Education Loan for Australia

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 a 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 student loan option depending on your profile among the different types of education loans.

Banks or lenders can offer up to 50 lacs of study loans for Australia without security at an interest rate that is as low as 10.5% P.A. Below are the other details of a non-collateral education loan for Australia. 

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

Below is a list of lenders that can provide you with an unsecured student loan for Australia in India 

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

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.

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 with the disbursement
• You will face issues in repayment where the interest rates will suddenly rise

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
• The 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.

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%.

Types of Accepted Collateral

• Immovable
  • Flat
  • House
  • Non-agricultural land/empty plot
• Liquid security
  • FD
  • LIC policy
  • Govt bonds

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.

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

• SBI
• BOB
• Karur Vysya Bank
• IDFC Bank
• Axis Bank
• ICICI Bank
• Incred
• Auxilo
• Avanse
• HDFC Credila

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 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 securing an education loan for Australia.

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 know the complete list of required documents
• The secured lenders when you go directly through them, take 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 the COE letter
• You will have very few chances of the sanction of your education loan

These hassles can be avoided by choosing WeMakeScholars

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.

• Andhra Pradesh
• Tamil Nadu
• Karnataka
• Kerala
• MP and Chattisgarh
• Amritsar
• Hyderabad
• Jaipur
• Goa
• Gujarat
• West Bengal
• Delhi
• Mumbai
• Jharkhand
• Pune

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.

• AINSE Honours Scholarship, 2023
• FORTÉ MBA FELLOWSHIPS
• Curtin University Master Of Management Scholarships
• Monash University Finance Honours Grant
• MRS Queer Leadership Scholarship
• RMIT International Merit Scholarships 2022

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.

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.

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% less time than when you go directly through banks.
• Negotiation: While going to Australia, you will need someone to negotiate 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.