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Education Loans for Australia

Updated on Nov 15, 2022
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A bachelor's degree from an Australian institution might vary significantly depending on the stream. Students seeking a scientific degree should pay between $25,000 and $39,000 per year in tuition fees. A bachelor's degree in the arts stream costs $33,000. Add in the cost of living, which is expected to be around $21,000 annually.

To assist pay for these expenses, students might apply for an unsecured education loan. Collateralized student loans may be challenging to get for a bachelor's degree. Unsecured student loans for international education are accessible from lenders, including private banks (Axis Bank and ICICI Bank) and non-banking financial organizations (NBFCs).

Maximum loan amount - The maximum loan amount available is INR 40 lakhs. An essential element for such loans is parental income. On a case-by-case basis, the loan amount limit can be adjusted.

Education Loans offered by Banks in India

PNB - Punjab National Bank Education Loan

  • The maximum loan amount is based on financial need.

  • Loans with a maximum term of 15 years.

  • No security (Up to Rs. 7.5 lakhs)

  • Loans are available to Indian nationals, OCIs/PIOs, and students with Indian parents who wish to study abroad.

  • The moratorium period comprises a course term and a one-year duration.

SBI Education Loan

  • No collateral is required, and a third-party guarantee of up to Rs. 7.5 lakh is available.

  • Repayment: up to 15 years + 12 months after course completion

  • For loans up to Rs. 20 lakh, there are no processing costs.

  • To finish your degree, you can take out a second loan.

Axis Bank Education Loan

  • The loan amount must be at least Rs. 50,000.

  • Loans with a maximum term of 15 years are available.

  • A sum of money of up to Rs. 4 lakh, a minuscule margin

  • They may be qualified for a loan before admission based on their characteristics.

  • The bank will provide your loan within 15 business days after receiving your completed application.

  • Working professionals can get unsecured loans of up to Rs. 20 lakh.

Bank of Baroda Education Loan

  • Maximum Loan Amount: Rs. 125 lakh

  • There is no security up to Rs.7.5 lakh.

  • There is no margin on loans up to Rs. 4 lakh.

  • There are no charges for processing.

  • There are no costs associated with paperwork.

HDFC Bank Education Loan

  • There is a maximum loan amount of Rs. 30 lakh.

  • The loan can be repaid over 15 years.

  • The documentation procedure is simple to follow.

  • Collateral of up to Rs. 7.5 lakh is not needed.

  • Take advantage of a student loan tax credit.

  • The loan amount will be paid to the institution directly according to its fee structure.

Tata Capital Education Loan

  • There is a maximum loan amount of Rs. 25 lakh.

  • The loan must be worth at least Rs. 75,000 to be granted.

  • There is no safeguard in place. a lump-sum payout of up to Rs. 4 lakh

  • Choose from three EMI choices to meet your needs.

  • Acceptance of a loan takes only a few minutes and requires only a few papers.

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