30th November 2015, 03:57 PM
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How to apply an education loan to study Master's Degree in Australia? Features and repayment mode?

Hello Sir,
I want to do my Master's Degree in Australia and want to apply for an education loan. Can you please advise me as to how I should go about it? And also, would I be able to clear the education loan after my education or how does it work? What are the features I should look for in an Education Loan?

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28th December 2015, 08:17 PM
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: How to apply an education loan to study Master's Degree in Australia? Features and repayment mode?

Follow the below steps to apply for education loan :-

- Get the prospectus of the concerned institute in which you are seeking admission.
- Get the admission call letter from the concerned institute.
- Approach any bank near your residence.
- Contact the Branch Manager and have a discussion regarding the education loan.
- Get to know the terms and conditions and also know the response of the bank concerning the loan request.
- If positive response, do as directed by bank to get your loan sanctioned. Otherwise approach different bank.

The interest will be accounted as simple interest and the education loan will cover the study cost at par with the sanctioned amount. The maximum loan amount which you can avail is 20 lakhs. When you get a job or want to repay, you need to convey the same to the bank. Write an application to the bank requesting to start the repayment. Then you need to give EMI or lumpsum amount as per your wish in the loan account or linked account to repay your loan successfully.
Do you have any question? or have anything to say?

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