Australia, being one of the top three study overseas destinations is a home to some of the world-renowned universities because of which every year thousands of overseas aspirants apply to these universities for pursuing their higher education. The cost of education in Australia is expensive as compared to that of other study abroad destinations. Hence, majority of the students apply for an overseas education loan to fund their degree in the Australian University.
How to get Education Loan for Australia?
Acquiring an education loan for Australia is a relatively straightforward process. However, managing multiple lenders individually can be overwhelming. To simplify this process, Students Channel offers assistance in obtaining an education loan for Australia through the following streamlined steps:
Step 1: To get started on your loan process, request a callback from us or fill in the common application form for an education loan.
Step 2: You will be contacted by a financial officer from our team who will ask for your basic information. Provide them with the requested details.
Step 3: The financial officer will perform a thorough analysis of your profile and provide you with the details of all the lenders you are eligible of getting a loan. Choose one lender from the provided list.
Step 4: Share all the documents from the checklist provided to you.
Step 5: As soon as you are done submitting your documents you will be logged in and the result of your application will be told to you within 2-6 days.
Step 6: Sign the loan agreement and receive the sanction letter from your lender.
There are mainly two types of education loan for international students in Australia, which are discussed below.
These are secured educational loans in which students are required to provide a security or collateral to the banks to avail while applying for the loan. The security you provide can be tangible or intangible like a fixed deposit or a fixed asset such as property or house.
You must provide collateral security to get this loan. The assistance you get in secured loan is upto 1.5 crores. Also, the interest rate of the loan is usually lower compared to unsecured.
It is an unsecured education loan to study in Australia, that does not require you to provide any assets or collateral to apply for the loan. However, you will receive a lesser amount to fund your studies in Australia. You can get up to 75 lakhs. But the loan process is fast and approval comes within 3-5 days.
The loan provided by the bank must be for educational purposes, not for personal expenses. The following expenses should be covered in the loan:
• Tuition Fees of the institution.
• Other University fees such as lab, examination, and library membership.
• Books and supplies required for the course completion.
• Refundable deposits of accomodation, caution money or refundable deposit.
• Travel expenses for studying abroad.
• Expenses of your study tour or project works related to the program
We want to create a platform where every student can find information about Abroad Education easily and thereby steer clear of any career fraud or fake promises by temporary education agencies that look to make profit in short time.
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