A Complete Guide for Getting an Education Loan to Study in New Zealand

New Zealand has several universities and esteemed colleges that have been attracting lots of international students for many decades now. However, the costs of studying in New Zealand can be high when expenses such as boarding, food, tuition fees, books, study equipment, etc. are considered. One of the ways of meeting these expenses is by acquiring a student loan. 

Getting an education loan to study in New Zealand can seem like a lengthy process, but it is quite straightforward and simple as long as you keep a few things in mind:

How to pick the most suitable student loan

There are numerous loan providers in the market today, offering the best of education loan EMI options, loan tenures, and attractive loan amounts. It can be difficult to pick the right one, so the best method is to search online. You can use an online personal loan calculator to arrive at the EMI amount. You can also compare processing times, repayment options, disbursal process, and finally pick a loan that suits your needs the best. 

Additional Read: Top Tips to Help You Get Yourself out From The Education Loan Trap

Guarantor

To apply for a loan for study, you must have a guarantor. You are also required to show some security. 

Documents required

You require the following documents to apply for a personal loan for education:

• Photo identity proof 
• An admission letter from your desired educational institution in New Zealand
• Your proof of income or that of your parents
• Attested copies of your certificates, report cards, etc. from class 10 onward.
• Last three months’ income slips of either your parents or the guarantor 

Education loan eligibility

Most loan providers follow the same stipulations for student loans. Here are some prerequisites:

• You need to be an Indian citizen between the age of 16 and 26 years
• You must maintain a good academic record with high and consistent grades
• You or your parents should have a steady and secure source of income so that you can settle the loan in time without delays and inconsistencies
• Your credit history or your co-applicant’s credit history (like parents or guardians) should reflect positively. This can include credit card debts, previous loan defaults, etc. So, make sure you don’t have a history of debt defaults

Additional Read: Reasons Education loan is preferable than Personal loan

Final words

An education loan can help you study in some of the best universities in New Zealand. The procedure is simple and quick. All you need are a few documents, and you can have your loan disbursed in no time. But it is essential to pick a lender with minimal paperwork and attractive features so that you can make the most of your loan without it becoming a liability burdening you and your goals.  Tata Capital education loans can be applied online, for a tenure of 12 to 72 months, and at an interest rate starting at 10.99%.