Education Loan for Australia

✓ Up to 50 lacs of Education Loan 

✓ Without Collateral

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Students can apply for education loans of up to 1.5 Cr to manage their expenses in Australia. Students wishing to study in Australia must obtain a COE letter by showing 1-year living expenses in Australia which is 10 lacs and depositing one-year tuition fee to the selected university.

The expenses to study in Australia including the expenses for COE can be managed by either taking an unsecured education loan or a secured education loan. Choose the best education loan option depending on your profile among the different types of education loans.

Unsecured Education Loan for Australia

Banks or lenders can offer up to 50 lacs of unsecured education loans for Australia at an interest rate that is as low as 10.5% P.A. Below are the other details of an Unsecured Education loan for Australia.



Loan Limit

Up to 50 lacs

Expenses covered

Study Costs

Fee for tuition
Fee for admission
Fee for examination
Laptop or books expenses
Cost of study projects or tours
1-year tuition fee disbursement for COE

Living expenses

Expenses of hostel or accommodation
Costs for food
Fee for caution
1-year living expenses are disbursement pre-Visa for COE


Cost of Insurance 
Miscellaneous expenses

Eligible courses

All UG courses including the UG diploma
All eligible PG courses including MBA and PG Diploma
All courses are eligible for an education loan. However, a STEM course will get you a loan sanction more easily than other courses.

Interest rate

10.5% to 12.5%

Moratorium Period

Course duration + 6 or 12 months( depends on the lender)

Repayment Duration

Up to 15 years

Repayment policies

Full simple interest is to be paid in the moratorium period

Eligibility Criteria

The eligible student should be

National of India
Must have gotten admission into a university in Australia

Co-applicant salary

Between 4.5 to 6 LPA


Tip: Opt for an unsecured education loan if you have lesser time before your intake. An unsecured education loan can be sanctioned in less than 7 working days after document submission.

Top Banks that offer unsecured Education loans for Australia

Below is a list of lenders that can provide you with an unsecured education loan to study in Australia

- ICICI Banks
- IDFC Bank
- Axis Bank
- HDFC Credila
- Auxilo
- Incred 
- Avanse

Getting an unsecured education loan for Australia is not as tough as you thought!

How to get an Unsecured Education Loan for Australia?

An Unsecured education loan for Australia will usually depend on the below three criteria. 

- A strong co-applicant who is financially strong and earns at least 4.5 to 6 LPA.
- You should have scored well in entrance examinations or have very good grades in your previous educational qualification
- Getting admission into a top university that is known around the world or in Australia for its excellence

Try to meet all three parameters or at least one of them to ensure hassle-free education loans at good terms.

Apply for an Unsecured Education Loan for Australia

Follow the step-by-step process below to apply for an unsecured education loan for Australia    

Step 1- Request a callback from WeMakeScholars

Step 2- A WeMakeScholars financial officer will call you within 2 days of requesting a callback

Step 3- He/she will ask you a few basic questions to check your eligibility for an education loan

Step 4- After checking the eligibility, your financial officer will send a document uploading link where you will need to submit your documents  

Step 5- He/she will then connect you to eligible lenders from where you can get an education loan

Step 6- The next steps in the process will be taken forward by your assigned lenders. Even in this time, you can be in touch with your financial officer from WeMakeScholars, asking him/her about any doubts that you have regarding the education loan process.

Step 7- You will receive your sanction letter within the time promised by your financial officer.

Disadvantages of going directly through banks for an Unsecured education loan

Processing an unsecured education loan directly will have the following disadvantages!

- The interest rate of your unsecured education loan will be higher
- You will have a lot of hidden charges
- The education loan process will take time to complete
- You might face issues in the disbursement
- You will face issues in repayment where the interest rates will suddenly rise

Avoid all these hassles by processing your education loan through WeMakeScholars!

Why go through WeMakeScholars for Unsecured Education Loan?

WeMakeScholars is an organization that is working towards providing unbiased education loans to students planning to pursue higher education in India or abroad. Going through us will have the following benefits.

