Education Loan for Australia
Study Loan for Australia in 2025
Australia, home to top-ranked universities, offers diverse Master’s and MBA programs with strong post-study work opportunities. Given the high costs, many students rely on education loans. Recently, SBI introduced unsecured education loans up to INR 50 lakhs, benefiting students without collateral.
Cost to Study in Australia
Pursuing higher education in Australia comes with significant expenses, including tuition fees and living costs for 2 to 4 years. To manage these financial requirements effectively, opting for an education loan can be a smart choice, providing necessary financial support for your studies.
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 |
In addition to tuition fees, the cost of living is a crucial factor when considering an education loan. On average, living expenses range from AUD 1,400 to AUD 2,500 per month, varying by city. Major cities like Sydney and Melbourne tend to have higher living costs compared to more affordable cities like Adelaide or Perth.
Types of Education Loan for Australia
Education loans are primarily categorized into two types: Secured Education Loans and Unsecured Education Loans. Understanding the differences between them is essential for making an informed decision.
Let us understand them, one by one:
Secured Education Loan: This type of loan requires the borrower to provide collateral as security, such as property, fixed deposits (FDs), or insurance policies. Offering collateral can help secure a higher loan amount with better interest rates and repayment terms.
Unsecured Education Loan: These loans do not require any collateral but typically come with higher interest rates due to the increased risk for lenders. They often require a co-applicant or co-signer, and the loan amount is determined based on the co-applicant’s income and creditworthiness.
Loan Options for Specific Universities in Australia
Various secured and unsecured education loan options are available for students pursuing higher studies in Australia.
Secured Education Loans for Australia
Public sector banks are the primary lenders offering secured education loans for universities in Australia. These loans require collateral but come with lower interest rates and favorable repayment terms.
Below is an overview of these loan options:
| Lender Name | Maximum Loan Amount (in 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
For students who do not have collateral to pledge, there are three major categories of lenders that offer unsecured education loans for studying in Australia. These lenders provide financial support based on factors such as the applicant’s academic profile, co-applicant’s financial standing, and creditworthiness.
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
There are various education loan options available for different courses and degrees in Australia. The following table provides a detailed comparison of loan options based on the type of degree, helping students make informed financial decisions.
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 | University of Technology Sydney (UTS), University of Wollongong, University of Queensland |
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?
With multiple lending options available for education loans in Australia, selecting the right lender can be overwhelming. To make an informed decision, it is essential to compare key factors such as interest rates, loan tenure, repayment terms, processing time, and moratorium options. By evaluating these aspects, you can identify the lender that best suits your financial needs.
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
For professionals planning to pursue an MBA in Australia, certain lenders offer specialized loan options. Applicants with a minimum of 3 years of work experience may be eligible for loans without a co-applicant. The loan amount and terms remain similar to standard education loans, with additional requirements such as a minimum monthly income and the creation of a Fixed Deposit (FD) covering the simple interest payable during the moratorium period to secure a free moratorium.
Key Considerations for Pursuing MS in Australia
When planning to pursue a Master’s degree in Australia, it is important to consider several key factors. These include tuition fees, cost of living, available scholarships, education loan options, repayment terms, and post-study work opportunities. Evaluating these aspects will help in making an informed financial decision and ensuring a smooth academic journey.
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
Education Loan Eligibility for Australia
Regardless of whether you are pursuing an MS, MBA, or any other program in Australia, the education loan eligibility criteria remain largely the same. To ensure a smooth loan approval process, applicants must meet specific requirements, such as academic qualifications, admission to a recognized institution, a co-applicant (if required), and financial stability. Meeting these criteria increases the chances of securing an education loan successfully.
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
To secure an education loan for studying in Australia, applicants must provide specific documents as required by the lender. These documents typically include academic records, proof of admission, identity and address proof, financial statements, income proof of the co-applicant (if applicable), and any collateral-related documents for secured loans. The exact document list may vary depending on the lender’s policies.
