Education loans for New Zealand

One of the trending destinations for overseas education, New Zealand houses over 10 lakh students. Education in the country costs around NZ$16,000 annually. Most of these expenses are through the education loans of two types; loans with a collateral and loans without a collateral.

● Loans offered by

Education loans for New Zealand without a collateral are offered by private banking institutes like Axis and ICCI Bank and non-bank finance companies including InCred Finance, HDFC Credila, and Auxilo and Avanse. An exclusive platform providing end-to-end assistance for overseas eduction to Indian students, ELAN has tied up with lender companies like State Bank of India, Bank of Baroda, Axis Bank, ICICI Bank, Avanse, HDFC Credila ,Auxilo, InCred, MPower Finance and Leap Finance.

Education loans for New Zealand without a collateral are facilitated by Gyandhan at interest at 11 per cent. The applications for these types of loans are processed in a transparent manner whereby the applicants’ profiles are pre-assessed to determine their suitability to the lenders products. The loans are then processed without any fee. Also, the interest rates for such loans availed from public banks are as low as 8.35 per cent for boys and 7.85 per cent for girls.

● Expenses covered

Education loan for New Zealand without a collateral cover the applicant’s tuition fees, his library fees, exam fees and laboratory fees. They also include his hostel and mess expenses., air ticket fare, costs of the required study materials, health insurance expenses and amount spent on study tours and project work.

However, these loans do not cover student’s expenses for pathway / foundation courses or integrated courses. They also do not cover the student’s expenses for UG Degree or certificate courses, his MBBS degree and Pilot Aviation programs

● Benefits of such loans

An education loan for New Zealand without a collateral can provide students funds worth Rs 40-45 lakhs without any security. They can avail these loans before seeking the admission to their desired courses. Also, they do not need to pay the EMIs on these loans during the moratorium period. These loans are available with easy repayment options with no penalty for prepayment. They do not require any paper work for processing. and are disbursed at the customers’ doorsteps.

● Eligibility criteria and the required documents

To acquire an education loan for New Zealand without collateral, the applicant needs to have either a master’s degree, a postgraduate diploma or certificate course in STEM or management field. He should have an annual income of over 4 lakhs after all liabilities and expenses. His IELTS score needs to be more than 6 or 6.5 bands. The applicant’s parent’s need to have their own residential house.

Also to avail these education loans, the applicants need to submit the offer letter of the university they have sought admission to, their educational and employment documents, and electricity bills with address proof. Details of their savings accounts. The co-applicants also need to submit their income proof documents like ITR, Form 16, salary slips, etc.

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