How do I apply for an Education Loan?

Banks in your country may feature promotions at a different time, always check with your local banks to see which plans work for you.

This is a guide planned out by AUG Education Counsellors on how to find one.

1. Choose a bank that has headquarters in your country

Most banks will require you to be locals in that country in order to take on a loan.

2. Identify the factor that matters most to you

Banks may have specific requirements (eg. Guarantor must be a family member, loan includes tuition fees and living expenses, only selected education courses/institutions are covered under a loan & requires additional approval).

3. Mature-age students/Those who have been in the workforce

You may be entitled to withdraw funds from your retirement planning account for your education overseas.

4. How much can I take from the bank?

The greater your salary is, the more that the bank is willing to loan you.

Furthermore, banks take into consideration if you have taken loans elsewhere and adjust the loan amount available to you.

5. What happens after my loan is approved?

The bank will make payment to the university directly once you present invoices to them.

6. When does the interest begin to accrue?

The moment payment is made by the bank, interest will start to accumulate.

7. How do I repay the loan?

Banks usually require loans to be repaid within 10 years. Usually, each bank has its own payment option available (eg. Pay interest and principal amount periodically).

If you are planning to apply for one, AUG can assist you to get your loan approved in the shortest possible time!