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快穿系统女主深吻hEducation Loan for Studying in Australia: Everything You Need to Know

Education Loan for Studying in Australia: Everything You Need to Know

Updated on Nov 11, 2019
Rahul Singha
Rahul Singha

Study Abroad Expert

18.3K Views
CONTENT ID: 1391

Often described as a leading global powerhouse of education, Australia provides some of the world's best educators and facilities to international students looking for quality education. Home to some of the top universities in the world, students can choose from over 22,000 courses across 1,100 institutions in Australia. for the purpose of higher education can expect innovation, creativity, and independent thinking deeply embedded in their core syllabus.

快穿系统女主深吻hFamous for its Kangaroos, Koalas and open spaces of Outback Bush, Australia as a country has so much more to offer. A major , Australia holds the third most popular study destination spot for international students after the United States of America and the United Kingdom. A high quality of education, friendly natives, and cultural diversity are some of the factors that make Australia a personal favorite among International students wanting to study abroad.

快穿系统女主深吻hAustralia enjoys one of the highest standards of living in the world. International students will also have the opportunity to work part-time to ease their living expenses. International students are eligible to work 20 hours per week. This  will not only help them ease their living expenses but also allow them to gain relevant work experience in their field of interest. As with most universities, international students can also benefit from the various scholarship programmes listed on the official website of universities, thus lowering their tuition fees further. As an international student in Australia, you can expect to grow, live and learn in a young, welcoming country full of opportunities.

Process for Applying For Education Loan

快穿系统女主深吻hOnce students have secured admission to the university of their choice, their next big hurdle would be to arrange the funds required for their educational expenses. The  is at par with other top destinations such as the and , making it an expensive investment as compared to studying within India. Students and families looking to avail an Education Loan would be happy to know that in India numerous Banking and Non-Banking institutions offer Education Loan at a low rate of interest to commendable students to pursue their higher education in Australia.

快穿系统女主深吻hApplying for an Education Loan has come a long way and today students and their parents looking to apply for an Education Loan can do so from the comfort of their home. Today applying for an Education loan is simple and every student should take advantage of the same and study abroad. However, before applying for an Education Loan, there are certain particulars that must be kept in mind.

Apply for Education Loan through Shiksha

快穿系统女主深吻hShiksha has partnered with India’s topmost and trusted loan providers who will assist you in getting an education loan. 

Eligibility criteria to apply for an education loan to study in Australia

  • The student is required to be a citizen of India
  • The student must have obtained admission in a recognized university belonging to Australia
  • The candidate must have enrolled for a course that has been recognized by the funding institution (job oriented professional degree, technical degree, and diploma courses)

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List of Documents Required For an Education Loan to Australia

Nationalized banks such as State Bank of India  up to Rs. 30 Lakhs to deserving students who wish to go to Australia for higher studies. However, before the bank is able to process the loan amount, there is a list of documents that need to be furnished by the borrower (student). These include:

  • Letter of admission from the University
  • Loan application form filled out in full
  • Documents on the cost of studies
  • Identification proof
  • Residence proof
  • PAN details of the candidate
  • 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 include

快穿系统女主深吻hThe loan sanctioned by an institution would solely be for education purpose and not cover personal expenses. The loan amount sanctioned would take care of

  • Tuition fees
  • Accommodation expenditures
  • Caution deposit money
  • Travel expenses 
  • Study tours and project work during the academic year
  • Purchase of books, laptop, and stationary
  • Other reasonable expenses that would be required to successfully complete the course

Repayment

快穿系统女主深吻hStudents who have applied for loan amount ranging from 4-7.5 lakhs get 10 years to repay the entire amount. And students who have been sanctioned amounts above 7.5 lakhs are given 20 years to repay the entire amount. However, students should understand the moratorium time varies for different loan providing institutions.

