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Want to apply for an education loan for Australia? Here’s your guide.

Want to apply for an education loan for Australia? Here’s your guide.

Australia is a popular choice for students who wish to pursue higher education. The reason for this is that the country houses some of the most well-renowned institutions and universities in the world thus, offering a plethora of academic options for students to choose from.

 

 Once a student has secured admission to an Australian institute of their choice, the next big step is to secure the funds required for overseas education. The cost of studying at an Australian university is comparatively more expensive than studying at an Indian university. Since you would not want to put the monetary burden on your parents, taking up an education loan for Australia is the best alternative.

Today, applying for an education loan for Australia is very easy. However, there are certain particulars one must keep in mind before applying for this kind of financing. Read on to learn more.

 

Eligibility criteria

Before applying for an education loan for Australia, students need to understand the eligibility guidelines and qualify for them. Different banks and financial institutions have different criteria. However, some of the common factors that are taken into consideration by most lenders include:

 

  • The student should be a resident of India
  • The student must have obtained admission in a recognized university belonging to Australia
  • The student must have a good academic background
  • The student should have applied and gained admission to a registered course of study
  • The student must have enrolled for a course that has been recognized by the financial institution
  • The course of study should be job-oriented (such as a technical degree, medical degree, diploma course, etc.)
  • The student should be aged at least 18 years of age or else their parent/guardian will have to take the loan
  • The co-borrower, for example, parent(s) or guardian needs to prove their income

These are some of the criteria that are generally put across by banks and financial institutions. The specific list would depend on the lender you go to.

List of documents required

You are required to submit certain documents while applying for an education loan for Australia. The following is a list of some documents you will need to provide:

  • Admission letter from the university in Australia
  • A filled education loan application form
  • Previous mark sheets (SSC, HSC, and degree courses)
  • Documents on the cost of studies
  • Identification proof (passport, Aadhaar card, voter’s ID, etc.)
  • Residence proof (electricity bill, gas bill, etc.)
  • PAN details of the student
  • Guarantor/ co-borrower/ student's bank statements (salary slip or passbook copy)
  • Guarantor/ co-borrower/ student's statement of assets (house, gold, fixed deposit, etc.)
  • Guarantor/ co-borrower/ student's proof of income

 

Note that there may be additional documents required depending on the lender’s process.

 

Do remember that the entire education loan procedure can be time-consuming. Hence, it is advisable to make your application a few months in advance. Hope this article has been useful and informative for you.

 

Good luck!

 

Related Article - Opt for Study Abroad Loan to fulfill dream studies overseas

 

 

 

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