Education Loan for New Zealand

Get accustomed to the benefits, cost and opportunities to study in New Zealand

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Table of contents

Types of Education Loan for New Zealand

Costs Covered Under an Education Loan for New Zealand

Course Programs Covered Under an Education Loan for New Zealand

Education Expenses in New Zealand

Eligibility Criteria for Education Loan for New Zealand

Documents Required for Education Loan for New Zealand

How to Apply for an Education Loan for New Zealand

Repayment Tenures and Options for an Education Loan for New Zealand

Part-Time Jobs in New ZeZealand

Studying in renowned global colleges is a dream for many and when you get a chance to study in a country like New Zealand the journey becomes more memorable. The country is an emerging academic attraction popular for its incredible teaching practices, remarkable research facilities, and top colleges. With top-ranked colleges and a diverse culture, New Zealand has become a popular destination for those seeking academic excellence and memorable experiences. However, education expenses in New Zealand can be high. One way to meet the high cost is through an education loan for New Zealand. Getting a student loan may seem lengthy but the process is actually simple. To help you manage the cost of studying in New Zealand, many banks and NBFCs in India offer student loans at competitive interest rates.

Types of Education Loan for New Zealand

Setting off on an international education adventure, especially in a country like New Zealand, raises a significant question: What are the types of study loans for New Zealand? With tuition charges, costs of living, travel expenses, and other costs, financial planning becomes vital. There are 2 types of education loan for New Zealand that help you make your dreams come true and provide avenues for those who wish to complete their studies at a prestigious university in New Zealand:

Secured loans are those types of loans that do not need you to pledge any security or collateral against your opted loan amount. Collateral can be any asset, from immovable property to liquid assets like government bonds or FDs.

Unsecured loans are exactly the opposite of their secured counterparts. They do not need you to pledge collateral. Rather, unsecured loans need a co-applicant with a steady income and an excellent credit profile. The co-applicant has to be someone from your family.

Choosing a loan can be hassle But we make it simpler

Costs Covered Under an Education Loan for New Zealand

A study loan for New Zealand covers various expenses. The costs of studying in New Zealand that an education loan covers are:

- Examination, library, and laboratory fees
- Tuition fees
- Costs of travelling if studying overseas
- Utility bills
- Food and groceries
- Fees for college and hostel.
- Caution deposit
- Cost incurred for study materials, stationeries, essential supplies, uniforms, books, etc.
- Cost of laptop or computer
- Other relevant costs

Course Programs Covered Under an Education Loan for New Zealand

A student loan for New Zealand covers multiple courses, all of which are mentioned below:

Bachelor’s Degree Courses
Master’s Degree Courses
Doctorate Programs
Diploma Courses
Vocational Courses
Skill development Programs

Education Expenses in New Zealand

The table below outlines the cost of living and education in New Zealand:

Expenses	Cost (in NZ$)
Undergraduate degree	$20,500 – $ 25,000 per year
Master’s degree	$19,000 – $ 29,000 per year
Doctoral degree	$6,500 – $ 9,000 per year
MBA	$31,000 – $50,000 per year
Food & beverages	$136.50 per month
Clothing & footwear	$16.70 per month
Housing & household utilities	$32.20-$202.10 per month
Health	$34.90 per month
Transport	$79.50 per month
Communication	$23.80 per month

Eligibility Criteria for Education Loan for New Zealand

The eligibility requirements for a student loan for New Zealand are listed below:

You must be an Indian citizen.
You must be at least 18 years of age.
You must have been accepted as a student in a recognised university in New Zealand.
Your academic record must be excellent.
Your preferred course must be a professional/ technical graduation degree program or post-graduation course such as MCA, MBA, MS, or diploma program.

Documents Required for Education Loan for New Zealand

The documents needed for a student loan for New Zealand are based on various factors such as your academic and professional history, your co-borrowers, and their credit profile. Listed below are the documents needed for an education loan for New Zealand:

Proof of Identity: PAN/ Passport/ Driver’s License/ Voter ID card or other identity documents issued by the government
Proof of Residential Address: Utility Bills, Aadhaar Card, Passport, and Ration Card
Passport-size photos
Study loan application form

- Visa documents
- Statement of expenses
- Loan account statement for a year
- The applicant’s bank account statement
- Academic transcripts
  - - 10th and 12th mark sheets
    - Semester-wise undergraduate results
    - Results of entrance exams, such as GRE, GMAT, etc
    - Language proficiency results such as IELTS, TOEFL, CELTA, Duolingo, etc

Bank account statements for the past 6 months, if the co-borrower takes over the education loan for New Zealand.
Loan account statement of 1 year, if the co-applicant has taken loans from other banks or NBFCs
Collateral or property-related legal documents

- Salary slips for the preceding 3 months
- A copy of Form 16 for the past 2 years
- Salary account statement for the previous 6 months
- A statement of all the assets and liabilities

- Proof of business address
- Income tax returns for the past 2 years
- TDS certificate
- Qualification certificate for chartered accountants, doctors, and other such professionals
- Salary account statement for the previous 6 months

How to Apply for an Education Loan for New Zealand

Acquiring a student loan to study in New Zealand is simple. However, contacting numerous lenders to find out their offerings such as interest rates, processing charges, prepayment fees, etc. can be challenging. But you do not need to worry. Follow the steps stated below to apply for an education loan for New Zealand:

Check your eligibility on your eligibility checker tool.
Talk to one of our loan experts who will assess your profile and suggest a loan provider.
Fill in your details in the loan application form, attach the required documents and submit.
The lender will take some time to review your application. Usually, 7 to 10 days are taken for evaluation. Once your education loan for New Zealand application is approved, you will be notified.
The loan provider will disburse the amount into your bank account or directly to the university’s account.

Repayment Tenures and Options for an Education Loan for New Zealand

The repayment term of a student loan is one of the most vital factors to consider when choosing a lender. Many loan providers need you to pay the simple interest (SI) or the partial simple interest (PSI) at the time of the grace tenure. The table below outlines the repayment tenure and options for different types of lenders:

Lender	Repayment Tenure	Repayment Option
Public Banks	Up to 15 years	NIL or SI
Private Banks	Up to 15 years	NIL/SI/PSI/EMI
NBFCs	Up to 15 years	SI/ PSI/EMI

Part-Time Work in New Zealand

New Zealand lets you work part-time as an international student. Part-time job opportunities can help you cover your living costs and other small expenses. While your education loan for New Zealand covers your cost of education, you can engage in part-time work and cover other expenses.

With a student visa, you can work up to 20 hours per week during your academic session and full-time during breaks. From teaching assistant, library assistant, and other on-campus jobs to waiter, tutor, and retail sales assistant, numerous part-time jobs are available. These opportunities will help you gain valuable work experience, manage costs, and make repayment plans.

What to Do After Completing Studies in New Zealand?

After completing your studies in New Zealand, you can apply for a Post Study Work Visa, which lets you stay and work for at least 3 years. The visa is the pathway to PR (Permanent Residency) and offers incredible work opportunities to gain invaluable experience and explore various career options.

Our free tools will help you out

Our advanced tools, such as the EMI calculator and loan eligibility checker, streamline the process of obtaining quick student loans for studying abroad by eliminating complex procedures.