Australia is one of the major study abroad destinations for international students. It is famous for its world class study, practical learning, vibrant culture, and lifestyle that provides supportive environment for international students.
However, it is expensive to study in Australia, and to manage your finances on your own is overwhelming. That’s where the Leap Finance Education Loan comes in. They offer competitive loan options tailored for students with flexible repayment options. Let’s learn everything you need to know about the Leap Finance education loan for Australia.
Table of Contents:
- Key Features of Leap Finance Loans for Study in Australia
- Documents Required for Leap Finance Loans for Study in Australia
- Application Process for Leap Finance Loans for Study in Australia
- How Nomad Credit Helps You Secure the Right Education Loan for Australia
- Frequently Asked Questions
Key Features of Leap Finance Loans for Study in Australia
Leap Finance is known for its no-collateral foreign education loans and quick processing (3 days). Here are the key features of the same:
| Particulars | Details |
| Loan Amount | Covers 100% of tuition fee & living expenses |
| Interest Rate | Starting at 8.45% |
| Collateral | Not required |
| Tax Benefits | Section 80 (E) of Income Tax Act, 1961 |
| Processing Time | 3 working days |
| Funds Transfer | Directly to the university through Flywire |
Documents Required for Leap Finance Loans for Study in Australia
Several documents are required for the Leap Finance education loan for study abroad by the student and the co-applicant. The documents are as follows:
Student:
- Fully completed and signed application form
- 2 passport-size photographs (both Applicant and Co-applicant)
- University’s letter of admission
- Cost break-up of the program from the university
- Academic record
- Affidavit or Declaration stating that the applicant does not have any other loan
- ID proof (any one) – Passport, PAN card, Voter’s ID card, Driving License, Aadhaar card, etc.
- Address proof (any one) – Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card, etc.
- Age proof (any one) – Birth certificate or Class 10th certificate
- Visa approval letter and travel papers
Co-Borrower (Salaried)
- Address proof
- Identity proof
- Last 3 months’ salary slips or salary certificate
- Last 2 years Form 16 or last 2 years of Income Tax Returns
- CIBIL report
- Other income proof (if any)
Co-Borrower (Self-employed)
- Address proof
- Identity proof
- Latest 6 months bank statement
- Last 2 years of Income Tax Returns
- Proof of office (any one) – (lease deed, utility bill, or the title deed)
- CIBIL report
- Other income proof (if any)
Application Process for Leap Finance Loans for Study in Australia
Leap Finance offers an abroad education loan in three simple steps:
Step 1: You should select your college and course
Step 2: Fill out your online application form
Step 3: Get your loan offer instantly and get sanctioned in 3 days
How Nomad Credit Helps You Secure the Right Education Loan for Australia
At Nomad Credit, we specialize in helping students who want to study abroad. Our team of top experts will assist you in searching for the right overseas education loan, including from trusted partners like Leap Finance. Here’s how Nomad Credit can help you secure the right education loan for Australia through the following:
- Expert Guidance: Our team of the best and experienced experts guides and supports you throughout your entire process.
- Loan Matching: Based on your profile, our experts will match you with the ideal lenders.
- Free Consultation: Yes, you read that right. Nomad Credit offers a free consultation to help you achieve your goals.
Frequently Asked Questions
What is the processing fee for Leap Finance’s overseas education loan?
Leap Finance charges a 4% processing fee at the time of fund request and a $500 sanction fee for obtaining a sanction letter.
How will I pay my living expenses if I apply for a Leap Finance foreign education loan?
If you have taken a Leap Finance foreign education loan, your living expenses will be directly transferred to your US bank account.
What is the interest rate for Leap Finance study loans abroad?
Leap Finance charges an interest rate, starting from 8.45% for study loans abroad. However, each student gets a personalized offer and interest rate based on the university and program.
What is the grace period for Leap Finance’s abroad education loan?
Leap Finance offers a 36-month grace period for its study abroad education loan. However, you must pay a minimum monthly payment of US $100 when you start your program.
Will the loan offer change from Leap Finance if I change my program?
Leap Finance will change the loan offer if you change your program, university, or other information. The interest rate will also change, as it varies depending on your university and program.
