Easy way to find your
Loan Provider in New Zealand

New Zealand has almost 106,000 overseas students despite being a small island nation. In fact, Indian students account for one out of every five international students in New Zealand. India has the second-largest number of overseas students in the country, after China. In science, commerce, and the humanities, all of New Zealand's universities offer a diverse choice of disciplines for undergraduate, master's, and doctoral (PhD) degrees.

International college students may probably pay roughly NZ$22,000-32,000 (US$14,900-21,700) each year, with additional costs for areas like pharmacy and veterinary science. The majority of graduate degrees are three years long. Here are some examples of expenses for different study abroad programmes in New Zealand:

Tuition for a semester in New Zealand with a third-party supplier in US dollars:

$13,675 ISA Study Abroad in Wellington
TEAN: Dunedin Study Abroad: $14,550
$17,995 for AIFS Study Abroad in Wellington

Direct enrollment tuition in USD for a semester in New Zealand is:

$12,575 at the University of Canterbury in Christchurch (2020)
$8,000 at Victoria University in Wellington (2019)
Hamilton's University of Waikato: $8,500

Your capacity to organise your finances is one of the most important components of the overall process. Several banks, NBFCs, and foreign banks have recognised this problem and have responded by providing student loans in New Zealand to foreign students who aspire to study there.

Once you’ve submitted your application to the university of your choice, arranging for funds would be the next step so that you can show the university that you have sufficient funds to manage your expenses as an international student. Since the whole loan acquisition process is cumbersome, it is advisable to start early and get it sanctioned as soon as possible. The following steps will help you with your student loan debt in New Zealand-

- Decide on the course you want to take and the university where you want to study
- Estimate your loan amount based on the elements you'd want your loan to cover
- Research on Interest rates
- Make a list of the documents needed 
- Apply for the loan 
- Decide your repayment tenure
- Consult certified banks
- Determine the disbursement time

UniCreds provides students with a list of documents based only on their profile and that of their co-applicant, as well as any property or asset they may pledge as collateral. However, below are some of the necessary paperwork for obtaining a student loan in New Zealand.

KYC Documents: Aadhar Card, PAN Card, and Passport

Academic Documents: Certificates, S.S.C. and H.S.C. Marksheets, Degree Courses, Copy of Institute Admission Letter with Fees Schedule, Qualifying test documents (GRE, IELTS, etc)

Financial Documents: Statements from the borrower's bank accounts, a bank's one-year statement, and a guarantor's proof of income

An education loan can cover all your educational expenses that include your tuition fees, on-site or off-site accommodation, transportation costs, books, library fees, courseware, and other miscellaneous expenses. The expense of college has been significantly growing in recent years, and students sometimes struggle to afford their abroad education on their own. On average, students graduate with a debt of $132,860 (£101,505). For someone who is just starting their job, this is a significant amount to pay off. This is when a student loan comes in handy. For university graduates, an education loan is the most reliable source of funding. Students can get up to 100% funding from UniCreds to cover their tuition and living expenses. Furthermore, interest paid on UniCreds education loans is completely deductible under Section 80E of the Income Tax Act of 1961. This will help to reduce the cost of studying overseas.

A Student loan for New Zealand is divided into two types based on the level of protection the candidate is willing to provide.

Secured Loans: Applicants for secured education loans must promise specific kinds of assets as security or collateral for their educational loans. Some of India's biggest lenders of secured overseas education loans are government or public banks. Secured loans are one of the most favourable school loan plans for individuals looking to obtain a student loan to study in France.

Unsecured Student Loans: Applicants for unsecured education loans do not have to put up any collateral. NBFCs, or non-banking financial institutions, supply the majority of unsecured education loans (Non-Banking Finance Companies). These loans are often taken out by students who do not have any assets with which to secure a loan.

Hundreds of banks provide a diversity of education loans for international studies. It's like looking for a needle in a haystack when it comes to getting the right education among hundreds of possibilities. This is why you should begin your study well ahead of time so that you have enough time to consider all of the possibilities available. Besides that, there are a few more factors to consider while selecting an education loan:

1. Calculate The Loan Amount:

Before you begin the application procedure for an education loan, you must first determine the loan amount. You must decide whether you want a loan that encompasses the entire expense of your tuition or a loan that covers only a portion of the cost and requires you to pay the remainder out of pocket.

2. Interest Rates Research:

Should be researched because lenders charge varying rates based on your profile, loan tenure, collateral, and other criteria. Finding the lowest interest rate on a student loan may not necessarily be the best decision for you. So do your homework on interest rates and other terms and conditions that apply to a student loan.

3. Choose a longer repayment term:

By choosing a longer amortisation term, you are effectively extending out your EMIs over a prolonged period of time. This will make it much easier for you to pay back the loan in a stress-free manner. However, if you have adequate resources, opting for a loan with a relatively short term can save you a significant amount of money.

4. Approach banks that have been certified:

If you take out an education loan from a government-approved bank, you can save money on your taxes. Section 80E of the Income Tax Act allows applicants to claim a reduction for interest paid on a bank-issued school loan.

5. Keep A Record Of Additional Spending:

Tuition will account for a large portion of your school costs. Apart from that, other charges such as on-site or off-site lodging, transportation costs, books, library fees, and courseware can add up quickly. When calculating the amount of your student loan, factor in the cost of these extras.

UniCreds makes securing college loans easier than any other platform. Here are a few reasons why UniCreds is the greatest alternative for receiving a student loan in New Zealand:

- Up to 100% assistance that covers tuition and living expenses
- There is no money on the margin.
- In the event of an emergency or unique demand, swift sanctions are necessary.
- Financing solutions tailored to your needs
- A comparison of student loans.