The number of students applying for an education loan for studying in Australia is increasing every day. Nowadays, many students are opting to pursue their higher studies in Australia as the country not only houses many globally renowned universities and educational institutes but also offers an unbeatable academic excellence and support system for international students.
However, before applying for an education loan for studying in Australia, students need to keep certain things in mind. These include:
● Verify the course and the University
Before applying for an education loan for studying in Australia, students need to verify that both the University and the course applied for are relevant. They need to avoid making impromptu decisions and make thorough research into the benefits of the course they have applied for and also the university.
● Check the eligibility criteria for the loan
The second key factor students need to consider before applying for an education loan for studying in Australia is to check for the eligibility criteria for the loan. Banks offering loans for studying in Australia require the applicants to have Indian citizenship, be above 18 years of age, and have a sound academic background. They also need to submit proof of the admission sought to an Australian university along with their loan application.
● Check the various requirements of the loan
Students applying for an education loan for studying in Australia need to know that they would need a co-applicant for a loan amount exceeding 4 lakhs. For a loan amount exceeding Rs 7.5 lakh, applicants would need to comply with certain rules and regulations. They would also have to pay a certain rate of interest for these loans.
● Study the repayment terms
Students applying for education loans for studying in Australia need to study their repayment terms carefully. They need to make a detailed study of the interest rate and moratorium period. Australia mostly offers education loans at a compound interest rate ranging from 9 per cent and 15 per cent. However, certain banks also offer loans for a shorter duration and with easy repayment terms. Students need to make a detailed investigation of this.
● Look into the finance schemes of universities and government
To aid students avail education loans for studying in Australia, universities have introduced various new schemes. The Indian government has also launched several financing schemes to help students secure admissions in Australian Universities. One of the popular schemes launched by the government includes the Credit Guarantee Fund Scheme. The scheme enables students to apply for loans worth Rs 7.5 lakh without collateral for studying in Australia. Many universities and educational institutes in Australia have also introduced their funding schemes and scholarships for deserving students.
With so many loan options and, banks and financial institutions eager to participate, acquiring an education loan for studying in Australia is no longer a herculean task.
