Education Loan to Study MBBS 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.
Dreaming of wearing a white coat and saving lives in one of the world’s most progressive healthcare systems? Australia offers more than just a degree, it’s your gateway to a globally recognised MBBS education backed by innovation, technology, and real-world clinical exposure. From state-of-the-art medical campuses to mentorship by leading doctors, studying MBBS in Australia equips you to excel anywhere in the world. While the cost of medical education can seem daunting, an education loan to study MBBS in Australia can make your dream attainable. Once you meet the Australia visa requirements, you’re all set to begin your transformative journey toward becoming a world-class medical professional.
Why Pursue an MBBS in Australia?
- Globally Recognised Universities: Australia is home to several prestigious medical schools known for their high academic standards and global reputation.
- Education and Infrastructure: Students benefit from advanced facilities, modern laboratories, and hands-on training with the latest medical technologies.
- Comprehensive Healthcare System: Australia’s strong healthcare network provides practical exposure and extensive clinical training opportunities.
- Excellent Career Prospects: With a growing demand for healthcare professionals, MBBS graduates enjoy diverse employment opportunities in hospitals and research institutions.
- Global Recognition: Australian medical degrees are widely accepted internationally, allowing graduates to pursue medical careers across countries.
- Focus on Research and Innovation: Students can participate in cutting-edge medical research and innovative healthcare projects.
- Inclusive Learning Environment: Australia’s multicultural atmosphere and student support programmes ensure a comfortable and enriching experience for international learners.
Universities Offering MBBS Programmes in Australia
| University | City |
|---|---|
| University of Melbourne | Melbourne |
| University of Sydney | Sydney |
| Monash University | Melbourne |
| Australian National University | Canberra |
| University of Queensland | Brisbane |
| University of Adelaide | Adelaide |
| University of New South Wales (UNSW) | Sydney |
| University of Western Australia | Perth |
| Deakin University | Melbourne |
| Griffith University | Gold Coast |
Types of Education Loans for MBBS 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 MBBS 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 MBBS 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 MBBS 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 MBBS in Australia
When you take an education loan for studying an MBBS 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 MBBS Loan for Students
Repayment for MBBS 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 MBBS 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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