Education Loans for Australia

Many Indian students require an education loan option to study in Australia since the educational cost is around INR 20 – 25 Lakhs. Those who cannot afford the high amount can explore the following loan options:

1. Indian Public Banks
2. Indian Private Banks
3. Indian NBFCs

Indian Public Banks

Public banks in India offer education loan options to study in Australia with collateral security. Select public banks, such as UBI, have special schemes of no-collateral loan options if the university and course are listed by the bank. Abroad education loan options from public banks are eligible for a tax deduction under Section 80 E of the Income Tax Act.

• Programs: Public banks support many programs in science, business, hospitality, law, and humanities. The university of admission must be recognized by the Australian government. The university’s global ranking is often considered by public banks.

• Collateral or cosigner: For loan amounts above INR 7 Lakhs, public banks often require collateral security. The collateral could be a plot, a fixed deposit, a bond, a building, etc. Often, 70% – 100% of the collateral value can be leveraged as the loan amount with a margin of 0% – 5%.

• Loan amounts: The loan amount is sent directly to the university as instalments whenever the institution requests you to pay the fees. An amount will be transferred to your account to cover the living costs.

• Eligibility: To be eligible, you must:
  • Be an Indian student
  • Be admitted to a supported school and program
  • Have a cosigner with a good CIBIL score (750+)

• Interest rates: Public banks charge minimal interest rates in the study abroad loan marketplace. You can benefit from government subsidy schemes that reduce interest rates further.

• Applying: Once you receive the offer letter, connect with Nomad Credit for tailored support in the application. Directly applying for the loan option can cost you more money and time, as the loan processing can be slower when your application is alone.

Indian Private Banks

Private banks in India offer education loan options for studying in Australia with or without collateral security. Private banks often keep a list of eligible universities and courses to offer special benefits like lower interest rates and higher loan amounts.

Like public bank education loans, Abroad education loan options from private banks are eligible for a tax deduction under Section 80 E of the Income Tax Act.

• Programs: Public banks and private banks like ICICI, Axis, and IDFC FIRST keep a list of eligible programs that include courses in science, business, law, etc. The universities listed by these banks are often top-ranked globally.

• Collateral or cosigner: Private banks offer abroad education loan options with or without collateral for Australia. A cosigner is mandatory to complete your loan application.

• Loan amounts: The funds are sent directly to your university in accordance with the tuition fee demands. You will receive financial support to manage your living expenses.

• Eligibility: To be eligible, you must:
  • Be an Indian student
  • Be admitted to a supported school and program
  • Have a cosigner with a good CIBIL score (750+)

• Interest rates: Private banks charge lower interest rates than public banks. Eligible students can leverage government subsidy schemes to reduce their interest rates.

• Applying: Connect with Nomad Credit to find your education loan options in the private bank category. Our personalized approach saves you from endless complexities and tiring bank visits at zero cost.

Indian NBFCs

Non-Banking Financial Companies (NBFCs) are game changers in the study abroad marketplace. Compared to banks, the application process is simpler and the loan processing speed is accelerated. Select NBFCs, like Credila, give you the benefits of tax reduction under section 80 E of the Income Tax Act.

• Programs: The programs supported by NBFCs are flexible compared to banks. They evaluate your earning potential before granting an education loan. The top programs funded by NBFCs include courses in science, business, commerce, law, and finance.

• Collateral or cosigner: NBFCs offer higher loan amounts without collateral security. Students require a cosigner with a stable income and high CIBIL score (750+) to apply for NBFC education loan options to study in Australia.

• Loan amounts: NBFCs send the loan amount as installments to your university’s account and to your student account for personal expenses.

• Eligibility: To be eligible, you must:
  • Be an Indian student
  • Be admitted to a supported school and program
  • Have a cosigner with a good CIBIL score (750+)

• Interest rates: NBFCs charge affordable Simple Interest while studying, which can be repaid once you graduate.

Applying: You can apply for NBFC education loan options to study in Australia with Nomad Credit’s expert assistance. Our guidance helps you find the top options at zero cost and make timely applications.