Education Loan for New Zealand | International Student Loan New Zealand, Eligibility, Application & Repayment Image
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Education Loan for New Zealand | International Student Loan New Zealand, Eligibility, Application & Repayment

Yocket Editorial Team
14 mins read

To study in a sought after destination like New Zealand is a dream come true for aspiring individuals. And the one aspect that is critical in fulfilling this dream, in addition to making it to the top universities is to make the requisite finances available. Therefore, in the current article , we will help you address all the concerns pertaining to accessing an education loan for New Zealand as an overseas student. 


SUGGESTED: Make your pick from world class universities in New Zealand


Table of Content:


  1. What Amount of Education Loan for New Zealand Must be Procured?

  2. Types of New Zealand Student Loans

  3. International Student Loan for New Zealand: Based on Exact Requirement

  4. Who Are the Top New Zealand Education Loan Providers?

  5. What is the Eligibility for Obtaining a Student Loan for New Zealand?

  6. How to Apply for Student Loan NZ?

  7. How can a Study Loan for New Zealand be Repaid?

What Amount of Education Loan for New Zealand Must be Procured?

Before applying for a New Zealand education loan, you need to have an estimate of the loan you should be procuring. And that will happen when you know about the tuition fees of the course for which you are planning to study.



If you are planning to pursue an undergraduate degree from New Zealand, you can expect your tuition fee to be between 11.5 to 16.8 Lakhs INR. This fee will increase more in case you go for speciality courses like MBBS, Veterinary Sciences, Engineering etc.

A student needs to have a budget between 1 to 1.5 Lakh INR for covering her/his overhead expenses such as utilities, internet, phone plans, insurance, food, transport, and entertainment. 

The overhead budget does not include accommodation. That expense will be extra and will range anything between 14,000 to 16,000 INR per week for in-house living.

Procure a New Zealand student loan based on the tuition fee of your desired courses, expected overhead expenses and cost of accomodation.


It is of paramount importance to know the various types of loans available for pursuing higher education in New Zealand. Therefore, let us learn about the different New Zealand student loan types one by one -

Types of New Zealand Student Loans

Based on a student’s circumstance and needs, various categories of New Zealand student loan types exist -



  1. Undergraduate Education Loan New Zealand

The undergraduate education loan NZ is available for all the students who are planning to pursue their undergraduate studies for 3 or 4 years in New Zealand.

  1. Professional/Graduate Education Loan

The graduate education loan is available for those students who are planning to pursue their further education or advanced degrees abroad.

  1. Career Education Loan New Zealand

This loan is available for those students who are planning to pursue career-oriented programs such as technical education.

  1. Loans for Parents

These loans are unsecured which are taken by parents for their child’s education, and other overhead expenses such as books, living expenses, utilities, and so on.


Let us now look at the student loan NZ categories available for students based on requirement -


International Student Loan NZ: Based on Exact Requirement

  1. Bridge Loans

Bridge loans are the types of loans that cover the pre-application processes such as examination, application, interview and student tours. The loan is provided for a reasonable rate of interest.

  1. Pre-Visa Loans

Pre-Visa Loans are provided on the basis of conditional offer letters from institutions to proceed with the New Zealand student Visa application process. However, for this loan, you need to prove that you have enough funds available to continue your studies and not become a liability for the host nation for education and accommodation.

  1. Pre-admission loans

This type of loan includes not only academic expenses but also, in-flight expenses, overseas travel expenses and cost of admission processes before the commencement of educational courses like caution money and tuition deposits. Only those students who will pursue studies abroad can avail services under this type of education loan NZ.

  1. Refinancing loans

This loan is beneficial for those who are facing financial limitations. You need to provide a repayment lag and proof availability of funds for complete repayment for availing this loan. In this category of loan, the loan tenure can also be extended.

  1. Consolidated Loans

The consolidated loans cover all educational expenses including accommodation, deposits, insurance, books, travel, tuition, exam and educational equipment. These loans also provide the facility to connect with other banks’ loans with any under one channel and for a meagre processing charge.



As a student availing education loan to study in New Zealand, know the difference between Secured and Unsecured Education Loans


Knowing about student loan NZ categories isn’t enough. You must know about the legit loan providers as well -

Who Are the Top New Zealand Education Loan Providers?

