Student Loan for New Zealand

Student Loan for New Zealand
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New Zealand has been one of the most sought-after countries for higher education. New Zealand is an island country located south of Australia and Fiji in the South Pacific Ocean. With the second rank in the Global Peace Index 2018, New Zealand ranks among some of the safest countries to study. Being an island country and one of the last inhabited nations, New Zealand is a perfect blend of uncontaminated nature, adventure and serenity. New Zealand is home to globally recognized institutions with interactive education systems that provide perfect combinations of culture, nature and opportunities for a student.

Are you also planning to study here and therefore want to know detailed information about a student loan for New Zealand? If the answer is yes, keep reading this blog!

Why Study in New Zealand?

Student Loan for New Zealand

Here are some of the reasons why you should study in New Zealand – 

  • Quality Education – New Zealand has a diverse education system that offers a wide range of programs and courses to choose from. With the immense potential for research and substantial work benefits.
  • Career Prospects – There are many big companies like Fonterra, ASB, IBM, Millennium, Spark NZ and Fisher and Paykel Healthcare located in New Zealand which offer better career opportunities.
  • Safety – New Zealand is a very safe and secure country for international students and therefore, provides a safe and friendly environment for students living alone in a new country.

You can choose the course and university of your choice with the help of AI Course Finder.

Student Loan For New Zealand

Students who are confident about their study plans in New Zealand and have received an offer letter from their preferred college or university should now look into student loans offered by banks and their terms. This will help them shortlist banks that fit their needs which will make the process easier.

Eligibility For Student Loans For New Zealand

There are some conditions that a student must meet in order to be eligible for a loan to study in New Zealand. Mentioned below are the eligibility criteria:

  • Students must be a citizen of India.
  • Educational accreditation and proof of eligibility.
  • Students must have a legitimate New Zealand student visa.
  • You should be able to repay the loan and therefore have sufficient bank balance at the time of application request. This amount is usually around 8 lakh at the time of application.

With UniConnect, you can stand a chance to be part of the world’s first and largest online university fair, where you can get in direct contact with a representative of the university of your choice.

Documents Required For Student Loan For New Zealand

Before applying for a student loan, applicants should make sure that they have the following documents ready.

  • PAN Card
  • Bank statements (recent)
  • Residence Proof
  • TOEFL or IELTS or PTE scores
  • Aadhar Card or Passport or Driving Licence or Voter ID
  • PIO or NRI Identification bills (if applicable)
  • Admission Letter
  • SAT or ACT or GRE or GMAT scores
  • Visa
  • Immigration letters
  • Collateral Documents 
  • Class 10th and 12th mark sheets
  • Scholarship or Foreign education records (if applicable)

Have you not started preparing for IELTS/TOEFL/GMAT/GRE yet? Register on Leverage Live today to score well in these exams.

Types of Student Loans For New Zealand

Student Loan for New Zealand

Career Education Loan New Zealand

This type of loan is available for those students who want to pursue career-oriented programs like technical education.

Undergraduate Education Loan New Zealand

This type of loan is available for all students who want to study undergraduate programs for 3 or 4 years in New Zealand.

Graduate Education Loan

This student loan is available for those students who are willing to pursue their advanced degrees abroad.

Pre-admission Loans

In addition, to studying costs, this type of loan also includes airfare, travel costs abroad and the costs of admission procedures before the beginning of the course, such as guarantees and student deposits. Only those students studying abroad can avail the services under this type of New Zealand education loan.

Consolidation Loans 

Consolidation loans cover all educational expenses, including housing, deposits, insurance, books, travel, tuition, exams, and educational supplies. These loans also offer the ability to connect to loans from other banks through any channel in return for a small processing fee.

Bridge Loans

Bridging loans are the types of loans that cover pre-application processes such as exams, job applications, job interviews, and study trips. The loan is granted at a reasonable interest rate.

Secured Loans

Secured loans require the student to provide an asset as collateral or security. They are usually provided by recognized public or government banks. They are a popular student loan option in New Zealand. 

Unsecured Loans

Unlike secured loans, unsecured loans do not require the student to maintain collateral with the bank. They are typically provided by private commercial banks and non-bank financial companies (NBFCs). They are usually chosen by students who have no assets to serve as collateral for a loan.

Contact Leverage Edu experts for help in writing an engaging SOP and student visa.

Banks Offering Student Loan For New Zealand

Mentioned below are some of the banks that offer student loan for New Zealand. Make sure you go through in detail of these in order to take an informed decision according to your preference.

Avanse Education Loan

Loan amountUpto ₹1Cr (Collateral)
Upto ₹30 Lakh (Without Collateral)
Processing fee1.1-1.5% 
Loan tenure10 Years
Margin moneyNil
Prepayment chargesNil


  • Up to 100% finance 
  • Flexible repayment options
  • No margin money 
  • Customised student loans
  • A student loan that covers tuition costs, accommodation
  • No fixed loan amount

ICICI Bank Education Loan

Loan amountUpto ₹1Cr (Collateral)
Upto ₹40 Lakh (Without Collateral)
Processing fee1% onwards + GST
Loan tenure12 Years
Margin moneyNil
Prepayment chargesNil


  • All expenses covered 
  • No margin money 
  • Disbursement perks
  • No co-applicant