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 Vittiya
Securing an education loan for Australia is a straightforward process, but handling multiple lenders individually can be challenging. To make the process easier, expert assistance is available to guide you through the loan application. The process involves evaluating loan eligibility, submitting the required documents, undergoing verification, receiving loan approval, and proceeding with disbursement as per the lender’s terms.
The following steps outline how students can secure financial assistance efficiently:
Step 1: Start by assessing your eligibility for a study loan for Australia through an online loan evaluation process.
Step 2: Connect with a dedicated loan expert who will assist you throughout the application process and suggest the most suitable lenders.
Step 3: Receive a customized checklist outlining the required documents to simplify the submission process.
Step 4: Submit the necessary documents in either soft or hard copy, following the specific guidelines of the selected lender.
Step 5: The verification process typically takes 7 to 15 days. Once approved, you will receive a loan agreement for signing.
Step 6: Initiate the loan disbursement as per the lender’s process. Funds may be credited directly to your account or disbursed to the university in the case of international lenders.
Repayment of Education Loan for Vittiya
When securing an education loan for studying in Australia, it is essential to evaluate the repayment terms carefully. Key factors to consider include the repayment tenure and the availability of a moratorium period. Lenders offer different repayment options, such as Partial Simple Interest (PSI), Simple Interest (SI), and Equated Monthly Installments (EMI). To help you make an informed decision, a comparative guide has been designed to highlight repayment as a crucial aspect of selecting the right loan for your studies in Australia.
The following steps outline how students can secure financial assistance efficiently:
| 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 |
Frequently Asked Questions
Australian universities accept a study gap of 1-3 years, provided it is justified with valid reasons and, if possible, supporting documentation.
You can easily apply for an education loan to study in Australia by checking your loan eligibility. Simply provide a few details, and a loan counselor will assist you, helping you start your education loan process smoothly.
You can easily apply for an education loan to study in Australia by checking your loan eligibility. Simply provide a few details, and a loan counselor will assist you, helping you start your education loan process smoothly.
You can secure an unsecured education loan of up to 50 Lakhs INR from private banks and up to 40 Lakhs INR from NBFCs.
For studying in Australia, you can get an unsecured education loan of up to 50 Lakhs INR from private banks and up to 40 Lakhs INR from NBFCs.
Study Loan for Australia in 2025
Australia, home to top-ranked universities, offers diverse Master’s and MBA programs with strong post-study work opportunities. Given the high costs, many students rely on education loans. Recently, SBI introduced unsecured education loans up to INR 50 lakhs, benefiting students without collateral.
-
Cost to Study in Australia
Pursuing higher education in Australia comes with significant expenses, including tuition fees and living costs for 2 to 4 years. To manage these financial requirements effectively, opting for an education loan can be a smart choice, providing necessary financial support for your studies.
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 |
In addition to tuition fees, the cost of living is a crucial factor when considering an education loan. On average, living expenses range from AUD 1,400 to AUD 2,500 per month, varying by city. Major cities like Sydney and Melbourne tend to have higher living costs compared to more affordable cities like Adelaide or Perth.
Types of Education Loan for Australia
Education loans are primarily categorized into two types: Secured Education Loans and Unsecured Education Loans. Understanding the differences between them is essential for making an informed decision.
Let us understand them, one by one:
- Secured Education Loan: This type of loan requires the borrower to provide collateral as security, such as property, fixed deposits (FDs), or insurance policies. Offering collateral can help secure a higher loan amount with better interest rates and repayment terms.
- Unsecured Education Loan: These loans do not require any collateral but typically come with higher interest rates due to the increased risk for lenders. They often require a co-applicant or co-signer, and the loan amount is determined based on the co-applicant’s income and creditworthiness.
Loan Options for Specific Universities in Australia
Various secured and unsecured education loan options are available for students pursuing higher studies in Australia.
Secured Education Loans for Australia
Public sector banks are the primary lenders offering secured education loans for universities in Australia. These loans require collateral but come with lower interest rates and favorable repayment terms.
