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

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Aishwarya
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

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

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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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Q:   Is Torrens University good for international students?

A:

Torrens University Australia is one of the fastest growing universities in Australia. It offers a culturally vibrant and comfortable environment for international students. Each year thousands of international students from all over the world come to study at various courses of the university. currently, there are 3932 total students at Torrens University out of which 986 are international students.

Q:   Is it hard to get into Newcastle University Australia?

A:

The University of Newcastle is amog the universities that does not publish official data on the acceptance rate. However, as per some unofficial sources, the University of Newcastle Australia acceptance rate is 80%. This makes Newcastle University Australia moderately selective in admissions. Please note that the data on acceptance rate given above is taken from an unofficial source, therefore, it is subject to vary. 

Q:   Is it worth studying at Melbourne Institute of Technology, Australia?

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Melbourne Institute of Technology Australia (MITA) is largely regarded as one of Australia's top institutions. It has a solid reputation in engineering, business, and science. 

To begin with, Melbourne Institute of Technology Australia provides a world-class education with an emphasis on hands-on learning. You will be able to gain practical knowledge and abilities in a range of disciplines. Furthermore, the institution provides a wide range of courses and programmes that will provide you with the skills and knowledge required for a successful profession.

Second, the university is well-known on a global scale. It has the highest graduate employability rate in Australia. This is due to the great level of education and possibilities provided by the university to its students.

Third, the university boasts a broad and vibrant culture. While learning, you will be able to pursue your hobbies and meet like-minded people. This will aid in the development of your professional chances and the formation of strong relationships that will continue long after you graduate.

Fourth, the institution provides a wide range of facilities and services to make your studies more pleasurable and productive. You will be able to locate

Q:   What are the admissions requirements for Torrens University Australia for international students?

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The Torrens University Australia offers hundreds of courses at undergraduate and postgraduate levels. International students need to satisfy and meet both general and course-specific admission requirements to get into the university. The general admission requirements are:

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Level of Study

Application deadlines

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Bond University and the University of Queensland are both prestigious institutions in Australia, each with its own unique strengths. Bond University is ranked 20th in the Times Higher Education rankings of the Best Small Universities in the World and has been Australia's top university for the educational experience for 17 consecutive years. 

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University of South Australia is one of the leading public universities in Adelaide, Australia. It is not just one of the top universities in Australia, but also a part of the top 500 universities in the world. Listed below are some of the best reasons to study in UniSA:

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Q:   Does Notre Dame offer admissions interviews?

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No, the University of Notre Dame doesn’t have any admission interviews. The university strictly only checks the application forms filled by its applicants. However, it is suggested that applicants have a strong SOP, LOR, and grades before applying to the university.  

About the Author
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Written by
Aishwarya Bhatnagar
Study Abroad Expert

Aishwarya is a professional Writer currently working as a Study Abroad Expert in the Editorial Team at Shiksha. She has over 5 years of experience and is skilled at creating Online Content with leveraged knowledge i... Read Full Bio

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Reviewed by
Anuradha
All courses in ANZ

Armed with B.Com from Delhi University, Anuradha Sharma has accumulated rich experience as an education counsellor. She is especially adept at handling Australia and NZ admission procedure. Before becoming a GTE Exp... Read Full Bio

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