If my family income is less than 8 lakhs and I wish to apply for loan to study masters in Australia. What are the financial eligibility criteria for visa processing and application?

Question

Mansi Jain · Accepted Answer

Hi Sakshi,To apply for an Australian student visa with a family income of less than 8 lakhs INR, you'll need to show proof of sufficient funds to cover:

Tuition Fees for the 1st year
Living expenses of around AUD 21,000 per year
Travel costs such as flight tickets.

Total amount needed: Tuition fees + living expenses (AUD 21,000) + travel costs. Typically, for one year of study, this can be a minimum of AUD 30,000 - 35,000 or more, depending on your tuition and living arrangements.I would suggest you apply for an education loan to cover these costs, approved by a bank. Additional documents such as bank statements, income tax returns, and an affidavit of support from your family may be required.Connect with a study abroad expert or counselor who can help guide you through the loan process and visa requirements, ensuring you meet the financial eligibility for your Australian student visa.

Akanksha Chandravanshi · Answer

Hi Sakshi,
To apply for an Australian student visa (subclass 500) for a master's program, you need to demonstrate sufficient financial capacity to cover your tuition fees, living expenses, and health insurance.

Financial Requirements:Tuition Fees: You must show the ability to pay your first year&rsquo;s tuition fees or the full course fee (if the course is shorter than a year).
Living Expenses: AUD 21,041 per year for living expenses (for a single student).
Overseas Student Health Cover (OSHC): Health insurance, costing around AUD 500-700 per year.
Other Expenses: Evidence of funds to cover return airfare (optional but advisable).

How to Prove Financial Capacity:

Bank Statements: Show funds for tuition and living costs.
Affidavit of Support: If family is sponsoring, provide an affidavit and proof of their income (e.g., salary slips, tax returns).
Education Loan: If using a loan, submit the loan sanction letter, including the loan amount and repayment plan.
Income Proof: If your family income is under INR 8 lakhs, provide evidence of their income and the ability to support your studies.