Here’s how you can get an education loan to study in New Zealand

Have you dreamed of completing your higher education in New Zealand?

Are you searching for funds to finance your studies there?

Education loans are the right solution to pay your higher education-related expenses in New Zealand. New Zealand is known for providing a world-class education to its students. Students from all over the world flock to New Zealand to enrich themselves with skills specific to their courses. But pursuing higher education there is an expensive affair. Most of you would have to take an education loan for MBA studies or other courses. In this article, we will tell you the 4-step process to get an education loan for your higher education aspirations in New Zealand.

1. Check the eligibility conditions for an education loan and calculate the maximum education loan amount you are eligible to get

Lenders offer education loan for students but only if they fulfill certain eligibility conditions. Those conditions vary slightly from one lender to another. So, check whether you fulfill the eligibility conditions. Then calculate the maximum education loan amount you are eligible to get. You have to put information about your co-borrower’s monthly income, monthly obligations, the rate of interest offered by the lender, and an estimation of the repayment period you will take to repay the education loan completely, in the 4 fields of that calculator. Then press the calculate button and the result will be displayed on the screen.

2. Compare different lenders based on the types of and quality of services they provide

You should read reviews about different lenders on the internet, and based on those reviews, shortlist a few lenders that you think would provide the best service. Then ask the shortlisted lenders about the maximum education loan they will offer, the interest rate they will levy, the expenses they will cover, the moratorium period they will offer, the repayment tenure, and the EMI value they will set, and other questions you have about education loans.

You should also compare lenders based on whether they provide value-added services like doorstep services, fast-track loan approval, proof of funds, pre-visa loans, pre-admission loans, and so on.

After due consideration, select one lender to get an education loan for MBA studies or another course of your liking.

3. Apply for an education loan

You have to fill the education loan application form of the lender either offline at their office, or online on the lender’s website. Spell every bit of information correctly in the application form, and submit relevant documents to the lender while submitting the application form.

After that, the lender will process the student’s application form, verify the authenticity of information and documents submitted, and finally sanction and disburse the first education loan installment.

4. Finance your higher education in New Zealand

Using the money given by the lender, you have to pay your first-year course fees to the university, and deposit money to cover the cost of sustaining your lifestyle for 1 year in New Zealand in a local bank. Do this every year until the end of your course.

So, this is a 4-step process to finance your study in New Zealand. Have a nice day!