Looking at the 5-step process to get an education loan to study in Australia

 

Australia is known for its exemplary education system as some of the best universities in the world are situated there. Students from all parts of the world flock to Australian universities to earn their graduate and postgraduate degrees. But educating oneself there is an expensive affair. Lenders offer educational loans for studying abroad to any student who wants to study there. In this article, we will tell you the 5-step process to get an education loan to study in Australia.

 



1.   Look at the eligibility criteria of different lenders

Check the education loan eligibility criteria of different lenders, and gather the documents that prove your eligibility for a loan to study in Australia. Use the education loan eligibility calculator to calculate the maximum loan amount you are eligible to get. Note that the result you will get from this calculator will be a speculative amount. Talk with a lender directly to know the actual maximum amount.

 

2.   Compare different lenders based on the services they provide

Read reviews about different lenders on the internet. Know the praises or complaints borrowers have from their education loan lenders. Based on those reviews, shortlist a few lenders. Ask those shortlisted lenders questions about the maximum education loan amount they will offer, the types of expenses they will cover, the interest rate they will charge, the moratorium period they will offer, the repayment tenure, and the EMI they will set.

 

3.   Compare lenders based on the value-added services they provide

Ask lenders whether they provide services like doorstep services, fast-track loan approval, proof of funds, pre-visa loans, pre-admission loans, or any other type of service you need. Understand the value-added services that you need to fund your higher education. Based on the answer to these questions, select the most suitable lender to get an education loan to study in Australia.

 

4.   Apply for an education loan

You have to fill an education loan application form. Either you can fill the form online: on the lender’s website; or offline: at the lender’s office. Correctly spell all the information you provide in the form. Finally, submit the form with all the relevant documents the lender asks you to provide.

The lender will verify your application and documents, and decide to either sanction your education loan or not.

 

5.   Finance your higher education in Australia

Once the loan has been approved, your lender will send the required course semester fees to your university of choice. You also need to open a bank account in a local Australian bank and deposit the loan money for living expenses in Australia for a year in that bank account. Remember to spend wisely, take up a part-time job if possible, and save up money so you can repay your loan easily when the time comes.

 



So, this is the 5-step process to get an education loan to study in Australia. Hope that this information has proved useful for you today. Have a nice day!

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