Education Loan to study in Australia through GoStudy

If you want to study in Australia and fund it with a GoStudy Partnered education loan to study in Australia, GoStudy welcomes you.

At GoStudy, you can explore a comprehensive range of education loans to study in Australia through GoStudy that is crafted to keep students’ convenience in mind. The vast ranges of affordable and money-saving education loans to study in Australia through GoStudy are exclusively for you. GoStudy’s offices in Mumbai, Delhi, Bangalore, Trivandrum, Cochin, and Chennai make it easier for you to pursue your dream career in Australia.


9

Factors That Can Get You An Education Loan to study in Australia through GoStudy

1

Outstanding Academic Profile

Securing an outstanding academic profile without any backlog is very important to get ideal education loans to study in Australia through GoStudy.

2

University Choice

University matters, and so makes the choice of it for an education loan to study in Australia through GoStudy.

3

Future Focused Programmes

GoStudy hosts 90% of the most impressive and popular programs from French universities in terms of employment prospects.

4

Extensive Opportunities in Australia

Immense opportunities in Australia wait for your career, and we help you by fetching an education loan for Australia in India through GoStudy.

5

No Income Proof is Required!

Just with your KYC, you can seamlessly avail of compelling education loans to study in Australia through GoStudy.

6

Easy Sanction & Disbursement

None has to go through any hectic loan processes and loan legalities as GoStudy assists with the faster sanction and flawless loan disbursement.

7

Comprehensive Education Loan Product

GoStudy boasts a comprehensive range of popular education loans to study in Australia through GoStudy for talented aspirants.

8

Loan Processing on Priority

GoStudy has the quickest loan processing speed as thousands of loans are processed monthly through us.

9

Lowest Interest Rates In The Market

GoStudy offers the best interest rates in the market which falls between 9% to 12% on average!


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Education Loan to study in Australia through GoStudy

The drastically rising educational expenses and the whopping costs of staying abroad in Australia make every student inclined towards opting for education loans. Education loans to study in Australia through GoStudy help you in saving substantial money, funding your dream aspirations and everything in a smooth, hassle-free, and convenient way. Education loans to study in Australia through GoStudy possess multiple benefits derived from government schemes and ensure your education isn’t interrupted at all due to any funding shortage. Education loans for Australia in India through GoStudy from the trusted partners of GoStudy ensure foreign remittance is done in the quickest way and you need not worry about funding while you just focus on your studies.

In regards to education loans to study in Australia through GoStudy, one will come through two kinds of distinct loans- secured loans and unsecured loans. Though secured loans are more popular since they are money-saving, unsecured loans are also on the rise these days. The rising demands for education loans have led many NBFCs and banking organizations to present some lucrative schemes for Australia education loans in India through GoStudy. These loans cover diverse expenses that range right from your Tuition costs, staying Costs, Traveling, Food, Shopping, etc., while you just focus on your studies in Australia. Focus on your studies, take your career to the next level and meet all your funding requirements with an education loan for Australia in India through GoStudy.

A student, while studying abroad, does not just pay for the academic and university expenses but also for other expenses, which are miscellaneous starting from accommodation to fooding and shopping. GoStudy can help you find the best education loans to study in Australia, covering all kinds of expenses such as electronic gadgets purchase and study materials purchasing & other traveling expenses for making it to Australia.

Education Loan to Study in Australia
Education Loan to Study in Australia

Interest Rate For Education Loan To Study in Australia through GoStudy

Whenever a loan is taken from any financial institution, interest rates are charged levied on the loan repayment amount. The same happens with education loans to study in Australia through GoStudy, where an interest rate based on many factors is imposed on the repayment. It is decided on the basis of the credit score, course selection, co-applicant income, and job prospects, to name a few. With GoStudy, you will be able to secure competitive rates on education loans, so your dream of studying abroad comes true. Our team of experts ensures that you get all assistance regarding an Education Loan for studying abroad in Australia through GoStudy.

An unsecured Education Loan for studying abroad in Australia through GoStudy has ample flexibility and may change over time on the course profiling and credit. A simple interest formula with monthly rest is being improvised to calculate the interest rate on the education loans to study in Australia through GoStudy.

Below are the interest rates they are offered on education loans to study in Australia through GoStudy without Collateral:

Type of Education Loan

Education Loan Rate of Interest As Per Market

Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

In short, the following mathematical formula is used to calculate the EMI based on the interest rate for Education Loan to study in Australia 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 to study in Australia through GoStudy?