Lower interest rates: When you go through us, you automatically have a reduced interest rate of up to 2%, as 14+ banks(Public/Pvt) are partnered with us.

Faster education loan process: We at WeMakeScholars keep in mind the deadline for student’s fee payments and hence provide loans in at least 50% lesser time than when you go directly through banks.

Negotiation: While going to Australia, you will need someone to do the negotiation on your behalf to get COE. WeMakeScholars' financial officer will happily do it for you.

End-to-end support: We continuously support students from the start of the education loan process till the repayment.

Cashback: When you go through us, you will attain a cashback of ₹3000. 

Request a callback now and get started with an education loan with the above benefits!   

Documents required for an Unsecured Education Loan to Study in Australia

An education loan for Australia will require you to arrange the following documents. However, the list may differ with the lender you are going through.

- An application form signed by you along with two photographs. Request a callback from WeMakeScholars to get your application form.

Documents for proof of identity of the applicant
- PAN Card
- Passport
- Aadhar Card

Documents for applicant’s proof of residence
- Aadhar Card
- Voter ID card
- Ration Card
- Telephone bill
- Electricity bill

Applicant’s academic documents
- 10th, 12th and degree marksheets
- Fee structure 
- Proof of admission
- IELTS or any other exam scorecard
- Rank of the university

Documents for the co-applicant
- Bank account statement of last 6 months, if salaried
- 1-year business transactions for self-employed
- Personal Asset and Liability statement

Required documents for financial co-applicant(salaried)
- Payslips of last 3 months
- Last 2 years form 16
- ITR of the last 2 years
- Employer's ID card

Required documents for self-employed financial co-applicant
- Address proof of the business
- ITR of 3 years
- Balance sheet and profit and loss account

Other documents required
- A declaration letter from your co-applicant stating that the leftover expenses will be carried by him/her(format will be provided by WeMakeScholars financial officer)
- Notarised joint affidavit of student and co-applicant in bank’s standard format(format by WeMakeScholars)

Additional documents
- Provide a receipt of any payment that you have made to the university if you want reimbursement for it
- Statement of any pending loans
- If you have had any gap in your academics, explain it in a letter whose format will be provided to you by WeMakeScholars financial officer
You may require documents in addition to the above list, depending on your profile. You can talk to your financial officer at WeMakeScholars to get an accurate list of required documents.

Are you too confused about the list of documents required for an education loan for Australia?

Repayment plan for unsecured loans in Australia

The unsecured lenders will ask to pay simple interest in the moratorium period. Your education loan EMI will start after the end of the moratorium period. However, you must be aware of the EMIs you will be paying after the moratorium period. Below is an example to learn to calculate your EMIs.

Let’s say you have taken an unsecured education loan for Australia of 40 lacs. Your interest rate is 12.5% P.A. and you will need to repay it in 10 years after the moratorium period of 3 years.

This is how much you will pay yearly!



Interest portion

Principal portion

Loan Outstanding

End of year 1





End of year 2





End of year 3





End of year 4





End of year 5





End of year 6





End of year 7





End of year 8





End of year 9





End of year 10






Secured Education Loan for Australia

Students can get a maximum of 1.5 Cr secured loan to study in Australia at an attractive interest rate of 9.2% to 10.02%.



Loan Limit

Up to 1.5 Cr

Expenses covered

Study costs

Fee for the university
Admission fee
Exam fee
Expenses for buying books or a laptop
Lab or library fee
The 1-year tuition fee will be provided for COE

Living expenses

Cost of accommodation 
Expenses for food
1-year living expenses will be deposited in your bank account for COE

Other Expenses

Expenses for travel

Eligible courses

All UG and PG courses including UG and PG diploma
Certificate courses or vocational training courses

Interest rate

9.2% to 10.02%

Moratorium Period

Course duration + 1-year

Repayment Duration

15 years of repayment tenure

Repayment policies

Simple interest is charged in the moratorium period which can be paid after the moratorium period

Eligibility Criteria

Should be a national of India
Should have got admission into an Australian university

Types of Collateral


Non-agricultural land/empty plot

Liquid security

LIC policy
Govt bonds

Value of collateral (In case of a collateralized loan)

Up to 2 times the value of the collateral provided the student is going to a well-ranked university


Tip: In case you do not have a stronger co-applicant but have collateral, then you can opt for a secured education loan. It won’t require you to pledge a financially strong co-applicant.

