Education Loan to Study a Master's 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.
For many, Australia recalls kangaroos hopping across golden plains or the sparkling silhouette of the Sydney Opera House during New Year celebrations. But beyond these postcard images lies a dynamic academic hub that attracts thousands of international students each year. Studying in Australia means pairing a globally recognised education with a lifestyle surrounded by stunning coastlines, thriving cities, and a culture that is genuinely welcoming. With strong academic ecosystems, industry-linked learning, and modern campuses, universities in Australia offer students the opportunity to grow both academically and professionally. And for students planning their journey, understanding the cost of studying in Australia and securing an education loan to study in Australia makes it easier than ever to turn this dream into reality, often inspiring many to continue building their future in Australia long after graduation.
Why Pursue a Master's in Australia?
- Access to world-class research opportunities, with exposure to global collaborations and advanced scientific developments.
- High-quality education from globally recognised universities, along with a strong overall student experience and widely accepted qualifications.
- Practical, industry-relevant learning that helps build skills and knowledge aligned with real-world career requirements.
- A vibrant and welcoming lifestyle, with safe cities and diverse cultural experiences that enhance the overall study experience.
- Australia warmly welcomes students from around the world. Plus, student visas allow you to work part-time while studying or exploring the country.
Universities Offering Master's Programmes in Australia
| University | Location |
|---|---|
| University of Newcastle | Newcastle, NSW / Multiple Locations |
| Flinders University | Adelaide, SA |
| Charles Sturt University | Bathurst, NSW / Port Macquarie, NSW |
| Victoria University | Victoria Point, QLD |
| Curtin University | Perth, WA |
| University of Tasmania | Hobart, TAS |
Source: https://www.mastersportal.com/search/master/australia
Types of Education Loans for Master's 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 (MS, Master's, MBBS, etc.)
- Recognised Institutions: Universities and colleges accredited in Australia
Documents Required for an Education Loan for a Master's 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) – waived for Sampoorna |
| 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 a Master's 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 a Master's 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 a Master's in Australia
When you take an education loan for studying a Master's overseas, the following expenses are typically covered:
- 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 Master's Loan for Students
Repayment for Master's 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 Credila’s Education Loan for Masters Abroad?
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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