Education Loan for Australia: Complete Guide for Indian Students

Australia is one of the most preferred destinations for Indian students and for good reason. With 38 globally-ranked universities (QS Rankings), industry-relevant programs, post-study work rights, and strong job prospects, Australia offers a transformative international education experience.

But studying abroad also requires smart financial planning. Tuition fees, living expenses, and student visa requirements make securing an education loan for Australia a critical step for most students.

Recently, lenders like SBI have introduced up to INR 50 Lakhs unsecured loan for Australia, making it easier for students without collateral. With multiple bank, NBFC, and international financing choices, the key is choosing the right loan partner to fund your dream.

This guide will help you understand:

Total cost of studying in Australia
Types of study loans for Australia
Secured vs unsecured loan options
Eligibility, documents, and repayment terms
Best lenders and interest rates
Education loans for MS, MBA & PhD in Australia
How PayStudy simplifies your loan process

Cost of Studying in Australia

Before applying for an education loan, students should assess the total investment required. Tuition fees vary based on program and university ranking.

Program	Average Annual Tuition
Vocational Diplomas	AUD 20,000 – AUD 22,000
Bachelor's Degree	AUD 35,000 – AUD 45,000
Master's Degree	AUD 40,000 – AUD 50,000
MBA	AUD 59,000 – AUD 70,000
Doctoral (PhD)	AUD 25,000 – AUD 40,000

Living Expenses in Australia

Expense Category	Average Monthly Cost
Living Expenses	AUD 1,400 – AUD 2,500
Higher-cost cities	Sydney, Melbourne
Budget-friendly cities	Adelaide, Perth

An education loan for Australia helps cover tuition fees, living expenses, travel costs, accommodation, and mandatory Overseas Student Health Cover (OSHC).

Types of Education Loans for Australia

here are two primary types of study loans for Australia:

SSecured Education Loan (With Collateral)

Collateral can include:

Residential/commercial property
Lowest interest rates
Suitable for higher loan amounts

Unsecured Education Loan (Without Collateral)

No collateral required
Higher interest rate
Depends on co-applicant’s income & credit

Secured Education Loans for Australia – Public Banks

Bank	Max Amount	Interest Rate	Margin	Top Universities Funded
SBI	Up to INR 1.5 Cr	9.65% (girls) / 10.15% (boys)	10%	Melbourne, Sydney, ANU, Queensland, UNSW
Union Bank	Up to INR 1.5 Cr	10.50% – 10.85%	10–15%	Monash, UWA, Adelaide, UTS
Bank of Baroda	Up to INR 1.5 Cr	9.15% – 10.15%	10%	Melbourne, Sydney, ANU, Queensland
Punjab National Bank	Up to INR 1.5 Cr	8.95% – 9.85%	15%	UNSW, Monash, UWA, Adelaide

Suitable for:

Students applying to top institutions or high-cost programs like MBA, Medicine, STEM master’s.

Unsecured Education Loans for Australia – Private Banks, NBFCs & Global Lenders

Lender	Max Amount	Interest Rate	Margin	Focus Universities
Axis Bank	Up to INR 50 Lakhs	11% – 13.50%	5%	Melbourne, Sydney, Queensland, UNSW
ICICI Bank	Up to INR 50 Lakhs	10.85% – 12.50%	0 – 15%	ANU, Monash, Adelaide, UWA
IDFC FIRST Bank	Up to INR 35 Lakhs	11.75% – 13.25%	0%	UTS, Wollongong, Queensland
HDFC Credila	Up to INR 20 Lakhs	12% – 13%	0%	Top STEM programs
Avanse	Up to INR 20 Lakhs	12.75% – 13.25%	0%	STEM + Business
Prodigy Finance	Up to USD 100,000	12% – 14%	0%	Leading Australian universities

ideal for:

Students without collateral, strong admit profile, or working professionals pursuing MBA/MS.

Loan Amounts by Degree Type

Degree	Loan Limit	Notes
Bachelor’s	Up to INR 1.5 Cr (Secured), INR 40 Lakhs (Unsecured)	Lower unsecured limit
Master’s / MBA	Up to INR 1.5 Cr (Secured), INR 50 Lakhs (Unsecured)	Better terms for STEM/MBA
PhD	Varies	Stipends/grants reduce loan need

Field	Approval Chance	Notes
Engineering & IT	High	Strong job market
Healthcare & Nursing	Very high	Higher loan limits
Business & MBA	High	Special unsecured loan schemes

MBA in Australia – Special Loan Terms

ICICI Bank offers a no-co-applicant option for working professionals (min. 3 years experience) pursuing MBA in Australia, subject to income and FD conditions.

Eligibility for Australia Education Loan

Admission to a recognized Australian university
Age 18+
Strong academic profile
Collateral (for secured loans)
Co-applicant income & CIBIL score (for unsecured loans)

Need Help in education loan?

Full Name *

Email *

Phone Number *

Target Course Country *

Admission Status *

Required Loan Amount *

Documents Required

Offer letter / COE (Confirmation of Enrolment)
Filled loan application form
Academic transcripts
Student & co-applicant KYC
Income proofs & bank statements
Property documents (if applicable)

Repayment Terms

SBI – Tenure: Up to 15 yrs, During Study: No payment / Simple Interest
Axis / ICICI – Tenure: Up to 10–15 yrs, During Study: SI / EMI
NBFCs – Tenure: Up to 15 yrs, During Study: PSI / SI
Prodigy – Tenure: Up to 15 yrs, During Study: SI

Repayment generally begins after course completion + 6–12 months.

How PayStudy Helps You Get Australia Study Loan Faster

With dozens of lenders and varied processing times, loan applications can get overwhelming. PayStudy simplifies the process end-to-end:

Instant loan eligibility check
Dedicated loan counsellor
Comparison of banks, NBFCs & global lenders
Tailored loan options: collateral / no-collateral
Documentation support
Fastest processing with priority channel
Digital tracking until disbursement

TWhether you need a low-interest overseas education loan or a fast no-collateral loan for Australia, PayStudy ensures smooth approval.

Expenses Covered

Tuition fees
Living expenses & accommodation
OSHC health insurance
Books, laptop & supplies
Travel expenses
Exam & visa fees
Study tours & lab fees

Plan Your Australia Education Loan With PayStudy

Studying in Australia is a life-changing decision and having the right financial support matters. Compare lenders, interest rates, and processing timelines before applying.