Step-by-step: Apply for bank loans to study in Australia

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Aishwarya Bhatnagar
Study Abroad Expert
Updated on Jun 22, 2022 12:36 IST

Step by step: Apply for bank loans to study in Australia

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

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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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Tell Us About Yourself
When do you plan to start?
Have you given any study abroad exam?

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)

CheckEligibility Criteria for Education Loan - Documents Required

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About the Author
Aishwarya Bhatnagar
Study Abroad Expert

A passionate writer and a literature fanatic, Aishwarya Bhatnagar has 4+ years of experience - working in EdTech with a strong focus on studying abroad. She holds a postgraduate degree in Linguistics from Delhi Univ... Read Full Bio


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