Step-by-step: Apply for bank loans to study in Australia
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Considered to have one of the best education systems in the world, Australia has become a preferred destination for pursuing higher studies for Indian students. If you have the potential, skills, and talent to earn an international degree from a reputed Australian university of your dream, but lack the funds to realize your dream to study abroad, you can apply for study loans from almost any major commercial banks in India through the Educational Loan Scheme.
Check: Education System in Australia
Steps to Apply for Bank Loans in Australia
You should follow the following procedure for applying to Bank loans:
Step 1: Check whether your desired course or institute is recognized by the bank
Step 2: Determine the amount of loan you would need
You should make a rough estimation of your and discuss with your family how much they can afford. Then figure out the amount you require to taking a loan.
Step 3: Look for all possible loan options
Step 4: Figure out the best one by comparing the different options
Ensure that you are clear with all the terms and conditions stated by the bank before you opt for an education loan.
You should be clear about the following things:
- Which bank offers the lowest interest rate
- How long will I be paying the loan
- How long can I defer payments while studying
- Is there any option for deferring payments if faced into a financial problem
Read more: Public v/s Private Education Loan Providers
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Step 5: Apply for the loan after clarifying all your doubts.
Step 6: Keep the the following documents handy that would be required for the Loan Application:
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- A brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
Check: Eligibility Criteria for Education Loan - Documents Required
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