Education loan for Australia is expected to surge in 2024, on account of the increasing number of study in Australia students. Each year nearly 8,00,000 students apply to Australian universities. Furthermore, these universities have witnessed a yearly rise of nearly 4% to 5% in enrollments. This significant increase can be attributed to the high quality of education and vibrant culture of the island nation.
However, studying in Australia can be an expensive decision. To embark on this study abroad journey, students can reach out to private banks, NBFCs, and nationalised banks in India to avail of education loans. These loans will help students cover tuition fees, cost of living, travel expenses, and other academic expenses. The expenses covered depend on the terms of secured and unsecured loans offered by different lenders.
Some of the top Indian nationalised banks offering study in Australia loans are the State Bank of India, Bank of Baroda, and Union Bank of India. Furthermore, students can also reach out to private banks likeICICI Bank, and IDFC First Bank. In addition, students can also apply at NBFCs like Auxilo and HDFC Credila.
Eligibility Criteria for Education Loan for Australia
To avail of an education loan to study in Australia, a student must meet certain conditions. The eligibility criteria are as follows:
- She/they/he must be an Indian citizen
- She/they/he should have been accepted at an accredited Australian university
- She/they/he must be above 18 years of age
- She/they/he must have a minimum IELTS score of 6.5 or an equivalent PTE score
Additionally, the lender must recognise the programme in which the applicant has enrolled. These courses include technical degrees, certificate programmes, and degree programmes.
Essential Documents for Study in Australia Education Loan
To complete the education loan for Australia application process, students must submit certain documents. The essential education loan documents are as follows:
- Academic transcripts
- English Language Proficiency Test (IELTS or PTE) scorecard
- KYC documents
- Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS) Confirmation of Enrolment (CoE)
- Collateral security documents for secured loans
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