Education Loan for Australia Without Collateral through GoStudy

Explore education loans for Australia without collateral through GoStudy to pursue your dream career in Australia.

Fund your career dreams with an unsecured education loan for Australia through GoStudy and summit career heights. With our professional, skilled, and talented teams, you can explore comprehensive education loan schemes. Our offices in Coimbatore, Trivandrum, Mumbai, Delhi, and Hyderabad offer the best education loans for Australia without collateral through GoStudy for education in Australia.


9

Factors That Can Get You An Australia Education Loan Without Collateral through GoStudy

1

Good Academic Portfolio

Every student applying for an unsecured education loan for Australia through GoStudy must score incredibly to secure an outstanding academic portfolio for a 100% approval rate.

2

University Selection

The choice of university plays an important role in fetching an education loan in Australia without collateral through GoStudy owing to future prospects.

3

Prospective Courses

GoStudy covers 90% of the most prospective courses exclusively for you from top universities, so you have a bright career ahead.

4

Never-Ending Opportunities in Australia

Countless employability opportunities await in Australia for you upon the successful completion of a course with incredible marks.

5

No Income Certificate Required

GoStudy can fetch you the best of all Non Collateral Education Loans for Australia simply based on your KYC without income proof.

6

Quick Sanction & Disbursement

No need to go through collateral loan legalities when you can easily qualify with the quick unsecured loan sanction and disbursement process.

7

Comprehensive Education Loans

GoStudy helps you select between comprehensive education loans based on future prospects, not just your financial profile.

8

Priority Education Loan Processing

Because we have and are processing 1000s of loans for students, our loan processing times are the quickest, with dedicated credit managers visiting our offices.

9

Most Competitive Interest Rates

GoStudy can get you the best and the least interest rates compared to the market, at least more than 0.5% to 1%


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Unsecured Education Loan for Australia through GoStudy

The popularity of education loans is soaring because students are increasingly inclined towards pursuing their dream career from abroad universities such as Australian Universities. Education loans can ease off the financial burden from you and fund your career aspirations so that you can pursue your career with security. Recently, Australia has come to the forefront as one of the top destinations to carry with your career aspirations.

Regarding education loans, most banks will tend to offer you education loans with collateral,, which makes most students shy away from pursuing their dream careers. Not all students are able to pledge any collateral for these kinds of loans and hence, forget their dreams of pursuing higher studies abroad. However, the good news is that GoStudy offers you comprehensive unsecured education loans for Australia through GoStudy, which do not need any collateral. These unsecured loans cover 100% of the expenses; in most cases, that includes Tuition Fees, Accommodation Costs, Travel, Food, Shopping, etc, when you are in pursuit of studies in Australia. Opt right away for an Education Loan for Australia Without Collateral through GoStudy to fund your dreams and accomplish your goals.

Now, the costs mentioned above are not the only expenses that you will face whilst studying abroad. A host of education loans for Australia without collateral through GoStudy can assist you in finding other related expenses such as the purchase of electronic gadgets, important books prior to traveling & other travel-related costs for helping you to make it to Australia.

Education Loan for Australia Without Collateral
Education Loan for Australia Without Collateral

Interest Rate For Education Loan To Study in Australia Without Collateral through GoStudy

All kinds of loans, including education loans for Australia, come with a fixed amount of monthly interest for repayment. When any institution sanctions an Education Loan for Australia without Collateral through GoStudy to fulfill your educational needs, they will levy an interest rate on the sum. The final decided interest rate is completely based on the student's credit profile, co-applicant profile, university choice, course choice, and financial background. The interest rate for an Unsecured education loan in Australia is comparatively a little higher than a secured loan. At GoStudy, we ensure that you are able to procure the least interest rate compared to other lenders on the market, so your dream of studying in Australia comes true. Our consultants always make sure to answer all your queries regarding Education Loan for Australia Without Security through GoStudy.

Non Collateral Education Loan for Australia through GoStudy interest rates come with better flexibility and may change over time based on course profiling as well as credit outstanding. A simple interest formula with monthly minimum rest is used for the calculation of interest rates on the loans.

Below are the interest rates they are offered for education loan in Australia without Collateral through GoStudy:

Financial Provider

Market Rate

GoStudy Rate

IDFC First Bank 9.5% 9.25%
ICICI Bank 12.50% 12.25%
Axis Bank 12.50% 12.25%
HDFC Credila 11.75% 11.50%
Avanse 12.50% 12.00%
Auxilo 13.15% 12.75%
Incred 13.00% 13.00%

Furthermore, the following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan for Australia without Collateral through GoStudy:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What are the costs that are covered in an education loan without collateral in Australia through GoStudy?

