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Explore the secured and unsecured education loans for New Zealand. See the eligibility, expenses covered, and suggestions for choosing the right education loan for New Zealand.
New Zealand is an emerging study destination known for excellent teaching practices, innovative research facilities, and top universities. With its world-class universities and diverse culture, New Zealand has become a sought-after destination for students seeking quality education and unforgettable experiences.
The average tuition fees for undergraduate programs typically range from NZD 22,000 to NZD 32,000 per academic year in New Zealand. For master's degrees, the costs are approximately between NZD 26,000 and NZD 37,000. As for PhD students, their expenses might be around NZD 6,000 to NZD 9,000, depending on the extent of funding they secure for their studies in New Zealand.
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 |
Check Your Education Loan Eligibility
The cost of living in New Zealand is considered to be relatively expensive compared to many other countries, particularly in terms of housing and some basic necessities. The average cost of living in New Zealand for an international student is 1,500 NZD.
Expense | Cost per month |
---|---|
Accommodation |
NZD800 - NZD1000 |
Travel |
NZD100 - NZD150 |
Food |
NZD 100 - NZD 150 |
Utilities |
NZD 200 - NZD 250 |
Embarking on an international education journey, especially in a country as academically distinguished as New Zealand, raises an important question: can international students get student loans in New Zealand? This is an exciting prospect indeed, but with tuition fees, living expenses, and other costs to consider, financial planning becomes a crucial part of the process. Fortunately, there are various education loan options available that can help make your study abroad dream a reality. For abroad education, there are two types of loans: secured and unsecured loans, providing avenues for financial support to those looking to pursue their studies in New Zealand.
Secured education loans are those loans that require borrowers to pledge some sort of security against the loan amount. That security is known as a Collateral. It can be an immovable property or liquid assets such as fixed deposits or government bonds. Secured education loans are offered by public banks, private banks, and NBFCs, but public banks are often considered the preferable choice due to their reliability and ability to provide lower interest rates.
Secured education loan - overview
Feature | SBI | UBI | BOB |
---|---|---|---|
Loan amount |
Up to INR 1.5 cr |
Up to INR 2 cr |
INR 1.5 cr |
10.65 - 11.15% |
9.8 - 10.15% |
10.14 - 11.15% |
|
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 |
Unsecured education loans are those loans that do not require collateral; instead they require a co-applicant with a stable monthly income and a good CIBIL score. A co-applicant can be the applicant’s parents, siblings, or a close relative. Unsecured loans are offered by public banks, private banks, and NBFCs.
Unsecured education loan - An overview
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 |
Interest rates |
11.15% - 13% |
12.5% - 14% |
Margin money |
Nil |
Nil |
10 - 15 years |
15 years |
|
Available |
Not available |
|
0.5 - 1% |
0. 5 -2% |
The expenses covered under education loans by various lenders include the following -
Cost of study | Cost of living | Other costs |
---|---|---|
Tuition fee Admission fee Examination fee Books or laptop expenses |
Accommodation or hostel fee |
Food costs Travel expenses Health insurance expenses Miscellaneous expenses |
The eligibility criteria for an Indian student to secure an education loan to study in New-Zealand include the following:
Calculate your Education Loan EMI
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
Academic record.
Co-applicant’s documents
Income proof for salaried co-applicant/guarantor
Income proof for self-employed co-applicant/guarantor
The Repayment tenure of an education loan is one of the key factors that a student should keep in mind before selecting a lender. Most lenders require borrowers to pay simple interest or partial simple interest during the moratorium period.
Lender | Repayment during the moratorium period |
---|---|
Nil or Simple interest |
|
Nil or Simple/Partial interest/EMI |
|
Simple interest/ Partial interest / EMI |
New Zealand allows international students to work part-time while studying, which can help cover living expenses and reduce the need for loans.Students with a student visa can work up to 20 hours per week during the academic year and full-time during scheduled breaks. Engaging in part-time work can also provide valuable work experience and help in managing expenses and plan repayment.
Securing an educational loan for New-Zealand is a simple process. Nevertheless, handling multiple lenders separately is a daunting task. To your rescue, GyanDhan is here. We provide assistance in obtaining education loans for studying in New-Zealand, with a streamlined process through the following steps:
Step 1: Check loan eligibility.
Step 2: A dedicated loan counselor will be assigned to you.
Step 3: Loan counselors will evaluate your profile and suggest you the lender.
Step 4: After starting your loan application, they will send you a customized document checklist.
Step 5: The lender will verify your documents, this can take up to 7-10 days. Once approved, sign the loan agreement and monitor progress through GyanDhan's user dashboard.
Step 6: Initiate the loan disbursement according to the lender's procedures, with funds being directly deposited into your account or to the university.
Check Your Education Loan Eligibility
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.
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Applicants must be 18 years old or above and citizens of India. They should have gained admission to a recognized university in New Zealand, and the selected course must be valid.
The necessary documents for applying for an education loan in New Zealand include:
A minimum transfer of NZD $20,000 per year is required. However, if you are enrolled in compulsory education, which applies to children aged 6 to 16 years in New Zealand, the minimum transfer is NZD $17,000 per year.
To study in New Zealand both secured and unsecured loans are available. Most public and private banks provide education loans for New Zealand. Check your loan eligibility.
Check Your Education Loan Eligibility
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