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Australia always tops the list of expensive countries for international students. Irrespective of that, its universities are witnessing a large number of international applications every year for higher studies. If you too are one of them and want to apply for admission to this costliest destination. You'll have to spend a large sum on your tuition fees, cost of living, including accommodation, food, stationary, medical cost, transportation and other expenses. Paying this huge amount every year, anyone may feel financially constrained.

Here are some of the reasons to opt for a study loan to study in Australia:

• Your university tuition fees, housing fee, food and groceries, stationary, medical cost, and other miscellaneous things that are required for your education are all covered in the education loan for Australia.
• Educational loans are often at lesser interest rates compared to other different loans such as home loans, car loans, personal loans and business loans etc. Also, if you are a female student, you will get a 0.5% discount from Government banks.
• Most parents liquidate their assets to cover the cost of studying in Australia, which results in the disturbance of financial plans. In that case, taking student loans Australia from banks requires you to fix your assets as security to the banks and they will grant the loan based on that security.

Therefore, a student loan to study in Australia is the best alternative to assist you in covering all your major expenses in a safe and timely manner, along with fulfilling the requirements. 

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There are mainly two types of education loan for international students in Australia, which are discussed below.

Collateral Education Loan

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.

Non-Collateral Loan

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. 

But how to get the student loan Australia for international students? Let's checkout the eligibility criteria and requirements to apply for the loan in Australia.

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You must fulfil some eligibility criteria to apply for student loan AUS. Although, each of the banks has its own eligibility, however, the basic criteria required in every bank are given below:

• The applicant must be an Indian resident.
• He/ She should be between the age of 18 to 35 years when applying for the loan.
• Must have a confirmed letter of acceptance from a recognised Australian university.
• The co-applicant must be either a parent or spouse.
• They must have a stable source of income.

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Now, let's look at the documents required for an Australian study loan:

Once you meet the eligibility criteria, you also need to present a set of documents before the application for an international student loan Australia. These documents are given below:

• Application form for an educational loan from the bank
• Proof of your admission
• ID Proof such as Pan Card/ Aadhaar Card/ Voter ID/ Passport etc
• Age proof 
• Address proof including a bank statement, ration card, electricity or telephone bill
• Passport size photograph
• Proof of financial documents
• Income proof such as your salary slip
• Marksheets of your previous academic education
• Copy of any scholarship letter
• List of expenses for studying your chosen course in Australia
• Bank statement of borrower's account
• Assets and liabilities statement of borrower

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Although applying for university student loans Australia is a lengthy process, you need to start the application at least six months prior to the beginning of your course. A step by step guide for getting a student loan to study in Australia is given below:

• First, make a list of the banks offering education loan for international students in Australia along with their eligibility and requirements.
• Calculate the expenses you need to study in Australia along with your course tuition fees.
• Get the acceptance letter from your respective university in Australia.
• Shortlist the different options available for education loan to study in Australia by different banks.
• Once you decide on the bank, finalise your loan amount based on your expenses and fill the loan form.
• You must show your valid documents before granting the loan amount from the bank.
• Once the bank grants, go through the terms and conditions before signing.
• After agreeing to all clauses, the loan will be disbursed to the account.

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There are different types of providers (both government and non-government) that offer study loan to study in Australia. Some of them are:

Indian Nationalised Banks

INB generally offers upto 90% to 100% of the secured education loan for studying in terms of a collateral for Indian students. The benefits of taking loans from an Indian Nationalised Bank are less processing fees, lower interest rates along with no extra charges. However, the application processing time in INB may take a longer duration with the follow-up sometimes getting delayed. Bank of Baroda is one among the nationalised bank, take a look at its benefits:

Bank of Baroda

It provides 100% loan to the students accepted at any of the Go8 Australian universities. These may includes 

• Monash University
• University of New South Wales
• University of Sydney
• Australia National University
• University of Queensland
• University of Melbourne
• University of Adelaide
• University of Western Australia

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Private Banks

In comparison to Indian National Banks, the processing time of your Student loan Australia in private sectors is somewhat fast. The follow ups of the loan is also better here with a dedicated relationship manager with you. But the charges like interest rate, processing fees, are on the higher side. Some banks also provide non-collateral or unsecured loans to you. You don't need to mortgage or require to submit an asset for taking out the unsecured loan for your studies. Let's take a look into these banks:

Axis Bank

Students can obtain non-collateral loan if get admitted to any one of the universities i.e. James Cook University, La Trobe University, Curtin University, and RMIT University, etc. For secured loan have a look at the table:

ICICI Bank

You must have been admitted to universities such as University of Queensland, University of Melbourne, and University of Adelaide to apply for the study loan. An overview of secured loan is given below:

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Non-Bank Financial Corporation

Students can also look for their tuition fee loan Australia from different NBFC. Several NBFCs provide loans to students on the basis of getting confirmation from the Australia High Commission. This can make your university tuition fees disbursement much easier as the financial institutions provide direct sanctions to handle it and it reflects on the bank account of the borrower too. Here are two of the popular NBFC: 

HDFC Credila

HDFC credila offers customized education loan products to study in Australia for international students. Important benefits include:

Auxilo

Auxilo Education Loans support you in every aspect of your studying in Australia educational expenses. Important benefits include: 

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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

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With the expenses, now let's get to know about the repayment method of your education loan for Australia:

The education loan for studying in Australia is to be paid in instalments as given in the loan agreement. You have to pay the instalments on time as per the agreed amount of study loan for Australia. Do make sure not to delay in paying the instalments on time.

The education loan for studying in Australia ranges between 4 to 7.5 lakhs INR and should be repaid in full within 10 years. And if you have taken your study loan of more than 7.5 lakhs INR, you have 20 years to pay the entire loan. However, the tenure to repay the education loan may vary with loan-providing Institutions.

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Studying in Australia for higher studies may be costly without proper planning and funds. An education loan for Australia can be a prudent choice to manage your study expenses instead of holding back from the country. Also, graduating from top universities will provide you with promising career opportunities, so you don't have to worry much after completing your studies for repayment. Want to know more about student loan Australia for international students or need any assistance in deciding the best university abroad, do connect with our 小优视频 Professionals.