Student Loans for New Zealand: Everything You Need To Know


New Zealand is one of the best countries in the world known for its fine education system. Many students from all around the world aspire to graduate from a New Zealand based university. But studying in a developed country has its own hassles and one of them is the arrangement of finances. This is where an education loan can prove helpful. If you are planning to head to New Zealand for further studies, here’s all you need to know about student loans for New Zealand




Student Loans for New Zealand: Choosing the Right Option

 

Applying for a student loan can be quite confusing at times. There are several options for education loans available for studying in New Zealand. Choosing the right option for you is the most important part. One must choose a lender who is specialised in student loans. Several banks, that function in India, have their own student loans policies.

 

Students should also check for loan types. If one can manage to find an unsecured loan, they should opt for it as it will not require them to keep any collateral. Also, while choosing a student loan, it is better to take a loan plan that gives 100% financing. There are several financial institutes in India that provide 100% financing. While taking a loan, one should also check for factors like penalties and the amount of time it takes to sanction a loan. Check with multiple lenders and get a student loan plan after carefully considering all the options.

 

After you choose a student loan plan from a particular institute, you will have to submit a number of documents that will be asked by the lender. Take a look at the documents one would need to produce for the purpose of acquiring study loans for New Zealand:

 



Documents Required for Student Loan in India

 

To avail of a student loan, there are several documents that one needs to produce with the financial institute. Here’s is the list of the required documents that one must have in order to get a student loan:

 

●       An education loan application form, filled and signed

●       2 passport sized photographs

●       Identity proof (PAN card/Aadhaar Card/Voter’s ID/Valid Passport)

●       Residential proof (Electricity Bills/Water Bills/Phone Bills/Gas Bills)

●       Academic records (10th, 12th & Graduation)

●       Entrance examination score (IETLS/TOEFL/GATE/GRE/CET/CAT)

●       Admission letter from a university

●       Schedule of expenses

 

 

Co-Borrower’s Required Documents:

 

●       2 passport sized photographs

●       Identity proof (Aadhar Card/PAN Card/Voter’s ID/Valid Passport)

●       Residential proof (Electricity Bill/Phone Bill/Gas Bill)

●       Bank account statements (In case, the co-borrower has previously taken any loan)

 

For a salaried co-borrower:

●       Salary slip of last three months

●       Income tax returns

●       Salary account statement (of the last six months)

 

For Self-employed co-borrower:

●       Qualification certificate (C.A., Doctors, and other professionals)

●       Business address proof

●       Income tax returns

●       Bank account statement of previous six months

 

Other Details Required to Apply for Student Loan

 

The lender may also ask you details about the institute that you are opting for. Usually, the lender may inquire about the admission dates, admission related documents, course-specific information, and general course-related information. It is usually important for financial institutes to ask these details as it leads to a smooth function of the student loan process.

 

We hope this article helps you in your search for student loans for New Zealand. Do remember that the process of loan application and documentation may vary between lenders.

 

 For more details - education loan for New Zealand-3 amazing tips to apply for an education loan for New Zealand

 

 




 


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