- Undergraduate: International undergraduate students in New Zealand can expect around 13,505 - 19,700 USD ( INR 11,13,000 - 16,24,000) per year as the tuition fee amount with higher fees for subjects like veterinary science and medicine. Most of the undergraduate degrees in New Zealand take three years to complete.
- MS: In New Zealand, studying MS would cost around 23,500 - 34,500 USD (INR 20 - 30 Lakhs).
- MBA: MBA in New Zealand would cost around 21,500 - 33,400 USD (INR 18 - 28 Lakhs) for international students.
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Secured education loans: These are loans in which applicants have to provide collateral as a security. In education loans with collateral, the collateral security can be of two types:
- Tangible assets such as flats, land (non-agricultural), shops, etc.
- Intangible assets such as fixed deposits, life insurance, government bonds, etc.
- Unsecured education loans: These are study loans in which the student does not have to pledge any collateral security to the lender to get an education loan to study abroad. There has to be a co-applicant, and his/her income becomes a major factor for the loan sanction.
- For Premium institutions - 10.40%
- Others - 10.75%
- For Premium institutions - Nil
- Others - 10%
- Up to 70% of the collateral value
- Up to 80% for 4 years course and 86% for 2 years course of fixed deposits value
- Premium -10.85%
- Others - 11.5% - 12%
- Premium - Nil
- Others - 15%
- Maximum loan amount: INR 20 lakhs
- Margin money: NIL
- Moratorium period: Course years + 1 year
- Repayment tenure: 12 - 15 years
- Be an Indian citizen
- Get acceptance from a government-recognized educational institution in New Zealand
- Have a valid student visa for New Zealand
- Meet other requirements specific to the lender and type of loan chosen
- KYC documents as proof of identity, age, and address
- Academic mark sheets from class 10th onwards
- Result of entrance exams
- Offer letter or any other proof of admission
- Schedule of expenses for the course
- Passport-size photographs
- Details of the previous or existing loan if any
- PAN card
- Aadhaar - mandatory for availing the benefit of government subsidy schemes
- Security documents if applicable
- A valid passport
- Self-attested copy of VISA.
- Self-attested copies of travel documents to claim reimbursement of travel expenses.
- KYC documents as proof of identity, age, and address
- Passport-size photographs
- Details of the previous or existing loan if any
- PAN card
- Proof of income or employment or business
- Asset liability ascertaining net worth if applicable
- Tuition fees.
- Living expenses.
- Expenses related to studies.
- Travel tickets.
- Health insurance.
- Find the minimum loan amount you need: Calculate your expenses and ensure the education loan can cover them. The minimum tuition fee is around INR 20 Lakhs for various programs in New Zealand, and the living costs vary between 12,400 - 15,500 USD (INR 10 - 13 Lakhs). 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, some international lenders like Prodigy Finance and MPOWER Financing do not have education loan products for New Zealand.
- 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.
- Public banks take around 30 days to grant secured education loans since the collateral has to be evaluated prior to granting the loan.
- Private banks require 7 - 15 days to process unsecured education loan applications.
- NBFCs can take up to 7 days to process your education loan application.
- The New Zealand government data says that the cost of study varies between 12,300 - 27,700 USD (INR 10,20,000 - 20,78,000) for undergraduate and postgraduate courses.
- The average cost of living varies between 12,000 - 15,000 USD (INR 10 - 12 Lakhs), according to the University of Auckland in New Zealand.
- Interest rates are lower if the lender lists your institution.
- Public banks charge around 10% - 12% interest on secured education loans.
- Private banks offer unsecured education loans with 11% - 13% interest.
- NBFCs give education loans with 12% - 13% interest rates.
