Quick Facts | ||
---|---|---|
Interest Rate | Processing Fees | Loan Margin |
Starts @ 11.25% | 0 (Up to 20 Lakhs) INR 750 per lakh (More than 20 Lakhs) |
15% |
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 and MBA programs. Master’s degrees alone saw a 24.5% rise as compared to last year’s enrolment figures. Australia is home to 38 universities that have been recognized and listed in the QS World University Rankings giving more reasons on why you should study in Australia.
Australia offers diverse specializations in both Master's and MBA programs with promising post-study work opportunities, making it an attractive choice for studying abroad. However, before deciding to pursue education in Australia, consider the crucial financial aspects and ask yourself ‘Can I get a student loan to study in Australia?’ Many students rely on education loans, highlighting the importance of exploring available options to make an informed decision about your educational journey.
Australia offers diverse specializations in both Master's and MBA programs with promising post-study work opportunities, making it an attractive choice for studying abroad. However, before deciding to pursue education in Australia, consider the crucial financial aspects. Many students rely on education loans, highlighting the importance of exploring available options to make an informed decision about your educational journey.
Before exploring the various lending options available, let's first understand why a study loan for Australia is required. Studying in Australia can be slightly expensive, as 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 Australia 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 |
Bachelor's degree |
AUD 35,000 - AUD 45,000 |
Masters degree |
AUD 40,000 - AUD 50,000 |
MBA degree |
AUD - 59,000 - AUD 70,000 |
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-
Now answering one significant question i.e. Can I get a student loan to study in Australia? To get the answer to this you would have to know the types of loan. 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) |
||
Up to 1.5 Cr |
10.65% (for girls)
|
10% |
|
Up to 1.5 Cr |
10.5% - 10.85% |
10% (listed university)
(non-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 20 Lakhs INR (Only STEM Courses) |
12% - 13% |
Nil |
|
Up to 20 Lakhs INR (Only STEM Courses) |
12.75% - 13.25% |
Nil |
|
Up to 100,000 USD |
12% - 14% |
Nil |
ICICI Bank provides a loan option for applicants with experience that can be useful when you are planning to pursue MBA in Australia. If the applicant has a minimum of 3 years of experience, they do not require a co-applicant. The loan amount and other variables remain the same as shown in the table above. Two additional requirements are a minimum monthly income of INR 35,000 (which may increase for higher loan amounts) and the need to create a Fixed Deposit (FD) for the total simple interest payable during the moratorium period to obtain a free moratorium.
When pursuing a Master's degree in Australia, there are several essential considerations that you should keep in mind. They are as follows -
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 -
Want to know more about why you should study in Australia, click here!
Whether you are enrolled in MS, MBA, or any other course in Australia, the education loan eligibility criteria are generally similar across all programs. 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:
Acquiring an education loan for Australia is a relatively straightforward process. However, managing multiple lenders individually can be overwhelming. To simplify this process, GyanDhan offers assistance in obtaining an education loan for Australia through the following streamlined steps:
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 or SI |
Avanse |
Up to 15 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.
Read Also:
Yes, Australian universities accept study gap but the only condition is that the gap could only be 1-3 years and must be justified with proper reasoning and if possible proofs.
To study in Australia you will need to consider tuition fees and cost of living which comes at around 60,000 AUD - 70,000 AUD. Thus this will be the amount that you would require to study in Australia.
You can get a study loan for Australia just by checking the loan eligibility with GyanDhan. All you have to do is provide a few details and submit it. Education loan counselor will get back to you and you will be able to kick-start your education loan journey.
Yes, girls applicants can get concessions in interest rates when taking an education loan from public sector banks. Public sector banks like SBI, UBI, or BOB provide a concession of 0.50% on the interest rate to girl applicants.
If you are planning to go to Australia then you will have to have approximately 50,000 INR in your bank account. This is the amount that is considered sufficient for initial survival in Australia.
The maximum loan that you can get without collateral from private banks is up to 50 Lakhs INR and from NBFC it can be up to 40 Lakhs INR.
About Author
Rohit Gidwani
Meet Rohit, an expert in the field of study abroad and Ed-tech with many years of professional experience in content creation and creative writing. Being a BBA graduate has helped him to pursue his professional duties strategically and with creativity.