Education Loan for New Zealand

New Zealand universities charge around 19 to 27 lakhs per annum for undergraduate courses and 22 lacs to 32 lacs per annum for postgraduate courses. The cost of living in New Zealand is not high and it costs 6 lacs per annum for living expenses. Students need to deposit one-year living expenses in FTS before applying for a Visa.

The expenses for studying in New Zealand as well as for FTS can be arranged by taking either an unsecured education loan or a secured education loan. Analyse and choose from different types of education loans.

A secured education loan offers a lower rate of interest compared to an unsecured education loan. However, collateral is mandatory to pledge in a secured education loan.

Tips:

Try to apply to the top universities and also nominate a co-applicant that is strong financially.

The following banks offer the best-unsecured education loan schemes to study in New Zealand

• ICICI Banks
• IDFC Bank
• Axis Bank
• HDFC Credila
• Auxilo
• Incred 
• Avanse

Request a callback now to get started with an unsecured education loan with the above lenders now!

You can apply through the WeMakeScholars portal to get an unsecured education loan for New Zealand by following the below-given steps.

Step 1- Request a callback from WeMakeScholars

Step 2- A financial officer from WeMakeScholars will get back to you and will analyze your profile by asking a few basic questions

Step 3- The financial officer after analyzing your profile will send you a document uploading link where you will need to upload all the required documents. He/she will also connect you to all the eligible lenders

Step 4- The next steps in the process will be taken by the assigned lenders. However, your financial officer from WeMakeScholars too will be in touch with you throughout the process.

Step 5- You will get the loan sanctioned in the time promised by your financial officer.

When you go through a bank, your chances for an unsecured education loan sanction reduce drastically. It will also have the following disadvantages.

• Interest rates will be higher and you won’t have anyone to negotiate on your behalf
• A lot of charges like the type of interest rate will be hidden from you
• The bank will be hesitant in disburse amount for FTS
• Issues in the disbursement
• Issues in the repayment duration

WeMakeScholars is an organization that is working towards providing education loans to students wanting to pursue quality higher education in India and abroad. We are supported by the Ministry of IT, govt of India. We are also partnered with 14+ banks (Public/Pvt). Below are a few advantages of going through WeMakeScholars.

Lower Rate of Interest: Going through WeMakeScholars will reduce your interest rates by up to 2% as we are the bank's largest partner.

Faster Education Loan process: Students going through us can be sure of getting an education loan sanction within 7 working days after the submission of their documents.

Multiple lenders: We are partnered with 14+ banks and hence can provide you with a wide range of options. This can help you in comparing different education loan offers and choosing the best one for you.

Negotiation: We negotiate on behalf of lenders and make sure to get disbursement before Visa for FTS

End-to-end support: We assist students throughout the education loan process from the time of the start of the process till the repayment.

Cashback: Students going through us will receive a cashback of up to ₹3000 in their first disbursement.

Start your education loan process today by going through WeMakeScholars!

Below is a list of general documents that you will require for an education loan to study in New Zealand.

• You will be provided with an application form by the WeMakeScholars financial officer. Fill out the application form along with your signature and 2 photographs.

Required documents for applicant’s proof of identity

• Passport
• Aadhar card
• PAN card

Required documents for Proof of residence of the applicant

• Voter ID card
• Aadhar card
• Ration card
• Utility bills( Telephone bill, electricity bill)

Academic documents of the applicant

• Marksheets of 10th, 12th and degree
• Structure of the fees
• Admit proof
• Scorecard of competitive exams
• University Rank

Documents required for the co-applicant

• Bank account statement for salaried co-applicant of the last six months
• Business transactions of 1 year for self-employed co-applicant
• Personal Asset and Liability Statement

Documents required for salaried financial co-applicant

• Last 3 months' payslips
• Form 16 of last 2 years
• 2 years ITR
• ID card of the employer

Documents required for self-employed financial co-applicant

• 3 years ITR
• Balance sheet and profit and loss account
• Address proof of the business

Other required documents

• A letter from your co-applicant declaring that the leftover expenses apart from the education loan, will be borne by him/her.
• Notarised joint affidavit of the student and co-applicant in the bank’s standard format(format will be provided WeMakeScholars financial officer)
  Additional document
• Provide the receipt of any advance payment made to the university if you are looking to add that amount to the loan account
• Any pending loan account statement
• Explain in a letter, if you have had any gaps in your studies. The format of the letter will be provided by your financial officer from WeMakeScholars.

The above is a general list of documents for unsecured education loans for New Zealand. However, the exact list of required documents may differ from profile to profile, which you can know by going through WeMakeScholars.

An unsecured education loan will charge you full simple interest in the moratorium period, which you will have to pay in that duration itself. Here’s an example to know the repayment schedule for an unsecured education loan.

Suppose you have taken an unsecured education loan with the following terms.

• Loan amount- 40 lacs
• Rate of interest- 12%
• Moratorium period- 3 years(full simple interest to be paid)
• Repayment duration- 10 years after the moratorium period

Students can get up to 1.5 Cr of secured education loan to study in New Zealand at an interest rate starting from 9.2% P.A. Here are other details of a Secured Education Loan for New Zealand.

