Education Loan For MBA In Australia
Education Loan

Guide on Education Loan for MBA in Australia

Guide on Education Loan for MBA in Australia

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Explore education loan options for MBA in Australia. Know best lenders, eligibility, interest rates, and process for MBA in Australia student loan.

GyanDhan

Rohit Gidwani

Updated on: 05 Sep 2023

The number of international students in Australia increased by 7% in 2022, reaching 613,327. Indian students accounted for over 99,000 of them, with a preference for STEM or MBA programs. Most of the 38 universities/colleges listed in the QS World University Rankings offer MBA programs, giving more reasons on why you should study in Australia. Pursuing an MBA in Australia enhances practical business skills and adaptability. However, it's important to consider the costs involved. Many students opt for education loans for MBA in Australia to fund their studies. To make an informed decision about your MBA journey, explore the available loan options carefully.

 


 

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Cost of studying MBA in Australia

MBA colleges in Australia are often more affordable compared to similar courses offered in other countries like the US and the UK. International students can expect to pay tuition fees of approximately AUD 59,000 per annum. Additionally, the cost of living in Australia is typically between 1500 AUD to 2600 AUD per month. Here’s the breakdown of the same:

Expense  Cost 

Accommodation

800 AUD - 1600 AUD

Travel

100 AUD - 150 AUD

Food

30 AUD - 80 AUD

Health Insurance

200 AUD - 600 AUD

Utilities

150 AUD - 200 AUD

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Secured education loan for MBA in Australia

A secured education loan for MBA in Australia is a type of loan in which the borrower is required to provide collateral as security during the loan application process. Collateral can encompass assets like property (such as a house or land), fixed deposits (FDs), or insurance policies. This type of loan typically offers several advantages, including lower interest rates, extended repayment periods, and the potential for higher loan amounts to be approved. Secured education loans in Australia are more accessible, as lenders perceive collateral as a safeguard that can be utilized in the case of loan repayment default. Now, let's explore some financial institutions in Australia that provide secured education loans and highlight the key features of their loan schemes.

Lender Name Maximum Loan Amount (in INR) Rate of Interest Margin Money

SBI

Up to 1.5 Cr

10.65% (for girls)

11.50% (for boys)

10%

UBI

Up to 1.5 Cr

10.5% - 10.85%

10%

(listed university)

15%

(non-listed university)

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Unsecured education loan for MBA in Australia

An unsecured education loan for MBA in Australia does not necessitate the applicant to provide collateral as security during the loan application process. Unlike secured education loans, unsecured loans generally come with a shorter repayment tenure and higher interest rates. This is because the lender assumes greater risk in recovering the loan amount without any collateral.

In Australia, unsecured education loans with substantial loan amounts are offered by lenders in three main categories. Private banks provide extended repayment periods, although their interest rates may be slightly higher, and their loan options are limited to specific universities and colleges. Non-banking financial companies (NBFCs) offer unsecured education loans with a shorter repayment tenure of only 10 years but with higher interest rates. Similar to private banks, their loan options are also confined to particular universities and colleges. On the other hand, international lenders offer unsecured education loans with the highest interest rates but do not require a co-applicant, distinguishing them from the previous two options.

Lender Name Maximum Loan Amount  Rate of Interest Margin Money

Axis Bank

Up to 50 Lakhs INR

11% - 13.50%

5%

ICICI Bank

Up to 50 Lakhs INR

10.85% - 12.50%

0 - 15%

IDFC FIRST Bank

Up to 35 Lakhs INR 

11.75% - 13.25% 

Nil

HDFC Credila

Up to 25 Lakhs INR

12% - 13%

Nil

Auxilo

Up to 20 Lakhs INR

12.50% - 14%

Nil

Incred

Up to 20 Lakhs INR

12.25% - 13%

Nil

Avanse

Up to 40 Lakhs INR

12.50% - 12.75%

Nil

Prodigy Finance

Up to 100,000 USD

12% - 14%

Nil


Education loan for experienced professionals - ICICI Bank provides a loan option for applicants with experience. 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.

Read more about: Abroad education loan for working professionals

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How to select the best education loan options for your needs?

When exploring educational loan options for Australia, GyanDhan offers valuable tips to assist you in selecting the most appropriate loan that minimizes future financial burdens. To make a well-informed decision, it is crucial to compare the following factors among lenders and loan schemes:

By carefully evaluating these factors, you can select the best educational loan option that aligns with your needs and offers favorable terms and conditions.

Check Your Education Loan Eligibility for MBA

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How to get education loan for MBA in Australia?

Acquiring an education loan for pursuing an MBA in 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 an MBA in Australia through the following streamlined steps:

Step 1: Evaluate your eligibility for an education loan for an MBA in 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 to simplify the organization of required documents.

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.

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Education loan eligibility and documents for MBA in Australia

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

Document Required

  • list items Applicant’s KYC documents.
  • list items Proof of admission: admission letter from university/institution
  • list items Fees structure from the university 
  • list items Loan application form
  • list items Passport-size photographs
  • list items Income proof of the co-applicant (for unsecured education loan)
  • list items Academic transcripts (School and Bachelor’s).
  • list items Standardized test scores - GMAT or GRE
  • list items English proficiency test score - IELTS or TOEFL or Duolingo. 
  • list items Resident proof of the applicant and co-applicant
  • list items Property papers (in case of secured education loan)

Eligibility

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

Calculate your Education Loan EMI

Prior to commencing your education loan application for pursuing an MBA in Australia, it is crucial to thoroughly explore and compare the offerings from various lenders. GyanDhan simplifies this process by providing comprehensive assistance. Through our partnerships with multiple lenders, including government banks, private banks, and NBFCs, we offer a wide range of choices. Check your eligibility for an education loan for studying abroad with GyanDhan and alleviate any concerns regarding your loan process.

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