Australia offers numerous benefits to international students planning to study for a Bachelor’s degree. However, the degree also comes with heavy costs and higher financial expenses. The good news? You can pursue a Bachelor’s in Australia by taking out an education loan. Want to know more about bachelor’s degrees in Australia with an education loan? Let’s begin!
Table of Contents:
- Why Study a Bachelor’s in Australia?
- Cost of Studying Bachelor’s in Australia for Indian Students
- Types of Education Loans for Bachelor’s in Australia
- Step-by-Step Process to Apply for an Education Loan for Bachelor’s in Australia
- Top Banks Offering Loans for Bachelor’s in Australia
- Frequently Asked Questions
Why Study a Bachelor’s in Australia?
Before learning about education loans, here’s why you should choose Australia for a Bachelor’s degree:
| Globally Ranked Universities | Diverse Student Environment |
| High Quality Education | Research Opportunities |
| Post Study Work Opportunities | Career Opportunities |
| Networking Opportunities | High Standard of Living |
Cost of Studying Bachelor’s in Australia for Indian Students
The tuition fees in Australia for a bachelor’s degree span between $17,000 and $50,000 based on your institution and program. The following breakdown details the various costs for studying in Australia.
| Components | Average Expenses |
| Tuition Fees | $17,000 – $50,000+ |
| Food and Groceries | $300 – $400 |
| Accommodation | $200 – $800 |
| Student Visa | $1,600 |
Types of Education Loans for Bachelor’s in Australia
Several types of education loans are available for studying for a Bachelor’s in Australia. The most sought-after types include secured ones that use collateral and those without collateral, aka unsecured.
| Type of Loan | Details |
Secured Loan (Collateral) |
|
Unsecured Loan (No Collateral) |
|
Step-by-Step Process to Apply for an Education Loan for Bachelor’s in Australia
The following guide explains the necessary procedure for obtaining an education loan towards your bachelor’s degree in Australia.
Step 1: Begin by researching lenders carefully to match them with your requirements
Step 2: Gather all the necessary documents required by the lender
Step 3: Fill out the loan application online or in the nearest branch of the bank
Step 4: Once your loan application is approved, you will receive a sanction letter from the bank
Step 5: The bank will release your loan amount to either you or your university
Top Banks Offering Loans for Bachelor’s in Australia
Studying a Bachelor’s course in Australia on your expenses can create a financial burden. To help ease this burden, here are some banks offering education loans for a bachelor’s degree in Australia:
| Bank | Loan Amount | Interest Rates |
| State Bank of India (SBI) | Up to INR 3 Crores | 9.40% – 9.90% |
| Bank of Baroda (BOB) | Up to INR 1.5 Crores | Starting from 9.45% |
| Union Bank of India | Up to INR 1.5 Crores | Starting from 9.00% |
| HDFC Bank | Entire Cost of Education | Starting from 8.64% |
| ICICI Bank | Up to INR 3 Crores | 9.50% – 14.25% |
| Axis Bank | Unsecured Loan up to INR 1 Crores | 13.70% – 15.20% |
Frequently Asked Questions
How to get an education loan for a Bachelor’s degree in Australia?
You must have secured admission to a recognized Australian university to qualify for an education loan in Australia. Provide the necessary documents (if required) by the lender.
Do I need a co-borrower for an education loan for a Bachelor’s degree in Australia?
Yes, several banks may ask for a co-borrower or a guarantor, especially when you require a large loan for your bachelor’s in Australia.
What are the eligibility criteria for an education loan for a Bachelor’s degree in Australia?
You must be an Indian citizen with admission to a recognized Australian university. You must have a student visa, English language proficiency scores, and all the necessary documents for an education loan for a Bachelor’s degree in Australia.
How much does it cost to study a Bachelor’s degree in Australia?
A Bachelor’s degree in Australia typically costs AUD 17,000 to AUD 50,000. However, the cost may vary depending on your choice of university, program, and specialization.
Which bachelor’s course is best in Australia for Indian students?
IT and data Science, Engineering, Mathematics, Management, and Nursing are some of the best bachelor’s courses in Australia for Indian students.
