Education Loan for New Zealand

✓  Collateral and Non-collateral Education Loan 

✓  Pre-Visa disbursement for FTS

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New Zealand universities charge around 19 to 27 lakhs per annum for undergraduate courses and 22 lacs to 32 lacs per annum for postgraduate courses. The cost of living in New Zealand is not high and it costs 6 lacs per annum for living expenses. Students need to deposit one-year living expenses in FTS before applying for a Visa.

The expenses for studying in New Zealand as well as for FTS can be arranged by taking either an unsecured education loan or a secured education loan. Analyse and choose from different types of education loans.

Unsecured Education Loan for New Zealand

A secured education loan offers a lower rate of interest compared to an unsecured education loan. However, collateral is mandatory to pledge in a secured education loan.



Loan Limit

Up to 50 lacs

Expenses covered

Study Costs

Fee for admission
Tuition fee
Exam fee
Books and laptop expenses
Study projects expenses

Living expenses

Expenses for hostel or accommodation 
Expenses of food
Fee for caution
1-year living expenses for FTS

Other Expenses

Miscellaneous expenses

Eligible courses

UG courses
UG diploma courses
PG courses
PG diploma courses
Almost all the courses are eligible for funding to study in New Zealand 

Interest rate

10.5% to 12.5%

Moratorium Period

Course duration + 6 or 12 months

Repayment Duration

Up to 15 years

Repayment policies

Full simple interest to be paid in the moratorium period

Eligibility Criteria

Applicant should be a national of India
Have gotten admission into a university in New Zealand through merit or through an entrance examination

Co-applicant salary

Between 4.5 to 6 LPA.


Try to apply to the top universities and also nominate a co-applicant that is strong financially.

Top Banks that offer unsecured loans for New Zealand

The following banks offer the best-unsecured education loan schemes to study in New Zealand

  • ICICI Banks
  • IDFC Bank
  • Axis Bank
  • HDFC Credila
  • Auxilo
  • Incred 
  • Avanse

Request a callback now to get started with an unsecured education loan with the above lenders now!

How to get an Unsecured loan for New Zealand?

You can apply through the WeMakeScholars portal to get an unsecured education loan for New Zealand by following the below-given steps.

Step 1- Request a callback from WeMakeScholars

Step 2- A financial officer from WeMakeScholars will get back to you and will analyze your profile by asking a few basic questions

Step 3- The financial officer after analyzing your profile will send you a document uploading link where you will need to upload all the required documents. He/she will also connect you to all the eligible lenders

Step 4- The next steps in the process will be taken by the assigned lenders. However, your financial officer from WeMakeScholars too will be in touch with you throughout the process.

Step 5- You will get the loan sanctioned in the time promised by your financial officer.

Get superfast education loan for New Zealand from private lenders within 7 working days!

Disadvantages of going directly through banks for an Unsecured Education Loan

When you go through a bank, your chances for an unsecured education loan sanction reduce drastically. It will also have the following disadvantages.

  • Interest rates will be higher and you won’t have anyone to negotiate on your behalf
  • A lot of charges like the type of interest rate will be hidden from you
  • The bank will be hesitant in disburse amount for FTS
  • Issues in the disbursement
  • Issues in the repayment duration

Why go through WeMakeScholars for an Unsecured Education Loan for New Zealand?

WeMakeScholars is an organization that is working towards providing education loans to students wanting to pursue quality higher education in India and abroad. We are supported by the Ministry of IT, govt of India. We are also partnered with 14+ banks (Public/Pvt). Below are a few advantages of going through WeMakeScholars.

Lower Rate of Interest: Going through WeMakeScholars will reduce your interest rates by up to 2% as we are the bank's largest partner.

Faster Education Loan process: Students going through us can be sure of getting an education loan sanction within 7 working days after the submission of their documents.

Multiple lenders: We are partnered with 14+ banks and hence can provide you with a wide range of options. This can help you in comparing different education loan offers and choosing the best one for you.

Negotiation: We negotiate on behalf of lenders and make sure to get disbursement before Visa for FTS

End-to-end support: We assist students throughout the education loan process from the time of the start of the process till the repayment.

