Looking at 6 FAQs on Education Loans for Australia

1. Looking at 6 FAQs on Education Loans for Australia

2. Australia is one of the best destinations for pursuing higher studies. World-class education, great standard of living and amazing career opportunities…you name it, it’s there. If you have plans to study at the land Down Under, then an education loan for Australia can be of immense help for you. With several banks and NBFCs offering education loans, you should choose the one that suits your unique needs and requirements. In this process, you may have several questions popping into your mind. Here, we have answered 6 such frequently asked questions. Let’s go through them one by one.

3. 1. What are the eligibility criteria for applying for an education loan for Australia? You are eligible to apply for an education loan for Australia as long as- - You are an Indian citizen - You are aged 18 years old or above - You have secured admission into a recognized university in Australia  - Your education loan for Australia has been signed by a co-borrower -Your course should be recognized by the lender These criteria required may differ from lender to lender. Certain financers may have additional requirements that they need you to fulfil before getting funding so, be sure to get proper detail on loan criteria.   2. Can I get an education loan for Australia without providing any collateral?  Yes, you can. There are many reliable lenders who provide unsecured education loans for Australia as well. Many students might not have any collateral to provide as security against the loan. That is an understandable concern, and so, you can get a loan without providing any collateral. 

4. 3. When should I apply for an education loan for Australia during my admission process?  You should start researching loan options during mid-year (June-July) as it is the time you will begin your admission process as well. Over the next few months, as you give exams and apply to universities of your choice, you can decide on which lender you would like to go with.  Once your admission has been confirmed, you can apply for an education loan at the lender of your choice. This will happen by November - December.

5. 4. Will my education loan for Australia cover the funding required during the pre-admission process?  Yes. A lot of lenders in the market provide funding for pre-admission expenses as well. Some also offer a pre-admission loan which can help strengthen your case with the university of your choice by providing you with a ‘Proof of Funds’. The ‘Proof of Funds’ is often required by universities from international students to ascertain whether the student can afford to live in their country.  5. What is margin money and will I have to arrange it?Margin money refers to the amount of money you will contribute towards your education expenses. Choosing a good lender will spare you the worry of arranging margin money with 100% financing.

6. 6. What is a moratorium period? A moratorium is a period offered by the lender during which you don’t have to make any repayments to the loan. It is usually given for a duration of 6 months to 1 year post the completion of your studies. Once this period ends, you will have to start paying your EMIs. You can begin repayment during the moratorium to reduce the overall interest on your education loan.  Keep in mind that these answers may differ slightly from lender to lender. Good luck in applying for your education loan for Australia! 

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