Top Banks that offer unsecured Education loans for Australia

The following lenders offer some of the best-secured education loan schemes to study in Australia

How to get a Secured loan for Australia?

You can get a secured education loan of up to 2 times the value of your collateral. If you are pledging an FD, then see that it should at least be 6 months old, as Australia doesn’t accept that.

Apply for a Secured Education Loan for Australia

Apply for a secured education loan to study in Australia through WeMakeScholars by following the below steps

Step 1- Go through the WeMakeScholars portal and fill out a common application form. You can also request a callback from WeMakeScholars.
Step 2- A WeMakeScholars financial officer will call you and will ask you a few basic questions to check your eligibility for an education loan
Step 3- After checking your eligibility, he/she will then connect you to suitable lenders after sending you a document checklist to submit in the bank
Step 4- The next process will be carried on by the assigned lenders. All this time your WeMakeScholars financial officer will be in touch with you to clear off any doubts you have regarding your education loan process.
Step 5- You will get your education loan sanction in the timeline promised by your financial officer.

Do not opt to go directly through banks as that will reduce your chances of secured education loan for Australia.

Disadvantages of going directly through banks for Secured education loan

Go directly through banks if you wish for the below-listed hassles

- Inefficiency of the bank employees in providing the right information on the secured education loan process for Australia
- The employees do not have the knowledge on the complete list of required documents
- The secured lenders when you go directly through them, takes a lot longer than when you go through us
- It will be tough for you to convince the bank about the pre-Visa disbursement for COE letter
- You will have a very few chances of the sanction of your education loan

These hassles can be avoided by choosing WeMakeScholars!

Getting disbursement for COE from secured lenders is not easy unless you have strong backing!

Why go through WeMakeScholars for Secured Education Loan for Australia?

Most of the banks providing secured education loans are public banks and we at WeMakeScholars are supported by the Ministry of IT, govt. of India and hence can provide better terms and better rates of interest to students. Here are the other advantages of going through WeMakeScholars.

Better options: We are partnered with 14+ banks(Public/Pvt) and hence can provide a wide range of offers to students for secured as well as unsecured education loans.

Faster Education Loan process: We are supported by govt of India and hence can process your files from secured lenders at a better pace. We can provide you with a secured education loan in 21 working days after the submission of documents.

Tax benefits: Most students are unaware of certain beneficial sections like 80E, which exempts tax on your education loan. We make sure to educate students about all the tax benefits.

End-to-end support: We help students in processing an education loan and also help them in the repayment phase.

Cashback: Students going through us are eligible for a cashback of up to ₹3000.

Documents required for an Education Loan with collateral for Australia

To process an education loan with Collateral for Australia, you will require the documents same as listed for an unsecured education loan except for the financial co-applicant documents. Also in addition to those documents, you will require collateral documents to process an Education loan with collateral for Australia.

Collateral documents

- Title deed
- Will deed/gift deed/sale agreement(must be registered)
- Original registration receipt 
- An allotment letter by the municipal corporation/authorized govt. Authority
- Link document of up to 30 years or previous sale deed if you were the owner for the last 30 years
- Property tax bill and electricity bill with the same address
- Plot layout or copy of municipality-approved building plan

The collateral documents usually differ with the state you are applying from. Hence, refer to the below list to know the requirements according to the state you are applying from.

Repayment Plan for Secured Education Loan in Australia

The secured lenders do not force you to pay interest in the moratorium period. They give the option of including the interest in the EMIs after the moratorium period. Go through the below example to learn to calculate your EMIs.

Suppose you have taken an education loan of 30 lacs at an interest rate of 11% per annum. Your repayment period after the grace period is of 10 years and your moratorium period is of three years including the course period of 2 years.

