Overseas Education Loan to study in the New Zealand
New Zealand is an emerging study destination, offering excellent teaching, innovative research, and top universities. Its world-class institutions and diverse culture make it a popular choice for students seeking quality education and memorable experiences.
Cost of Studying in New Zealand
In New Zealand, undergraduate tuition fees range from NZD 22,000 to NZD 32,000 per year, while master’s programs cost between NZD 26,000 and NZD 37,000. PhD students typically pay NZD 6,000 to NZD 9,000, depending on available funding.
Top QS ranked universities in New-Zealand
| University | QS Ranking 2023 |
|---|---|
| The university of Auckland | 87 |
| University of Otago | 217 |
| Victoria University of Wellington | 275 |
| University of Canterbury | 284 |
| Massey University | 292 |
Cost of Living in New Zealand
The cost of living in New Zealand is relatively high, especially for housing and basic necessities. On average, international students spend around 1,500 NZD per month.
| Expense | Cost per month |
|---|---|
| Accommodation | NZD800 - NZD1000 |
| Travel | NZD100 - NZD150 |
| Food | NZD 100 - NZD 150 |
| Utilities | NZD 200 - NZD 250 |
Education Loan Options For Studying in New Zealand
When studying in New Zealand, international students can access education loans to cover tuition, living expenses, and other costs. There are two main types of loans: secured and unsecured, offering financial support for students aiming to pursue their education abroad. Financial planning is key to making your study abroad dream a reality.
What are Secured Education Loan Options for New Zealand?
Secured education loans require borrowers to pledge collateral, such as immovable property or liquid assets like fixed deposits or government bonds. These loans are offered by public banks, private banks, and NBFCs, with public banks being the preferred choice due to their reliability and lower interest rates.
| Feature | SBI | UBI | BOB |
|---|---|---|---|
| Loan amount | Up to INR 1.5 cr | Up to INR 2 cr | INR 1.5 cr |
| Interest rate | 10.65 - 11.15% | 9.8 - 10.15% | 10.14 - 11.15% |
| Margin money | 10 - 15% | 10 - 15% | Nil |
| Repayment tenure | 15 years | 15 years | 15 years |
| Processing fees | INR 10,000 + GST | INR 5,000 | INR 10,000 + GST |
What are Unsecured Education Loan Options for New Zealand?
Unsecured education loans do not require collateral but require a co-applicant with a stable income and a good CIBIL score. The co-applicant can be a parent, sibling, or close relative. These loans are available from public banks, private banks, and NBFCs.
| Feature | Private banks (ICICI Bank, Axis Bank, IDFC First Bank) | NBFCs (HDFC Credila, InCred) |
|---|---|---|
| Loan amount | Up to INR 40 Lakh | Up to INR 30 Lakh |
| NZ student loan Interest rates | 11.15% - 13% | 12.5% - 14% |
| Margin money | Nil | Nil |
| Repayment tenure | 10 - 15 years | 15 years |
| Tax benefits | Available | Not available (Except HDFC Credila) |
| Processing fees | 0.5 - 1% | 0. 5 -2% |
Expenses Covered in Education Loan For New Zealand
The expenses covered under education loans by various lenders include the following –
| Cost to Study | Living Expenses | Other Costs |
|---|---|---|
| Tuition fee | Accommodation or hostel cost | Food costs |
| Admission fee | Travel expenses | |
| Examination fee | Health insurance expenses | |
| Books or laptop expenses | Miscellaneous expenses |
Study Loan For New Zealand: Eligibility Criteria
Eligibility criteria for an Indian student to secure an education loan for studying in New Zealand:
The student must be an Indian citizen.
The student must be at least 18 years old.
The student must have secured admission to a recognized university or college in New Zealand.
The student should have a good academic record.
The course should be a professional or technical degree, such as MCA, MBA, MS, or a diploma.
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).
Education loan application form.
Address proof (recent utility bills/Driving License/Aadhaar).
Visa documents.
Statement of expenses.
2 passport-size photographs.
Loan A/C statement (if applicable).
Bank statement (if applicable).
Proof of admission (admission letter).
Co-applicant’s documents
Identity proof (PAN/Passport/Driver's License/Voter ID).
Address proof (recent utility bills/Driving License/Aadhaar).
2 passport-size photographs.
Bank statement (last 6 months).
Loan A/C statement (if applicable).
