Overseas Education Loan to study in the New Zealand

New Zealand is an emerging study destination known for excellent teaching practices, innovative research facilities, and top universities. With its world-class universities and diverse culture, New Zealand has become a sought-after destination for students seeking quality education and unforgettable experiences.

Cost of Studying in New Zealand

The average tuition fees for undergraduate programs typically range from NZD 22,000 to NZD 32,000 per academic year in New Zealand. For master's degrees, the costs are approximately between NZD 26,000 and NZD 37,000. As for PhD students, their expenses might be around NZD 6,000 to NZD 9,000, depending on the extent of funding they secure for their studies in New Zealand.

Top QS ranked universities in New-Zealand

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Cost of Living in New Zealand

The cost of living in New Zealand is considered to be relatively expensive compared to many other countries, particularly in terms of housing and some basic necessities. The average cost of living in New Zealand for an international student is 1,500 NZD.
 

Education Loan Options For Studying in New Zealand

Embarking on an international education journey, especially in a country as academically distinguished as New Zealand, raises an important question: can international students get student loans in New Zealand? This is an exciting prospect indeed, but with tuition fees, living expenses, and other costs to consider, financial planning becomes a crucial part of the process. Fortunately, there are various education loan options available that can help make your study abroad dream a reality. For abroad education, there are two types of loans: secured and unsecured loans, providing avenues for financial support to those looking to pursue their studies in New Zealand.

What are Secured Education Loan Options for New Zealand?

Secured education loans are those loans that require borrowers to pledge some sort of security against the loan amount. That security is known as a Collateral. It can be an immovable property or liquid assets such as fixed deposits or government bonds. Secured education loans are offered by public banks, private banks, and NBFCs, but public banks are often considered the preferable choice due to their reliability and ability to provide lower interest rates.

Secured education loan - overview

What are Unsecured Education Loan Options for New Zealand?

Unsecured education loans are those loans that do not require collateral; instead they require a co-applicant with a stable monthly income and a good CIBIL score. A co-applicant can be the applicant’s parents, siblings, or a close relative. Unsecured loans are offered by public banks, private banks, and NBFCs.

Unsecured education loan - An overview

Expenses Covered in Education Loan For New Zealand

The expenses covered under education loans by various lenders include the following - 

Study Loan For New Zealand: Eligibility Criteria

The eligibility criteria for an Indian student to secure an education loan to study in New-Zealand include the following:

• The student should be an Indian citizen.
• The minimum age of the student should be 18 years.
• The student should have secured admission to a recognized university/ college in New-Zealand.
• The student should have a good academic record.
• The student’s intended course should be a professional/ technical graduation degree course/post-graduation degree like MCA, MBA, MS, or diploma course.  

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Education Loan For New Zealand: Documents Required

The documents required for an education loan for New-Zealand depend on several factors, primarily your academic and professional history, and your co-applicants financial and credit profile.

Applicant’s documents

• Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
• Education loan application form.
• Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
• Visa documents
• Statement of expenses.
• 2 passport-size photographs.
• Loan A/C statement of one year (if applicable)
• Bank account statement of the student (if applicable)

Academic record.

• 10th standard mark sheet
• 12th standard mark sheet
• Undergraduate result (semester-wise)
• Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
• Proof of admission: admission letter (A conditional admission letter is also applicable).

Co-applicant’s documents

• Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 2 passport-size photographs.
• Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
• If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
• Legal documents of the collateral/ property documents.

Income proof for salaried co-applicant/guarantor

• Salary slips for the last 3 months.
• Copy of Form 16 of the last 2 years or copy.
• Bank account statement for the last 6 months (Salary account).
• Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.

Income proof for self-employed co-applicant/guarantor

• Business address proof.
• Last 2 years IT returns ( If IT Payee).
• TDS certificate (Form 16A, if applicable).
• Certificate of qualification (for C.A./ doctor and other professionals).
• Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
• Bank account statement for the last 6 months.

