Apply for Education Loans in New Zealand: For aspiring Indian students looking to pursue their dreams of studying in New Zealand, securing an educational loan is often one of the initial steps in making their overseas education dreams come true.
The Indian government, in collaboration with the Reserve Bank and the Indian Bankers Association, has put in place an all-encompassing education loan scheme that empowers candidates to obtain loans of up to Rs. 15 lakhs for their studies abroad. However, it’s important to note that loan limits can vary among different banks, with the State Bank of India setting the cap at Rs. 20 lakhs, while the Indian Bank offers a maximum limit of Rs. 25 lakhs.
Table of contents
Eligibility Criteria
To be eligible for a government education loan for studying in New Zealand, aspirants must meet specific criteria:
- Indian Citizenship: Candidates must be Indian nationals.
- Foreign University Acceptance: Admission to a recognized foreign university or institution is essential.
- Admission Confirmation: Students must have secured admission to professional or technical courses through an entrance test or selection process.
Also Read: AXIS BANK EDUCATION LOAN WITHOUT COLLATERAL FOR STUDYING ABROAD
Required Documents
Before initiating the application for an educational loan, candidates must gather the following essential documents:
- Academic transcripts for both school and undergraduate studies in India.
- Proof of admission to the chosen course.
- An expense schedule for the entire course.
- Copies of scholarship confirmation letters, if applicable.
- Documentation related to foreign exchange permits, if required.
- Two passport-sized photographs.
- Six months’ worth of bank statements for the borrower.
- Income tax assessment documents not older than two years.
- A concise summary of the borrower’s assets and liabilities.
- Proof of identity and residence if not an existing bank customer.
Expenses Covered
An educational loan covers the following expenses. Take a look at the list below:
- Examination, library, and laboratory fees
- Expenses for travelling if studying overseas
- Cost of laptop or computer
- Fees for college and hostel
- Caution deposit
- Costs associated with uniforms, books, etc
Courses Covered
The courses covered under the education loan are provided below:
- Undergraduate degrees
- Postgraduate degrees
- Doctorate programmes
- Diploma courses
- Vocational courses
- Skill development courses
Also Read: STUDENT LOAN FOR UK
Choosing the Right Bank
Selecting the right bank to offer a suitable educational loan scheme is critical. Factors to consider include whether the bank provides loans for the chosen course, loan limits, margin and security requirements, and the prevailing interest rates. Careful consideration of these factors will help you make an informed decision on securing your educational loan for studying in New Zealand.
FAQS
There are public banks and private banks that offer loans for study in New Zealand of up to 1.5 crores.
In order to qualify for a government education loan in New Zealand, students must be Indian citizens and have secured admission to a university there.
A co-applicant’s income or salary is determined by the lender. Public banks usually do not require higher-income co-applicants.
This was all about ‘How to Apply for Education Loans in New Zealand.’ Securing an educational loan for studying in New Zealand is a pivotal step for Indian students aiming to pursue their academic dreams abroad. Collaboration between the Indian government, the Reserve Bank, and the Indian Bankers Association has made funding more accessible. eligibility criteria, document preparation, understanding loan terms, and choosing the right bank are essential steps. With careful planning, students can navigate interest rates, repayment schedules, and security requirements efficiently, ensuring a successful and financially manageable educational experience in New Zealand.
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