Most of our financial partners will offer you an Unsecured Education Loan for Australia through GoStudy that covers all the major expenses and other miscellaneous costs whilst you are in Australia. Tuition fees, accommodation, food, travel & other relevant expenses are some of the necessary costs that students can take assistance from these unsecured loans. Our partner financial institutions ensure all your requirements are thoroughly met and that every need is taken care of intricately. Below is the list of the cost covered in an Education Loan Without Collateral for Australia through GoStudy:

  • Tuition Fee
  • Living Expenses
  • Books
  • Laptops
  • Travel Tickets
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Visa Application Fee

When you approach an Education Loan Without Collateral for Australia through GoStudy, your loan amount can go up to 50 lakhs, which is dependent on several factors such as course choice, university choice, tenure of the course, and post-completion job prospects. However, depending on the individual candidate profile, the main parameters for Non Collateral Education Loan for Australia through GoStudy can change. It is our duty to ensure all your necessities are taken care of and that too in the most transparent, hassle-free, and professional way. Below listed are some financial institutions that offer education loan in Australia without collateral through GoStudy:

  • IDFC First Bank
  • ICICI Bank
  • Axis Bank
  • HDFC Credila
  • Avanse
  • Auxilo
  • Incred

Collateral For Education Loan In Australia through GoStudy

When GoStudy can offer you a comprehensive line of non collateral education loans for Australia, do you think you need to go through the hassles of collateral loans? No, Never. However, if you think you would like to go for a collateral loan or your profile is not eligible for education loans for Australia without security through GoStudy, you may check out the below information on collateral loans.

What is a collateral loan? Any form of immovable property or liquid assets, such as gold, fixed deposits etc., pledged to the bank or financial lender against the loan amount as a form of security is known as collateral. These loans that require collateral are known as collateral or secured loans. Depending on the requirements, the varieties of these collaterals can be different. If your profile is not eligible for an Education Loan for Australia without Collateral through GoStudy, you will have to stick to the collateral loan. In case your profile is not right for an unsecured education loan in Australia, look at the following documents that the financial lenders accept as collateral:

  • House/Flat/Apartment - A personal residential property that has no dues/any standing loan on it
  • Any other legal residential property with no dues or repayments
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end manager of the institution assigning it in favor of an education loan in Australia without collateral.
  • Surrender Value Certifications of Life Insurance that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

The best way to secure an Unsecured Education Loan for Australia through GoStudy with ease from the best lenders is to meritoriously get an offer letter of admission from any prestigious university in Australia. Other primary factors determining the eligibility of an education loan for Australia without collateral through GoStudy are the course choices, university choice, and, most importantly, future job prospects after the course completion. Education Loan for Australia without security through GoStudy, though, may go up to 50 lakhs, but that would very much depend on the credit profile, program choices, and various other criteria. The sanction decision and final disbursement is completely based on the creditworthiness when you opt for a Non Collateral Education Loan for Australia through GoStudy. One needs to have a higher credit score to avail the maximum amount of Education Loan Without Collateral for Australia through GoStudy.

Below is the list of documents that are required to process a Non Collateral Education Loan for Australia through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • A co-applicants whose Income Proof is also not required in many cases
  • PAN Card
  • Academic Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

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University-wise pre-approved amount for unsecured education loan to study in Australia through GoStudy

Students can easily procure unsecured education loans for Australia through GoStudy owing to the rising demands of students applying for these loans. Australia has some of the world’s best and most recognized universities awaiting merits to take advantage of, which is why most students want to study there. There is no dearth or shortage of lenders offering Education Loan To Study in Australia Without Collateral through GoStudy, with significant numbers of students visiting there to study. Below is the list of universities that have been pre-approved by the banks for an unsecured education loan to study in Australia through GoStudy.

Australia Universities

Pre-approved unsecured education loan amount to study in Australia through GoStudy

Monash University 50 Lakhs (Approx)
RMIT University 50 Lakhs (Approx)
The University of Western Australia 45 Lakhs (Approx)
University of Queensland 45 Lakhs (Approx)

Co-applicant for Australia Education Loan Without Collateral through GoStudy

Unsecured education loans for Australia through GoStudy are easily available when you keep a co-applicant with you. Banks and lending institutions will still ask for a co-applicant even if you are backed with surplus wealth, assets, and a strong credit portfolio. The sole reason for this is once the student is away for education abroad, they have no income source; hence, banks need to have a security for the loan sanctioned. The co-applicant’s age, relationship with the applicant, net worth, income ratio, credit score, and assets value decides their creditworthiness.

In precise words, a co-applicant's role is to provide security to the bank that under any circumstances, if the applicant cannot repay, then the co-applicant can step forward to start repaying back the loan until the applicant is able to.

Below is the list of co-applicants for Non Collateral Education Loan for Australia through GoStudy that is accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan for Australia Without Security through GoStudy

The requirements associated with Non Collateral Education Loan for Australia through GoStudy are very easy to understand, and a novice can prepare for it as well. You need to procure a firm, unconditional, and confirmed offer letter of admission from any university in Australia to easily fetch an unsecured education loan for Australia through GoStudy. This means that the student has successfully completed all the formalities and has passed the eligibility criteria to be admitted there and that the admission cannot be revoked at any point in time. Alongside this, some more education loan without collateral for Australia through GoStudy eligibility criteria are mentioned below, which are as follows:

  • A citizen of India who is at least 18 years old.
  • Has a valid co-applicant or a co-borrower, working in India or anywhere in the world, or self-employed in India. The person should be either Parent, Parent-in-law, Spouse, Siblings, Maternal & Paternal Uncles & Aunts.
  • The minimum CIBIL score for an education loan without collateral for Australia must be met

TOO MANY QUESTIONS?


