Australia is one of the most popular study-abroad destinations. The country is home to some of the world-class educational institutions due to which every year thousands of international students step into the cobblestone of the Australian universities for higher education.
Talking about the cost of education in Australia, varies among universities and the course you choose, and some universities carry a big price tag on it. Thus, one of the best options that will help you fund your education by keeping your savings intact is to apply for an education loan to study in Australia.
In this article, we will give a brief insight about taking a study loan for Australia without security and with security. So, stay glued and we explore more.
Australia Student Visa – Unsecured VS Secured Loan
Unlike other countries, there are a few important things that you need to keep in mind before applying for an education loan for Australia. To get a better understanding read the below paragraph judiciously.
Australian Student Visa – The Australian Student visa, which is known as Subclass 500, is a crucial element, granting students the opportunity to live and work for a maximum of 5 years or according to the duration of their course. The visa is only approved based on meeting certain eligibility criteria. But what is the catch in it? Australia typically approves visas for students who have opted for secured education loans. Before we move forward let us first know about secured and unsecured loans.
Applicants need to pledge collateral as a security for a secured loan. Contrary, applicants can apply for an unsecured loan without pledging any security as collateral. Continuing to the visa approval, what if an applicant doesn’t have any security to pledge? To give you a sigh of relief, there are some Australian universities that accept unsecured education loans. Thus, we have shed light on the popular ones below.
| – University of New South Wales – Monash University – University of Technology Sydney – University of Newcastle – Macquarie University – Swinburne University of Technology – University of Southern Queensland | – The University of QueenslandThe University of Adelaide – The University of Wollongong – Queensland – University of Technology – RMIT University – University of South Australia |
After looking at popular universities that grant’s student visa for unsecured loans. A Subclass 500 Student Visa costs AUD$ 715, and the basic requirements to apply are an Offer Letter, Electronic Confirmation of Enrolment (eCOE), Proof of English Proficiency, Genuine Temporary Entrant (GTE) Requirement, Proof of Sufficient Funds, and Overseas Student Health Cover (OSHC).
Now that you are aware of the essential aspects of the education loan to study in Australia, let us move forward and look for the eligibility criteria and the key documents to apply for an education loan.
Eligibility and Key Documents
These are the basic eligibility criteria that you need to meet before applying for collateral and non collateral education loan for abroad studies.
- An applicant should be an Indian resident.
- Should be above 18 years of age.
- Should have received confirmation of application from a recognised Australian university.
Key Documents
Check for the below given documents to apply for an education loan to study in Australia.
- Admission letter from an Australian University
- Academic transcripts
- Identification proof (Aadhar card, PAN card, Voter ID)
- Residence proof (Electricity Bill, Water Bill)
- Guarantor’s bank statements
- Guarantor’s statement of assets
- Guarantor’s proof of income
- Property Documents (Collateral)
Before applying for an education loan, it is important to know about the financial lenders that offer secured and unsecured loans for Australia. Nationalised banks – State Bank of India, Bank of India, Union Bank of India, etc. Private banks – ICICI Bank, Axis Bank, IDFC First Bank. There are even some Non-Banking Financial Companies that offer education loans with and without security such as HDFC Credila. Thus, you can choose any of the lenders according to your eligibility.
Summing Up
We hope this article gave you a brief insight about the essential factors to apply for an education loan to study in Australia. For more information on education loan for abroad studies, reach out to the top overseas loan advisors.