6 student loan eligibility criteria to get a loan to study in Australia

1. 6 student loan eligibility criteria to get a loan to study in Australia

2. Student loans have helped many students to pursue their higher education in Australia Australia is a reputed destination for those wanting to study hotel management and other hospitality courses, or even science and technology courses. You can search the phrase ‘study loans Australia’ on Google to learn more about student loans to finance your higher studies in Australia. But before any lender offers you a loan to study there, you have to fulfill a certain set of eligibility criteria. In this article, we will talk about 6 factors that are part of those eligibility criteria.

3. Citizenship of India If you were born in India, then you are already one step ahead of others to get an educational loan to study in Australia. This factor states that you have to be a citizen of India to get a loan to study in India or abroad.

4. Legal adult If you have crossed your 18th birthday, then you are one step closer to get an educational loan to study anywhere Indian students go to study a particular course. This factor states that you have to legally be an adult to get an education loan.

5. Academic performance You have to have a good academic record to gain a seat at a prestigious university either in India or abroad. Also, having a good academic history is also a common student loan eligibility criterion of many lenders before they agree to offer you an education loan. Lenders even offer you better loan plans if you have an exceptional academic record.

6. Recognised educational institute Lenders have a list of universities and colleges where they would fund a student’s education. You have to get a seat to study at these recognised and reputed educational institutes. Moreover, you may get an attractive education loan plan if you get admitted to a university of the top tier.

7. Job-oriented course of study As lenders keep a list of educational institutes; similarly, they keep a list of recognised courses. They add courses to this list based on their job scope in the present and future, and the same for their business scope. Any course that is most likely to get you a good job is part of this list. If you want to study such a course, many lenders would be happy to finances your higher studies.

8. Collateral If you want to get a hefty amount as part of your educational loan, then you may need to pledge some of your family assets as security against the borrowed amount of money. These securities are called collateral. Lenders consider your worthiness to get a secured loan based on the collateral you provide. Additionally, the lender will give you a loan at a lower interest rate if you provide collateral. But there are also many lenders, especially NBFCs, that provide complete financing even without requiring any sort of collateral.

9. We hope this article was helpful to you.