How to get an international study loan in Australia

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IdealAssignmentHelp | 20-10-2019

How to get an international study loan in Australia

Studies nowadays have become very expensive. Students dreaming to get a degree from a renowned institute generally get tensed thinking about the money they need to invest. Post-graduation degrees are currently in lot of demand amongst the students in order to get good a job. It is incumbent for a student to opt for a study loan if they are planning to study abroad. Over the past few decades, it has been noticed that there is an increase in the number of students opting for abroad studies. But getting a loan sanctioned is not easy. The students need to undertake many factors before their loans get sanctioned. 

Before obtaining a loan, any student must decide the college in which he/she wants to get admission, the entire course fees and the duration of the course. It will be wise if a student also enquires about the placement that the student will get after the completion of his/her course. After all the loan will be repaid from a part of their remuneration. There are many countries such as UK, USA, Australia, Singapore, Canada, etc which a student might choose to pursue higher studies. Every country has its own rules and regulation for sanctioning the loan. Likewise, Australia has its criteria for sanctioning a student loan. Every year lakhs of students apply for an international study loan in Australia. But only a few of them get sanctioned. Having several recognized universities and colleges, Australia attracts a huge number of students from all over the world. Keeping in mind the daily fluctuation in the currency rate, accommodation expenses and academic fees, the student must calculate his total expenses and then apply for a foreign loan. 

Here are a few listed criteria which are necessary to be met to get an international loan in Australia.

  • A student must have a diploma degree from a recognized institute.
  • The student must have proof of citizenship of the country from where he/she is applying.
  • The institute for which the loan is to be applied must be listed as secured in the bank’s record.
  • The student must have a strong financial background to prove his ability to repay the loan amount with due interest.
  • The students are also required to produce security against the loan availed from any financial institution.
  • The student must be classified as an adult i.e. having an age of more than 18 years to get the loan sanctioned in his name. Otherwise, the loan would be sanctioned in the name of his/her guardians.
  • Generally, banks are interested in providing loan for courses which offer a confirmed placement after its completion. The student must do a thorough research on whether the opted course is currently in demand or not.

There are three types of loans available in Australia for students.

  1. Loans to undergraduate students
  2. Loans to postgraduate students
  3. Loans to students opting to pursue undergraduate career programs. 

While opting for a loan, it is always advisable to make a thorough comparison between the banking and non-banking institutions. This comparison must be made based on the interest rate charged, duration of the loan and the fees charged. These financial institutes can be either private or public. Private banks charge a higher interest rate in comparison to the rate charged by public banks. However, private banks are quite lenient in sanctioning loans in comparison to public sector banks. Students may also find that some banks offer student loans at a very affordable rate due to any offer that they might have introduced. Some of the top financial institutions in Australia that extends the facilities of giving loans are HSBC, Money Place, CUA Life reach banking, RateSetter, etc.  

Apart from financial institutions, there are many universities and colleges in Australia that also provide loan facilities. Students can get an opportunity to get their loan sanctioned from the same college in which he/she has decided to pursue higher studies. Not only your study loan, but you can also get the facility of availing loan for your own accommodation and stay. 

Now let us discuss the repayment method of your availed loan. These financial institutions, colleges, and universities might have different rules and regulations regarding the different types of loans to be repaid. Some types of loans are needed to be repaid within the due date of completion of your course. Some may be required to be repaid after that. The duration of your loan repayment also has an impact upon the interest rate to be charged. The longer the duration, the higher the interest rate and vice versa. You will be pre-informed of the terms and means of repayment. The repayment can be through any mode. Either through cash or cheque or draft or just by making an online payment. 

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