Did you know 96,000 Indian students were pursuing higher education from Australian universities as of July 2022? Also, did you know Australia is the third most popular study abroad destination for international students after the US and the UK? The credit goes to its prestigious universities offering quality education, lucrative post-study work opportunities, and incredible quality of living.
Although the cost of overseas education is rising, enrolments of international students in Australian universities are steadily growing due to globally recognised courses. Fortunately, the easy availability of education loans helps students to realise their dreams of studying at one of the best Australian universities. So, let's discover the benefits and the types of education loans available to study in Australia, how to get a study loan, and other interesting information.

Key Highlights:

• Benefits of taking an education loan for Australia
• Types of education loan available for Australia
• How to get an education loan for Australia without collateral and with collateral?
  • Find the right education loan provider
  • Calculate loan amount
  • Check eligibility criteria
  • Application process
  • Documentation process
• Does Avanse Financial Services offer an education loan to study in Australia?

Benefits of taking an education loan for Australia

• A study loan covers education-related expenses such as tuition fees, the cost of books and equipment, accommodation fees, etc., and allows you to access quality education.
• It enables you to finance your higher education independently and helps you earn a self-made badge.
• It eliminates the need to liquidate a family's savings.
• An education loan is the first debt of a student. Hence, responsibly repaying the loan helps in building a robust credit score.

Types of education loan available for Australia

Generally, financial institutions offer two types of education loans for studying in Australia:

• Secured education loan for Australia: A borrower pledges an asset in case of a secured education loan. This asset offered is known as collateral, and it acts as a security for the lender to recover the loan if the borrower fails to repay it. This collateral can be non-agricultural land, residential property, or fixed deposit. Please check with your lender to understand which asset they accept as collateral.
• Unsecured education loan for Australia: A borrower does not need to provide any asset as collateral when applying for unsecured loans.

Financial institutions offer a study loan for Australia without security and with security. You can choose as per your financial requirements

How to get an education loan for Australia without collateral and with collateral?
A step-by-step guide for getting a study loan for Australia quickly from a reputed financial institution is as follows:

Find the right education loan provider: Conduct thorough research to select the right education loan provider. It is advised not to select the lender based on the low-interest rates only; weighing other factors like repayment options, expenses covered, loan processing time, etc., is equally important.

Calculate loan amount: It is vital to calculate the approximate loan amount as per your requirements before applying for the loan. You can use tools like the College Course Expense Calculator and the Education Loan EMI Calculator to get an idea about the loan amount you need to study in Australia and the estimated EMI, respectively.

Check eligibility criteria: To qualify for a study loan, you need to meet the following eligibility criteria:

• You must be an Indian citizen 18 years or older
• You must have a confirmed admission before the final loan disbursal
• You must have a co-borrower, who earns in India

Application process: Complete the application form for an education loan for Australia with the correct information and submit it. You can fill and submit the form online or by visiting the lender's office. As a part of the application process, you will also have to share the necessary documents.

Documentation process: Complete the application form by attaching the following documents:

• Student Know-Your-Customer (KYC) and educational documents
• Details regarding the course and fees
• Co-borrower's KYC and income details
• Collateral documents (if applying for secured loans)

To reduce delays, keep all the documents in place. The financial institution disburses the loan amount after verifying all documents and evaluating other factors, such as your academic and entrance exam scores, the pedigree of your university, etc. If you meet the criteria, the loan will be disbursed.

Does Avanse Financial Services offer an education loan to study in Australia?

Yes, at Avanse Financial Services, we offer education loans for studying abroad at various destinations, including Australia. We offer customised student loans with benefits like 100% finance, quick sanctions, and flexible repayment options. So, contact us today to know more about hyper-personalised study loans!