State Bank of India Education Loan

Loan amountUp to ₹ 20 lakh (Collateral)
Up to ₹ 7.5 lakh (Without Collateral)
Processing feeNil 
Loan tenure15 Years
Margin moneyUp to ₹ 4 lakh – Nil
Above ₹ 4 lakh – 15%
Prepayment chargesNil


  • Covers tuition fees
  • Examination, library, lab fees, living expenses, round-trip travel, study material or anything related to studies
  • A premium of ‘RiNn Raksha’ insurance coverage

Axis Bank Education Loan

Loan amountNo Upper Limit (Collateral)
Upto ₹40 Lakh (Without Collateral)
Processing fee0.38-0.75% + GST
Loan tenure15 Years
Margin moneyNil
Prepayment chargesNil


  • Flexible loan amounts
  • Easy and quick disbursements
  • Pre-admissions sanction
  • Low tax rate
  • Options for refinancing
  • Without Collateral

HDFC Credila Education Loan

Loan amountUp to ₹50 Lakh (Without Collateral)
Exceptional cases – up to 1 Crore
Processing fee1-1.2% 
Loan tenure14 Years
Margin moneyNil
Prepayment chargesNil


  • No margin money 
  • Assistance during loan disbursements
  • Pre-Visa loan disbursement 
  • Customization options 
  • Expedited approval in emergency cases 
  • Flexibility for co-borrower 
  • Benefits of income tax 
  • Pre-admission education loan sanction

Auxilio Education Loan

Loan amountUpto ₹1Cr (Collateral)
Upto ₹50 Lakh (Without Collateral)
Processing fee1-2% 
Loan tenure10 Years
Margin moneyNil
Prepayment chargesNil


  • Express approval 
  • No margin money 
  • Flexible repayment options  
  • Customised education loan 
  • Digital process
  • Online account management

InCred Education Loan

Loan amountUpto ₹1Cr (Collateral)
Upto ₹65 Lakh (Without Collateral)
Processing fee0.75-1.25% 
Loan tenure15 Years
Margin moneyNil
Prepayment chargesNo charges after six months from the first disbursement


  • Up to 100% finance 
  • Flexible repayment options 
  • No margin money 
  • Digitised process 
  • Express approvals 
  • Customised education loan 
  • Loan coverage 
  • Online account management

Bank of Baroda Education Loan

Loan amountUpto ₹1Cr (Collateral)
Rs.60 lakh – Rs.80 lakh
Processing fee₹12,000 is the processing fee that is refundable after disbursement
Rs. 10,030 is required for the legal clearance report (non-refundable).
Loan tenure15 Years
Margin money10%
Prepayment chargesNil


  • Lower interest rates
  • Online procedure
  • Refundable processing fee
  • Expenses covered
  • Disbursement perks

Common Things Covered Under Student Loan For New Zealand

Education loans differ in terms of the expenses they cover, among other things. While some loans only help with tuition, some student loans even help with the cost of living in the city. In order to choose the right student loan for New Zealand, a student needs to decide what expenses they want their education loan to cover. Students also decide which loans to choose based on their repayment policy and interest rates.

A basic student loan should cover the following expenses – 

  • Tuition fees 
  • Student Housing
  • Course materials
  • Books and library fees
  • Transport costs 
  • Insurance premium

Use the Cost of Living Calculator for a more detailed description of living expenses in different countries.

How do I Apply For a New Zealand Student Loan? 

Student Loan for New Zealand

The application steps are very general and students should be aware of these in order to successfully apply for a student loan for New Zealand.

  1. Students should have all the listed documents ready.
  2. After carefully selecting a bank that suits their needs, they need to fill out the bank’s application form.
  3. Submit the form with all documents to the bank for verification.
  4. Wait for the verification process.

Repayment of Student Loan For New Zealand

Student loans can be repaid over a period of 5 to 10 years. Reimbursement begins one year after graduation or six months after the first job after graduation.

Some other ways of repaying student loans are – 

  • Education loan pre-payment
  • Moratorium
  • Student loan EMI
  • Education loan part-payment

Tips For Choosing the Best Student Loan

The best way to get a student loan that suits your needs is through extensive research and a combination of options. Below are some tips for choosing the best student loan for New Zealand:

  • List your expenses and use them as a basis for your loan amount.
  • Research about interest rates as it is of paramount importance.
  • It’s always best to choose a longer salary term that takes into account the time spent during job hunting after graduation.
  • It is always advisable to conduct your business through registered banks or NBFCs to take advantage of income tax benefits.
  • Check the amount of the credit margin.
  • Keep an eye on your student loan processing time.
  • The loan application must be submitted in good time, ideally three months before the visa interview.


How much will it cost to study in New Zealand?

On average, an Indian student can spend NZ$ 22000-32000 (INR 10-15 Lakh) on a Bachelor’s degree and NZ$ 26000-37000 (INR 12-18 Lakh) on a Master’s degree. The amount is likely to be higher for professional and STEM courses.

Is New Zealand a good place to study?

Yes, New Zealand is an excellent study destination for Indian students, mainly because it is cost-friendly compared to other Anglophone countries. It is one of the safest and most peaceful places to study abroad.

Is IELTS mandatory for admission to New Zealand universities?

Yes, IELTS is compulsory, it is one of the eligibility criteria that must be fulfilled.

This was all about Student Loan for New Zealand. Worried about the financial hurdles you are facing in order to fulfil your study abroad dreams? Let Fly Finance help you and make your dreams come true! 

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