{"id":2873,"date":"2023-08-28T21:03:12","date_gmt":"2023-08-28T21:03:12","guid":{"rendered":"\/blog\/?p=2873"},"modified":"2024-09-26T13:52:24","modified_gmt":"2024-09-26T08:22:24","slug":"process-for-applying-education-loan-to-do-your-masters-in-australia","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-education\/process-for-applying-education-loan-to-do-your-masters-in-australia\/","title":{"rendered":"Process for Applying Education Loan to do your Masters in Australia"},"content":{"rendered":"\n

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Have you recently received an acceptance letter from your dream university in Australia? Even if you\u2019ve nailed the scholarship, studying abroad is anything but a piece of cake, especially in countries like Australia and the US, where the cost of living is much higher compared to India. However, you can take advantage of educational and personal loan schemes for higher education in Australia. Before you apply for a personal loan to fund your education, here are some things to keep in mind. <\/p>\n\n\n\n

Don\u2019t forget to compare <\/strong><\/p>\n\n\n\n

Although this is something that needs no telling, one must run a thorough check on leading lenders that offer education loan<\/a>. Upon detailed research, you will find that different banks offer different rates of interest. The maximum amount that one can borrow also varies across banks. For instance, Tata Capital offers educational loans up to Rs. 30 lakhs starting from 10.99% annually, depending on your application.<\/p>\n\n\n\n

Additional Read:<\/strong> <\/strong>NBFC vs Bank \u2013 Which one is better for an Education Loan?<\/a><\/p>\n\n\n\n

Margin amount<\/strong><\/p>\n\n\n\n

When you apply for a personal loan, the lender will not fund the entire tuition fee amount. You are expected to foot a part of the bill and the rest is covered by the loan. For example, if your fee is Rs. 20 lakhs, the bank may offer to give a loan for 80%, while you have to pay the rest 20% on your own. This amount is called the margin amount.<\/p>\n\n\n\n

How to apply<\/strong><\/p>\n\n\n\n

The first thing you should consider while shortlisting banks is the\neligibility criteria. Most banks offer educational loans only for long-term\ncourses. Also, check if your chosen institution and program is on the bank’s\nlist of approved universities and courses. Banks often don’t grant educational\nloans for short-term and vocational courses. <\/p>\n\n\n\n

If the loan amount exceeds Rs. 5 lakhs, applicants would generally\nneed to have a co-signer. A co-signer (mostly a parent) is a person who signs\nthe loan with the candidate, agreeing to pay the debt, in case the latter fails\nto do so. If you are taking a loan, your co-signer is on the hook with you;\nnaturally, this is a huge commitment. <\/p>\n\n\n\n

Upon applying, there is a list of\ndocuments you will need to furnish. Keep some basic documents and ID proofs\nready: <\/p>\n\n\n\n