Education loans in New Zealand for Indian students have become very popular in recent years. There are several reasons for this, including the fact that New Zealand is known for its high-quality education and its low cost of living. Additionally, Indian students are often eligible for scholarships and financial aid that can help offset the cost of tuition.

If you are an Indian student interested in studying in New Zealand, then you will need to apply for an education loan. This can be done through many banks and financial institutions in India. Keep reading to learn more about the process of applying for an education loan to study in New Zealand!

Why Education Loan NZ is the best way to Finance your Studies?

An education loan is the best way to finance your studies in New Zealand. It allows you to borrow the money you need to cover the cost of your tuition fees and living costs, so you can focus on your studies. Some of the benefits to take out an education loan to study in New Zealand.

1. You will not have to worry about the high cost of tuition fees.

2. You will not have to worry about the cost of living, as your loan will cover both your tuition fees and living costs. So if you are worried about how you will finance your studies, take a deep breath and relax. An education loan is the best way to do it.

Parameters that must be Taken Care Off while Choosing the Right Student loan NZ for you

For selecting the best education loan for your further studies, you need to compare various

education loans offered by different lenders. Here is a list of some parameters that you must

have a look at before applying for a student loan in NZ.

1. Interest rate (whether it is fixed i.e doesn't change as per the market conditions or floating i.e as per the market changes)

2. Repayment tenure

3. Prepayment penalty

4. Loan type i.e. secured loan or unsecured loan.

5. Procession fee

6. Moratorium period

Types of Education Loans for Study in New Zealand

1. Secured Loans

These are the loans where you need to keep some of your assets as security. Secured loans are loans with collateral. Assets such as flats, shops, fixed deposits, government bonds and so on. These are usually offered by public sector banks.

2. Unsecured Loans

These are loans without collateral or in simple words you don't need to mortgage your asset as a security. You just need to provide the required documents and complete the entire procedure and you are done. You get the loan. These are usually offered by private-sector banks.

Types of Education Loan Providers Offering Education Loans for Study in New Zealand

Public Sector Banks

These banks offer loans with collateral. Below are some of the examples banks with details:

1. SBI offers the loan amount from INR 20 lakhs up to INR 1.5 crores, loan tenure of up to 15 years, a repayment period of the principal amount within 180 days, and an interest rate usually between 9% to 11%.

2. Bank Of Baroda offers loan amounts from INR 60 lakhs to 80 lakhs, interest rates are relatively lower than other banks, loan tenure is usually 14 years and the moratorium period is of 1 year.

Private Sector Banks

These are the banks that provide education loans with collateral as well as without collateral. Some example banks are:

1. Axis Bank provides a loan amount of up to INR 50 lakhs with no prepayment penalty, ROI is usually between 11% to 15% pa with 1 year of the moratorium period.

2. HDFC Banks sanction up to INR 45 lakhs with any collateral and there is no higher limit for providing loan amount with collateral. The interest rate depends on the market conditions with 12 or more years of the repayment period.

NBFCs

1. HDFC Credila gives up to INR 60 lakhs without collateral, the interest rate is between 11% to 12.5% pa, repayment period of the principal amount is up to 1 year with no prepayment penalty.

What are the Eligibility Criteria to Apply for Student Loan NZ

1. The candidate and the co-borrower must be an Indian citizen. 2. The applicant should be between 18 to 35 years of age.

3. The students must have a great academic record.

4. The student or his/her parents must have a fixed source of income.

5. The applicant must have an offer letter from the university, confirming their admission.

Mandatory Documents Requirements to Get a Student Loan NZ

1. Voter ID, PAN card or any other documents as Personal ID proof.

2. Academic history must be great. Provide 10th or 12th mark sheets or graduation degrees as academic background proof.

3. Passport-size photographs.

4. Permanent address proof.

5. Previous month's Financial statements.

6. Offer letter from the university confirming your admission.

Applying for an International Student Loan NZ

Here is how you can easily apply for a student loan in NZ.

1. Do a little research about the various loan providers present in the market

2. Compare those loans in terms of interest rates, loan tenure, repayment tenure and so on.

3. Once you have finalises the loan, fill out the loan application form

4. Upload or submit the significant documents required to get an education loan.

5. As soon as it gets approved. Then you only need to read the loan terms and conditions carefully and sign the form.

6. After this you will get the loan amount.

Wrapping Up

New Zealand is a great place for Indian students to study! The country offers a variety of programs and facilities that make it an ideal choice for those looking to study abroad. Education in New Zealand is a great option for Indian students. Additionally, the cost of living and tuition fees are relatively low when compared to other developed countries. The education system is world-class, and there are many opportunities for students to get involved in extracurricular activities. Indian students should consider studying in New Zealand!