Education Loan for New Zealand

Eligibility Criteria for New Zealand Education Loan

Many Banks and NBFCs provide Education loans to students wanting to study in New Zealand. To be eligible for it, you must fulfil the following eligibility criteria.

• The applicant must be an Indian.
• The applicant must secure admission or have already applied to a recognized university/college in New Zealand.
• The financial institution must recognize the degree/course.
• The Co-Applicant must be an Indian and should have an earning source.
• The Co-Applicant can be your parents, grandparents and siblings (as mandated by New Zealand Embassy)

Documents required for New Zealand Study Loan

The applicant must share these documents to obtain an education loan in India. Almost all financial institutions have similar requirements regarding the documentation part. Depending on the applicant's profile, they may ask you for more documents, but here are the common list of documents.

UnSecured Study Loan by Indian Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant

Secured Study Loan by India Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant
• Collateral documents such as Property registration or Fixed Deposit receipts

Things that an New Zealand Education loan covers

To Study in New Zealand, a student has to bear many mandatory expenses, such as

• University/College Fees (NZ$22,000 - NZ$37,000)
• Living Expenses
• Health Insurance
• Travel Expenses (One-way flight costs about NZ$1500)
• Other research, thesis, and project-work-related expenses (vary)

Types of New Zealand Education Loan

Before choosing between an UnSecured and Secured Education Loan for New Zealand, please consult your University regarding the requirements. Some Universities do not accept UnSecured Loans, and some take only particular banks. Pre-visa disbursement is offered by many private Banks and NBFCs if required.

Tips for Choosing the Best Education Loan for New Zealand

Choosing the best education loan for Study in the New Zealand is important to avoid stress and save on your funds. Here are some tips to ace the Education Loan journey.

• Choose the right repayment method - Make a wise decision when choosing the best applicable repayment method. A small change in repayment method can help you save more than Rs 5 Lacs.
• Go for an Indian Lender if eligible - If you have a good-earning Co-Applicant, go for an Indian Bank or NBFC instead of an International Lender to save on interest rates and processing fees.
• Cross-Check the Sanction Conditions - Before paying the processing fees, cross-check the Sanction Conditions. Some conditions include proof of funds or a fixed deposit.
• Confirm the Moratorium period - Check with the Lender Representative to confirm the Moratorium and grace period. The grace period ranges from 0 to 12 months based on the Loan Terms and Conditions.
• Apply to multiple banks/NBFCs for the best offer: Always apply to at least 2-3 banks/NBFCs to avoid last-minute rejection, and compare quotes from different lenders to choose the best one.

Why choose Abroad Cube for New Zealand Education Loan ?

If you are looking for an Education Loan, you are in the right place. We will help you get funds for your dream of studying in New Zealand from the world's best universities.