Study Loan for Australia in 2025

On this Page:

Cost of Studying in Australia
Types of Study Loan for Australia
Loan Options for Specific Universities in Australia
Education Loan for Different Degrees
Loan Considerations for Popular Fields
How to Choose the Best Lender to Study in Australia?
MBA in Australia: Education Loan for Professionals
Key Considerations for Pursuing MS in Australia
Expenses Covered in Education Loan for Australia
Education Loan Eligibility for Australia
Documents Required for Education Loan for Australia
Applying for an Education Loan for Australia Through GyanDhan
Repayment of Education Loan for Australia
Frequently Asked Questions

On this Page:

Explore comprehensive insights on student loans for studying in Australia. Learn about eligibility, application processes, interest rates, and repayment options.

Education loan Australia Study abroad

Diwakar Kumar Singh

Diwakar Kumar Singh is an accomplished content creator with a unique blend of expertise in marketing and engineering. A gold medalist in MBA (Marketing) from IMT and a qualified petroleum engineer,...

Updated on: 06 Feb 2025 | Reviewed By: Aman

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh...

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Australia is home to 38 universities that have been recognized and listed in the QS World University Rankings giving more reasons 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 critical financial aspects. Many students depend on education loan Australia, thus, it is very important to understand the various loan options available.Recently, SBI has started offering unsecured education loan for Australia upto INR 50 Lakhs which is a great relief for students who do not have a collateral to offer for education loan.

Cost of Studying in Australia

Before exploring the various lending options available, let's first understand why education loan Australia is required. Studying in Australia can be expensive, as the tuition fees and cost of living for a period of 2 to 4 years can amount to a substantial sum. Therefore, obtaining an education loan for Australia is a good 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, the cost of living is yet another aspect that needs to be considered when deciding on an education loan. The general cost of living is AUD 1400 to AUD 2500, but please note that the cost of living varies from city to city. For example, the cost of living in cities like Sydney and Melbourne is considerably higher as compared to cities like Adelaide or Perth.

Types of Study Loan for Australia

When it comes to education loans, there are mainly 2 types of education loans. One is a secured education loan and the other is an unsecured education loan. Let us understand them, one by one:

Secured Education Loan:

An education loan with collateral, also known as 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 property fixed deposits (FDs), insurance policies, and other valuable possessions.

Unsecured Education Loan:

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 require 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.

Loan Options for Specific Universities in Australia

Let us see various secured and unsecured loans available for Australian universities. We will start with secured loan options and then proceed with unsecured loans:

Secured Education Loans for Australia:

Public banks are the major lenders for secured loans for universities in Australia. Let us understand that from the table below:

Lender Name	Maximum Loan Amount (INR)	Rate of Interest	Margin Money	Top Universities Covered
State Bank of India (SBI)	Up to 1.5 Crore	9.65% (for girls), 10.15% (for boys)	10%	University of Melbourne, University of Sydney, Australian National University (ANU), University of Queensland, University of New South Wales (UNSW)
Union Bank of India (UBI)	Up to 1.5 Crore	10.5% - 10.85%	10% (listed university), 15% (non-listed university)	Monash University, University of Western Australia (UWA), University of Adelaide, University of Technology Sydney (UTS), University of Wollongong
Bank of Baroda (BOB)	Up to 1.5 Crore	9.15% - 10.15%	10%	University of Melbourne, University of Sydney, Australian National University (ANU), University of Queensland
Punjab National Bank (PNB)	Up to 1.5 Crore	8.95% - 9.85%	15%	University of New South Wales (UNSW), Monash University, University of Western Australia (UWA), University of Adelaide

Unsecured Education Loans for Australia:

When it comes to unsecured education there are majorly three categories of lenders that can provide you with an education loan for Australia are -

Private banks - Axis Bank, ICICI Bank, IDFC FIRST Bank and more.
NBFCs - HDFC Credila, Avanse, Incred, and Auxilo
International lenders - MPOWER Financing and Prodigy Finance

Now, let us see various features of these unsecured education loan options from the table below:

Name	Maximum Loan Amount	Rate of Interest	Margin Money	Top Universities Covered
Axis Bank	Up to 50 Lakhs INR	11% - 13.50%	5%	University of Melbourne, University of Sydney, University of Queensland, University of New South Wales (UNSW)
ICICI Bank	Up to 50 Lakhs INR	10.85% - 12.50%	0 - 15%	Australian National University (ANU), Monash University, University of Adelaide, University of Western Australia (UWA)
IDFC FIRST Bank	Up to 35 Lakhs INR	11.75% - 13.25%	Nil	University of Technology Sydney (UTS), University of Wollongong, University of Queensland
HDFC Credila	Up to 20 Lakhs INR (Only STEM Courses)	12% - 13%	Nil	University of Melbourne, University of Sydney, Monash University
Avanse	Up to 20 Lakhs INR (Only STEM Courses)	12.75% - 13.25%	Nil	University of New South Wales (UNSW), University of Technology Sydney (UTS), University of Wollongong
Prodigy Finance	Up to 100,000 USD	12% - 14%	Nil	Australian National University (ANU), University of Melbourne, University of Sydney