Legal documents for collateral (if any).
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
Repayment tenure is a crucial factor when selecting a lender for an education loan. Most lenders require borrowers to pay simple interest or partial interest during the moratorium period.
| Lender | Repayment during the moratorium period |
|---|---|
| Public Banks | Nil or Simple interest |
| Private Banks | Nil or Simple/Partial interest/EMI |
| NBFCs | Simple interest/ Partial interest / EMI |
New Zealand allows international students to work part-time while studying, helping cover living expenses and reduce loan reliance. Students on a student visa can work up to 20 hours per week during the academic year and full-time during breaks. Part-time work also offers valuable work experience and aids in managing expenses and planning repayment.
Education Loan For New Zealand: Application Process
Securing an education loan for New Zealand is a straightforward process, but managing multiple lenders can be challenging. To simplify this, expert assistance is available to guide you through the process with ease.
We assist in securing education loans for studying in New Zealand through a simple, streamlined process:
Step 1: Check loan eligibility.
Step 2: A dedicated loan counselor will assist you.
Step 3: The counselor evaluates your profile and recommends a lender.
Step 4: Receive a customized document checklist after starting the application.
Step 5: Once documents are verified (7-10 days), sign the loan agreement and track progress on the dashboard.
Step 6: Loan disbursement is initiated, with funds directly deposited into your account or university.
Best Education Loan Options for New Zealand
Choosing the best education loan for studying in New Zealand depends on factors like loan amount, collateral or co-applicant requirements, interest rates, and repayment terms.
Here's what to consider:
Calculate the loan amount needed, factoring in expenses, savings, and potential part-time work.
Ensure your university and course are eligible for the loan.
Look for special concessions, especially for top universities or high-ranking courses.
Frequently Asked Questions
Applicants must be Indian citizens, at least 18 years old, with admission to a recognized university in New Zealand and a valid course selection.
Documents required for an education loan in New Zealand include:
For a student visa in New Zealand, a minimum of NZD $20,000 per year is required. For compulsory education (ages 6-16), the minimum is NZD $17,000 per year.
For studying in New Zealand, both secured and unsecured education loans are available through public and private banks. Check your loan eligibility.
Overseas Education Loan to study in the New Zealand
New Zealand is an emerging study destination, offering excellent teaching, innovative research, and top universities. Its world-class institutions and diverse culture make it a popular choice for students seeking quality education and memorable experiences.
Cost of Education in New Zealand
In New Zealand, undergraduate tuition fees range from NZD 22,000 to NZD 32,000 per year, while master’s programs cost between NZD 26,000 and NZD 37,000. PhD students typically pay NZD 6,000 to NZD 9,000, depending on available funding.
Top QS ranked universities in New-Zealand
| University | QS Ranking 2023 |
|---|---|
| The university of Auckland | 87 |
| University of Otago | 217 |
| Victoria University of Wellington | 275 |
| University of Canterbury | 284 |
| Massey University | 292 |
Cost of Living in New Zealand
The cost of living in New Zealand is relatively high, especially for housing and basic necessities. On average, international students spend around 1,500 NZD per month.
| Expense | Cost per month |
|---|---|
| Accommodation | NZD800 - NZD1000 |
| Travel | NZD100 - NZD150 |
| Food | NZD 100 - NZD 150 |
| Utilities | NZD 200 - NZD 250 |
Education Loan Options For Studying in New Zealand
When studying in New Zealand, international students can access education loans to cover tuition, living expenses, and other costs. There are two main types of loans: secured and unsecured, offering financial support for students aiming to pursue their education abroad. Financial planning is key to making your study abroad dream a reality.
What are Secured Education Loan Options for New Zealand?
Secured education loans require borrowers to pledge collateral, such as immovable property or liquid assets like fixed deposits or government bonds. These loans are offered by public banks, private banks, and NBFCs, with public banks being the preferred choice due to their reliability and lower interest rates.
| Feature | SBI | UBI | BOB |
|---|---|---|---|
| Loan amount | Up to INR 1.5 cr | Up to INR 2 cr | INR 1.5 cr |
| Interest rate | 10.65 - 11.15% | 9.8 - 10.15% | 10.14 - 11.15% |
| Margin money | 10 - 15% | 10 - 15% | Nil |
| Repayment tenure | 15 years | 15 years | 15 years |
| Processing fees | INR 10,000 + GST | INR 5,000 | INR 10,000 + GST |
What are Unsecured Education Loan Options for New Zealand?
