- Cost of studying in Australia
- Lenders offering secured education loans for Australia
- Lenders offering unsecured education loans for Australia
- How to choose the best lender to study in Australia?
- Expenses covered in education loan for Australia
- Education loan eligibility for Australia
- Education loan-related documents for Australia
- How to apply education loan for Australia?
- Repayment of education loan for Australia
- An education loan with collateral, also called a secured education loan, requires the borrower to provide security or collateral as part of their loan application. The collateral can include assets such as residential property or other valuable possessions.
- An education loan without collateral is a loan category where the collateral is not required from the borrower as security. These loans generally carry higher interest rates due to the increased risk involved. Moreover, they usually necessitate a co-applicant or co-signer, and the loan amount is determined based on the co-applicant's income and credit score as assessed by organizations like CIBIL.
- SBI
- UBI
- Private banks - Axis Bank, ICICI Bank, and IDFC FIRST Bank
- NBFCs - HDFC Credila, Avanse, Incred, and Auxilo
- International lenders - MPOWER Financing and Prodigy Finance
- Interest Rate
- Processing fee and time
- Margin Money
- Moratorium Period
- Tax Benefit
- Loan Duration
- Covered Expenses
- Prepayment terms and conditions
- Tuition fees
- Travel expenses
- Caution deposit money
- Accommodation expenditures
- Purchase of books, laptop, and stationery
- Study tours and project work during the academic year
- Other reasonable expenses that would be required to successfully complete the course
- Confirmation of acceptance from a recognized Australian institution for a full-time program.
- Minimum age requirement of 18 years.
- Good academic record.
- Strong career prospects for unsecured loans, and collateral for secured loans.
- Letter of admission from the University
- Loan application form filled out in full
- Documents on the cost of studies
- Identification proof
- Residence proof
- PAN details of the candidate
- Guarantor/ co-borrower/ student's bank statements
- Guarantor/ co-borrower/ student's statement of assets
- Guarantor/ co-borrower/ student's proof of income
- Determine your eligibility and explore loan options: Utilize GyanDhan's platform to assess your eligibility for an education loan for Australia. Explore various loan options available to you.
- Connect with a loan expert: Get in touch with a dedicated loan expert who will provide personalized guidance throughout the loan application process. They will assist you in finding suitable lenders based on your requirements.
- Receive a customized document checklist: GyanDhan will provide you with a tailored document checklist to help you organize all the necessary paperwork required for the loan application. This will ensure that you submit the required documents in a structured manner.
- Submit documents as per the lender's guidelines: Follow the lender's guidelines and submit the necessary documents either in physical or digital format. Ensure that you provide all the required information accurately.
- Verification process: Wait for the lender to verify your documents. This verification process usually takes around 7 to 15 days. During this time, the lender will review your application and assess your eligibility for the loan.
- Sign the agreement letter and track progress: Once your loan application is approved, sign the agreement letter provided by the lender. You can track the progress of your loan application using GyanDhan's user dashboard, which will provide updates on the status of your loan.
- Disbursement of funds: Follow the lender's procedures to initiate the loan disbursement. The funds will either be directly deposited into your account or disbursed to the university, depending on the arrangements made with international lenders.
- Australian Universities Application Deadline 2023
- Why study in Australia?
