Eligibility Criteria to Get Education Loans for Study in Australia 2024

To qualify for an education loan for Australia in India, the following criteria must be met:

• Citizenship: The student must be an Indian citizen.

• Age Requirement: Applicants should typically be between 18 and 35 years old.

• Academic Qualifications: Must have consistent academic records and secured admission to a recognized Australian university.

• Course Eligibility: Loans are available for full-time graduate, postgraduate, and vocational courses, such as those covered under SBI's Global Ed-Vantage Scheme.

• Co-applicant: A co-applicant, usually a parent or guardian, is required. Their credit history and financial stability are crucial.

• Collateral:For loans exceeding INR 7.5 lakhs (AUD 14,000), collateral like property or fixed deposits may be necessary.

• Visa Requirements: You must meet the visa requirements to study in Australia.

• Additional Considerations: A good credit score (650+) can improve loan approval chances and reduce interest rates.

Understanding these requirements will make it easier to apply and get the best education loan for Australia.

Securing an education loan for MS program in Australia requires meeting specific eligibility criteria. Here's a concise guide to help you understand the eligibility for an education loan for MBA in Australia.

1. Academic Requirements:

   • A strong academic background with a minimum CGPA of 4.0 on a 5-point scale or 60% in your bachelor’s degree.

   • A GRE score of 300 or more is often required.

2. Admission Confirmation:

   • You must have secured admission to a recognized Australian university, typically in a program starting in February or July.

3. Income and Financial Stability:

   • A co-applicant with a stable income is usually required unless the bank offers a non-collateral loan option.

   • Banks may require recent bank statements and proof of income from the co-applicant.

4. Collateral Requirements:

   • For higher loan amounts, collateral such as property or fixed deposits may be required.

5. Additional Considerations:

   • A strong SOP and academic recommendations can boost your chances of securing admission and a loan.

By ensuring you meet these criteria and prepare all necessary documentation, you can increase your chances of obtaining an education loan for Australia.

Eligibility for education loans for Australia without collateral typically includes:

1. Citizenship/Residency: Applicant should be a citizen or resident of the relevant country.

2. Admission: Offer or admission letter from a recognized Australian institution.

3. Course Type: Full-time degree or diploma courses.

4. Credit History: Good credit history, or that of a co-applicant.

5. Co-Applicant: Must have a co-applicant with a stable income of ₹30,000 to ₹40,000 per month and an excellent CIBIL score.

6. Loan Amount: Within the lender’s limits and covering tuition and living expenses.

7. Documentation: Admission letter, ID, income proof, and academic records.

1. Saraswat Co-operative Bank - Up to ₹1.5 crore

2. Cosmos Co-operative Bank - Up to ₹50 lakhs

3. Shamrao Vithal Co-operative Bank - Up to ₹75 lakhs

4. Abhyudaya Co-operative Bank Ltd - Up to ₹30 lakhs

5. Bharat Co-operative Bank - Up to ₹40 lakhs

Q1. How much education loan for Australia?

Answer: For an education loan for Australia, students can apply for up to ₹1.5 crore. This amount can cover both living expenses and tuition fees, with ₹10 lakhs needed for one year’s living expenses and the remaining funds for tuition and other costs.

Q2. How much is student loans in Australia?

Answer: In Australia, students can typically secure education loans ranging from $4,000 to $8,000 directly from universities, which are usually interest-free. For larger amounts, up to $1.5 crore, loans can be obtained from banks, but these will incur interest. 

Q3. Are Australian student loans interest free?

Answer: Yes, Australian student loans are interest-free. The Higher Education Loan Program (HELP) provides interest-free loans to university students, with the loan balance indexed according to the cost of living increases. There are various HELP loans available, such as HECS-HELP for Commonwealth-supported students and FEE-HELP for full fee-paying students.