In terms of collateral, they normally provide students with educational loans that are 90% to 100% secured. Another benefit of using a nationalized bank is that it offers cheaper interest rates, fewer processing fees, and no additional interest rate costs. Application processing may take longer than expected, and follow-up may be delayed.

Securing a loan is faster than that of India's nationalized banks. Improved follow-ups, as well as a dedicated relationship manager, are offered. In processing expenses and interest rates, private banks are more expensive, and they frequently provide unsecured school loans. As a requirement of getting an unsecured loan, the applicant or student does not have to mortgage or provide an asset or security. Private banks such as Axis Bank and ICICI Bank, for example, provide unsecured loans to students admitted into Australian colleges for further studies.

The NBFC is the third option for students seeking educational loans to study in Australia. This includes HDFC Bank Credila education loan, Auxilo, and other companies that provide loans to students depending on the Australian High Commission's final approval. This simply facilitates the release of tuition fees and direct sanctions from the financial institution in charge of handling, and it reflects in the bank account. Therefore, students who intend to apply for an educational loan to study in Australia should also explore this alternative.