The lenders
| Lender | What its page says |
|---|---|
| SBI Global Ed-Vantage | above ₹7.5 lakh, with a ceiling of ₹3 crore; no collateral needed up to ₹50 lakh at institutions on SBI's premier list; repayment up to 15 years, starting six months after the course; a 0.5% processing charge, ₹10,000 at least and ₹50,000 at most, plus GST; can be sanctioned before the visa |
| Credila | Floating rate from 9.95% secured and 11.25% unsecured; up to 100% finance; an origination charge of at most 1.25% (plus GST); no prepayment charges; up to 15 years |
| Avanse | Unsecured up to ₹2 crore; from 10.25%; up to 100% of tuition and 75% of living costs; travel up to ₹75,000 |
| Prodigy Finance | Master's students, no co-signer or collateral; from 10.90%, with a representative APR of 13.48% |
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- Courses your marks and degree qualify for
- Tuition and the visa living funds, counted in rupees
- GS answers, visa timing and your 485 plan
How much a loan must show
The visa asks for twelve months of tuition, ₹20 lakh (A$29,710) of living costs and travel. For a Master of Information Technology at RMIT (₹32 lakh, A$47,040), that is about A$78,750, roughly ₹52.7 lakh, for the first year; the second year's money need not be shown at lodgement. A sanction letter is weaker evidence than a disbursement, so many students ask the lender to release the first semester's tuition to the university before the visa is lodged.
Tax and margin
Interest on an education loan is deductible in India under the old tax regime (Section 80E, carried into the Income Tax Act, 2025). SBI asks for a margin, paid year by year, which a scholarship can count towards. Insurance, a laptop and the caution deposit can usually be included within limits.
Before you sign
Compare the total cost, not the headline rate: processing fees, the fixed-or-floating choice, simple interest during study and the moratorium all change what you repay. Check whether the lender's list includes your university, and remember the loan amount is a planning figure: rent and fees in Australia rise each year.