Repayment of Education Loan for New Zealand

The Repayment tenure of an education loan is one of the key factors that a student should keep in mind before selecting a lender. Most lenders require borrowers to pay simple interest or partial simple interest during the moratorium period.

New Zealand allows international students to work part-time while studying, which can help cover living expenses and reduce the need for loans.Students with a student visa can work up to 20 hours per week during the academic year and full-time during scheduled breaks. Engaging in part-time work can also provide valuable work experience and help in managing expenses and plan repayment.
 

Education Loan For New Zealand: Application Process

Securing an educational loan for New-Zealand is a simple process. Nevertheless, handling multiple lenders separately is a daunting task. To your rescue, GyanDhan is here. We provide assistance in obtaining education loans for studying in New-Zealand, with a streamlined process through the following steps:

 

Step 1: Check loan eligibility.

 

Step 2: A dedicated loan counselor will be assigned to you.

 

Step 3: Loan counselors will evaluate your profile and suggest you the lender.

 

Step 4: After starting your loan application, they will send you a customized document checklist.

 

Step 5: The lender will verify your documents, this can take up to 7-10 days. Once approved, sign the loan agreement and monitor progress through GyanDhan's user dashboard.

 

Step 6: Initiate the loan disbursement according to the lender's procedures, with funds being directly deposited into your account or to the university.

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Best Education Loan Options for New Zealand

Choosing the right lender is case-specific and depends on your priorities. First, you may check your education loan eligibility and consider the factors such as the loan amount, collateral or co-applicant requirements, interest rate, margin money, expenses covered, and repayment tenure while choosing a lender. 

• Find the minimum loan amount you need: Calculate your expenses and ensure the education loan can cover them. Consider your savings and the part-time work you may take up in New Zealand to determine the amount you need from an education loan.
• Check the lender’s list of eligible universities and courses: Ensure your course and university falls within the eligible category by the lenders. While some banks have a few universities in New Zealand on their list of premium institutions for unsecured education loans. 
• Look for special concessions: Getting admission to top universities in New Zealand, like the University of Auckland, University of Otago, Victoria University of Wellington, etc., will earn you more interest concessions and flexibility in the loan terms. Some lenders offer such concessions for courses like MBA, MS, etc. You need to look for such concessions if your academic profile is a better ranking one. 

 

Choosing the right education loan from all the choices out there is a big decision that affects your future financial planning. So, to help you navigate through all the options available, GyanDhan is here to help. We offer personalized guidance and counseling services to students. This assistance helps them choose the right lender amongst the various loan options available. From offering a tailored document checklist to acting as your personal coordinator with the lender, we have got it all covered. To start your abroad education loan journey for New Zealand, check your loan eligibility and leave the rest to us!

 

Read also:

• How to get an education loan with a low CIBIL score?
• Documents required for an education loan: A detailed guide
• How to plan your education loan repayment?
• Education loan without a parental income?

Frequently Asked Questions

Who is eligible for an education loan in New Zealand?

 

Applicants must be 18 years old or above and citizens of India. They should have gained admission to a recognized university in New Zealand, and the selected course must be valid.

What are the documents required for an education loan in NZ?

 

The necessary documents for applying for an education loan in New Zealand include:

• Entrance exam results, if applicable.
• A completed loan application form.
• Marksheets for qualifying exams.
• Results of entrance tests.
• Letter of Admission from the educational institution.
• Statement detailing the cost of education.
• Passport-size photographs of the applicant.

How much bank balance is required for a student Visa in New Zealand?

 

A minimum transfer of NZD $20,000 per year is required. However, if you are enrolled in compulsory education, which applies to children aged 6 to 16 years in New Zealand, the minimum transfer is NZD $17,000 per year.

What are the types of education loans available for New Zealand?

 

To study in New Zealand both secured and unsecured loans are available. Most public and private banks provide education loans for New Zealand. Check your loan eligibility.