Insight on Education Loan to Study in New Zealand

New Zealand, one of the rapidly growing overseas education destination offers excellent education to the international students at an affordable tuition fee. However, there are few students who finance their higher education in New Zealand with the help of overseas education loan. 


The cost of education in New Zealand depends on the course that the student has chosen to pursue. If an aspirant is going for an undergraduate degree, the tuition fee at New Zealand University ranges from $20,500 to $25,000 for a year whereas for a master’s degree, it costs between $19,000 to $29,000. When it comes to an MBA degree, the tuition fee ranges between $31,000 to $50,000. 


Apart from the tuition fees, students will be responsible for bearing the cost of living while their stay in New Zealand. The average cost of living in New Zealand falls somewhere between NZ$13,000 to NZ$16,000 for a year. 


 

The New Zealand Embassy accepts two types of overseas education loan for studying in New Zealand. They are secured education loan and unsecured education loan. A secured overseas education loan is the one that is given against the collateral security whereas an unsecured overseas education loan is the one that does not require any collateral security to be pledged against the loan amount.

Eligibility criteria to apply for Education Loan for New Zealand

•    Applicant should be an Indian National
•    Applicant should have secured admission to professional or technical course in a New Zealand University
 

Step-by-Step Guide to Education Loan for New Zealand via ELAN Loans

Step 1: Visit the website www.elanloans.com and check the loan eligibility criteria.
 

Step 2: Our loan counsellor will get in touch with you and discuss all the available loan options for an education loan in New Zealand.
 

Step 3: Submit all the required documents as per the checklist provided by the ELAN loan counsellor so that our experts will review your loan application and suggest a suitable lender institution for education loan.

Step 4: We will submit your education loan application to the lender institution on your behalf so that it speeds up the education loan process. At this stage, the bank or NBFC may ask for additional documents or information. If the applicant meets the criteria, the lender company will approve the loan.
 

Step 5: Once the financial institution approves the education loan, the applicant and the co-applicant are required to sign a sanction letter and accept the education loan.
 

Step 6: After signing the agreement, students can apply for the disbursement of an overseas education loan.
 

It is advisable that students should apply for an overseas education loan at least 1.5 month prior to when they will be requiring funds to study in New Zealand. Majority of the public banks approve the education loan within 3 to 4 weeks of applying, provided students should meet all the loan requirements.
 

Submitting an up-to-date education loan application is very important to get the education loan sanctioned in time. Hence, we recommend students to apply for an education loan via Elan Loans. Here we take care of everything, right from applying to getting it disbursed in the university account.
 

If you have any other doubts relating to your international application or if you are still wondering, how to get education loan for study abroad, consider contacting us. We will provide you timely assistance without charging a single penny. Until then, Happy Planning!

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