Student Loan in Australia
Australia is one of the countries that offer a diverse range of higher education programmes to overseas students. Thousands of Indian students travel to Australia each year to further their education for a variety of reasons. Most Indian students, like their international counterparts, take out education loans to cover their higher education in Australia. To enjoy a stress-free visa procedure, students must meet specific conditions. One of the most important factors in the Australia study visa application procedure is funding. So, let us look at some of the most crucial tasks that students must complete with regard to an education loan in Australia.

Eligibility Criteria For An Australian Education Loan
The cost of studying in Australia is comparable to that of other top countries such as the US and the UK, although it is more expensive than education in India. Many banks and non-banking organisations in India provide education loans to students who want to study in Australia. The fundamental qualifying conditions for applying for an education loan in Australia are shown below -

1. The applicant must be an Indian national
2. He/She should have been accepted into a reputable Australian university
3. The student must be enrolled in a course approved by the financing institution (job-oriented professional degree, technical degree, and diploma courses)

Documents Required For An Education Loan In Australia
Several nationalised banks in India provide education loans of up to Rs. 30 lakhs to qualified students who want to study in Australia. Students must supply supporting documentation in order for the bank to process the loan amount. The following are the necessary documents for applying for an education loan in Australia -

1. Offer letter from a recognised Australian university
2. A fully-filled application form
3. Documents pertaining to the total education expenses
4. Proof of Identity
5. Address proof
6. PAN Details
7. Bank statements of both, the applicant and the co-borrower
8. Statement of assets of the applicant and the co-borrower
9. Income Proof

Cost To Study Abroad In Australia
With renowned universities such as the Australian National University, the University of Sydney, the University of Melbourne, Monash University, and more; Australia offers high-quality education to students from all over the world. The cost of studying in Australia, by and large, depends on the degree type, the course choice, the university, the applicant’s nationality, and many more aspects. Different types of qualifications have different price ranges and it is important that international students also consider additional course costs and incidental expenses when planning their higher education. The table below lists the tuition costs of studying in Australia based on the selected qualifications -

Education Level - Cost Per Year Undergraduate Bachelor’s Degree = AUD 20,000 to AUD 45,000
Postgraduate Master’s Degree - AUD 22,000 to AUD 50,000 Doctoral Degree = AUD 18,000 to AUD 42,000
Vocational Education and Training - AUD 4,000 to AUD 22,000 English Language Studies = AUD 300 per week
Things That An Australian Student Loan Covers
The best part of taking an student loans for Australia with FeeTap is that you can get up to 100% financing implying that all your expenses will be covered in the loan. The following are the things you can expect a student loan in Australia to cover -

1. Tuition Costs
2. Travel & Transport including the tickets
3. Accommodation & Rental expenses
4. University fees & additional course costs
5. Food expenditures
6. Living expenses
7. Laptop
8. Other research, thesis, and project-work-related expenses
9. Any other expense required for your education

Types Of Loans Available For Studying Abroad In Australia
In Australia, there are primarily 2 types of loans available to students. What type of education loan in Australia you apply for, however, will depend on the financial institution and your eligibility -

Secured Education Loans: A secured international student loan in Australia is one for which the applicant must offer security or collateral. Apartments and retail stores are instances of tangible assets, whereas fixed deposits and government bonds are examples of intangible securities.

Unsecured Education Loans: An education loan in Australia without collateral is an unsecured loan. As the name implies, applying for an unsecured student loan. However, it is important for students to note that the interest rates may be higher for an unsecured education loan in Australia due to no collateral.

Education Loan For Australia Without Collateral
There are various financial institutions in India that provide an education loan in Australia without collateral up to a certain quantity or amount, making it easier for overseas students to pursue their studies at top universities throughout the world. Unsecured student loans feature a slightly higher interest rate and a shorter repayment time. Students can apply for a study loan in Australia without security through the following options -

1. Public banks like SBI and Bank of Baroda

2. Private banks like Axis Bank, HDFC, and ICICI Bank

3. NBFCs like Incred and Auxilo

4. International lenders such as Leap Finance and Prodigy

Tips For Choosing The Best Australian Study Loan
Applying for an education loan in Australia involves a lot of research and requires a set of steps to be followed. The procedure may seem cumbersome at first, and the student may get overwhelmed when applying. However, FeeTap makes it easier for students with expert counsellors assisting students at every step of the process at no extra cost. There are some tips that students should be aware of when applying for an education loan for international students in Australia and they include -

1. Selecting A Financial Institution: Selecting a bank or NBFC that offers the best loan terms is more important than ones that give more finances. It is also important to verify if the lender gives the option to make the EMI payments in advance or allows for partly payments of the loan. Knowing the service charges and prepayment penalties is a must.

