Study Loan Options for Australia: A Detailed Guide

    Updated on: 25 Sep 2022


    Australia is one of the most famous student destinations. Even with the travel restrictions and COVID-19 lockdowns, more than 2 lakh international students are studying at Australian universities in 2021. Australia houses seven of the world’s top universities, such as Australian National University, University of Melbourne, University of Sydney, University of New South Wales, University of Queensland, Monash University, and the University of Western Australia. 

    Apart from this, there are several scholarship programs by the Government of Australia, private organizations, and others that will take care of the financial needs up to an extent. For the rest, there are student loans. You can refer to this blog on the list of scholarships for Australian universities. Read on further to know the Education Loan Options For Australia

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    What are the education loan options for a Diploma or a Certificate course from an Australian university? 

    There are several Diploma and Certificate courses available for students, most of which lead to employment and longer stay in the country. Some of the courses that are most popular are Diploma in Carpentry, Nursing, Engineering, and Telecom and IT Network. Apart from these, there are quite a number of general trade courses that are gaining popularity in the country. Diploma and Certificate courses have a duration of 9 months to 12 months. The same will cost you $25,000 to $35,000, which is approximately INR 20 lakhs for your entire stay. Unfortunately, there are no secured education loan options available for diploma and certificate courses. There may be limited unsecured education loan options for students whose parental income fits the bracket. 

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    What are the education loan options for a Bachelor's degree in Australia? 

    The cost of an undergraduate degree from Australia will cost you significantly more as these courses are at least 3 to 4 years long. Some popular fields of undergraduate study are Engineering, Environmental Science, Business and Management Studies, Applied Computing, Robotics, and Computer systems. Moreover, there are some universities, like Monash University, University of Sydney, the University of Queensland that offer a flexible First-year program for bachelors in engineering that allows the student to explore the field and learn more about it before committing to a specific discipline. 

    The expected cost of a bachelor’s degree from an Australian university can vary depending on the stream. For Example - students pursuing the science stream can expect to pay tuition fees ranging from $25,000 to $39,000 per year. Similarly, the tuition fee for a bachelor in the arts stream is $33,000. Add to this amount the living cost, which will be approximately $21,000 for the year. 

    To finance these expenses, students can apply for an unsecured education loan. Loans with collateral can be a bit difficult to secure for a bachelor’s degree. However, there are several lenders such as private banks (Axis Bank and ICICI Bank) and Non-Banking Finance Companies (NBFCs) offering unsecured student loans to study abroad.

    Some features of the loan products offered by these lenders - 

    • Loan Amount Limit - The maximum loan amount that can be borrowed is INR 40 lakhs. Parental income is the most important factor for such loans. The loan amount limit can be increased on a case-to-case basis. 
    • Rate of Interest - The interest rate charged on loans without collateral is generally higher as the lender is taking on significant risk. It starts from 11.25% and can be higher or lower depending on the applicant and co-applicant profile. 
    • Loan Tenure - The loan repayment period is 10 years. 
    • Moratorium period - The co-applicant has to make interest-only payments during the study period. Though, the EMIs start after the course period + 6 months. 
    • Processing Fees - The fee charged by the lender to process the loan application can be 1% to 1.5% of the loan amount. 
     

    The best way to check eligibility is to get in touch with us. We will discuss the loan options present and suggest a lender as per your profile and requirements. 

    What are the education loan options for a Postgraduate degree in Australia? 

    The cost of a postgraduate degree from Australia is a significant expense and can go up to $47,000 yearly. Most postgraduate programs are 1 to 2 years long. However, there are more loan options available for a Master’s degree. Swing by this article to read the loan options in detail. 

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    What are the education loan options for MBA from an Australian university? 

    Master’s in Business Administration is another most popular course opted by students. Some of the best MBA programs offered by Australian universities are - 

     

    The expected cost of an MBA from Australia can be $40,000 to $90,000 for the entire course. Of course, the tuition fee is dependent on the length of the course. Other expenses that have to be managed are living expenses, travel, and accommodation. The financing options for the course are secured education loans and unsecured education loans.

    Check Your Education Loan Eligibility Apply Here

    How to find the right education loan product for Australia? 

    Simple, make use of our Loan Eligibility tool. We have assisted thousands of students to get the right loan product to study in foreign universities. The tool matches the student to a lender as per their profile and information provided by them. 

    After this simple step, we will get in touch with you and further discuss the requirements to provide a more customized loan product. Our Education Loan Counselors are well-versed in varied loan products and will guide you throughout the process. In the case of delays or problems in the application process, we contact the concerned official and get it resolved quicker than you can think. And what do we charge for our services? Nothing, except for an honest Google review. 

    So, get started on financing your Australian education by finding the right lender. Check your loan eligibility now! 

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