Education Loan

Options for MS in
Australia

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 Approximate Cost of MS in Australia?
❏ The cost of Masters in Australia comprises of tuition fees and living
expenses.

❏ The top 5 Australian colleges for Masters with their approximate

fees are listed below. The tuition fees given is for yearly term and
full-time graduate coursework programme.
1. University of Melbourne:A$44,736
2. University of New South Wales:A$49,360
3. The University of Sydney:A$46,000
4. The Australian National University:A$47,880
5. Monash University:A$42,800

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 Education Loan for MS in Australia
(Unsecured Loan)

❏ Public Sector Banks do not provide unsecured loan for amount

greater than INR 7.5 Lakhs.

Private Bank (Axis NBFCs (Avanse,

Features
Bank) Incred)
Upto 25 lacs (For
Upto 40 lacs (Only
More than 50
for 20 universities for
Loan Amount (INR) Universities, but not
STEM masters or
acceptable at high
MBA)
commision)

Interest Rate 11.5%-13.5% 12%-16%

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 Education Loan for MS in Australia
(Unsecured Loan)

Private Bank (Axis NBFCs (Avanse,

Features
Bank) Incred)

0 if the loan is less

Processing Fee than 20 lacs; 750 on 1%-2% of loan
(INR) every lac above a amount
loan of 20 lacs.

Tax Benefits Yes No

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 Education Loan for MS in Australia
(Unsecured Loan)

❏ Repayment Period : The education loan without collateral

from NBFCs needs to be paid in 10 years. However, Private
Banks provide a repayment period of 20 years.

❏ Processing Time : With GyanDhan, it will only take you 3-4

working days to get your unsecured education loan processes
after document submission. Private Banks take 5-7 days time
for processing.

❏ Expenses Covered : Educational loans without collateral from

NBFCs cover 100% of the study-related expenses.Private
Banks cover 85% of the expenses.

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 Education Loan for MS in Australia
(Unsecured Loan)

❏ Co-applicant Income Requirement : The co-applicant

income requirement in the case of private banks is at least
INR 35k per month, whereas in the case of NBFCs, the co-
applicant should be earning at least 30k per month.

❏ Common Decline Reasons : A low CIBIL score, low

income, other loan obligations, college not being in the list
are some of the reasons for decline.This is where
GyanDhan comes to your rescue. Loan applied for through
our help have 50% more chances of approval than the ones
applied for directly from the bank.

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 Education Loan for MS in Australia
(Unsecured Loan)

Documents Required:
❏ Documents such as ITR/ Form 16, bank statement of co-
applicant

❏ All past academic records, bank statement of applicant,

ITR/Form 16 if working

❏ KYC documents of the applicant and co-applicant

❏ Confirmation of Enrolment (CoE) issued by the

commonwealth register of Institutions and Courses for
overseas students.

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 Education Loan for MS in Australia
(Secured Loan)

NBFCs
Public Bank Private Bank
Features (Avanse,
(SBI,BOB) (Axis Bank)
Incred)

Loan Amount up to INR 1.5 up to INR 80 up to INR 60

(INR) Cr lacs lacs

Interest Rate 9.2%-10.5% 11.5%–13.5% 12%-14.5%

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 Education Loan for MS in Australia
(Secured Loan)

NBFCs
Features Public Bank Private Bank
(Avanse,
(SBI,BOB) (Axis Bank)
Incred)

INR 750 per

INR 11,800
Processing lakh for 1%-2 % of loan
(Can be
Fee (INR) amount > 20 L, amount
refundable)
rest 0

Tax Benefits Yes Yes No

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 Education Loan for MS in Australia
(Secured Loan)

NBFCs
Features Public Bank Private Bank
(Avanse,
(SBI,BOB) (Axis Bank)
Incred)

Repayment
Upto 15 years Upto 20 years Upto 10 years
Period

Processing 12-15 Working 10-12 Working 7-8 Working

Time Days Days Days

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Education Loan for MS in Australia
(Secured Loan)

Private NBFCs
Public Bank
Features Bank (Axis (Avanse,
(SBI, BOB)
Bank) Incred)

Expenses 90%-100% of Upto 85% of 100% of

Covered total expenses expense expenses

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 Education Loan for MS in Australia
(Secured Loan)

❏ Processing Time :
● Public Banks : 12-15 Working Days
● Private Banks : 10-12 Working Days
● NBFCs : 7-8 Working Days

❏ Expenses Covered :
● Public Banks : 90%-100% of total expenses
● Private banks : Upto 85% of expenses
● NBFCs : 100% of expenses

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 Education Loan for MS in Australia
(Secured Loan)

❏ Common Decline Reasons : A low CIBIL score, Incomplete

documents for collateral are some reasons for decline.

❏ List of Documents Required :KYC documents of the

student and the co-applicant, income proof,confirmation of
enrolment from CRICOS, tuition fee structure, relevant
marksheet etc are necessary documents for an education
loan with collateral.

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 Important things to consider during
your application

❏ During the Education Loan Process, you should ensure that

these things are not ignored:

● Interest Rate
● Processing fee & Time
● Margin Money
● Moratorium Period
● Tax Benefits
● Loan Duration
● Expenses Covered
● Prepayment Terms and Conditions

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 Application Loan Process

❏ Check your loan eligibility for an education loan on the link in the
description or request a call back.

❏ Our Education Loan Counsellor will then give you different

options you can choose from for education loan.

❏ Submit the required documents.

❏ Give additional information if asked during the review process.

❏ Sign the sanction letter once the loan is approved.

❏ Agreement is signed separately after this.

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 Other Resources

GyanDhan has various blogs relating to education loan options for

MS in Australia which are as follows;

❏ Make your dream of studying in Australia a reality with these

scholarships
❏ Scholarships for Australia what you need to know
❏ How to find housing in Australia for International students
❏ Australian Student Visa Process: The easy guide
❏ Australian Work Permits and Visas; The Detailed Guide
❏ Education Loan Options for MBA in Australia
❏ Stem Courses in Australia

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Get in touch with
GyanDhan to avail the
best education loan
options and make your
study abroad dreams
come true!

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