Here’s how much you will have to pay yearly!



Interest portion

Principal portion

Loan Outstanding

Year 1





Year 2





Year 3





Year 4





Year 5





Year 6





Year 7





Year 8





Year 9





Year 10






Students usually face a lot of problems in the repayment phase like a sudden increase in ROI. It is tough for students to deal with such issues and hence we at WeMakeScholars assist students in talking to lenders about such issues.

Expenses to study in Australia

Australia costs around 10 lacs per annum as living expenses in addition to the tuition fee and other miscellaneous expenses which needs to be disbursed before applying for Visa. These expenses can be managed by either applying for a scholarship or taking an education loan.

Scholarships for Australia

Scholarships are a great way to fund your education abroad. However, it is tough to really get through a scholarship. Below are a few of the many, popular scholarships to study in Australia.

Browse through 1553+ scholarships on the WeMakeScholars portal and apply for the best one for you by applying the required filters.

Education Loan for Australia

An education loan for Australia will fund all of your expenses like living expenses, miscellaneous and tuition fees expenses. An education loan will also provide the funding needed to obtain the COE letter.

Confirmation of Enrolment(COE)

A COE is a letter of immigration, where you confirm your admission to the university. When you apply to a preferred Australian university and you qualify for admission, the university asks you to submit 1-year tuition fee and also show one-year living expenses in your account.

COE needs your education loan lender to disburse the amount before you apply for Visa. It is not easy for banks to disburse the tuition fee and living expenses amount before applying for a Visa. Hence, you will require a financial officer from WeMakeScholars to talk to the bank about disbursement.

Disbursement for COE

It is not easy for students going directly through banks to get pre-Visa disbursement. That is where you will need a financial officer to talk to the lender and convince him/her about the disbursement of tuition fee and living expenses before Visa.

Special Education Loan Schemes For Education Loan for Australia

SBI offers a special education loan scheme for students to study in Australia. The details of it are listed below.

SBI Education Loan for Australia

SBI offers up to 1.5 Cr for students to study in Australia. It also provides the option of paying simple interest in the moratorium period. If the student wants, he can also opt-out of interest payment in the moratorium period. The interest will then be added to the following EMIs.

Under the special scheme, SBI also offers discounts on interest rates for female students and also for students who opt for loan insurance.

Go through special education loan schemes for Australia by talking to us!

Universities recognized for Special Loan products

The public, as well as private lenders, have special consideration for a few top-rated universities in Australia. For these selected universities, the bank offers special education loan terms like an increased loan amount or less rate of interest.

Apply to top universities of Australia for strong career opportunities. We will take care of all the expenses!

Education Loan FAQs

  • How do I get a student loan to study abroad in Australia?

    To get an education loan to study in Australia, first, apply to Australian universities and also apply for an education loan via WeMakeScholars at the same time. The next steps will be taken care of by WeMakeScholars financial officer.

  • How much loan is required to study in Australia?

    A student loan to study in Australia will depend on various factors like tuition fees, living expenses(10 lacs), and miscellaneous expenses. WeMakeScholars can help you manage expenses for Australia.

  • How much bank balance is required for an Australia student visa?

    For a student Visa in Australia, you will have to show 1-year living expenses in your account which is 10 lacs, and also you will have to submit a 1-year tuition fee to the university. Contact WeMakeScholars to know more!

  • Can I get an education loan for Australia?

    You can get either an unsecured education loan of up to 50 lacs or a secured education loan of up to 1.5 Cr for Australia. Let WeMakeScholars help you get the maximum amount of loan at a lower rate of interest.

  • Can I get an unsecured education loan for Australia?

    Getting an unsecured education loan for Australia is not easy. However, WeMakeScholars can get you an education loan for Australia.

  • How can I fund my study in Australia?

    Studies in Australia can be funded by applying for a scholarship or by taking an education loan preferably through WeMakeScholars.

  • What are the requirements to apply for an education loan for Australia?

    Students applying for an education loan to study in Australia should be Indian nationals and should have got admission into a university in Australia. Learn about other eligibility criteria by contacting WeMakeScholars.

