Education Loan for studying in Australia

Over 1 lakh students migrate to Australia every year for pursuing higher education and all the credit for this goes to top-class education offered at the Australian universities, high standard of living and ample opportunities for the international students.

Australia is one of the most expensive countries for higher studies as the cost of education in the global universities is higher as compared to the other study abroad destinations. An average tuition fee of a program at any of the Australian university ranges from AUD 25,000 to AUD 35,000 annually. However, it also depends on the university, it’s ranking, chosen program and duration of the course.


Education Loan to Study in Australia:

Indian students can avail two types of education loan to study in Australia to pursue their higher education from the global university situated in the country. Let us know about the available options:

1. Secured Education Loan

According to the regulations of the Australian Embassy, Indian students can avail Secured Education Loan to study in Australia. In this particular type of loan, students have to pledge a collateral to avail an education loan.

2. Unsecured Overseas Education Loan

Another option Indian students have is of availing an unsecured overseas education loan. For this type of education loan, students are not required to pledge any collateral. They can easily get the loan however the rate of interest on the unsecured education loan is slightly on the higher side.

All the financial institutions like, private banks, public banks, nationalized banks, and NBFCs like HDFC Credila provides education loan for studying in Australia.

Australian Education Loan Process

There are four phases of an overseas education loan for Australia. Read on to know.

Phase 1: First and foremost, study overseas aspirants are required to apply at the chosen Australian university and wait till they receive the offer letter.

Phase 2: On receiving offer letter from the university, students can begin arranging for the required funds. They can apply for the loan even on the receipt of conditional or unconditional offer letter.

Phase 3: Once the students pay the first instalment of the tuition fees at the university, they will receive the eCOE i.e., Confirmation of Enrolment from the global university.

Phase 4: Now it’s time to proceed for Australian visa.

At the time of visa processing at the Australian embassy, students are required to show the living expenses of one-year in their savings account. According to the Australian Immigration, the living expenses of one-year is A$ 21,041. Hence, students should keep in mind to arrange for the living expenses as well.

Show money: At the time of Australian visa lodgement, even though the duration of the course is of 2-3 years, students are required to show the expenses for the first year only. This includes tuition fees, living expenses, insurance and airfare of 2000 AUD.

For any queries relating to the education loan in India for study abroad, do contact ELAN Loans.

Comments

Post a Comment

Popular posts from this blog

Different ways Students can Carry Money Abroad

Image
Students going abroad need money for their travel, accommodation, food, educational expenses and so on throughout their educational stay. In this case, international debit/ credit cards are not advisable in the first place. The new smart ways to complete foreign transactions are forex cards and wire transfers. This can be useful for anybody travelling abroad for any reason, travel, work, leisure or study. Spend smart with Forex Cards: Ease of Global Use: Forex Cards are easy to use as they are prepaid cards. This enables the user to swipe the card at airports, food counters, hotels and wherever required instead of using cash currencies or international credit/ debit cards. Safe for Transactions: Forex Cards come with a chip and PIN, that make it secure for use. Forex Cards are helpful for students specially as it is safer to use and carry. Students staying in hostel or dormitories are often under the threat of stealth. Travelling to new places is also a risk for
Read more

An overview of Overseas Education Loan Process

Image
Aiming for Higher Studies Overseas? Do you require an Overseas Education Loan? Then this article will surely help you. Over the years, education loans have become the most reliable source of funding higher education overseas. There has been an exponential rise in the number of Indian students opting for studies abroad in the past two decades despite its heavy cost. Thanks to the availability of education loans for abroad studies which ease out the burden. There are numerous advantages of taking overseas Education Loans like, •    100% Funding •    Pre-admission Loan •    Income Tax Benefits And many more…… The overseas education loan requirements are: •    Credit Score •    Documents Checklist based on the University •    Students Document Checklist •    Parent’s/Sponsor’s Documents Checklist •    Collateral Security Documents Checklist There are innumerable banks and other financial institutions in the market offering education loan. Many parents are not aware about the country-s
Read more

Financial Aid for Higher Education Overseas

Image
Many talented students hold back from pursuing higher education in foreign countries because of an insufficient finance. The predominant reason for this is lack of awareness with respect to the funding options for overseas education that are at disposal. There are several Scholarship schemes funded and sanctioned by the Government of India for studying abroad. Also, students can take education loan from the banks. In this article, we’ll try to explore what are the financial aids provided to the Indian students for studying abroad. Scholarships and Fellowships Financial assistance is given to the meritorious students seeking admission in reputed foreign universities and education institutions. The Ministry of Human Resource, (MHRD) India facilitates fellowships awarded by foreign countries like China, South Korea, Israel, Japan, Italy, Mexico, and Sri Lanka to Indian students under Educational Exchange Programmes. A student applying for PhD, master’s or bachelor’s degr
Read more