Education loans to study in Australia through GoStudy cover 90% of expenses but, in some cases, up to 100%, including education, traveling, and shopping expenses. The expenses include your tuition fees, staying rent, fooding, travel & other expenses. GoStudy works with the best financial lenders who ensure that the funds are allocated to students on time, and every need is taken care of with utmost professionalism. Below is the list of the cost covered in an Education Loan Without Collateral for Australia through GoStudy:

  • Visa Application Fees
  • Living Expenses
  • Books
  • Computer or Laptops
  • Health insurance
  • Travel Tickets
  • Random Electronic Gadgets
  • Any Application Expenses
  • Competitive Tests Fee
  • Tuition Fees

Education loans to study in Australia through GoStudy can land you an education loan amount of up to 50 lakhs for talented aspirants depending on some key parameters such as credit profile and academic background. A few other factors that decide the loan amount are the university choice, course choice, and post-completion job prospects. Following are the lists of the Costs Covered by Education Loan to study in Australia through GoStudy:

Things covered under Australia Education Loan through GoStudy

Costs Covered by Australia Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Education Loan to study in Australia Without Collateral Through GoStudy

You can secure an admission offer letter from any prestigious Australian university if you want to make sure of your chances for an Education Loan to study in Australia through GoStudy. Some other parameters for the eligibility for an education loan to study in Australia through GoStudy without collateral are the course attended and employment prospects post-study. The final sanction quantum and disbursal of the education Loan for Australia are determined by the candidate’s creditworthiness. The higher your credit score is, the better the chances of higher education loans.

Below listed documents are required to initiate the process of obtaining a Non-Collateral Education Loan to study in Australia through GoStudy:

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

The distinct parameters for Non-Collateral Education Loan for Australia through GoStudy may vary for individual candidates' profiles.

Collateral For Education Loan In Australia through GoStudy

Why go through the hectic and complicated loan processes when you can get the best education loans to study in Australia through GoStudy. As mentioned earlier, among the two different kinds of education loans to study in Australia through GoStudy, let us now discuss the collateral or secured Australia education loans in India.

Collateral loans can land you the best interest-rate deals and save you a substantial amount of money in the long run, fetching you a higher loan value. When you are pledging any kind of an asset, like any immovable property, gold ornaments, bank fixed deposits, etc., which the lender accepts as security against the loan, it is known as a collateral loan. Australia education loans in India through GoStudy or secured loans are the best options if you have assets and a financially strong good credit portfolio. For students not qualifying for an unsecured education loan to study in Australia through GoStudy they can also opt for collateral loans. Let us check out a few basic documents that lenders accept as collateral security:

  • Residential House/Flat Or Apartment - Personal property with no dues/any ongoing loan on it
  • Any kind of legal residential or personal property having no dues or outstanding repayment
  • Bank Fixed Deposit through registered NBFC or even a nationalized bank, with an affirmation letter from the manager assigning that in favor of your education loan to study in Australia.
  • Life Insurance Surrender Value Certifications equivalent to the sanctioned loan amount
  • Any non-agricultural personal land falling under legal parameters

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

Most banks and NBFCs bring you the best Australia education loans in India through GoStudy because of the vast demand for studying in Australia with education loans. Australia with a sharp economy and prestigious universities, brings trust for most financial lenders in granting you education loans to study in Australia through GoStudy with ease. With the rising number of students counting to more than 30,000 opting Australia for study, you will not fall short of lenders offering unsecured education loans for Australia through GoStudy in India. 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.

List of Universities accepted by Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount

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 in India through GoStudy

A co-applicant is always of the utmost importance if you want to acquire 100% approval chances for both secured and unsecured loans. Surplus wealth and assets, along with a higher credit score, will also not stop most financial lenders from asking for a co-applicant. That is because when the student will be studying abroad with the education loan to study in Australia through GoStudy, he or she will have no income source, so a co-applicant acts as a security to the financial lender. The co-applicant's creditworthiness is judged by their age, relation with the applicant, income, credit score, assets value, and financial portfolio, to name a few.

Co-applicants act as a guarantee to the loan amount sanctioned where if under any scenario the candidate defaults to repay the loan back, then the co-applicant can step forward and repay the education loan for Australia in India through GoStudy.