Below is a list of the popular banks which provide international student loans for New Zealand. The list has been curated keeping in mind all the information required to know by a student such as interest rates, duration of loan, provider-based eligibility, and amount.


Loan Provider

Loan Amount

Interest Rate

State Bank of India (SBI)

Maximum 20 Lakhs



Maximum 36 Lakhs



Maximum 3 Crore


Punjab National Bank (PNB)

Maximum 1 Crore


Canara Bank

Maximum 36 Lakhs


Axis Bank

Maximum 75 lakhs



Each education loan NZ provider fixes a predefined eligibility criteria for students applying for the loan. Let us, therefore learn about all such criteria -

What is the Eligibility for Obtaining a Student Loan for New Zealand?

Student loan eligibility NZ requires you to fulfill the subsequent 4 conditions -

  1.  Must be an Indian national (Children of PIO/NRIs accepted)

  2.  Acceptance from educational institutions and proof of admission

  3.  Must have a legit student visa for New Zealand

  4.  Ability to repay loan and hence sufficient bank balance at the time of application. This amount is usually around 8 Lakhs at the time of application.


Now that you’re acquainted with the student loan eligibility NZ , let us now find out about the complete process of application for student loan New Zealand.

How to Apply for Student Loan NZ?

To apply for a student loan in New Zealand,  you can either apply by visiting the official website of your loan provider or via government channels of Vijayalakshmi Portal.


In order to apply for a student loan, you must furnish a few documents. Let us find out about them -

What are the Documents Needed to Avail an Education Loan for New Zealand?

For applying, you need the following documents-


  • Identification/KYC Documents

    • PAN Card

    • Aadhar Card/Passport/Driving License/Voter ID

    • Residence Proof

    • PIO/NRI Identification bills (if applicable)


  • Financial Proofs

    • Bank statements (recent 6 months)



  • Collateral Documents (depending upon type of collateral)

    • Against security - DE mat account statement, Insurance Policy receipt, original policy certificate

    • Against Property - Property deed/lease, property tax statements

    • Against deposits - Original FD/RD/Gold Deposit/Bond certificate, interest statement

    • Against third-party guarantee - Certificate of third party guarantee (with signature and verified by appropriate authority)


  • VISA and immigration letters


  • Scholarship/Foreign education records (if applicable)


A lot of students worry about the repayment of study loans. So, let us help you address your concerns pertaining to the same -

How can a Study Loan for New Zealand be Repaid?

Student loans can be repaid within a period of 5 to 10 years. Repayment starts one year after the course of study is completed or six months after your first employment after studies.


The student loan for New Zealand can be repaid using the EMI option of your bank. However, there also exist 6 additional methods through which the loans can be repaid -


  1. Moratorium

Under this repayment method, the student can start repaying the amount, including the interest amount, after his/her education or after getting employed. So, the time duration is course completion + 1year/employment + 6 months.

  1. Student Loan EMI

Under the EMI method, the student has to pay the fixed sum of repayment on a monthly basis. So, here, the time duration of repayment is annual interest on total disbursed loan amount/12 + principal amount adjustment. The EMI amount can be set by the student.

  1. Education loan part-payment

Under the part-payment method, the student can repay the consolidated sum of repayment to decrease the burden of interest rates.

  1. Education loan pre-payment

Under the pre-payment method, the student can choose to repay the complete loan prior to its tenure, irrespective of the fixed monthly EMIs. This may include some processing charges as well as some limitations and is not applicable under the moratorium period.

  1. Education loan extension

Under the loan extension method, the student can extend the loan tenure or lower the EMI based on their affordability.

  1. Education Loan Refinancing

Under the loan refinancing option, the student’s addition of the loan amount can be done as per the requirement of an applicant based on their existing loan and credit record. Extra financial assistance can be availed by showing necessary proofs and any of the above mentioned methods can be used as a repayment mode.


Studying your desired course from a world class universities in New Zealand is like a dream come true. However, students often miss this opportunity due to their financial situation and limitations. In such a situation, it becomes important to get an education loan for New Zealand. With banks making student loan criteria NZ easy, getting yourself  world class education is no longer a distant dream.


All the best!

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