Australia is a major study destination for those who want to pursue studies abroad. Several Australian colleges accept Indian students and let them pursue their preferred courses. The country holds the third-most-preferred academic destination for international students after the US and the UK. The world-class education system, academic excellence, friendly locals, and cultural diversity are some factors that attract students to Australia. This is why the influx of students in Australian colleges keeps increasing. However, the real challenge comes when arranging finances. Studying in Australia can be expensive. But do not worry; apply for a study loan for Australia, and when you get the loan, you are all set!
Education loans are mainly of 2 types: secured and unsecured. Let’s get familiar with study loans for Australia:
A secured study loan for Australia is a student loan without collateral, and you to provide an asset as part of the loan application. The security can include assets like fixed deposits, property, insurance policies, and other precious valuables.
An unsecured loan is a type of loan in which you do not need to provide any asset as collateral. It is a study loan for Australia with high interest rates because of high risk. Furthermore, they need a co-applicant or co-signer, and the loan amount is ascertained depending on the co-borrower’s income and credit score.
The costs that education loans for Australia cover are as follows:
The courses that an education loan for Australia covers are listed below:
Whether you secure admission for a master’s degree, bachelor’s program, or doctoral and post-doctoral courses, you need to meet eligibility requirements. It is important to meet the eligibility criteria to ensure the smooth completion of the loan application process. The prerequisites for a study loan for Australia are as follows:
Below are the steps to apply for a student loan for Australia
When securing a study loan to pursue studies in Australia, considering the repayment terms is crucial. The repayment tenure and options for the grace period are important to consider when selecting a lender. Multiple repayment options are available like simple interest, partial simple interest, and EMIs. To help you make an informed choice regarding your study loan for Australia, the table below outlines the repayment tenure and options offered by different loan providers:
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