Below is the list of co-applicants for Education Loan for Australia in India through GoStudy that are accepted:

  • Parents
  • In-Law Parents
  • Husband/Wife
  • Siblings (Brothers, Sisters)
  • Maternal Aunts & Uncles
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan to study in Australia through GoStudy

The primary requirements for an education loan to study in Australia through GoStudy are very simple and convenient for every student. You must secure a firm-confirmed unconditional letter of admission offer from any prestigious university to get the best education loan for studying abroad in Australia through GoStudy. TIt confirms the student has accomplished all the eligibility criteria for admission, and the offer cannot be revoked at any time. Alongside that, some more requirements for an education loan for Australia, are:

  • An Indian Citizen who is aged 18 years old.
  • Possess a valid co-applicant or a co-borrower, employed in India or anywhere in the world, or self-employed in India. This person has to be either Parent, Parent-in-law, husband or wife, brothers or sisters, Maternal & Paternal Uncles & Aunt.
  • The least CIBIL score for acquiring an education loan through GoStudy to study in Australia must be sufficed.

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Documents required for Education Loan to Study in Australia through GoStudy

Education loan to study in Australia through GoStudy documentation remains the same for all with few exceptions for specific cases. At GoStudy, our experts make sure it is a cakewalk where we help you understand what is needed. The list of documents that are required for an Education Loan to study in Australia through GoStudy are as follows:

  • KYC of the Student
  • Student’s Academic Documents
  • University Program Details & Fee Structure
  • Unconditional/Firm/Confirmed Admission Offer Letter
  • Co-Applicant’s Income Proof
  • Co-Applicant’s KYC
  • Income Tax Returns of Student - Last 3 Years (If Applicable)
  • IT Returns of Co-Applicant - Last 3 Years
  • Birth Certificate
  • Relationship Proof with Co-Applicant
  • Bank Statement of Co-Applicant

Any more documentation is based on the sole decision of the provider of an Education Loan for studying abroad in Australia through GoStudy.

Process & Procedures For Education Loan to study in Australia through GoStudy

The ever-increasing demands for education loans to study in Australia through GoStudy, have led financial institutions to come up with the finest schemes for education loans to study in Australia through GoStudy. It starts with the student informing about the amount of education loan to study in Australia through GoStudy along with candidate details, attended university details, details of co-applicant, program name, course tenure, and other associated information.

Post the first round of checks is done with verification, a final sanction letter is offered to the student with all relevant info. The time taken to process the loan ranges from 5-7 days for an Education Loan To Study in Australia through GoStudy. After the sign of the agreement is done and information is reviewed, the sanctioned loan amount is disbursed fast through a Demand Draft, Bank Cheque, or any form of Electronic Transfer.

Sanction & Disbursement of Education Loan to study in Australia through GoStudy

A sanction letter pertaining applicant details, co-applicant details, course details, EMI information, moratorium period, guarantor, loan repayment interest rate, loan tenure, and all other necessary information are offered after sanction. This letter should be a detailed sanction letter but not any in-principle letter because most universities do not accept an in-principle letter that only indicates that the student is yet to qualify completely for the education loan.

Post sanctioning an Education Loan to study in Australia through GoStudy, the sanctioned funds are disbursed to the university as fees for tuition or even to the student or co-applicant, in accordance with the signed agreement terms. The disbursement is done in Indian Currency (INR), that can be in parts or as a full disbursement depending on the needs and the set protocols of both the loan borrower & the lender.

Moratorium Period For Education Loan for Studying Abroad in Australia through GoStudy

The moratorium period is a holiday period when students do not have to repay any EMI before the course is completed and they attain a successful employment opportunity. Most banks that offer Australia education loans in India through GoStudy come with a flexible moratorium period. During this period, students can repay just a part of simple interest that is as low as 2,000 INR, until they complete the course and secure employment. Hence, carefully inquire about the moratorium period before you sign up for the loan.

Repayment options for education loans to study in Australia through GoStudy

Repayment choices for education loans to study in Australia through GoStudy are completely flexible, and students are able to decide according to their convenience. Students can select their own convenient repayment time that ranges from 12 to 180 months on average, based on their own capabilities. In certain cases, the loan repayment time is decided by the bank where the student’s fiscal stature is not satisfactory. The various categories of repayment options for Education Loans to study in Australia through GoStudy:

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

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

As per Section 80E of the introduced IT Act, students can claim a fixed deduction on the entire EMI for an Education Loan to study in Australia through GoStudy for the specific financial year. Candidates, their spouse, children, or even their legal guardian who took responsibility for the Education Loan are eligible to claim these tax benefits. This deduction is allowed for all the courses against which the loan amount is sanctioned. There is no set of rules on the tax benefit amount however it is recommended to make the repayment within 8 years from the interest payment. If repayment is made within this timeline, they can claim all the tax benefits falling under this section.


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