Education Loan for New Zealand

Education Loan / Student Loan for New Zealand

The United States of America is a hot destination for students wishing to pursue higher education and improve their career prospect. Data derived by Statista indicates that 948,519 students worldwide studied in the New Zealand only in 2022-2023. The US education system is key to this level of folks opting to study abroad, the US education system offers career oriented degrees along with high level of post-study placements. This number continues to grow due to the rising demand for jobs and high employment levels in the New Zealand. One reason for this is the high acceptance of US degrees worldwide.

Often, students who have studied and achieved a degree in the New Zealand are considered excellent candidates and receive a high level of employment. However, high demands incur high costs. The New Zealand is also known for its high tuition and living costs. Meanwhile, loans consistently bridge the gap between a good education and rising costs. In India, banks, government subsidies, and NBFCs make it easier for students to get student loan New Zealand.

Eligibility criteria of Education Loan for New Zealand

The first and foremost step after you have researched to get an abroad education loan is to prove your eligibility with the help of documents. You can create a document checklist to help with this. There are specific criteria that a prospective student must meet.

Un-Secured Loan

Student should be an Indian national
Applicant must have secured admission in their preferred college or university in the New Zealand
Co-applicant’s income should be more than Rs 4.5 LPA

Secured Loan

Student should be an Indian national
Applicant must have secured admission in their preferred college or university in the New Zealand

Note: Just a footnote for eligibility criteria.

Documents required for Education Loan for New Zealand

To start your loan process from any lender, you will need to submit the following documents:

Un-Secured Loan

Hard copy of loan application form filled on WeMakeScholars Website along with 2 passport-size photographs
Address proof - Aadhar card, Voter ID card, Bank passbook front page copy, Passport, Telephone Bill, Electricity Bill (any 2 if current and permanent address are different)
Proof of Identity - PAN Card, Aadhar card, Passport of the applicant, Election Commission ID card, Ration card with photo, for the person whose photo is affixed
Statement of assets and liabilities, verified by the lenders team
Salary and personal bank account statement of the co-applicant of the last 6 months. If self employed, then statement should reflect business transactions of last 1 year
Proof of admission into the course (showing the course duration)
Scorecard of qualifying examinations like GRE, TOEFL, IELTS etc (whichever required)
Fees details and payment deadlines as given by the college or university.
Proof of address of the business
Last 3 years Income Tax Returns
Profit & loss statement and balance sheet of last 3 years
Last 2 years Income Tax Returns
Form 16 details of last 2 years

Secured Loan

In addition to Unsecured loan you will require below documents:
Registered sale agreement / Gift Deed
Registration receipt of the agreement
Property title deed
Building plan or plot’s layout copy approved by the municipality
Latest property tax receipt and an electricity bill

Note: Only self-attested documents will be acceptable.

Expenses Covered in Education Loan

Always verify what other expenses, including tuition, you cover. There are numerous more things for which you must watch out. Nowadays, several student loans are available to pay for expenses besides tuition. Some of the costs paid are:

Examination, laboratory fees, library
Fee expected for college and hostel
Purchase of books, instruments, equipment Travel expenses
Caution deposit, refundable deposit, building fund
Insurance premium for the student (if applicable)
Other expenses like study tours, thesis, project work
Purchase of laptop (if required for the course)

Note: Just Footnote for expenses.

Cost of living in New Zealand

Perticulars	Cost(Monthly)
Off-Campus Accommodation	$ 525
On-Campus Accommodation	$ 870
Transportation	$ 70
Food Cost	$ 570
Utility Cost	$ 180
Entertainment	$ 48
Groceries	$ 52
Clothes	$ 100
Total with Off-Campus	$ 1545
Total with On-Campus	$ 1890

Popular courses to study in New Zealand

The New Zealand, as well-known, is a trendy choice among Indian students looking to further their education. While the popularity of STEM courses in the New Zealand is widespread, many universities offer a broad range of courses for students to choose from. Here are a few of the top ones:

Field	Salary(Avg.)	Top companies
Engineering	$100,640	Google, Apple, Amazon, Meta, IBM
Business & Management Studies	$85,000	McKinsey & Company, Deloitte, JPMorgan Chase
Computer Science	$110,000	Google, Facebook, Microsoft, Amazon
Medicine	$200,000	Mayo Clinic, Johns Hopkins Hospital, Cleveland Clinic
Communication & Media Studies	$60,000	The New York Times, CNN, BBC
Politics	$80,000	National Public Radio, National Governors Association, Center for American Progress
Mathematics	$85,000	Google, Facebook, Microsoft, Amazon
Economics & Econometrics	$85,000	World Bank, International Monetary Fund, Federal Reserve Bank
Dentistry	$150,000	Delta Dental, Pacific Dental Services, Aspen Dental
Physics	$85,000	NASA, National Institute of Standards and Technology, Los Alamos National Laboratory

How to get an Education loan for New Zealand

Steps to get Un-Secured Loan

Step 1:Request a callback or fill out the common application form online to speak to your financial officer at FinForte
Step 2:Give your loan requirements and profile details to your assigned financial officer, over a call
Step 3:After your loan profile analysis, upload your documents on FinForet documents portal as per the documents checklist shared by your financial officer
Step 4:You will be informed about the progress of your loan file at every step, if required you can contact your financial officer to take updates
Step 5:Sign the necessary formalities and collect your loan sanction letter from the bank/ lender within 2-6 days of submitting the required documents as per documents checklist.

Steps to get Secured Loan

Step 1:Request a callback or fill out the common loan application form to start your loan process with Finforte.
Step 2:On receiving a callback from your assigned financial officer, give your loan requirement and co-applicant details.
Step 3:As per your loan profile analysis, choose your lender from the lenders suggested by your financial officer, also ask for the documents checklist from them.
Step 4:Upload your documents on the FinForte documents portal as per the documents checklist to start your loan process at the earliest
Step 5:Collect your education loan sanction letter from your chosen lender within 15-20 days after signing the loan agreement documents.

Note:

FAQs:

What are types of education loans available in India for study in the New Zealand?

There are two types of education loans available in India for study in the New Zealand i.e Secured and Unsecured education loans. In a secured education loan you are required to pledge collateral to take a loan against it. Whereas for an unsecured education loan, as the name suggests, you don't need to pledge any security, albeit there are certain eligibility criteria set by the lenders and only those who deem eligible will get the unsecured education loan.

What are the types of lenders offering US education loans to Indian students?

There are mainly 4 types of lenders that provide education loans to Indian students for education in the New Zealand: Government-sector banks, Private-sector banks, Non-banking financial companies (NBFCs), and International lenders.

Procedure for applying for an education loan to study in New Zealand

While applying for an education loan, students are expected to have an acceptance letter/ offer letter from any US university. Based on the lender you are going with you either have to visit the banks to submit the loan application form along with the required documents or apply directly online by uploading the document. If the loan criteria are met and the student deems eligible, the loan is sanctioned. The sanctioned letter can then be sent to the university as proof of funds which is required for an I-20.