Education Loan for Different Degrees

Now, let us understand the various education loans available for different courses and degrees in Australia. We will explain using the table below:

Degree Level	Loan Amount	Interest Rates	Repayment Terms	Special Considerations
Undergraduate	Up to INR 1.5 Cr (secured), Up to INR 40 Lakhs (unsecured)	9% - 11% (secured), 11.5% - 14% (unsecured)	Up to 15 years, moratorium covering course + 6-12 months	Higher loan amounts for top universities
Postgraduate (MS, MBA, etc.)	Up to INR 1.5 Cr (secured), Up to INR 50 Lakhs (unsecured)	Similar to UG loans	Flexible repayment, higher unsecured loan limits for premier institutions	Specialized schemes for MBA/MS, especially from reputed institutions
Ph.D.	Varies by lender and course	Similar to PG rates	Extended repayment tenure, longer moratoriums	Research grants or stipends may affect loan terms

Loan Considerations for Popular Fields

Banks and lenders usually prefer STEM and management courses rather than other non-popular courses. However, some popular courses like healthcare courses come under special consideration. Let us understand that from the table below:

Field of Study	Loan Availability	Special Considerations
Healthcare (Medicine, Nursing, etc.)	High loan amounts available	Higher tuition costs mean higher secured loan limits
IT & Engineering	Easily approved for reputed universities	Favorable loan terms due to strong job prospects
Business (MBA)	Specialized loan schemes available	Some banks offer up to INR 40 Lakhs without collateral for top-ranked MBA programs

How to Choose the Best Lender to Study in Australia?

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 -

Interest Rate
Processing fee and time
Margin Money
Moratorium Period
Tax Benefit
Loan Duration
Covered Expenses
Prepayment terms and conditions

MBA in Australia: Education Loan for Professionals

ICICI Bank provides a loan option for applicants with experience that can be useful when you are planning to pursue an 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.

Key Considerations for Pursuing MS in Australia

When pursuing a Master's degree in Australia, there are several essential considerations that you should keep in mind. They are as follows -

The Master's degree in Australia typically takes 1 to 2 years to complete.
If you are planning to pursue an MS in Australia, you would need a score of 300 or more in the GRE.
You would also be required to have a CGPA of 4.0 on a 5-point scale or 60% in a bachelor’s program.
The application period for MS in Australia starts from late October to mid-November and mid-April to mid-May.
The academic year for MS in Australia begins in February and has two semesters. February to June as the first semester and July to November as the second semester.
The chances for admission increase if you have one or two academic recommendations.
Having a distinctive SOP with proper goals, rationale for studying, and more would also benefit you in getting admitted to MS in Australia.

Expenses Covered in Education Loan for Australia

The different expenses which are covered under the education loan for Australia are -

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 complete the course

Want to know more about why you should study in Australia, click here!

Education Loan Eligibility for Australia

Whether you are enrolled in an 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 -

Confirmation of acceptance from a recognized Australian institution for a full-time program.
The minimum age requirement of 18 years.
Good academic record.
Strong career prospects for unsecured loans, and collateral for secured loans.

Documents Required for Education Loan for Australia

The documents requirements for getting an education loan to study in Australia are shown in the table below:

Letter of admission from a recognized university
Duly filled loan application form
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

Applying for an Education Loan for Australia Through GyanDhan

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:

Step 1: Check your eligibility for a study loan for Australia on GyanDhan's platform.

Step 2: Connect with a dedicated loan expert who will assist you throughout the application process and suggest suitable lenders.

Step 3: Receive a personalized document checklist you are required to provide

Step 4: Submit the necessary documents either in hard copy or soft copy, following the lender's guidelines.

Step 5: Await verification, which typically takes 7 to 15 days. Once approved, sign the agreement letter and monitor progress through GyanDhan's user dashboard.

Step 6: Initiate the loan disbursement according to the lender's procedures, with funds being directly deposited into your account or disbursed to the university by international lenders.

Repayment of Education Loan for Australia

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, 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

Before 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.

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Frequently Asked Questions

Does Australia accept the study gap?

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.

How much money is required to study in Australia?

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.

Can I get a student loan to study in Australia?

You can get a study loans 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.

Do girls applicants get concessions at an interest rate?

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.

How much bank balance is required to study in Australia?

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.

How much loan can I get without collateral?

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.

How much education loan for Australia without collateral can I get?

The maximum education loan for Australia without collateral you can get from private banks is up to 50 Lakhs INR and from NBFC it can be up to 40 Lakhs INR.

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