Tip: A secured education loan is great for students who are looking for a maximum amount of loan at a lower rate of interest. Look for a secured education loan through WeMakeScholars for best terms.

Go through the below lenders and select the best one for your education loan for New Zealand

• BOB
• SBI 
• Karur Vysya Bank
• Axis Bank
• IDFC Bank
• ICICI Bank
• Auxilo
• Incred
• Avanse
• HDFC Credila

Apply for a secured education loan through WeMakeScholars by following the below steps!

Step 1- Request a callback from WeMakeScholars or fill out a common application form
Step 2- A WeMakeScholars financial officer will call you and will ask you about your requirements. He/she will also ask some basic questions to check your eligibility for an education loan.
Step 3- After checking the eligibility, he/she will then send you a document uploading link or document checklist and will also connect you to suitable lenders.
Step 4- The process will be taken forward by the assigned lenders. However, you won’t need to worry as your financial officer will always be in touch with you and will clear off any doubts that you might have regarding the process.

You will obtain the loan sanction in the time promised by your WeMakeScholars financial officer.

Disadvantages of going directly through banks for a Secured Education Loan

The education loan process can get delayed when you go through banks directly.

• When you go directly through banks, your interest rates will be higher
• Inaccurate education loan process information
• Multiple visits to the bank for the complete list of documents
• Hidden charges, which you will know about only after loan sanction
• Chances of an education loan sanction will be slimmer
• The education loan process will take time

WeMakeScholars is an organization that was established with the sole aim of helping students pursue quality higher education in India or abroad by taking an education loan. We also got support from the Ministry of IT, the government of India. We are also partnered with 14+ banks(Public/Pvt) and hence can provide students with multiple options of lenders to process their education loan. Below are some of the advantages of going through WeMakeScholars.

Better interest rates: Going through WeMakeScholars automatically reduces your education loan interest rates by up to 2% as we are banks largest partner.

Faster loan sanction: We at WeMakeScholars process education loans in 50% lesser time than the banks.

End-to-end-support: We assist students from the time of the start of education loan process until the repayment of loan, even in a timezone that differs by 12hrs.

Tax benefits: We at WeMakeScholars educate students about all the tax benefits on an education loan. 

Cashback: Students going through us can get a cashback of ₹3000 on their first disbursement.

Negotiation: WeMakeScholars financial officer ensures that the banks provide funds to create an FTS.

To apply for an Education Loan with Collateral for New Zealand, you will have all the documents except the financial documents listed in the unsecured section. Along with those documents you will also need collateral documents listed below.

• Title deed
• Registered will deed, gift deed or sale agreement
• Original receipt of registration
• Allotment letter by municipal corporation/ govt. Authority
• Sale deed if you were the owner for last 30 years or 30 years link document 
• Electricity bill and property tax bill with the same address
• Municipality approved building plan or layout

The collateral documents list varies by state and hence you can check below for documents requirement according to your state.

• Hyderabad
• Tamil Nadu
• MP and Chattisgarh
• Mumbai
• Jharkhand
• Amritsar
• West Bengal
• Delhi
• Pune
• Karnataka
• Andhra Pradesh
• Kerala
• Jaipur
• Goa
• Gujarat

When you are going with secured education loan lenders for New Zealand, they won’t ask you to pay interest in the moratorium period. You will have the option of including the interest generated in the moratorium period in the following EMIs.

Let us suppose that you have taken an education loan of 20 lacs at an interest rate of 9.7% P.A. Your course duration is of 2 years and a grace period of 12 months. You will have to repay the loan in 12 years after the moratorium period.

Here’s how much you will have to pay yearly!

Students in the repayment phase come across problems such as an increase in the ROI and have no one to talk to about it. That is the reason you should process your education loan through WeMakeScholars.

Below is the list of expenses you will have to manage to study in New Zealand.

• Living expenses including 1-year FTS of living expenses
• Study costs including tuition fee, admission fee, examination fee, and expenses for books or other education-related expenses
• Travel expenses
• Miscellaneous expenses like for insurance, laptop, or computer.

These expenses can be managed by applying for scholarships or through an education loan.

Scholarships to study in New Zealand

Below is a list of the most popular scholarships which can fund your studies in New Zealand.

• Te Huarau Scholarship 2023
• Massey University Statistics Scholarship 2023
• UICC Technical Fellowships 2022
• BayTrust Bruce Cronin Scholarship 2023
• Stephen Coleman Memorial Prize 2022
• New Zealand International Doctoral Research Scholarships(NZIDRS)
• New Zealand Commonwealth Scholarships
• SEG Scholarships

Funds Transfer Scheme(FTS)

An FTS is a scheme or account where you need to deposit living expenses(7 lacs) for 1 year before applying for a Visa. This is asked by the embassy to ensure that you have enough funds for at least 1 year and you won’t have to do part-time jobs to survive in New Zealand. The amount in FTS will be credited to you each month for a span of 12 months.

Banks hesitate to transfer funds for FTS before you apply for a Visa. Hence you can go through WeMakeScholars. The financial officer from WeMakeScholars will convince the bank to disburse the living expenses for 1 year for FTS before applying for Visa.

The private, as well as public lenders, have identified certain universities of New Zealand that offer quality education. For these universities, the lenders offer special terms with a possible concession of interest rates or the full amount of the expenses.