Things to Keep in Mind while Applying for an Education Loan for Australia

The next step after receiving the offer letter from the Australian University is of arranging for funds to finance an international degree. The cost of studying in Australia is quite high on pocket due to which majority of the students apply for an overseas education loan. 


In India, there are majority of the financial institutions that offer a foreign education loan to the Indian students. The loan generally covers all the necessary expenses, right from tuition fees, examination fees, travel expenses, cost of book purchase, laptops etc. The procedure to apply for the loan is quite lengthy and confusing and here are some tips to make it simple. 


Tips to Simplify the Process of Applying for Education Loan

1. Be Thorough About Education Loan Process

Before applying for an education loan, make yourself aware about the entire education loan process. Know about the timeline of an education loan, different types of overseas loans and the four phases involved in an Australian overseas education loan. Keeping yourself aware and up to date with the education loan process is the first step to applying for an education loan without any hassles.

2. Keep All the Required Documents Handy 

Students must be aware about what all financial and academic documents they are required to submit to the bank. They should keep their passport, visa along with other ID proofs ready for any kind of verification. Here is the long list of necessary documents that should be submitted for a loan for higher education abroad:
• Duly filled loan application form
• Passport size photograph
• Photo ID of the applicant
• Residence proof of the applicant
• Marksheets and transcripts of the applicant
• Score reports of standardized tests like GRE, GMAT, SAT, ACT, TOEFL or IELTS
• Letter of Acceptance from the Australian University
• The last six months bank statements of the co-applicant
• Income proof of the co-applicant

3. Read About all the Deciding Factors in an Education Loan 

In an overseas education loan, there are certain deciding factors that plays an important role. Read about the factors like rate of interest, moratorium period, quantum of finance, processing fees, processing time, repayment period etc and get a complete knowledge on the same.

4. Prepare well for the Loan Interview 

Financial institutions tend to interview the applicants before sanctioning of the overseas education loan. If a student has applied for a secured education loan, it is important to keep the copy of all the required documents handy. In case of an unsecured education loan, a co-applicant can also be interviewed by the bank officials. Hence, it is important to get all the necessary information and prepare well in advance for the overseas education loan interview. 


Every year over dozens of Indian students apply for an education loan for studying in Australia but only a handful of them get it approved. Get in touch with us and we at ELAN assist students in a complete education loan process for studying in Australia. If you get stuck at any step, book a free online appointment at Elan Loans.

Read more:

Know About the Education Loan Process to study in Australia

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