Updated on: 04 Sep 2023
New Zealand is an emerging study destination known for excellent teaching practices, innovative research facilities, and top universities. For international students, the cost of study ranges from 12,300 to 27,700 USD (INR 10,20,000 - 20,78,000) for undergraduate and postgraduate courses, with higher expenses for medical and Ph.D. degrees. Lenders offer tailored education loan options for New Zealand with flexible repayment options, competitive interest rates, and favorable terms, making it convenient for students to pursue loans for studying abroad. Educate yourself on education loans for New Zealand and make your dream of studying abroad a reality! Table of Content The cost of studying for an international student for an undergraduate, MS, or MBA program is as given below: Broadly, the education loan options to study in New Zealand fall under two categories - secured and unsecured. Let’s see the prominent secured and unsecured education loan options for New Zealand. As mentioned, secured education loans are taken against collateral security. Public banks are the best option for secured education loans for lower interest rates, interest subsidies, and tax benefits under section 80 E. The prominent public sector banks offering secured education loans to study in New Zealand include SBI, UBI, and BoB. The details of their education loan products are summarized in the table below: Features Maximum loan amount Up to INR 1.5 Cr Up to INR 1.5 Cr Up to INR 1.5 Cr Interest rate (0.50% concession for girls) 11.15% 11.40% 10% 15% Processing fee INR 10,000 + GST + Property valuation charges(around 7500 INR) INR 5,000 + GST + Property valuation charges 1% of the loan amount (up to INR 10,000 - refundable) + GST + INR 8,500 property evaluation charges Moratorium period Course period + 6 months Course period + 1 year Course period + 1 year Repayment tenure Up to 15 years Up to 15 years Up to 15 years Loan to collateral value Up to 85% of the collateral value 80% - 100% of the collateral value No worries if you don’t have collateral for an education loan. If you have a co-applicant, you can get education loans to study in New Zealand without collateral from private banks and NBFCs (Non-Banking Financial Companies). In unsecured education loans, the financial details of your co-applicant are crucial, followed by the university and course of your study. Private sector banks offer education loans to study in New Zealand if you meet the eligibility requirements set by them. Most lenders keep a list of institutes as a separate category with special interest concessions and other benefits. Top private banks you can approach for an education loan to study in New Zealand include Axis, ICICI, and IDFC First. The table below compares their education loan features. Features Maximum loan amount Up to INR 50 Lakhs Up to INR 1 Cr Up to 35 Lakhs Interest rate 11% - 11.50% 11.75% - 13.25% Margin money 5% 0% - 5% Processing fee 0.75% of the loan amount + GST 0.5% - 1% of loan amount + GST 1% - 1.5% + GST Course years + 1 year Course years + 1 year Course years + 1 year Repayment tenure 15 years from the course start 10 years from the course start 12 years from the course start Minimum co-applicant income required per month INR 35,000 INR 50,000 INR 35,000 NBFCs will give you unsecured education loans for New Zealand if you are eligible under their concerns. The primary criterion for NBFCs is the co-applicant’s income. HDFC Credila, Avanse, InCred, and Auxilo are some prominent NBFCs for education loans to study in New Zealand. See the table below for details of education loans from NBFCs to study in New Zealand: Lender Interest rate Processing fee Minimum co-applicant income per month 12% - 12.50% 1% of the loan amount + GST INR 50,000 without any obligations 12.75% - 13.25% 1.5% of the loan amount + GST INR 50,000 without any obligations 12.5% - 14% 1% -1.5% of the loan amount + GST INR 60,000 without any obligations 12.5% - 14% 1% -1.5% of the loan amount + GST INR 60,000 without any obligations For the NBFCs mentioned above some features remain the same, like: Eligibility requirements for education loans differ with lenders and applicant’s profile, but the basic requirements remains the same for all lenders. The collateral value or co-applicant’s income requirement plays a major role in determining eligibility as per your loan type. In general, the following prerequisites must be met when you apply for an education loan for New Zealand: In your application document submission is crucial to get an education loan to study abroad. The list of documents required from the student and co-applicant includes the following: The purpose of taking an education loan is to cover expenses while studying abroad. An education loan covers your academic and living expenses and additional costs per the availability of funds. The major expenses under an education loan include the following: 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. Let these be your points of reference to apply for an education loan. Remember, while it requires a minimum of INR 20 Lakhs towards the tuition fee alone, many lenders offer only up to INR 20 Lakhs in unsecured education loans to New Zealand, and you will need to find the living expenses from external funding sources. On the other hand, some lenders offer higher amounts according to your eligibility. Take your time to review the guidelines and select the most appropriate education loan. You may calculate the loan amount, estimate your monthly EMI, and take our help in finding the best education loan as we filter and suggest the best education loans for you. Get in touch with us; check your education loan eligibility now! Read more about: You can get an education loan within the shortest time possible when applying with GyanDhan. The duration of your education loan application depends on your lender, type of loan, and other factors. The easiest way you can apply for an education loan is via GyanDhan. We offer you the guaranteed best education loan. Get a document checklist and guidance throughout the loan application process without spending any consultation fee. Alternatively, you can visit your lender's website to make an online application. You may visit the nearest branch of the lender for offline applications. Ensure you meet the eligibility requirements and have documents to apply for an education loan. Calculate the total cost of study and living in New Zealand before you apply for an education loan. So a minimum of INR 20 Lakhs is a must to study in New Zealand. Learn more about education-related expenses and other admission-related facts by booking a 30-minute counseling call. Deciding on the better education loan option for New Zealand depends on your situation. However, if you have collateral to pledge on, prioritize education loans from public banks to get the maximum amount at lower interest rates. An ideal order of your priority can be public banks, private banks, and NBFCs. The interest rates for education loans vary with lenders and are influenced by factors like your course and college, type of education loan, etc. There will be Simple Interest or Partial Simple Interest during your moratorium period for lenders other than public banks. Calculate your monthly EMI using our education loan EMI calculator. 
Cost of study in New Zealand
Types of education loans for study in New Zealand
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Secured education loans for student loan New Zealand
Unsecured education loans for New Zealand
Unsecured education loans from private banks
Unsecured education loans from NBFCs
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Eligibility criteria for education loan in New Zealand
Documents required for education loans for New Zealand
Documents from the student
Documents from co-applicant
Expenses covered
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How to choose the best education loan for New Zealand?
Frequently asked questions
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Secured or unsecured, which education loan is better for New Zealand?
What are the interest rates for education loans for New Zealand?
First published date: 14 Jul 2021
About author
Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.
GyanDhan is India's first education financing marketplace.
