I am from India, travelling to Frankfurt for my Master's studies. Would I be able to take my soldering station and few circuits and evaluation modules in checked in baggage? Will there be any problems at Customs when I arrive?
There should be no problem at all. I had about a dozen evaluation boards in my checked luggage last week and it was not even opened by the TSA. The solder station itself (assuming a conventional mains-powered solder station) is just an inert appliance with no internal power source.
Rolls of solder may pose an inconvenience, especially on your return to India, as they may look like you are smuggling precious metal.