Education Loan for Australia

Eligibility Criteria for Australia Education Loan

Many Banks and NBFCs provide Education loans to students wanting to study in Australia. To be eligible for it, you must fulfil the following eligibility criteria.

• Applicant must be an India Citizen.
• Applicant should have at least 50% academics.
• Applicant must secure admission or have already applied to a recognized university in the Canada
• Letter of Admission or Offer Letter is not required
• The Co-Applicant must be an Indian and should have an earning source.

Documents required for Australia Study Loan

The applicant must share these documents to obtain an education loan in India. Almost all financial institutions have similar requirements regarding the documentation part. Depending on the applicant's profile, they may ask you for more documents, but here are the common list of documents.

UnSecured Study Loan by Indian Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant

Secured Study Loan by India Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant
• Collateral documents such as Property registration or Fixed Deposit receipts

Cost to Study Abroad in Australia

Australia has world-class universities such as the University of Sydney, the University of Melbourne, Australian National Universities and much more. Their standard of living is the cherry on top. The total cost to Study in Australia depends on the level of study, type of course and choice of university. You can refer to the below-mentioned table for basic estimations.

Also, Australian universities are famous for offering huge scholarships to International Students. You can expect a 20-25% scholarship if you have good academics.

Things that an Australian Education loan covers

To Study in Australia, a student has to bear many mandatory expenses, such as

• University/College Fees (approx AUD 20,000)
• Living Expenses (AUD 29,710 per year as per Australian Government)
• Travel Expenses (One-way flight costs about AU$ 2000)
• Health Insurance (about AUD 600/yearly)
• Other research, thesis, and project-work-related expenses (vary)

That's huge. I know, but don't worry; an education loan for Australia covers all expenses required for a smooth visa process. Abroad Cube will help you to get 100% finances for your expenses in Australia while studying.

Types of Australia Education Loan

Before choosing between an UnSecured and Secured Education Loan for Australia, please consult your University regarding the requirements. Some Universities do not accept UnSecured Loans, and some take only particular banks. If required, pre-visa disbursement is offered by many private Banks and NBFCs.

Tips for Choosing the Best Education Loan for Australia

Choosing the best education loan for Study in the Australia is important to avoid stress and save on your funds. Here are some tips to ace the Education Loan journey.

• Choose the right repayment method - Make a wise decision when choosing the best applicable repayment method. A small change in repayment method can help you save more than Rs 5 Lacs.
• Go for an Indian Lender if eligible - If you have a good-earning Co-Applicant, go for an Indian Bank or NBFC instead of an International Lender to save on interest rates and processing fees.
• Cross-Check the Sanction Conditions - Before paying the processing fees, cross-check the Sanction Conditions. Some conditions include proof of funds or a fixed deposit.
• Confirm the Moratorium period - Check with the Lender Representative to confirm the Moratorium and grace period. The grace period ranges from 0 to 12 months based on the Loan Terms and Conditions.
• Apply to multiple banks/NBFCs for the best offer: Always apply to at least 2-3 banks/NBFCs to avoid last-minute rejection, and compare quotes from different lenders to choose the best one.

Why choose Abroad Cube for Australia Education Loan ?

If you are looking for an Education Loan, you are in the right place. We will help you get funds for your dream of studying in Australia from the world's best universities.