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Education Loan for New Zealand: Eligibility, Interest Rates, & More

education loan for New Zealand


Studying in New Zealand offers a unique experience with a world-class education system, vibrant culture, and stunning natural beauty. There are many universities in New Zealand and are home to innovative research and a welcoming community. With a range of programs and scholarships available, studying in New Zealand can be an excellent investment in your future. Students can receive different education loans when financing their education abroad in New Zealand. This blog post will provide a comprehensive guide to obtaining an education loan for New Zealand.


International Student Loan New Zealand Key Features 


International student loans in New Zealand offer various key features to assist students in financing their education. These loans typically provide funding for tuition fees, living expenses, and other educational costs, enabling international students to pursue their academic goals without financial barriers. Key features often include competitive interest rates, flexible repayment terms, moratorium period in education loans and convenient application processes, etc. The table below highlights a brief overview of the New Zealand Student Loan in India: 

Education Loan For New Zealand in India Overview
Key FeaturesDescription
Loan Limit 1 Cr – 1.5 Cr
Interest Rates10-13% 
Processing Fee1-2% 
Moratorium PeriodCourse duration + 6-12 months
Repayment Period10-15 years
Collateral Security Tangible collateral, assets, bonds, etc
Co-ApplicantParent, Guardian, Spouse, In-Laws, etc. 
Expenses Covered Tuition fees, examination fees, travel expenses, living costs, laboratory fees, etc. 


Types Of Education Loans For New Zealand 


Cost of studying in New Zealand is quite expensive. Hence its important to choose from various loan options before applying for a loan. When it comes to financing your education in New Zealand, different types of education loans are available for students.

  • One option is a secured loan, which requires collateral, such as property or investments. This type of loan typically has lower interest rates and longer repayment terms, but it also involves a higher risk for the borrower in case of default.
  • Another option is an unsecured loan, which does not require collateral but has higher interest rates and shorter repayment terms. This type of loan is suitable for students who do not have significant assets to offer as collateral.
  • A co-applicant loan is a third option, where a parent or spouse acts as a co-signer. This type of loan can provide lower interest rates and longer repayment terms, but it also involves a higher risk for the co-signer in case of default.

In addition to these types of loans, New Zealand scholarships, grants, and bursaries are available for international students in New Zealand. These options do not require repayment and can provide financial assistance to students based on merit or financial need.


Eligibility For Student Loan New Zealand For International Students


To be eligible for a student loan for New Zealand, there are certain requirements that the borrower must meet. These eligibility requirements may vary depending on the lender and the type of loan being applied for. However, some common eligibility requirements for a student loan for New Zealand include the following:

Age: The borrower must be at least 18 to apply for a student loan in New Zealand.

Citizenship/Residency: International students must have a valid student visa to be eligible for a student loan in New Zealand. New Zealand citizens and permanent residents are also eligible for student loans. 

Admission to a recognised course: The borrower must have been accepted into a recognised course of study at an approved institution in New Zealand.

Credit history: The borrower must have a good credit history, which can be demonstrated through a credit report.

Income: The borrower must have a regular source of income, either through employment or through a co-signer who has a regular source of income.

Academic performance: The borrower must maintain satisfactory academic performance throughout the study. 

It is important to note that the eligibility requirements may vary depending on the lender and the type of loan being applied for. Therefore, checking with the lender for a complete list of eligibility requirements is advisable before starting the loan application process.



Documents Required For A Study Loan New Zealand


Before applying for an education loan for study in New Zealand, students must have all the necessary documents. The list of essential documents includes: 

Document NameDescription
Filled application formCompleted form with personal details and educational background.
Two passport-size photographsRecent photographs meeting specified size and quality criteria.
Valid passportCurrent passport providing proof of identity and citizenship.
Copies of old passports if renewedPrevious passports if they have been renewed or replaced.
Proof of prior study abroadDocumentation showing previous study experiences outside of New Zealand.
Proof of payment of application fee and VAC service feeReceipts or proof of payment for the application and VAC service fees.
Completed external English Language Proficiency TestResults from an approved language proficiency test, such as IELTS or TOEFL.
Evidence of previous work and studiesCertificates, transcripts, or other records demonstrating past employment and education.
Income Tax Returns and Form 16Official tax documents verifying income and financial status.
Proof of funds to cover tuition fees and living expenses in New ZealandBank statements or other evidence of sufficient funds for education and living costs.
Documentation demonstrating relationship between student and sponsorLegal documents confirming the familial relationship between the student and financial sponsor.


How To Apply For Student Loan New Zealand Through UniCreds


If you are looking for faster and cost-effective education loan options, the you should opt for UniCreds. UniCreds has partnered with numerous financial institutions in India to help you secure quicker education loans at a lower processing fee. Follow the steps below: 

Step 1: Fill your basic details in the form provided on our website. 

Step 2: Our loan experts will review your enquiry and requirement and get back to you in a giffy. 

