Easy way to find your
Loan Provider in Australia

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Secured LoanUpto ₹1Cr

Processing Fee 1.1% - 1.5%

Prepayment Charges Nil

Living Cost Yes

Unsecured Loan Upto ₹30Lac

Margin Nil

Loan Tenure Upto 10 Years

Early Repayment Yes

Secured LoanUpto ₹1Cr

Processing Fee 1.0%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Upto ₹40Lac

Margin Nil

Loan Tenure Upto 12 Years

Early Repayment No

Secured LoanNo Upper Limit

Processing Fee 0.38% - 0.75%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Upto ₹40Lac

Margin Nil

Loan Tenure Upto 15 Years

Early Repayment Yes

Secured LoanNil

Processing Fee 1.0% - 1.2%

Prepayment Charges Nil

Living Cost Yes

Unsecured Loan Upto ₹50Lac

Margin Nil

Loan Tenure Upto 14 Years

Early Repayment Yes

Secured LoanUpto ₹1Cr

Processing Fee 1.0% - 2.0%

Prepayment Charges Nil

Living Cost Yes

Unsecured Loan Upto ₹50Lac

Margin Nil

Loan Tenure Upto 10 Years

Early Repayment Yes

Secured LoanUpto ₹1Cr

Processing Fee 0.75% - 1.25%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Upto ₹65Lac

Margin Nil

Loan Tenure Upto 15 Years

Early Repayment No

Secured LoanUpto ₹1Cr

Processing Fee ₹12K

Prepayment Charges Nil

Living Cost No

Unsecured Loan Nil

Margin 10%

Loan Tenure Upto 15 Years

Early Repayment Yes

Secured LoanUpto ₹1Cr

Processing Fee 1.0% - 1.5%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Upto ₹50Lac

Margin Nil

Loan Tenure Upto 12 Years

Early Repayment No

Secured LoanUpto ₹1Cr

Processing Fee 1.0%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Upto ₹50Lac

Margin Nil

Loan Tenure Upto 12 Years

Early Repayment No

Min Loan$15,000

Processing Fee 5.0%

Prepayment Charges Nil

Living Cost No

Unsecured Loan Nil

Margin Nil

Loan Tenure Upto 20 Years

Early Repayment No

Student Loan in Australia

Australia is a popular study destination for overseas students, ranking third after the United States and the United Kingdom. Australia is a personal favourite for international students looking to study abroad due to its high educational quality, friendly natives, and cultural variety. Universities in Australia are renowned for their high teaching standards and this is a major appeal to students across the world. However, in order to manage their finances and live comfortably as international students, many students prefer to obtain a student loan in Australia.

Eligibility Criteria of an Education Loan for Australia

As soon as students get their acceptance letter from the institution, they should begin making financial arrangements. While some students apply for scholarships to partially cover their costs, not all students are qualified. Furthermore, scholarships are unlikely to cover all of a student's living costs in a new country. To get a student loan in Australia, here are the criteria students must match with:

1. The student must be an Indian citizen.
2. The student must have been accepted into an Australian university.
3. The candidate must have enrolled in a course that the financing institution recognises (job-oriented professional degree, technical degree, and diploma courses)

Documents Required for a Study Loan in Australia

There is a list of documents that must be provided by the borrower (student) before a bank or NBFC may hand over the loan amount. UniCreds generates a list of documents for students based on their profile, the profile of their co-applicant, and any collateral they submit. However, these are the documents required for a student loan in Australia for international students -

1. Admission letter from the university
2. Application for a loan must be filled in full
3. Documents pertaining to the cost of studies
4. Proof of identification
5. Proof of residence
6. PAN card details
7. Bank statements of the guarantor, co-borrower, and the student
8. Statement of assets of the guarantor/co-borrower/ and the student
9. Proof of income from the guarantor, co-borrower, and the student

Cost of Studying Abroad in Australia

When it comes to obtaining a higher education, Australia is among the most expensive countries. The cost of studying in Australia is determined by a number of factors, including the course, the institution, the programme duration, and so on. To put it in numbers, annual tuition expenses at any Australian university range from AUD 25,000 to AUD 35,000. Tuition expenses at top colleges might even reach AUD 45,000 or more for some courses.

Things That an Education Loan in Australia Covers

An Australian education loan may cover all or part of the university fees, as well as additional expenses, depending on the plan chosen. In most cases, an international student loan in Australia will cover all of the educational costs. However, it is important to understand what the loan covers so students can determine if their expectations are being met. There are many loan plans, each of which must meet certain criteria and pay a percentage of all of the expenditures. The following are some of the expenses that the student loan may cover:

- Tuition Fees
- On-campus or off-campus housing
- Transportation costs
- Books & library fees
- Courseware
- Incidental fees
- Insurance premium 
- Caution deposits & Refundable deposits

Types of Loans Available to Study Abroad in Australia

Self-financing, education loans, personal loans, savings account deposits, and fixed deposits are all options for funding an overseas degree to study in Australia, providing they are allowed within RBI standards.

Self-funding: Self-funding is an option for students who want to pursue their higher education at an Australian university. They can fund their overseas degree in Australia with their own money, such as savings or fixed deposits. This is a convenient alternative for people whose families have put money aside for their child's education.

Secured Education Loan: International students who want to study in can take out a secured student loan in Australia to pay for their education. The Australian Embassy, in fact, strongly encourages students to take out secured education loans from nationalised banks. As part of secured loans, attaching collateral is a must.

Unsecured Education Loan: Students can obtain an unsecured education loan from suitable institutions, such as nationalised banks, private commercial banks, or Regional Rural Banks (RRBs), to support an Australian degree if they have a good financial background and no personal obligations. These loans do not demand any sort of assets and students can opt for an unsecured education loan for Australia.

Personal Loan: A personal loan, in addition to an education loan, is another option for funding education in Australia. Most lenders, on the other hand, prefer to provide student loans through a registered financial institution.

Education Loan for Australia without Collateral

As stated previously, obtaining a student loan in Australia without collateral is also possible. When seeking education loans, many students prefer to avoid having to deal with any kind of collateral. UniCreds enables this and makes it easy for students by offering study loans for Australia without security. This means that a student loan can be approved without requiring students to present a tangible or intangible asset, as well as the accompanying documents and paperwork.

Tips for Choosing the Best Education Loan

There are hundreds of lenders offering various education loans to study in Australia. Finding the right education from a myriad of alternatives might be like looking for a needle in a haystack. This is why students should begin their research as early as possible so that they have enough time to examine all of the available options. Apart from that, here are some more factors to consider while selecting an education loan:

1. Calculate & determine the loan amount on the basis of expenditures.
2. Research well on the interest rates available with the loan as it plays a crucial role during repayment.
3. Opt for a longer repayment duration to make enough time to find post-study employment and repay the loan with its interest rates.
4. Approach certified banks or NBFCs to avoid any hassles especially when it comes to availing of income tax benefits.
5. Check the loan’s margin amount.
6. Keep track of the processing time for the education loan.
7. Make the loan application at least three months before the visa interview.

Why Choose UniCreds?

UniCreds, unlike any other platform, makes securing student loans easy. Here are some of the reasons why receiving a student loan in Australia with UniCreds is the best choice for students:

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

Frequently asked questions for student loan in Australia

How much is a student loan in Australia?
A university may grant you a general loan for up to $4000 to $8,000, and a bank may grant you a loan for a larger sum. You can approach banks and NBFC’s to inquire and learn about different loan options to study in Australia.

Student Loan Australia

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