Documents required for Education Loan for Australia Without Collateral through GoStudy

While you opt for an Australia Education Loan Without Collateral through GoStudy, the list of documents required is almost the same for all, but in some cases, it may vary a bit for individual students. GoStudy experts ensure that the entire process is like a walk in the park for you and that all documentation processes are duly fulfilled. The list of documents that are required for an Education Loan Without Collateral for Australia through GoStudy are as follows:

  • Student’s KYC
  • Student’s Educational Documents
  • University Course Details & Fee Structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant

Depending on the sole discretion of the lender and other details provided by the student, there may be the requirement for more documents while taking the Non Collateral Education Loan for Australia through GoStudy.

Process & Procedures For Unsecured Education Loan for Australia through GoStudy

Thousands of students each year apply for Education Loan To Study in Australia without collateral through GoStudy. The rising demands have paved the way for several lenders to offer Education Loan for Australia Without Collateral through GoStudy with comprehensive schemes. The simple process of Unsecured Education Loan for Australia through GoStudy starts with the applicant informing the required loan amount, submitting details of self, university, course intended, co-applicant details, and other relevant details. The identity of the co-applicant needs to be carefully submitted as a lot depends on the co-applicant.

After the verification and first round of documents submission and checks are done, the bank will send you a formal letter with all the loan details and relevant documents required for further proceedings. It may take 5 to 7 days on average to process the Education Loan To Study in Australia Without Collateral through GoStudy. When everything is checked in detail, and the agreement is signed, the sanctioned amount will be disbursed at the earliest through a DD, Cheque, or Electronic Transfer.

Sanction & Disbursement of Education Loan Without Collateral for Australia through GoStudy

When everything is in order, and the details are submitted, post the sanctioning of the loan, a formal sanction letter will be sent to the applicant with details mentioned such as applicant details, course name, university name, loan tenure, moratorium period, guarantor details, EMI, interest rate and other co-applicant details. This letter should be a comprehensive one and not an in-principle letter. Universities do not accept in-principle letters since the student has yet to qualify and has not passed all the checks. The terms and conditions related to the loan agreement are also written on the document.

When the loan is successfully sanctioned in the case of Education Loan for Australia Without Collateral through GoStudy, the funds will be ready to be disbursed either towards the university for the payment of the tuition fee or the concerned bank account of the recipient, who can either be the applicant or the co-applicant, purely based on what was mutually agreed upon by both the parties. The disbursement that is made is in Indian National Rupee (INR), which can be either in parts or a full disbursement based on the needs and the protocols of both the borrower & the lender.

Moratorium Period For Education Loan Without Collateral for Australia through GoStudy

A moratorium or holiday period is the interim time when a student is pursuing their education and is not able to pay any monthly EMI. Most banks or lending institutions offering unsecured education loans for Australia through GoStudy offer a moratorium period for the students to make them feel safe. You can alternatively start paying a fraction of the Simple interest monthly, which can be as low as 2000 INR until the completion of the course and employment starts. Before signing up for the loan, always inquire and carefully understand all the details pertaining to the moratorium period.

The repayment option for an education loan for Australia without collateral through GoStudy, is pretty flexible, and you can choose it in accordance with your convenience. You have the freedom to choose the repayment period depending on your abilities, that can range anywhere between 12 months to 180 months. In certain cases, where the financial stature of the applicant is a bit on the weaker side, the banks or lending institutions will choose the repayment tenure for you.

The different types of repayment options for Non Collateral Education Loan for Australia through GoStudy:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is not offered by Avanse

Below are the types of repayment & moratorium options available in the different financial institutions:

Financial Institution

Repayment Methods

IDFC First Bank Full Moratorium
ICICI Bank Simple Interest
Axis Bank Simple Interest
HDFC Credila Partial Simple Interest
Avanse Partial Simple Interest
Auxilo Partial Simple Interest
Incred Partial Simple Interest

Tax Benefit For Unsecured Education Loan for Australia through GoStudy under Section 80E of IT Act

Section 80E of the IT Act helps you save substantially on the entire EMI amount to be paid that year for your Education Loan for Australia Without Security through GoStudy. The tax benefit under this section can be claimed by the applicant, their spouse, children, or any legal guardian who has taken up the responsibility for the Australia Education Loan Without Collateral through GoStudy. The deduction is applicable to all the courses for which the education loan is granted for your education abroad. The rule does not state as to how much tax benefit can be claimed, but it is advised to ensure the loan repayment is made within 8 years of interest repayment. If you ensure the repayment is within this tenure, you are eligible to claim all the benefits under this section.


DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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