higher interest rates. For STEM, renewable-energy, marine and data-science Masters at NTNU and UiO. Where post-study earning potential in Norway and across Europe is strong. Lenders are increasingly comfortable extending unsecured amounts based on expected salary. If your loan covers tuition but you want to also fund the high Oslo/Bergen living costs, a small NBFC top-up (Auxilo, Tata Capital, Avanse) on top of a PSU base loan is a common and cost-effective structure.
Visa Essentials
What you need to prove for your Norway visa
Year 1 fees
Tuition Proof
₹17.5
Living Funds
Mandatory
Loan Letter
3 key items
Requirements
Proof of funds: NOK 170,368 a year (about ₹17.5 L). Checked on 2 Nov 2026. Official source
Key Requirements
The Norway Student Residence Permit (Studietillatelse) has one of the most precise proof-of-funds requirements in…
This is different from countries where a bank statement or loan sanction letter alone suffices.
Alongside proof of funds you will need: (1) the admission letter from a recognised Norwegian institution.
These are on most lenders' preferred lists, easier approval, higher unsecured limits, lower rates.
| University | Location | Annual Fees | Tier |
|---|---|---|---|
| University of Oslo (UiO) | Oslo | ₹12–28 L | Premier |
| Norwegian University of Science and Technology (NTNU) | Trondheim | ₹11–25 L | Premier |
| University of Bergen (UiB) | Bergen | ₹12–26 L | Premier |
| UiT The Arctic University of Norway | Tromsø | ₹11–22 L | Tier 1 |
| Norwegian School of Economics (NHH) | Bergen | ₹18–35 L | Premier |
| BI Norwegian Business School | Oslo | ₹20–40 L | Tier 1 |
| Norwegian University of Life Sciences (NMBU) | Ås | ₹11–24 L | Tier 1 |
| University of Stavanger (UiS) | Stavanger | ₹11–22 L | Tier 1 |
| Oslo Metropolitan University (OsloMet) | Oslo | ₹11–20 L | Tier 2 |
| University of Agder (UiA) | Kristiansand | ₹11–19 L | Tier 2 |
| Nord University | Bodø | ₹11–18 L | Tier 2 |
| Western Norway University of Applied Sciences (HVL) | Bergen | ₹11–18 L | Tier 2 |
See lender-wise rates, how much you can borrow, and EMI estimates for popular Norway universities.
After Graduation
What awaits Indian graduates post-study
Available
Post-study work
Yes
PR pathway
Strong
Salary growth
~1,500–2,500/yr
Indian community
Highlights
Norway offers a clear post-study pathway through the Job Seeker Residence Permit.
Norway's economy is strong in exactly the fields where Indian students concentrate: petroleum and renewable energy,…
In rupee terms, even a mid-level Norwegian salary makes education-loan repayment manageable.
Typical EMI for a Norway loan, 10-year repayment tenure after moratorium.
₹25 L · 9% · 10 yrs
~₹31,700
Monthly EMI
₹40 L · 10% · 10 yrs
~₹52,900
Monthly EMI
₹60 L · 10% · 10 yrs
~₹79,300
Monthly EMI
₹80 L · 10.5% · 10 yrs
~₹1,07,900
Monthly EMI
₹70 L · 9% · 12 yrs
~₹79,700
Monthly EMI
₹1 Cr · 11% · 12 yrs
~₹1,25,400
Monthly EMI
For Norway studies, the Indian government schemes that apply mirror those for other abroad destinations. (1) Section 80E tax deduction. Available on interest paid on education loans from any RBI-registered bank or NBFC, fully deductible for up to 8 years. This is the single most widely used benefit and applies to every Norway loan. (2) Padho Pardesh, interest subsidy during the moratorium period for students from notified minority communities (Muslim, Christian, Sikh, Buddhist, Parsi, Jain) pursuing postgraduate studies abroad, subject to a family-income cap (historically around ₹6 L/year). (3) Dr. Ambedkar Central Sector Scheme. Interest subsidy for SC and OBC students (within income limits, historically up to ₹8 L) pursuing approved overseas postgraduate courses. In addition, several state governments. Tamil Nadu, Maharashtra, Kerala, Karnataka and Andhra Pradesh among them. Run their own interest-subsidy or scholarship schemes for students from their states studying abroad, which can stack on top of central benefits. Because Norway's total loan amounts are relatively moderate, even a 1.5–2% effective rate reduction from combining Section 80E with a state or minority-community subsidy can meaningfully cut your repayment. Always confirm current eligibility and income caps with your loan counsellor, as scheme rules and budgets are revised periodically. Note: the Section 80E deduction is available only under the old tax regime.
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