  • How much loan can I get for education in Australia?

    To study in Australia, you can apply for an education loan of up to 1.5 Cr preferably through WeMakeScholars.

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

    Students can get up to 50 lacs of education loan without collateral to study in Australia. Go through WeMakeScholars to avail the maximum amount of loan.


Australian Education Costs to Increase from June 1, 2023, for Students with HELP Loans

Starting June 1, 2023, student loans in Australia will see an increased indexation rate, rising from 3.9% to 7.1%. This change will impact students with HELP loans under the Higher Education Loan Programme. HELP loans do not accrue interest but are adjusted annually based on the cost of living index. 

As the cost of living or inflation rises, so does the outstanding student debt. The indexation maintains the loan's real value, aligning it with the Consumer Price Index (CPI) increase. The indexation figure is calculated each year after the March CPI announcement and added to the debt on June 1. 

Indian students with education loans from Indian banks need not worry, as indexation only applies to those with HECS-HELP in Commonwealth Supported Places. Australia's reduced inflation of 7% in 2022, compared to 7.8% earlier, makes it a favorable option for Indian students. A new education agreement, the "Mechanism for the Mutual Recognition of Qualifications," will recognize Australian degrees in India for further education. Australia's renowned universities and student-friendly policies continue to attract Indian students seeking advanced degrees.

Last Updated - 25/07/2023

TOEFL iBT Temporarily Unavailable for the Australian Visas Due to Test Revisions

The Australian Department of Home Affairs recently announced that TOEFL iBT will be temporarily unavailable for visa purposes in Australia from July 26, 2023, until further notice. The pause is a result of revisions being made to the test by ETS, the organization conducting the TOEFL and GRE exams. 

The Australian government is currently reviewing these changes to ensure they align with visa application requirements. During this period, applicants can use other recognized English proficiency test results, such as IELTS, PTE, CAE, and OET (for health professionals), for their visa applications. Test results obtained before July 25, 2023, will remain valid for visa purposes, except for applications related to certain subclasses that require scores from a single sitting. For these cases, IELTS test results with One Skill Retake (OSR) will be accepted. 

Last month, ETS introduced updates to optimize the TOEFL iBT experience, shortening the test duration to less than two hours. Applicants are encouraged to stay informed about further updates on the availability of TOEFL iBT for visa purposes as the Department of Home Affairs continues its review.

Last Updated - 28/07/2023

Australia Shortens Visa Wait Times Significantly

Australia has made substantial strides in its visa processing procedures, drastically reducing wait times for several popular visa categories. The Australian Department of Home Affairs recently unveiled streamlined visa systems, resulting in a remarkable reduction in average processing durations.

Processing time for Student Visas has been slashed to 16 days, down from the previous 49-day wait earlier this year. Likewise, Temporary Skilled Shortage 482 visas are now processed within 21 days, marking a significant improvement.

The initiative addresses concerns raised a year ago when the Department of Home Affairs faced significant delays in processing visa applications due to high submission volumes. The streamlined process is aimed at rectifying this concern.

Furthermore, the department's efforts transcend visa processing times. Permanent skilled visas are now cleared within seven months, a noteworthy reduction from the 12-month processing period in February of the same year.

The Department of Home Affairs is also actively boosting Australia's international tourism industry. The introduction of expedited online and electronic visitor visa options has led to a remarkable 140% increase in visitor visa holders. This surge greatly contributes to an industry crucial for employment generation, investment, and overall economic growth nationwide.

Last updated- 17/08/2023

Australia Tightens Visa Rules, Closes Dual-Study Loophole for Foreign Students

Australia has taken swift action to close a visa loophole that allowed international students to enroll in cheaper vocational courses as soon as they arrived in the country. The government introduced this change to prevent misuse of the "concurrent study" rule, initially designed to help international students prepare for the job market with short courses.

Recent investigations uncovered that many students were exploiting this rule to switch from university courses to less expensive vocational options. Notably, the number of concurrent enrollments surged to 17,000 in the first half of 2023, compared to 10,500 for the same period in 2019 and 2022 combined.