Unsecured education loans do not require collateral but require a co-applicant with a stable income and a good CIBIL score. The co-applicant can be a parent, sibling, or close relative. These loans are available from public banks, private banks, and NBFCs.
| Feature | Private banks (ICICI Bank, Axis Bank, IDFC First Bank) | NBFCs (HDFC Credila, InCred) |
|---|---|---|
| Loan amount | Up to INR 40 Lakh | Up to INR 30 Lakh |
| NZ student loan Interest rates | 11.15% - 13% | 12.5% - 14% |
| Margin money | Nil | Nil |
| Repayment tenure | 10 - 15 years | 15 years |
| Tax benefits | Available | Not available (Except HDFC Credila) |
| Processing fees | 0.5 - 1% | 0. 5 -2% |
Expenses Covered in Education Loan For New Zealand
The expenses covered under education loans by various lenders include the following –
| Cost to Study | Living Expenses | Other Costs |
|---|---|---|
| Tuition fee | Accommodation or hostel cost | Food costs |
| Admission fee | Travel expenses | |
| Examination fee | Health insurance expenses | |
| Books or laptop expenses | Miscellaneous expenses |
Study Loan For New Zealand: Eligibility Criteria
Eligibility criteria for an Indian student to secure an education loan for studying in New Zealand:
- The student must be an Indian citizen.
- The student must be at least 18 years old.
- The student must have secured admission to a recognized university or college in New Zealand.
- The student should have a good academic record.
- The course should be a professional or technical degree, such as MCA, MBA, MS, or a diploma.
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).
- Education loan application form.
- Address proof (recent utility bills/Driving License/Aadhaar).
- Visa documents.
- Statement of expenses.
- 2 passport-size photographs.
- Loan A/C statement (if applicable).
- Bank statement (if applicable).
- Proof of admission (admission letter).
Co-applicant’s documents
- Identity proof (PAN/Passport/Driver's License/Voter ID).
- Address proof (recent utility bills/Driving License/Aadhaar).
- 2 passport-size photographs.
- Bank statement (last 6 months).
- Loan A/C statement (if applicable).
- Legal documents for collateral (if any).
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
Repayment tenure is a crucial factor when selecting a lender for an education loan. Most lenders require borrowers to pay simple interest or partial interest during the moratorium period.
| Lender | Repayment during the moratorium period |
|---|---|
| Public Banks | Nil or Simple interest |
| Private Banks | Nil or Simple/Partial interest/EMI |
| NBFCs | Simple interest/ Partial interest / EMI |
New Zealand allows international students to work part-time while studying, helping cover living expenses and reduce loan reliance. Students on a student visa can work up to 20 hours per week during the academic year and full-time during breaks. Part-time work also offers valuable work experience and aids in managing expenses and planning repayment.
Education Loan For New Zealand: Application Process
Securing an education loan for New Zealand is a straightforward process, but managing multiple lenders can be challenging. To simplify this, expert assistance is available to guide you through the process with ease.
We assist in securing education loans for studying in New Zealand through a simple, streamlined process:
- Step 1: Check loan eligibility.
- Step 2: A dedicated loan counselor will assist you.
- Step 3: The counselor evaluates your profile and recommends a lender.
- Step 4: Receive a customized document checklist after starting the application.
- Step 5: Once documents are verified (7-10 days), sign the loan agreement and track progress on the dashboard.
- Step 6: Loan disbursement is initiated, with funds directly deposited into your account or university.
Best Education Loan Options for New Zealand
Choosing the best education loan for studying in New Zealand depends on factors like loan amount, collateral or co-applicant requirements, interest rates, and repayment terms.
Here's what to consider:
- Calculate the loan amount needed, factoring in expenses, savings, and potential part-time work.
- Ensure your university and course are eligible for the loan.
- Look for special concessions, especially for top universities or high-ranking courses.
Frequently Asked Questions
Applicants must be Indian citizens, at least 18 years old, with admission to a recognized university in New Zealand and a valid course selection.
Documents required for an education loan in New Zealand include:
For a student visa in New Zealand, a minimum of NZD $20,000 per year is required. For compulsory education (ages 6-16), the minimum is NZD $17,000 per year.
For studying in New Zealand, both secured and unsecured education loans are available through public and private banks. Check your loan eligibility.