Apply for an Education Loan in Australia: Australia is emerging as a dream destination for students seeking overseas education. As per the latest data released by the Ministry of External Affairs, Australia is the fourth most preferred destination after the USA, Canada, and the UK. High quality of education, high standard of living, and cultural diversity with a welcoming nature attract students on a large scale. The enrolment rate of students is increasing by 4-5% every year and so is the demand for education loans as well.
As per the official data released by the Indian High Commission in Australia, India is the second largest source country for student enrolments in Australia. As per records around 1 lakh Indian students enrolled to study in Australia in January-April 2023.
The cost of study in Australia may vary according from university to university. The most important thing about studying in Australia is that a student needs to pay full tuition fees before the commencement of the semester. Education loans have become a necessity for most aspiring students who want to pursue higher education in Australia. There are limited options available to avail loan to study in Australia. Various nationalized banks and NBFCs in India offer education loans at affordable interest rates.
Table of contents
Also Watch: Why Australia is the best choice for education?
Eligibility Criteria
Before applying for a loan to study in Canada, be sure to check the eligibility criteria. There are certain eligibility needs and requirements which need to be fulfilled by an applicant.
- An applicant and co-applicant must be a citizen of India.
- The minimum age to apply for a loan is 18 years.
- An excellent academic record in previous years.
- The course applied for should be recognised by the government bank.
- The applicant must have secured admission to an Australian university.
- Confirmation of Enrolment (CoE) from an authorised and recognised university in Australia.
- The applicant must have scored above 5.5 band score in IELTS.
5 Steps to Apply for a Loan to Study in Australia
The loan process to study in Australia is quite lengthy and time-consuming. However, students are always advised to apply for the loan as soon as they receive the letter of acceptance from the university in Australia.
- Research for the banks providing loans to study in Australia.
- Compare the loan offers by various banks on parameters like Interest rate, processing time and fee, loan tenure, moratorium period, expenses covered under the loan, and prepayment duration and terms.
- Check out the documents required.
- Fill out the application form.
- Receive a loan document from the bank. Read it carefully, sign it, and submit it. Your task is done.
Also Read: Wait! Are you planning to study in Australia, Explore the reason for it
5 Essential Documents Required
There are certain documents that are required to apply before availing student loan. The 4 essential documents include
- CRICOS (Commonwealth Register of Institutions and Courses for Overseas Students) Confirmation of Enrolment (CoE) for studying in Australia
- Minimum overall IELTS score of 6.5 or an equivalent PTE score
- Collateral documents for secured loans
- KYC (Know Your Customer) paperwork
- Academic transcripts
Basic Documents Required
There is a list of documents required to apply for a loan to study in Australia. The list of documents is mentioned below.
- Proof of identity PAN Card, Adhaar card, Voter ID card
- A valid Passport
- Passport size photographs
- PAN Card of Parents/Guardians
- Aadhaar Card of Parents/Guardians
- Residential proof
- Academic documents
- GRE, GMAT, TOEFL, and IELTS scorecard, if applicable.
- Income proof of Parents/Guardians
- 3 years IT returns of Parents/Guardians
- Balance sheet and profit and loss account
- Personal Asset and Liability Statement
- Entrance exam results if applicable
- A duly filled-out loan application form
- Statement of cost of education
- The past six months’ bank account statement
The list of the documents required for the approval of the loan may vary from bank to bank. Be sure to have a list of documents before applying for the loan.
Also Read: Not cleared IELTS yet? Study in Australia Without IELTS
Expenses Covered
The expenses covered under the loan may vary depending on the amount and the bank chosen. A loan may cover the following expenses
- Examination, library, and laboratory fees.
- Travel expenses
- Hostel fees
- Tuition fees
- 1-year tuition fee disbursement for COE
- Costs for food
- 1-year living expenses are disbursement pre-visa for COE
- Cost of Insurance
- Study tours
- Accommodation expenses
- Caution deposit
- Laptop or computer expenses
- Other expenses.
Also Read: PR Courses in Australia
FAQs
Yes, The universities in Australia ask for full payment to confirm the admission. Generally, the fee structure may vary from 25-30 lakhs depending on the course and university chosen.
It actually depends on the student’s expenses. A student can avail various scholarships and loans to make it reasonable.
The cost of living in Australia may vary from person to person depending on the lifestyle. Generally, It costs 1400-2500 AUD.
The application gets processed in 15 days.
Studying in Australia comes with immense educational opportunities and plentiful networking opportunities. To ease the process, try to research the course, fees, and living in detail. Apply for the loan after fulfilling the eligibility criteria and live your dream journey!
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