- Education loan without collateral
- Part-Time Work Options in Australia
- Education loan with collateral
- Scholarship in Australia for Indian students
Updated on: 04 Sep 2023
Table of Content In 2022, the number of international students studying in Australia saw a 7% increase, reaching a total of 613,327. Notably, a significant portion of this population, with over 99,000 students, consisted of Indian students who showed a strong inclination towards pursuing Master's programs. Australia is home to 38 universities that have been recognized and listed in the QS World University Rankings. This reinforces the appeal of studying in Australia. The country provides a diverse range of specializations and promising opportunities for post-study work, making it an attractive choice to pursue higher education. However, it is crucial to consider the financial aspects involved. Many students rely on education loans to fund their studies, emphasizing the importance of thoroughly exploring available loan options to make an informed decision about your educational journey. Need an Education Loan for Abroad Studies? Fill this form and get in touch with an expert Before delving into the various lending options available, let's first understand why international students may need to take out an education loan. Studying in Australia can be expensive. While some may argue that it is not as costly as studying in the USA or the UK, the tuition fees and cost of living for a period of 2 to 4 years can still amount to a substantial sum. Therefore, obtaining an education loan for studies is often considered a wise decision. The average cost of tuition fees for various programs offered in Australia is as follows: Degree Level Average Cost Per Annum Vocational education and training (Certificates I to IV, diploma and advanced diploma) AUD 20,000 - AUD 22,000 Bachelors degree AUD 35,000 - AUD 45,000 Masters degree AUD 40,000 - AUD 50,000 Doctoral degree AUD 25,000 - AUD 40,000 Apart from the tuition fees cost of living is yet another aspect that needs to be considered when deciding on an education loan. The general cost of living is - Expense Cost per month Accommodation AUD 800 - AUD 1600 Travel AUD 100 - AUD 150 Food AUD 30 - AUD 80 Health Insurance AUD 200 - AUD 600 Utilities AUD 150 - AUD 200 Broadly there are 2 types of education loans that one can take to study in Australia. They are - The different lenders that can provide secured education loans mainly consist of Let’s now have a look at the loan amount and other important details about their loan services. Lender Name Maximum Loan Amount (in INR) Rate of Interest Margin Money Up to 1.5 Cr 10.65% (for girls) 10% Up to 1.5 Cr 10.5% - 10.85% 10% (listed university) When it comes to unsecured education there are majorly three categories of lenders that can provide you with an education loan for Australia are - Now, let's examine the loan amounts and other essential details regarding their loan services. Lender Name Maximum Loan Amount Rate of Interest Margin Money Up to 50 Lakhs INR 11% - 13.50% 5% Up to 50 Lakhs INR 10.85% - 12.50% 0 - 15% Up to 35 Lakhs INR 11.75% - 13.25% Nil Up to 25 Lakhs INR 12% - 13% Nil Up to 20 Lakhs INR 12.50% - 14% Nil Up to 20 Lakhs INR 12.25% - 13% Nil Up to 40 Lakhs INR 12.50% - 12.75% Nil Up to 100,000 USD 12% - 14% Nil Now that we have mentioned several lending options that can provide you with an education loan for Australia, you must have a question in mind - “which of these lenders is best for me?” Do not worry all you have to do is compare some aspects of the loan and you will have the best lender as per your requirements, These aspects are - The different expenses which are covered under the education loan for Australia are - Read more in detail: Expenses Covered Under Education Loan To ensure seamless completion of your loan process, it is important to meet certain eligibility requirements. These requirements include - The documents requirements for getting an education loan to study in Australia are shown in the table below: The application process for getting an education loan in Australia is simple. All you need to do is follow these steps - Read Also: When obtaining an education loan for studying in Australia, it is vital to take into account the terms of repayment. The duration of repayment and options for a moratorium period are important factors to consider when choosing a lender. Different repayment choices are accessible, such as partial simple interest (PSI), simple interest (SI), and equated monthly installments (EMI). To assist you in making a well-informed choice, we have developed a comparative guide that emphasizes repayment as a crucial element of securing a loan for studying in Australia. Lender Name Repayment Tenure Repayment option during moratorium SBI Up to 15 years No payment or only SI UBI Up to 15 years No payment or SI Axis Bank Up to 15 Years SI or EMI ICICI Bank Up to 10 Years SI or EMI IDFC FIRST Bank Up to 12 years PSI or SI or EMI HDFC Credila Up to 15 Years PSI Auxilo Up to 15 Years SI Incred Up to 15 Years PSI or SI Avanse Up to 15 Years PSI or SI MPOWER Finance Up to 10 Years SI Prodigy Finance Up to 15 Years SI Prior to initiating your application for an education loan to pursue a degree in Australia, it is crucial to conduct thorough research and evaluate the offerings provided by different lenders. GyanDhan can simplify this process by offering comprehensive assistance. Our platform collaborates with a variety of lenders, including government banks, private banks, and NBFCs, to provide you with a wide range of choices. Check your eligibility for an education loan to study abroad with GyanDhan and address any concerns you may have regarding the loan application procedure.
Cost of studying in Australia
Types of education loans for studying in Australia
Lenders offering secured education loans for Australia
11.50% (for boys)
15% (non-listed university)
Get the Funds you need to Study Abroad Check Your Loan Eligibility Now!
Lenders offering unsecured education loans for Australia
How to choose the best lender to study in Australia?
Expenses covered in education loan for Australia
Education loan eligibility for Australia
Check Your Education Loan Eligibility Apply Here
Education loan-related documents for Australia
How to apply education loan for Australia?
Repayment of education loan for Australia
Calculate your Education Loan EMI Click Here
First published date: 13 Jul 2021
About author
Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.
GyanDhan is India's first education financing marketplace.