Education Minister Jason Clare stated that this move aims to prevent unauthorized providers from enrolling students prematurely and emphasized the importance of maintaining the integrity of Australia's fourth-largest export industry, international education.

Moreover, the government will increase the savings required for international students to obtain a student visa, effective October 1st. Prospective foreign students must show evidence of A$24,505 ($15,693), reflecting a 17% rise to cover higher living costs.

Last Updated -28/08/2023

Australia Recognizes New IELTS Feature in India: Allows Test Takers to Retake Single Skill

Indian students preparing for the International English Language Testing System (IELTS) exam can now benefit from a valuable new feature – the "One Skill Retake." This feature, available at select IELTS Computer Delivered test centers in India, permits test takers to retake a single skill (Listening, Reading, Writing, or Speaking) if they fall short of their desired score on their first attempt.

Recognized by authorities such as the Australian Department of Home Affairs and numerous universities, the IELTS One Skill Retake promotes fairness by giving test takers an opportunity to improve their performance in a specific skill area.

Warwick Freeland, Managing Director of IELTS at IDP Education, stated that this innovation underscores IELTS' commitment to helping test takers reach their potential and assists organizations in selecting suitable candidates. Piyush Kumar, Regional Director of South Asia and Mauritius at IDP Education, noted that this feature was developed in response to feedback from test takers who preferred a targeted approach to score improvement.

The IELTS One Skill Retake is available for both Academic and General IELTS and offers Indian test takers greater flexibility in achieving their study and migration goals. Upon choosing the retake option, students will receive a new Test Report Form (TRF) containing their improved score, which can be used for migration and study purposes.

Australia Sets New Financial Requirements for Indian Student Visa Applicants Effective October 1

The Australian government has raised the financial requirements for Indian students applying for Australian student visas. As of now, applicants must show a minimum savings balance of $24,505, a 17 percent increase. This change is aimed at ensuring that students arriving in Australia have enough financial support during their studies and discourage immediate job-seeking.

In July 2023, 131,640 international students arrived in Australia, up by 60,420 from the previous year. To curb students seeking employment over academics, the government introduced work hour limitations of 48 hours per fortnight, effective from July 1, 2023. These restrictions followed the removal of work restrictions during the COVID-19 pandemic.

Additionally, the government plans to scrutinize high-risk international students more closely to combat fraudulent visa applications. Regulations are in development to suspend students with documentation discrepancies.

High-risk education providers will receive suspension certificates under Section 97 of the Education Services for Overseas Students (ESOS) Act, preventing them from recruiting international students. This decision comes after several Australian universities imposed bans or restrictions on students from India and other South Asian countries due to a surge in fraudulent visa applications.

Last Updated - 20/09/2023

Australian Universities Witness Education Sector Rebound in Staff Numbers

Australian universities are making a comeback from the pandemic's impact on staff numbers. In 2022, they recovered a third of the 9,000 jobs lost during the initial COVID-19 year, with total employment at 124,000.

Recovery was strongest in major research-focused universities, boosted by Chinese student fees. UNSW Sydney, University of Melbourne, and University of Queensland each added 500+ staff, while Sydney and Monash grew by 300, signaling expansion.

However, not all universities rebounded equally; some added few staff, and Australian Catholic University (ACU) recently announced more job cuts.

Other data sources, like the Jobs and Skills Australia dashboard, showed a resurgence in online job ads for lecturers and tutors, doubling pre-pandemic levels.

This coincides with rising international student enrollments, nearing pre-pandemic levels, with 100,000 foreign students in July.

Universities may also benefit from increased domestic student fees, rising 7.8% due to inflation next year, though offset by falling enrollments.

In 2022, teaching-only academics rose by 8%, research-only jobs fell 1%, and casual work grew by 2%, surprisingly stable. Research-active teaching academics also increased over 2%, despite research funding removal from domestic teaching grants. Non-academic staff rose by 1% in 2022, reversing a 2021 decline, reflecting shifting staffing dynamics.

Last Updated - 20/09/2023