Education Loan for Studying in Australia: Enrolment rates in Australia are increasing every year due to the high popularity of Australian Universities and institutes. It is the third most popular destination for seeking higher studies after USA and UK. There are a few banks accepting educational loans to international students. Interested applicants may get an education loan for studying in Australia depending upon the applicant’s funding studies in Australia.
High quality of living standard, multi cultural environment and top education are a few plus points attracting the attention. All these reasons and many more want students to study here. Those who cannot afford to look for other alternatives such as Education Loans for studying in Australia. Every year, Australia’s educational institutes receive a huge number of applications, and selection is based on various factors.
Estimated Studying Cost in Australia for International Students:
Check the estimated studying cost (in AUD) in Australia:
- English Language Study: 390 per week
- VET (Vocational Education) – 5,200 to 28,500
- UG Degree: 19,400 to 42,700
- PG Degree: 26,000 to 48,000
- Doctoral Degree: 18,000 to 48,000
Education Loan Providers for studying in Australia:
As pursuing an education in Australia is a costly affair, the matter can be sorted out by seeking an education loan. An Indian spent approximately 20-30 Lakhs for studying in Australia in a year. However, those who are willing to acquire an education in Australia may apply for a loan. Here is the list of education loan providers to obtain higher education:
Indian Nationalised Banks: Such banks proffer more than 90% secured educational loans in collateral. The benefit for seeking loans from Nationalised banks is that such banks charge lower interest rates and processing charges. Here is the list of banks offering education loan services:
Bank of Baroda: The bank offers the benefit of seeking 100% loans to students from Go8 or Group of 8 Australian Universities such as:
- University of Queensland
- University of Melbourne
- University of Sydney
- Australian National University
- Monash University
- University of New South Wales
- University of Western Australia
- University of Adelaide
Eligibility Requirements:
- Students profile with KTs or no KTs.
- An applicant with a co-signatory must have 650 or more than the CIBIL score.
- The co-signatory must have sufficient disposable income to submit the loan interest.
- The property must be mortgageable, uninhibited proper paperwork must have been done.
Private Banks:
The process of the loan at private banks is quicker as compared to Nationalized banks. However, private banks are a little expensive as they charge processing fees and interest rates. Such banks offer unsecured loans, for example, Axis Bank and ICICI Bank offer unsecured loans to students studying across Australian Universities for higher education.
NBFC or Non-Bank Financial Companies:
Students can also seek loans from Non-Bank Financial Companies to attain studies in Australia. It includes HDFC Bank, Credila education loan, Auxilo, etc. In this kind of bank, the loan is based on the final confirmation from the Australian High Commission. The process is easier for disbursement of the tuition fee, direct sanctions from the financial institution is responsible for handling, and it also reflects the bank account too.
How to Apply for Education Loan?
As soon as students have attained admission to the university, they can arrange the expenses by applying for loans on education. Applying for an education loan can be a way long process. However, today it is easy to apply for loan as financial institutions under the willingness of students to study abroad. Keep a few points in mind before applying for a loan.
Eligibility Criteria:
Check the eligibility to Apply for Education Loan for study in Australia, conditions are given below:
- Applicant must be a citizen of India
- Candidate must have attained admission to a recognized university of Australia
- The course must be recognized by the funding institution (Job oriented professional degree, technical degree, and diploma courses)
Documents Required to Apply for Loan:
Check the list of documents required to apply for a loan:
- Letter of admission from the University
- ID Proof
- Residence proof
- PAN card details of the candidate
- A filled Loan application form
- Documents on the cost of studies
- Guarantor/ co-borrower/ student’s bank statements
- Guarantor/ co-borrower/ student’s statement of assets
- Guarantor/ co-borrower/ student’s proof of income
Expenses Covered Under the Loan:
Check the amount covered in Loan:
- Tuition fees
- Accommodation expenditures
- Caution deposit money
- Travel expenses
- Study tours and project work
- Purchase of books, laptop, and stationery
- Other reasonable expenses