Student Loan for New Zealand

8 minute read
Student Loan for New Zealand

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. A globally recognized institution and an interactive education system are the perfect combinations of culture, nature and opportunities for a student. Being an island country and one of the last inhabited nations, New Zealand is a perfect blend of uncontaminated nature, adventure and serenity. Students are provided with student loans to study in New Zealand. To know detailed information about student loans for New Zealand, keep reading this blog!

Why Study in New Zealand?

Here are some 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, New Zealand is the best hot spot for you.

Career Prospects

New Zealand has the biggest companies like Fonterra, ASB, IBM, Millennium, Spark NZ and Fisher and Paykel Healthcare which offer better career opportunities. 


New Zealand is a very safe and secure country for international students. New Zealand provides a safe environment 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 your needs and therefore the process will be easier.

Eligibility For Student Loans For New Zealand

There are some conditions for obtaining student loans in New Zealand, they are as follows – 

  • 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 sufficient bank balance at the time of application request. This amount is usually around 8 lakhs 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 are required to 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

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 the 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 study costs, this type of loan also includes airfare, travel costs abroad and the costs of admission procedures before the start of your studies, 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 and 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 writing an engaging SOP and student visa.

Banks Offering Student Loan For New Zealand

Avanse Education Loan

Loan amount Upto ₹1Cr (Collateral)
Upto ₹30 Lac (Without Collateral)
Processing fee 1.1-1.5% 
Loan tenure 10 Years
Margin money Nil
Prepayment charges Nil


  • 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 amount Upto ₹1Cr (Collateral)
Upto ₹40 Lac (Without Collateral)
Processing fee 1% onwards + GST
Loan tenure 12 Years
Margin money Nil
Prepayment charges Nil


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

State Bank of India Education Loan

Loan amount Up to ₹ 20 lakh (Collateral)
Up to ₹ 7.5 lakh (Without Collateral)
Processing fee Nil 
Loan tenure 15 Years
Margin money Up to ₹ 4 lakh – NILAbove ₹ 4 lakh – 15%
Prepayment charges Nil


  • 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 amount No Upper Limit (Collateral)
Upto ₹40 Lac (Without Collateral)
Processing fee 0.38-0.75% + GST
Loan tenure 15 Years
Margin money Nil
Prepayment charges Nil


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

HDFC Credila Education Loan

Loan amount Up to ₹50 Lac (Without Collateral)
Exceptional cases – up to 1 Crore
Processing fee 1-1.2% 
Loan tenure 14 Years
Margin money Nil
Prepayment charges Nil


  • 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 amount Upto ₹1Cr (Collateral)
Upto ₹50 Lac (Without Collateral)
Processing fee 1-2% 
Loan tenure 10 Years
Margin money Nil
Prepayment charges Nil


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

InCred Education Loan

Loan amount Upto ₹1Cr (Collateral)
Upto ₹65 Lac (Without Collateral)
Processing fee 0.75-1.25% 
Loan tenure 15 Years
Margin money Nil
Prepayment charges No 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 amount Upto ₹1Cr (Collateral)
Rs.60 lakh – Rs.80 lakh
Processing fee ₹12K is the processing fee that is refundable after disbursement
Rs. 10,030 required for legal clearance report (non-refundable).
Loan tenure 15 Years
Margin money 10%
Prepayment charges Nil


  • 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 in 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? 

The application steps are very general and students should be aware of this.

  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
  5. There are tons of student loan programs waiting for you to apply! With such lucrative offers for interest and securities, you often start pondering which offer to apply for and which information to consider. Well, what if there is one stop where you have a dedicated loan expert to help you through the entire student loan process? Yes, this is Leverage Finance! Leverage Finance lets you compare loan programs from several of the best lenders with the best interest rates at ZERO service fees!

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 for repaying student loans are – 

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

Tips For Choosing 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 in New Zealand – 

  • List your expenses and use them as a basis for your loan amount
  • Research into interest rates is of immense importance
  • It’s always best to choose a longer salary term that takes into account the time spent 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. We trust that this blog covered every one of the significant details about student loans. Still, confused and need to clear your own questions with respect to the top objections to concentrating abroad? Call Leverage Edu uni-mates at 1800-572-000 and book your most memorable directing meeting free of charge!

Leave a Reply

Required fields are marked *



15,000+ students realised their study abroad dream with us. Take the first step today. Study in New Zealand
Talk to an expert