There are mainly two types of education loan for international students in Australia, which are discussed below.
Collateral Education Loan
These are secured educational loans in which students are required to provide a security or collateral to the banks to avail while applying for the loan. The security you provide can be tangible or intangible like a fixed deposit or a fixed asset such as property or house.
You must provide collateral security to get this loan. The assistance you get in secured loan is upto 1.5 crores. Also, the interest rate of the loan is usually lower compared to unsecured.
Non-Collateral Loan
It is an unsecured education loan to study in Australia, that does not require you to provide any assets or collateral to apply for the loan. However, you will receive a lesser amount to fund your studies in Australia.
But how to get the student loan Australia for international students? Let’s checkout the eligibility criteria and requirements to apply for the loan in Australia.
Eligibility Criteria and Requirements to Secure a Education Loan for Australia
You must fulfil some eligibility criteria to apply for student loan AUS. Although, each of the banks has its own eligibility, however, the basic criteria required in every bank are given below:
The applicant must be an Nepalese resident.
He/ She should be between the age of 18 to 35 years when applying for the loan.
Must have a confirmed letter of acceptance from a recognised Australian university.
The co-applicant must be either a parent or spouse.
They must have a stable source of income.