Education Loan for New Zealand
New Zealand has top universities, high-quality education, job opportunities, post-study work opportunities, and beautiful landscapes. If you are preparing to study abroad in New Zealand, the initial step would be to manage your financial expenses.
Concerned about your funding? Don’t worry! On this page, we will assist you with everything related to funding your study-abroad dream in New Zealand.
Why Study in New Zealand?
Studying abroad in New Zealand comes with numerous benefits. Some of the top benefits are:
- New Zealand universities are ranked in the top 2% in the world
- The country is ranked 4th most peaceful country in the world
- Excellent quality of education with a wide number of courses
- Depending on their length of program, international students can easily get 3 years of post-study work visa
Cost of Studying in New Zealand
If you are interested in studying in New Zealand, you would need an approximate study cost for your budget planning. The average expenditure of studying in New Zealand is:
| Degree | Average Tuition Fee |
|---|---|
|
Undergraduate |
NZD 20,000 – 40,000 |
|
Postgraduate |
NZD 20,000 – 45,000 |
|
Doctoral |
NZD 6,500 – 75,000 |
Note: Fees can be higher for subjects of medicine and veterinary science.
Secured vs Unsecured Education Loan for New Zealand
Secured Education Loan
Secured loans are when borrowers deposit their property, fixed deposits, or investment accounts as security. This security is also known as collateral. Public or Private banks and NBFCs offer secured education loans.
SBI Bank
- Loan Amount
- Minimum: INR 7.5 Lakhs
- Maximum: INR 1.5 Crores
- Processing Fee – INR 10,000 per application
- Rate of Interest – 11.15%
Bank of Baroda
- Loan Amount- Maximum: INR 1.5 Crores
- Processing Fee –1% of the Loan Amount (Max 10,000)
- Rate of Interest –9.40% – 13.70%
Unsecured Education Loan
An unsecured education loan without collateral doesn’t require any security as collateral. The loan is approved based on the borrower’s credit history. Private banks, NBFCs, and international lenders offer unsecured education loans for studying abroad.
Axis Bank
- Loan Amount
- Minimum: INR 50,000
- Maximum: INR 75 Lakhs
- Processing Fee – 2% of the Loan Amount + GST
- Rate of Interest –11% – 13.50%
ICICI Bank
- Loan Amount
- Minimum: INR 1 Lakhs
- Maximum: INR 3 Crores
- Processing Fee –2% of the Loan Amount
- Rate of Interest –9.50% – 14.25%
HDFC Credila
- Loan Amount – Maximum: INR 45 Lakhs
- Processing Fee –1.5% of the Loan Amount + GST
- Rate of Interest –10.5% – 14%
Avanse
- Loan Amount – Maximum: 100% COA
- Processing Fee –1-2% of the Loan Amount
- Rate of Interest –10.75% onwards
MPOWER Financing
- Loan Amount – Maximum: US $100,000
- Processing Fee – 5% added to Loan Amount
- Rate of Interest – 12.99% onwards
Prodigy Finance
- Loan Amount
- Minimum: US $10,000
- Maximum: 100% COA
- Processing Fee –5% of the Loan Amount
- Rate of Interest – 14.96%
Eligibility Criteria for Education Loan for New Zealand
Before you apply for a loan, you should check the eligibility criteria. The basic eligibility criteria for education loans in New Zealand are outlined below:
- The student must be an Indian citizen
- Student must be 18 years of age (if not, then must have a parent or guardian who can apply for the loan)
- The student should have secured admission to a New Zealand university/college
Documents Required for Education Loan for New Zealand
Every bank/lending institution has different requirements for documents according to the type of loan they offer. The basic required documents are as follows:
- Loan application form
- Academic transcripts
- IELTS, GRE, GMAT, TOEFL, test scores
- KYC documents such as Aadhar card, Driving license, passport, etc
- Bank statements for the last 6 months
- Address & Income proof
- Passport size photographs
How can Nomad Credit Assist you with an Education Loan for New Zealand?
- Nomad Credit can assess your financial background and academic profile to determine which loan would best suit you
- Our top experts and counselors can help you with customized loan options
- We are partnered with top banks and financial institutions, making it easier for you to access loan options
- Our experts can provide you with step-by-step assistance from filling up your application form to visa and SOP assistance
Frequently Asked Questions
Can I get a 100% loan to study abroad in New Zealand?
Yes, some private and public banks, NBFCs, or international lending institutions cover 100% of the expense of studying abroad.
What is the minimum balance required for a New Zealand student visa?
You must have NZD 20,000 per year of tertiary or NZD 1,667 per month if the study duration is less than 1 year.
Who is eligible for an education loan for studying in New Zealand?
Any student who is 18 years of age or has a confirmed admission letter from a New Zealand university is eligible to apply for an education loan for New Zealand.
What documents are required to apply for an education loan to study in New Zealand?
Loan application forms, Academic transcripts, IELTS, GRE, GMAT, TOEFL, test scores, KYC documents, Bank statements, Address & Income proof, and Passport size photographs.
What is the general repayment period for a loan?
The repayment period of a loan varies depending on the bank and lender, but it can usually range from 5 to 15 years.