Step 3: Provide them with further details like the loan amount you are seeking, your university, country, and the course you are planning to study in. 

Step 4: Based on your requirements, our loan experts will present you with the customised loan options from different top financial institutions. 

Step 5: Choose the plan that best suits your needs, submit your documents, and wait for your loan to get sanctioned!  

UniCreds doesn’t charge a single penny during this process. Everything is taken care of free of cost and the only money that you need to pay is the processing fee, directly to the bank. 


Top Loan Providers For Study Loans New Zealand


Starting a journey for education abroad, particularly in a famous academic destination like New Zealand, is thrilling. Yet, it comes with expenses like tuition, living costs, and more, making financial planning vital. Luckily, many Indian banks offer course specific funding, for example, education loans to study MS in New Zealand, and many other courses to support your dream of studying abroad and taking u. These loans come in two types: secured and unsecured. Let’s compare these loan options provided by different banks in India.

Bank NameSecured LoanUnsecured Loan
HDFC CredilaINR 1 Cr.INR 1 Cr. 
ICICI Bank Education LoanINR 1.5 Cr. INR 1 Cr. 
Axis Bank Education LoanINR 2.5 Cr. INR 75 Lakhs
IDFC First Bank Education LoanINR 1.5 Cr.INR 75 Lakhs
Union Bank Education LoanINR 1.5 Cr. INR 40 Lakhs


Expenses Covered By Education Loan In New-Zealand


It’s essential to check with the specific lender or loan program for details on what expenses are covered and any limitations or restrictions that may apply. Education loans in New Zealand typically cover various expenses related to studying abroad. These may include:

  • Tuition Fees: The loan can cover the cost of tuition for the academic program.
  • Living Expenses: Funds from the loan can be used to cover living expenses such as accommodation, food, transportation, and other day-to-day costs.
  • Books and Supplies: The loan can also be used to purchase required textbooks, study materials, and other academic supplies.
  • Travel Expenses: Some loans may cover travel expenses, including airfare to and from New Zealand, as well as local transportation within the country.
  • Health Insurance: The loan may include provisions for health insurance coverage, ensuring that students have access to medical care while studying in New Zealand.
  • Miscellaneous Costs: This may include application fees, visa fees, examination fees, and other miscellaneous expenses associated with studying abroad.


Cost Of Education In New Zealand 


The New Zealand higher education costs typically include tuition fees, living costs, travel expenses, and other miscellaneous charges. Among these, tuition fees constitute the major portion of the expenditure, varying based on the type of qualification pursued and the chosen university. Here’s a breakdown of the average costs for study programs at different levels in New Zealand:

Sr. No.Study ProgramCost (in NZ$)
1.Undergraduate degree$20,500 – $25,000/year
2.Master’s degree$19,000 – $29,000/year
3.Doctoral degree$6,500 – $9,000/year
4.MBA$31,000 – $50,000/year


Funds Transfer Scheme (FTS)


Funds Transfer Scheme (FTS) in New Zealand is a scheme offered by ANZ Bank that allows applicants to transfer money (NZ$15000 annually) from banks and financial institutions overseas to the ANZ bank account of a student in New Zealand. These funds are released periodically, i.e., NZ$1,250 each month, to support the day-to-day living expenses of the students while they are in New Zealand. 

To fulfil the AIP requirements, if the applicant has shown any loan from the bank as a financial document in the visa application, they must show a loan disbursement letter, including the loan account number and loan account statement.

Once the student pays the fees from the financial sources declared in the visa application, the student will need a receipt of a wire transfer of tuition fees and living expenses to forward further to the New Zealand University and the ANZ bank, respectively. After completing the AIP requirements, the Immigration of New Zealand releases E-visa within 5 working days. 




Q1. Can I obtain a loan to study in New Zealand?

It is possible to obtain an education loan for studying in New Zealand from public and private banks, with up to 1.5 crores INR available.


Q2. Who is eligible for a student loan in New Zealand?

Indian citizens who have been admitted to a university in New Zealand can apply for an education loan.


Q3. What is the minimum income required for a student loan?

The minimum income requirement for a co-applicant varies depending on the lender, with public banks typically not requiring high-income co-applicants.


Q4. How much money do I need to finance my studies in New Zealand?

You will need sufficient funds to cover expenses such as tuition fees, 7 lakhs per annum living costs, and other miscellaneous costs, including travel expenses.


Q5. What is the minimum bank balance required for a student visa in New Zealand?

To obtain a student visa for New Zealand, you must provide evidence of access to at least 7 lakhs in the Funds Transfer Scheme (FTS). 


Q6. What is the maximum amount students can borrow from a student loan for New Zealand? 

Different banks offer different loan amounts, however, a generic range of the loan upper limit for study loans in New Zealand ranges between INR 1-1.5 Cr. 


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education loan for New Zealand

Education Loan for New Zealand: Eligibility, Interest Rates, & More

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