Education Loan to Study MS in Australia
*T&C Apply. Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
Looking to take your career to the next level with a globally recognised postgraduate degree? Pursuing a Master of Science (MS) in Australia could be your gateway to quality education, innovative research, and unmatched career opportunities. Australia is home to some of the world’s renowned universities that blend academic excellence with practical learning and real-world industry exposure. From research labs to thriving multicultural campuses, studying in Australia offers an experience that shapes you personally and professionally.
While planning your journey, it is equally important to understand the cost of studying in Australia, including tuition fees, living expenses, and other associated costs, to manage your finances effectively. Additionally, with education loans for studying in Australia and flexible visa requirements for international students, turning your study-abroad dream into reality has never been easier.
Why Pursue an MS in Australia?
- Well-known Universities: Australia is home to globally ranked institutions like the University of Melbourne, ANU, and UNSW, offering MS programmes with internationally recognised curricula.
- Research and Innovation Hub: Australian universities emphasise research-driven education, giving students opportunities to work on cutting-edge projects in technology, healthcare, and environmental science.
- Post-Study Work Opportunities: With the post-study work visa (subclass 485), international students can gain hands-on experience in Australia’s thriving job market after graduation.
- Globally Recognised Degree: An MS degree from Australia is valued worldwide, helping graduates build careers in global companies or pursue PhD programmes abroad.
- Flexible Course Options: Students can choose from a wide range of specialisations in STEM, business, healthcare, and social sciences, tailored to their career goals.
- Cultural Diversity and Safe Environment: Australia’s multicultural campuses and student-friendly cities offer an inclusive, supportive, and safe environment for international learners.
- Financial Support and Scholarships: Numerous scholarships and education loans are available for international students, making studying MS in Australia more affordable and accessible.
Universities Offering MS Programmes in Australia
| University | Location |
|---|---|
| University of Melbourne | Melbourne, VIC |
| University of Sydney | Sydney, NSW |
| Monash University | Melbourne, VIC |
| Australian National University | Canberra, ACT |
| University of New South Wales (UNSW) | Sydney, NSW |
| University of Queensland | Brisbane, QLD |
| University of Technology Sydney | Sydney, NSW |
| University of Western Australia | Perth, WA |
| Macquarie University | Sydney, NSW |
| Queensland University of Technology | Brisbane, QLD |
| Deakin University | Geelong, VIC |
| University of Wollongong | Wollongong, NSW |
| Griffith University | Brisbane, QLD |
| University of Tasmania | Hobart, TAS |
| La Trobe University | Melbourne, VIC |
| RMIT University | Melbourne, VIC |
| Swinburne University of Technology | Melbourne, VIC |
| University of Newcastle | Newcastle, NSW |
| Curtin University | Perth, WA |
| Flinders University | Adelaide, SA |
Types of Education Loans for MS Students in Australia
Broadly, there are two main types of education loans:
- Secured Education Loan: A secured education loan is backed by collateral, such as residential property, fixed deposits, or insurance policies. This collateral will serve as a guarantee for the lender in case the borrower defaults.
- Unsecured Education Loan: An unsecured education loan is a type of student loan that does not require any collateral or security. Approval is based on the borrower’s financial profile.
Eligibility Criteria for an Education Loan in Australia
To qualify for a student loan in Australia, here are the eligibility criteria:
- Applicant Age: 16 years or above
- Co-Applicant: Generally required can be a parent, spouse, or guardian
- Eligible Students: Those enrolling in bachelor’s or master’s programmes
- Approved Courses: Academic or professional programmes (MBA, MS, MBBS, etc.)
- Recognised Institutions: Universities and colleges accredited in Australia
Documents Required for an Education Loan for an MS Overseas
To apply for an education loan, here’s a checklist of documents you’ll need. Requirements vary slightly based on your co-applicant’s income type.
| Document Type | Details |
|---|---|
| A. Application Form | Completed original or digital loan application form |
| B. KYC Documents | PAN Card or Form 60 (mandatory if PAN is mentioned) ONE valid ID & address proof: Passport / Driving License / Voter ID / Aadhaar / NREGA Job Card / NPR Letter |
| C. Student Education Documents | 12th Marksheet (not needed for UG applicants in 12th or Exec PG) Latest semester/year marksheet or transcript Admission proof (Admission Letter / I-20) |
| D. Co-Applicant Financials | |
| → Salaried | Last 6 months' salary account bank statements 1 recent salary slip/certificate |
| → Self-Employed (Non-Proprietor) | Last 6 months’ Current & Savings A/c bank statements Last 2 years ITRs (online acceptable) 44AD: income statement only Tax audit: CA attestation required Optional: Qualification proof, GST/Shop Act/Aadhaar Udyog |
| → Proprietor | Last 6 months’ Current & Savings A/c bank statements Last 2 years ITRs 44AD: income statement only Tax audit: CA-audited financials (P&L, BS, Computation, Schedules) |
| → No Income | Last 6 months’ Savings A/c bank statements |
| → Pensioner | Last 6 months’ Savings A/c with pension credits OR Pension Order |
| E. Collateral Documents (if applicable) | Latest sale deed Property tax receipt Approved building plan or Occupation Certificate |
Interest Rates on Education Loans for Studying an MS in Australia
Get the funds you need for your education abroad with competitive interest rates and zero prepayment or foreclosure charges!
| Feature | Details |
|---|---|
| Interest Rate (Floating) | 9.95%* p.a. onwards |
| Origination Fee | 1.25%* + GST |
| Prepayment & Foreclosure Charges | None |
How to Apply for an Education Loan to Study an MS in Australia
Follow this 3-step process
A simple and transparent journey.
1- Apply Online
Fill out the application form and upload documents.
2- Application Review
Get your sanction letter after our credit appraisal.
3- Funds Disbursed
You are all set to get started.
Expenses Covered Under a Student Loan for an MS in Australia
When you take an education loan for studying an MS overseas, the following expenses are typically covered, contributing to the overall cost of studying in Australia:
- Tuition fees and academic charges
- Hostel or on-campus accommodation
- Cost of living (food, transport, utilities, etc.)
- Books, lab supplies, and other learning materials
- Laptop or computer (if required for coursework)
- Examination and library fees
- Other education-related expenses as approved by the Credila
Repayment Options for Overseas MS Loan for Students
Repayment for MS education loans is designed to be student-friendly and flexible:
- EMI-Based Repayment: Start paying in EMIs after the moratorium ends.
- Part-Payment Option: Make partial payments during the course to reduce the total interest.
- Flexible Tenure: Repayment tenure of up to 15 years based on your profile.
- No Prepayment Penalty: You can repay early without any additional charges.
Why Avail a Credila Education Loan?
Save time. Go online.
Customer-centric processes with just 3 steps to disbursement.
We cover it all
Up to 100% financing of tuition and living expenses.
Start early. Apply before admission.
Benefit from seamless loan sanctions.
Friendly rates. All the way.
Student loans with customised interest rates.
Dream big. Achieve bigger.
Exploring funding for larger education costs? Not a problem.
Pan-India network of branches
Enjoy multi-city co-borrower(s) and collateral flexibility.
The benefit of tax saving
Added tax deductions# that bring down your cost of financing
Flexible payment plans
Repayment tenure of up to 15 years.
No hidden charges
What you see is what you pay.
Disclaimer: Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
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