2. Total EMI Cost: The EMI paid for education loans in Australia depends on how a student chooses to repay the loan. Some students choose to borrow money for a longer period of time since the EMI would be lower. The cost of the loan and the interest paid, however, will be significantly greater in this case. Therefore, if the chances of finding a well-paying job following the course are strong, choosing a shorter loan term is better.

3. Moratorium Periods: Moratorium periods are sabbaticals that typically last the length of the course plus an additional year or six months after finishing the course, whichever comes first. Students are not required to make loan payments during this time, although interest will continue to accrue. Students are permitted to pay down the interest during the moratorium period, which will lighten the burden of the loan and reduce the cost of the loan once they must begin making EMI payments.

4. Pay In Installments: Banks tack on interest on the amount of money sent. Typically, a student must pay for the course once per year or once per semester. Therefore, it would be wiser to apply for the loan when needed. In this manner, substantially less interest will accrue. Make sure that the money is distributed as and when it is needed, rather than having it sanctioned in one lump sum.

5. Tax Benefits: Under Section 80E of the Income Tax Act, students can get tax benefits on the interest they pay on student loans. The loan must be obtained from an Indian scheduled bank or a gazetted financial institution in order to qualify for this deduction. Eight years is the maximum time for a tax deduction. Therefore, choosing a longer loan implies that students will only receive the tax deduction for the first eight years.

Why Choose FeeTap?
FeeTap, unlike any other platform, makes securing student loans easy. Here are some of the reasons why receiving an education loan in Australia with FeeTap is the best choice - Full financing (up to 100 %) for tuition and living expenses No margin money Immediate sanctions in the event of an emergency Options for customised financing Comparing education loans Tracking of loan applications Loans with no collateral Doorstep delivery of services Paperless approval of loans

Lenders Offering Education Loan In Australia
There are a number of lenders offering education loan in Australia with and without Collateral. We have mentioned a few examples along with their parameters below.

Education Loan In Australia With Collateral

Features Private Banks NBFCs
Lenders Axis Bank Avanse, Incred
Processing Fees (INR) INR 0 for loans below INR 20 lacs, INR 750 on every lac above INR 20 lacs 1%-2% loan amount


Education Loan In Australia Without Collateral

Feature Private Banks NBFCs
Example Lenders Axis Bank Avanse, Incred
Processing Fees (INR) INR 0 is the loan is less than INR 20 lacs; INR 750 on every lac above a loan of INR 20 lacs 1%-2% loan amount



Top Universities In Australia
Australia has long been a sought-after destination for international students, owing to its vibrant cities, diverse communities, and rich cultural heritage. For students considering pursuing foundation, undergraduate, or postgraduate studies in Australia, it is worth consulting university rankings to gain insight into the suitability of a particular institution. By examining these rankings, students can evaluate the academic standing and overall quality of an institution, helping them to make informed decisions about their education.

University Australia Rank 2023 World University Rank 2023
University of Melbourne 1 34
Monash University 2 44
The University of Queensland 3 53
University of Sydney 4 =54
Australian National University 5 62
UNSW Sydney 6 =71
University of Adelaide 7 88
The University of Western Australia 8 =131
University of Technology Sydney 9 133
Macquarie University 10 175



Popular Courses To Study In Australia
Australia is renowned globally for its exceptional educational system. Its universities are recognized for offering students an independent, experiential learning experience that equips graduates with the skills necessary to excel in their chosen fields. The country boasts a total of 43 universities, which includes two foreign universities, one private university, and 40 Australian universities. The fact that six Australian universities feature among the top 100 institutions worldwide highlights the significance of both the quality and quantity of education offered in the country.

Student Visa Requirements For Australia
When seeking to obtain an Australian Student Visa online, it is important to create an account on the Department of Home Affairs' online application system, ImmiAccount. This platform will enable you to complete and submit your student visa application and track its progress. It is recommended that you submit your application at least six weeks prior to the commencement of your course, but not earlier than 12 weeks. Check out the documents below that are required for the visa application

Documents Required for Australian Student Visa
Proof of Enrolment (eCOE)
Valid Passport
Visa Application Fee
Genuine Temporary Entrant (GTE) Statement
Academic and Work Experience Documents
Evidence of English Proficiency Skills (e.g., IELTS)
Evidence of Financial Ability (Tuition, Living Expenses)
Evidence of Financial Ability (Expenses for Dependents)
Evidence of Financial Ability (Return Airfare)
Details of Health Insurance Policy (OSHC)
Passport-Size Photographs