Education Loan for Australia: A$29,710 in Living Funds Plus Tuition, and What Indian Lenders Fund
The visa needs evidence of a year's tuition, A$29,710 in living costs and A$2,000 for travel. An education loan is accepted evidence, and Home Affairs calls disbursement evidence the best kind. Indian banks and NBFCs fund most of the total.
By Leonid Kurza · co-founder of Edumapple · checked
₹20 lakhliving funds a year
9.95%Credila secured, from
15 yearstypical repayment
₹3 croreSBI Global Ed-Vantage, up to
What lenders cover
Most lenders cover tuition, living costs, travel and insurance; SBI caps books at 20% of tuition and caution deposits at 10%. Avanse funds up to 100% of tuition and up to 75% of living costs, with travel up to ₹75,000. Credila states no fixed maximum and no prepayment charges. Compare processing fees (1–2% at most lenders) and whether interest is payable during the course.
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Tuition and the visa living funds, counted in rupees
A two-year IT master's at A$45,000 a year plus ₹20 lakh (A$29,710) living each year comes to about A$150,000 before travel and insurance. A loan sanctioned before the visa, with disbursement of the first year shown, covers both the visa evidence and the first semester.
Questions from Indian students: Education loans for Australia
How much loan do I need for Australia?
For the visa: a year's tuition (A$34,000–64,000 for most master's), A$29,710 living and A$2,000 travel. For the full course, double the tuition for a two-year master's.
Which banks give education loans for Australia?
SBI's Global Ed-Vantage scheme (loans from ₹7.5 lakh to a ₹3 crore ceiling, without collateral below ₹50 lakh at select institutions), Credila (secured from 9.95%), Avanse (unsecured up to ₹2 crore, from 10.25%), and Prodigy Finance for some master's without collateral.
Is a loan accepted for the student visa?
Yes. Loans from a financial institution are acceptable evidence; Home Affairs describes disbursement evidence as the best evidence.
Is the interest tax-deductible?
Lenders cite the education loan deduction under Indian income tax law (Section 80E, now Section 129 of the Income Tax Act, 2025). Confirm with your tax adviser.
Can my parents' income replace the funds?
Yes, an income of A$87,856 a year (A$102,500 with family) shown by tax assessments.
