The following types of financial records are acceptable for the purpose of assessing funds for student visa applications:
Evidence of Annual Income Option
For the purpose of the annual income option, evidence of income must be provided in the form of government documentation issued by the central government.
For Indian Nationals, the Income Tax Returns (ITR) issued by the Income Tax Department is considered as acceptable evidence for the annual income option.
Loans from Financial Institutions
A loan with an acceptable financial institution can be provided as evidence of funds. Evidence that the loan has been disbursed is the best way to satisfy the Department of Home Affairs (Home Affairs) that the applicant has genuine access to those funds. If the loan is not disbursed, we may have concerns about whether the applicant has genuine access to the funds.
For an education loan from an acceptable financial institution, the evidence could include a sanction/approval letter for the full loan and disbursement of the first year or first semester of tuition fees (as required by the education provider), as well as any funds intended to cover travel to Australia and the first 12 months of living expenses.
Loan letters from a financial institution should include details of any collateral security used for the approval of the loan.
Acceptable Financial Institutions for Funds and Loans
Home Affairs monitors the financial sectors in India, Nepal, Bangladesh and Bhutan and accepts financial institutions which meet the regulatory requirements. The Regulations define the term 'financial institution' for the purposes of student visa applications as:
financial institution is a body corporate, that, as part of its normal activities takes money on deposit and makes advances of money;
a) under a regulatory regime:
i) governed by the central bank (or its equivalent) of the country in which the body corporate operates; and
ii) that the Minister is satisfied provides effective prudential assurance; and
b) in a way that the Minister is satisfied complies with effective prudential assurance requirements.
Home Affairs only recognises banks that are regulated by the Reserve Bank of India (RBI).
The below banks fall under this category:
- SBI and Associates
- Nationalised Banks
- Other Public Sector Banks
- Private Sector Banks - Indian Banks (not including Payment Banks or Local Area Banks)
- Private Sector Banks - Foreign banks
- Regional Rural Banks
For further information, including updates on India's regulated banks and legal framework, see https://rbi.org.in/commonman/English/Scripts/BanksInIndia.aspx.
Home Affairs recognises only those organisations that are regulated by the Nepal Rastra Bank as Class “A” Commercial Banks. For further information the legal framework in Nepal refer to the Nepal Rastra Bank website at https://www.nrb.org.np/. For a list of the Class "A" Commercial Banks and Financial Institutions in Nepal, refer to https://www.nrb.org.np/departments/bfr/.
Home Affairs recognises only those organisations that are regulated by the Central Bank of Bangladesh as “Scheduled” Banks. For further information on the legal framework in Bangladesh refer to the Central Bank of Bangladesh website at https://www.bb.org.bd/links/links.php.
Home Affairs recognises only those organisations that are regulated by the Royal Monetary Authority of Bhutan as Commercial Banks. For further information on the legal framework in Bhutan refer to the RMA of Bhutan website at https://www.rma.org.bt/.