Guide to Sydney Accommodation and Student Loans for Masters
Accommodation in Sydney and Student Loan for Masters Abroad
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Types of Education Loans for Masters Abroad
There are primarily two types of education loans for masters abroad - collateral education loans and non-collateral loans. The table below provides a differentiation between the two:
| Collateral Education Loan | Non-Collateral Loan |
| Requires to provide security or collateral such as a fixed deposit or property | fff;">No collateral or assets are required to obtain this type of loan |
| Banks offer a higher loan amount, up to 1.5 crores | <td style=“background-color:|
| Interest rates are generally lower compared to unsecured loan | <td style=“background-color:
Student Loan for Masters Abroad - Eligibility Criteria and Documents
Before applying for an education loan for a master’s in Australia, familiarise yourself with the essential eligibility criteria and documents required:
Eligibility Criteria:
- You must be an Indian resident.
- The age requirement is typically between 18 to 35 years at the time of applying.
- A confirmed letter of acceptance from a recognised Australian university is necessary.
- The co-applicant must be either a parent or first blood relative.
- A stable source of income for the co-applicant is required.
Documents Required:
- Application form for an educational loan from the bank.
- Proof of admission to the university in Australia.
- ID proof such as a PAN Card, Aadhaar Card, Voter ID, or Passport.
- Age proof documentation.
- Address proof including bank statement, ration card, electricity or
- Passport-size photograph.
- Financial documents and income proof such as salary slips.
- Previous academic marksheets.
- Scholarship letter (if applicable).
- List of expenses for studying in Australia.
- Bank statement of borrower’s account.
- Assets and liabilities statement of a borrower.
- telephone bill.
Step-by-Step Guide to Getting a Student Loan for Masters in Sydney
Now that you meet the eligibility criteria and have all the necessary documents, let’s walk through the step-by-step process of securing a student loan for an MBA abroad.
Step 1: Make a list of banks offering education loans for international students in Australia, along with their eligibility criteria and requirements.
Step 2: Calculate the total expenses you’ll need to cover for your course tuition fees and living costs in Sydney.
Step 3: Get your acceptance letter from the university in Sydney.
Step 4: Shortlist different loan options available based on your research.
Step 5: Determine the loan amount you require based on your calculated expenses and fill out the loan application form.
Step 6: Present all valid documents required by the bank before granting the loan amount.
Step 7: Carefully review the terms and conditions of the loan before signing any agreements.
Step 8: Once the bank grants the loan, the funds will be disbursed to your account.
Loan Providers for Masters in Sydney
To ease your search for the right loan provider, here are some reputable options for education loans for masters in Australia, Sydney:
| Loan Provider | Secured Loan | Processing Fees | Prepayment Charges | Unsecured Loan | Loan Tenure | Early Repayment |
| Bank of Baroda | fff;">Upto 1 Crore | <td style=“background-color:|||||
| Axis Bank | <td style=“background-color:||||||
| ICICI Bank | <td style=“background-color:||||||
| HDFC Credila | <td style=“background-color:||||||
| Auxilo | <td style=“background-color:
Applying for Student Loan for Masters Abroad is Just a Click Away!
Niyo Can help you get your education loan at the best interest rates at ease of your home. Just Enter your details and submit your loan application form. Your single application will be sent to multiple banks and you will be provided with various offers to choose from.
Types of Accommodation in Sydney
Securing suitable accommodation is an equally important aspect as securing a student loan for master’s abroad. Many international students opt for hotels, hostels, or temporary accommodations while they familiarise themselves with the city. Students under the age of 18 can get suitable accommodation with a confirmation of Appropriate Accommodation and Welfare (CAAW).
Here are some types of accommodation you can consider in Sydney when pursuing your master’s:
Renting a House or Apartment:
- Renting a house or apartment gives you the freedom to live independently or with friends. You can choose to rent through a real estate agent or directly from a landlord/owner.
- Living with other students can help make costs more affordable, and there are often rental and shared house options available through your education institution or online platforms.
Students-Managed Accommodation:
- Managed or purpose-built student accommodations are specifically designed for students. They offer a range of options from private studio apartments to shared rooms with communal areas and facilities.
- These accommodations are usually located close to major education providers and may include utilities in the rental cost.
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University-Managed Accommodation:
- Many universities in Sydney manage designated accommodations near campus exclusively for their students.
- University-managed accommodations often include furnished rooms, support services, and integrated facilities like electricity, water, and internet.
Residential Colleges:
- Residential colleges are located on university campuses and provide managed accommodation and facilities exclusively for enrolled students.
- These colleges offer a sense of community with catered options, academic support services, sports programs, and leadership development opportunities.
Homestay:
- Homestay involves living with a local family, providing the comforts of a family home along with meals and cleaning services.
- Education agents or homestay providers can help arrange these accommodations, ensuring compliance with Australian Government Schools International (AGSI) Homestay Standards.
Key Takeaways:
- Research loan options thoroughly and understand the eligibility criteria before applying for a student loan for a master’s abroad.
- Prepare all necessary documents to streamline the loan application process.
- Consider reputable loan providers such as Indian nationalised banks, private banks, or non-bank financial corporations (NBFCs).
- Explore different types of accommodation in Sydney such as short-term options (hotels), renting houses or apartments, managed student accommodations, university-managed accommodations, residential colleges, and homestays.
While you are looking to pursue a master’s in Sydney, consider getting a Niyo Zero Forex card as it helps you save on international transactions, offering zero forex markup and the convenience of cash withdrawals from ATMs abroad. This card not only simplifies your financial transactions but also provides additional benefits such as a complimentary ISIC card, the only globally recognised digital student ID. Download the Niyo app today to avail these benefits!