Below is an overview of these loan options:
| Lender Name | Maximum Loan Amount (in 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
For students who do not have collateral to pledge, there are three major categories of lenders that offer unsecured education loans for studying in Australia. These lenders provide financial support based on factors such as the applicant’s academic profile, co-applicant’s financial standing, and creditworthiness.
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
There are various education loan options available for different courses and degrees in Australia. The following table provides a detailed comparison of loan options based on the type of degree, helping students make informed financial decisions.
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 | University of Technology Sydney (UTS), University of Wollongong, University of Queensland |
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?
With multiple lending options available for education loans in Australia, selecting the right lender can be overwhelming. To make an informed decision, it is essential to compare key factors such as interest rates, loan tenure, repayment terms, processing time, and moratorium options. By evaluating these aspects, you can identify the lender that best suits your financial needs.
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
For professionals planning to pursue an MBA in Australia, certain lenders offer specialized loan options. Applicants with a minimum of 3 years of work experience may be eligible for loans without a co-applicant. The loan amount and terms remain similar to standard education loans, with additional requirements such as a minimum monthly income and the creation of a Fixed Deposit (FD) covering the simple interest payable during the moratorium period to secure a free moratorium.
Before starting your education financing application, it is essential to compare different lenders based on key factors. To simplify this process, expert guidance is available to help you explore the best financing options. A dedicated loan counselor will assess your academic and financial profile to suggest the most suitable options. With partnerships across government banks, private banks, and NBFCs, accessing the right financial support has never been easier. Get started today by checking your loan eligibility!
Key Considerations for Pursuing MS in Australia
When planning to pursue a Master’s degree in Australia, it is important to consider several key factors. These include tuition fees, cost of living, available scholarships, education loan options, repayment terms, and post-study work opportunities. Evaluating these aspects will help in making an informed financial decision and ensuring a smooth academic journey.
- 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
Education Loan Eligibility for Australia
Regardless of whether you are pursuing an MS, MBA, or any other program in Australia, the education loan eligibility criteria remain largely the same. To ensure a smooth loan approval process, applicants must meet specific requirements, such as academic qualifications, admission to a recognized institution, a co-applicant (if required), and financial stability. Meeting these criteria increases the chances of securing an education loan successfully.
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
To secure an education loan for studying in Australia, applicants must provide specific documents as required by the lender. These documents typically include academic records, proof of admission, identity and address proof, financial statements, income proof of the co-applicant (if applicable), and any collateral-related documents for secured loans. The exact document list may vary depending on the lender’s policies.
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 Vittiya
Securing an education loan for Australia is a straightforward process, but handling multiple lenders individually can be challenging. To make the process easier, expert assistance is available to guide you through the loan application. The process involves evaluating loan eligibility, submitting the required documents, undergoing verification, receiving loan approval, and proceeding with disbursement as per the lender’s terms.
The following steps outline how students can secure financial assistance efficiently:
- Step 1: Start by assessing your eligibility for a study loan for Australia through an online loan evaluation process.
- Step 2: Connect with a dedicated loan expert who will assist you throughout the application process and suggest the most suitable lenders.
- Step 3: Receive a customized checklist outlining the required documents to simplify the submission process.
- Step 4: Submit the necessary documents in either soft or hard copy, following the specific guidelines of the selected lender.
- Step 5: The verification process typically takes 7 to 15 days. Once approved, you will receive a loan agreement for signing.
- Step 6: Initiate the loan disbursement as per the lender’s process. Funds may be credited directly to your account or disbursed to the university in the case of international lenders.
Repayment of Education Loan for Vittiya
When securing an education loan for studying in Australia, it is essential to evaluate the repayment terms carefully. Key factors to consider include the repayment tenure and the availability of a moratorium period. Lenders offer different repayment options, such as Partial Simple Interest (PSI), Simple Interest (SI), and Equated Monthly Installments (EMI). To help you make an informed decision, a comparative guide has been designed to highlight repayment as a crucial aspect of selecting the right loan for your studies in Australia.
