Education loan for Australia to land you on the path of global excellence
                     Education loan for Australia to land you on 
the path of global excellence
• Australia has some of the most desirable universities in the world. Students from all across the 
globe apply to these universities to pursue a career in higher education. With each passing year, 
the enrolment rates are increasing by 4-5% across several of the premium universities of 
Australia. Therefore, the demand for a loan to study in Australia is also rapidly rising. The first 
formality to pursue studies in this nation for foreign students is to submit the tuition fee in full 
before their departure from their home country. There are a number of banks and financial 
institutes for loans that the Australian government accepts from foreign students.
• Australia is known as the third most desirable destination to pursue higher education for 
international students after the US and the UK. A great study destination will comprise an 
environment suited for learning that stems great ideas. Ideas to bring a positive change in the 
society we are living in. Australia has everything in those regards including great faculties, 
infrastructure, great standard of living, and a friendly environment for people from all walks of 
life. That is why there is a very high demand for education loan for Australia from all over the 
world.
The importance of an education loan
• With ever-increasing inflation and soaring competition, students who wish to study 
abroad should take education loans. It will save their parents from liquidating their 
assets like gold, property, and fixed deposits.
• The students can start to repay the loan after the completion of their education, 
while they are at work. It is a way of having financial independence from an early 
age. For education loans, there is a lower rate of interest and the students will also 
get tax benefits.
Loan providers to study in Australia
• Studying in Australia can be expensive for many students from India. The most 
feasible option here is to apply for a loan. Australian universities on average charge 
INR 20-30 Lakhs for one year. Those who cannot pay that amount must apply for a 
loan. Following are some of the loan options they can opt for.
-   Nationalized banks
• Indian Nationalized Banks will give you a 90% secured education loan 
against collateral. With such banks, the interest rates will be even lower. 
The application procedure may take some time as there will be a long list 
of students applying for loans.
-  Private Banks
• The process of securing a loan from a private bank is simpler compared to 
a Nationalized bank. It also comes with better follow-ups and a 
relationship manager. However, the interest rates could be a little higher 
over the public sector banks. The loans they provide will cover all costs 
including the tuition fee, traveling, food, accommodation, or any other 
additional requirement for education.
 
- Non-bank Financial Institutions
• Study loans for abroad can also be acquired from Non-bank financial institutions. 
They offer to pay you a sum of the amount for your education on the basis of 
confirmation from the Australian High Commission. The process is simpler for the 
disbursement of tuition fees and other costs and it reflects in the bank account as 
well.
Eligibility Criteria to Apply for a Student Loan in Australia
• The students have to be a citizen of India.
• The student must have obtained admission to a recognized Australian University.
• The candidate must have been enrolled in a course that the funding institute 
recognizes.
• In conclusion, an education loan to study in Australia will benefit the 
student in several ways. Not only will it not put pressure on the parents or 
make them sell their assets, but will also give a sense of financial freedom 
to the student from a very early age. A loan such as that will ensure a 
great education that will further ensure a great career path. Therefore an 
education loan to study in Australia must be encouraged by all in pursuit 
of excellence.  
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