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?

Mansi Jain

Study Abroad Specialist

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

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.

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

How to Prove Financial Capacity:

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

Other Documents:

• Proof of sufficient funds (bank statements, loan letters).
• Tuition payment receipt or scholarship evidence.
• OSHC proof.
• Visa application fee: AUD 620.

I would suggest you to get free counseling from a study abroad consultant for applying for your desired universities and get education loan from trusted partners.

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  Ensure your documents show you meet the Genuine Temporary Entrant (GTE) requirement, proving you intend to return to India after your studies.