The following steps outline how students can secure financial assistance efficiently:
| 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 |
Frequently Asked Questions
Australian universities accept a study gap of 1-3 years, provided it is justified with valid reasons and, if possible, supporting documentation.
You can easily apply for an education loan to study in Australia by checking your loan eligibility. Simply provide a few details, and a loan counselor will assist you, helping you start your education loan process smoothly.
You can easily apply for an education loan to study in Australia by checking your loan eligibility. Simply provide a few details, and a loan counselor will assist you, helping you start your education loan process smoothly.
You can secure an unsecured education loan of up to 50 Lakhs INR from private banks and up to 40 Lakhs INR from NBFCs.
For studying in Australia, you can get an unsecured education loan of up to 50 Lakhs INR from private banks and up to 40 Lakhs INR from NBFCs.
Education Loan for USA
In order to apply for i20 you need to furnish bank balance proof of the last 24 hours / 1 day. However, if you have an Education Loan sanction letter, you do not show this balance for 24 hours.
Hence you can straight away apply for i20 & speed up the VISA process. Both – Secured & Unsecured – loans are accepted for higher studies in the USA.
Pursue Your Dream Degree in USA
The USA is a top study destination for international students, offering prestigious universities and a wealth of opportunities. In the 2021/2022 academic year, over 199,000 Indian students chose the USA for higher education, reflecting its immense popularity.
One key reason for this preference is the global career prospects available after earning a degree. Tuition fees vary across programs, with international graduate students paying an average of USD 39,000 annually. Education loans are an ideal solution to cover tuition, living costs, and other expenses. Moreover, these loans also serve as valid proof of funds for US student visas, simplifying the application process.
Education Loan Eligibility for USA
To obtain an abroad education loan in USA as an international student, there are specific conditions/eligibility criteria that need to be fulfilled.
These consist of:
Good academic record.
Collateral for secured loans.
Co-applicant with sufficient income for unsecured loans.
Acceptance into a recognized American institution for a full-time program.
Documents Required for Education Loan USA
Apart from meeting the eligibility criteria, students must ensure they have all the necessary documents ready before applying for an education loan to study in the USA. The document checklist can be extensive, but a personalized checklist can help streamline the process and speed up submission.
Commonly required documents for securing a study abroad loan for the USA include:
Loan application form
Passport-size photographs
KYC documents of the applicant
Standardized test scores (GMAT or GRE)
Academic transcripts (School and Bachelor’s)
Frequently Asked Questions
Candidates can get a UBI education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.
To secure an education loan for the USA, you need an acceptance letter from a U.S. institution and a valid student visa. Most lenders require a cosigner who is a U.S. permanent resident with good credit and at least two years of residency.
Interest rates are based on benchmarks like the Prime Rate or SOFR, plus a margin determined by the borrower’s or cosigner’s creditworthiness.
Repayment options include full deferral, interest-only payments during studies, or immediate repayment. Terms typically range from 10 to 15 years.
Yes, unsecured loans are available and rely on creditworthiness. These may require a cosigner or a third-party guarantor.
Loans in the USA have interest rates between 8% and 19%, while home country loans often have rates around 10.25%, potentially making them a more cost-effective option.
Frequently Asked Questions
Candidates can get a Canada education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.
To secure an education loan for the USA, you need an acceptance letter from a U.S. institution and a valid student visa. Most lenders require a cosigner who is a U.S. permanent resident with good credit and at least two years of residency.
Interest rates are based on benchmarks like the Prime Rate or SOFR, plus a margin determined by the borrower’s or cosigner’s creditworthiness.
Repayment options include full deferral, interest-only payments during studies, or immediate repayment. Terms typically range from 10 to 15 years.
Yes, unsecured loans are available and rely on creditworthiness. These may require a cosigner or a third-party guarantor.
Loans in the USA have interest rates between 8% and 19%, while home country loans often have rates around 10.25%, potentially making them a more cost-effective option.