Australia, an island country known for its excellent education system, tropical beaches, marine reserves, and aboriginal culture attracts countless international students each year. Many aspire to make their dream of studying in this vibrant nation a reality. However, for many aspirants’ financial hurdles can make this dream seem out of reach. If you are one of them, you don’t have to worry! Overseas education loans can help bridge that gap.
Think of secured loans as a sturdy ladder, you need to have something to trade for it, like collateral. If you don’t have that, unsecured loans are like a helping hand, lifting you up without needing any collateral in return.
In this article, we’ll break down the costs, look at financial institutions offering education loan without collateral for Australia, essential eligibility criteria and documents. So, are you ready to set sail on your education journey in the Land Down Under? Let’s get started.
Before diving into the details of overseas education loans, let's first get a clear picture of the finances involved. Understanding the costs can help you plan better, therefore, refer to the table below.
Overseas
Education Expenses |
Amount |
Tuition
Fee for Masters |
AU$22,000
to $50,000 per year |
Tuition
Fee for Bachelors |
AU$20,000
to $45,000 per year |
Living
Costs |
AU$
29,710 per year |
Airfare |
AU$ 2,500 |
Visa Fee |
AU$
1,600 |
When it comes to securing education loans without collateral for Australia, you have various options, including Government Banks, Private Banks, and Non-Banking Financial Companies (NBFCs). These lenders offer collateral-free loans tailored to suit your educational aspirations.
To simplify your search, we've compiled a comprehensive table with essential information about the top financial lenders, helping you make an informed decision before applying for the loan.
Financial
Lender |
Quantum
of Finance for Collateral Free Education Loan |
Minimum
Interest Rate |
Course
Eligibility |
Repayment
Tenure |
Union Bank of India |
Offers Up to 40 Lakhs for top 160
Listed Universities |
9.75% |
Only for Masters & Listed
Universities |
15 years |
Bank of India |
Up to 20 Lakhs for Prime
University List |
11.75% |
For all levels of courses under
Listed Universities |
15 years |
Axis Bank |
For Prime A Up to 75 Lakhs, Prime B up to 50 Lakhs & Prime C up to 15 Lakhs |
10.5% |
For STEM courses under the Prime
University List |
15 years |
ICICI Bank |
For Prime List, Up to 1 Cr &
for Non-Prime List Up to 20 Lakhs |
10.5% |
For STEM courses under the Prime
University List |
15 years |
IDFC First Bank |
Prime List: Platinum Plus - Up to 75 Lakhs Platinum – Up to 41 Lakhs Titanium – Up to 35 Lakhs Gold – Up to 29 Lakhs Bronze – Up to 23 Lakhs |
11% |
UG Diploma, Certificate and
Bachelors. Masters/PG Diploma for STEM,
Management and others (Medical, Arts & Economics) courses |
12 years |
Yes Bank |
A Category - 50 Lakhs B Category - 40 Lakhs C Category - 30 Lakhs D Category - 25 Lakhs |
Cat A - 11.50% Cat B - 11.50% Cat C - 12.00% Cat D - 12.50% & Others |
STEM and Management courses are
listed under the A B & C category |
15 years excluding moratorium
period - A, B, C category. For D it is 7 to 10 years |
HDFC Credila |
Up to 35 Lakhs |
11.5% |
Only for PG/Masters |
12 years including course duration |
Now that we have explored the offerings of the different financial lenders, let us move on to the eligibility criteria.
Knowing what these institutions require will help you prepare better and increase your chances of securing an overseas education loan without collateral for your higher studies in Australia. So, before you apply, you’ll need to meet certain eligibility criteria as mentioned below.
You should be a citizen of India.
You must have obtained admission to a recognized Australian University.
You must have enrolled in a course recognized by the funding institution, such as a job-oriented professional degree, technical degree, or diploma course.
Meeting these criteria is the first step towards securing an education loan. Once you meet the requirements, it’s time to focus on gathering the essential documents.
To ensure a hassle-free loan application process, it’s crucial to have all the necessary documents ready for an overseas education loan without collateral for Australia. These provide the financial lender with a clear picture of your financial standing and academic credentials. Here's what you need to prepare.
Mark sheets and certificates from previous educational institutions.
Proof of English Language Proficiency.
Copies of ID proofs, including Aadhar card, PAN card, and Passport.
Copies of ITR acknowledgements and computation of income for the last two assessment years or Form 16.
Recent pay slips from the last three months.
Bank statements of the salary account for the last six months.
ITR acknowledgements and computation of income for the previous two assessment years.
Statements of profit and loss, together with the balance sheet.
Proof of business registration.
Current and savings account statements.
Proper documentation ensures a smooth application process and increases your chances of approval. Though there are many affordable universities in Australia, managing the cost of living can still feel little difficult. That’s where thoughtful financial planning becomes essential.
To make your study abroad dreams a reality, consider Élan Overseas Education Loans. We specialize in guiding you through the loan process, helping you find the perfect financing solution for your Australian education. Our experts provide personalized support to ensure you get the best loan option according to your unique needs.
So, are you ready to board your flight for the education adventure in Australia? Let Élan be your trusted assistant in securing the financial support you need. Contact us today, and let’s turn your aspirations into a successful study abroad experience.