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About the Author

Rahul Singha
Rahul Singha

快穿系统女主深吻hStudy Abroad Expert

With over 5 years of experience in overseas education, Rahul Singha has been previously associated with prominent education houses. He is also responsible for keeping a sharp eye on education policies of major study a...Read Full Bio

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Comments (18)

PG Aspirant4 weeks ago

Hello sir
I want to study mba in Australia or canada
And i belong to a middle clasa family
As my parents cant pay my fees
Neither i have any property nor i have funds
快穿系统女主深吻h So can i get a loan without any property in securiry

Rahul Singha
Rahul Singha
Study Abroad Expert4 weeks ago

hello Syed. Kindly go through the below-mentioned links to understand better
MBA in Australia - Universities, Colleges & Fees


MBA in Australia


12 Most Affordable MBA Colleges in Australia


MBA in Canada - Universities, Colleges & Fees


Top 10 MBA Colleges in Canada


MBA in Canada - Universities, Colleges & Fees


Most affordable MBA colleges in Canada


MBA in Canada


MBA in Canada - Universities, Colleges & Fees


Indian Banks offering Education Loans for Studying Abroad


Collateral for Education Loan: Everything You Need to Know


How to choose your bank for Education Loan to Study Abroad


What is Collateral Security for Educational Loan


SBI Education Loan for Study Abroad: Ultimate Guide


All About HDFC Credila Education Loan for Study Abroad


I strongly recommend you contact your bank and figure out a way to get your loan approved without proividng your property as collateral. the bank could offer you other collateral options.

2 months ago

HAI Sir I Completed my Diploma In Civil Engineering with 59% in 2012 I request to you that am i eligible for the Bachelors Engineering Courses In Australia or I have to take again Diploma Exams in Australia for the Bachelors Engineering.I request

Rahul Singha
Rahul Singha
Study Abroad Expert4 weeks ago

快穿系统女主深吻hcan you tell me which college are you looking to apply? you can check out popular colleges in Australia here:

PG Aspirant2 months ago

Hi sir this is RAPOLU RAJKUMAR ,i was completed Bsc agriculture at 75% passed out in 2019 .

Sir ,
I hava interest MSc agriculture in Australia ,which University best for education perpass

Rahul Singha
Rahul Singha
Study Abroad Expert2 months ago

Hello Rapolu. Kindly visit the links mentioned below.
MSc Agriculture in Australia

MSc Agriculture in the world:

UG Aspirant3 months ago

Hello, how i get an educational loan for Australia, pls guide me

Rahul Singha
Rahul Singha
Study Abroad Expert3 months ago

hello Arpan. the most sought after institution for education loan is a bank. you are advised to approach a bank that provides student education loans.

UG Aspirant5 months ago

1.Funds is important to show if we take a study abroad loan & how much?
2.if our visa is refused then fee taken from loan will be refundable

Rahul Singha
Rahul Singha
Study Abroad Expert5 months ago

快穿系统女主深吻hHello Manwinder. thank you for writing in. yes, you are required to show funds while applying for an education loan. you will have to check the amount with the bank/ university you are applying to. in case your student visa is rejected, the visa fee is non-refundable.

UG Aspirant5 months ago

1.Funds is compulsory to show if we take a loan.&how much
2.if our visa is refused than the amount of fee we taken from bank is refundable

UG Aspirant6 months ago

How much income we need to show for the education loan ?

Rahul Singha
Rahul Singha
Study Abroad Expert6 months ago

Hello Saurav. Thank you for writing in. The sole purpose of the article is to guide you to apply for an education loan. for details such as income required would have to be checked with the concerned bank as it differs from one another. Regards

PG Aspirant7 months ago

Hi! i have got an admit to UOW. Now I am in search of a better education loan option. Can you brief about the interest rate at SBI? Also, it will be favor if you can mail me the details at .

Rahul Singha
Rahul Singha
Study Abroad Expert7 months ago

快穿系统女主深吻hhello Deepika. Thank you for writing in. State Bank of India is definitely a legit financial institution to apply for an education loan. however, you would have to check with the bank executives for the latest interest rates on education loan. we can simply guide you on applying for a education loan. click here to know all about SBI Education Loan regards

PG Aspirant7 months ago

快穿系统女主深吻hHello,I want education loan to study in Australia but my parents doesn't have any property. So it is possible to get loan?

Rahul Singha
Rahul Singha
Study Abroad Expert7 months ago

Hello Manu. yes you can definitely apply for an Education Loan if you have no property. However, to apply for an education loan you be required to provide alternative collateral to the financial institution.

Chetan
Chetan
7 months ago

Hello, My daughter is willing to peruse BSC Nursing in University of Western Australia.
快穿系统女主深吻h How we can avail the facility of educational loan for her as her course duration is 3 years and we need Aus 65000. waiting for your reply.

Rahul Singha
Rahul Singha
Study Abroad Expert7 months ago

Hello Chetan. you would be required to contact your bank for getting the education loan. you can also check out our article to understand the procedure you would be required to undertake for the same