Cashback: Students going through us will receive a cashback of up to ₹3000 in their first disbursement.

Start your education loan process today by going through WeMakeScholars!

Documents required for an Education Loan to Study in New Zealand

Below is a list of general documents that you will require for an education loan to study in New Zealand.

- You will be provided with an application form by WeMakeScholars financial officer. Fill out the application form along with your signature and 2 photographs.
Required documents for applicant’s proof of identity
- Passport
- Aadhar card
- PAN card
Required documents for Proof of residence of the applicant
- Voter ID card
- Aadhar card
- Ration card
- Utility bills( Telephone bill, electricity bill)
Academic documents of the applicant
- Marksheets of 10th, 12th and degree
- Structure of the fees
- Admit proof
- Scorecard of competitive exams
- University Rank
Documents required for the co-applicant
- Bank account statement for salaried co-applicant of the last six months
- Business transactions of 1 year for self employed co-applicant
- Personal Asset and Liability statement
Documents required for salaried financial co-applicant
- Last 3 months payslips
- Form 16 of last 2 years
- 2 years ITR
- ID card of the employer
Documents required for self-employed financial co-applicant
- 3 years ITR
- Balance sheet and profit and loss account
- Address proof of the business
Other required documents
- A letter from your co-applicant declaring that the leftover expenses apart from the education loan, will be borne by him/her.
- Notarised joint affidavit of the student and co-applicant in the bank’s standard format(format will be provided WeMakeScholars financial officer)
Additional document
- Provide the receipt of any advance payment made to the university if you are looking to add that amount to the loan account
- Any pending loan account statement
- Explain in a letter, if you have had any gap in your studies. The format of the letter will be provided by your financial officer from WeMakeScholars.
The above is a general list of documents for unsecured education loans for New Zealand. However, the exact list of required documents may differ from profile to profile, which you can know by going through WeMakeScholars.

Repayment plan for unsecured loans in New Zealand

An unsecured education loan will charge you full simple interest in the moratorium period, which you will have to pay in that duration itself. Here’s an example to know the repayment schedule for an unsecured education loan.

Suppose you have taken an unsecured education loan with the following terms.

Loan amount- 40 lacs

Rate of interest- 12%

Moratorium period- 3 years(full simple interest to be paid)

Repayment duration- 10 years after the moratorium period



Interest portion

Principal portion

Loan Outstanding

1st year





2nd year





3rd year





4th year





5th year





6th year





7th year





8th year





9th year





10th year






Calculate your Loan EMIs and plan your repayment accordingly!

Secured Education Loan for New Zealand

Students can get up to 1.5 Cr of secured education loan to study in New Zealand at an interest rate starting from 9.2% P.A. Here are other details of a Secured Education Loan for New Zealand.



Loan Limit

Up to 1.5 Cr,

Can try for the full amount

Expenses covered

Costs for study

University fee like admission and tuition fee
Expenses for books
Cost of buying laptop or computer

Living expenses

Cost of accommodation or hostel fee
Costs for food
1-year living expenses will be provided for deposit as FTS

Other Expenses

Expenses for travel
Insurance expenses

Eligible courses

UG, PG and diploma courses

Interest rate

9.2% to 10.02%

Moratorium Period

Course period + 1-year

Repayment Duration

Maximum of 15 years

Repayment policies

Simple interest is charged in the moratorium period, which you can pay after the moratorium period

Eligibility Criteria

Must be an Indian national
Gotten admission into a university of New Zealand

Types of Collateral


NA land or empty plot

Liquid security

Govt bonds
LIC policy

Value of collateral (In case of a collateralized loan)

Can offer double the value of your collateral

Tip: A secured education loan is great for students who are looking for a maximum amount of loan at a lower rate of interest. Look for a secured education loan through WeMakeScholars for best terms.

Top Banks offering Secured Education Loan for New Zealand

Go through the below lenders and select the best one for your education loan for New Zealand

How to get a Secured loan for New Zealand?

Apply for a secured education loan through WeMakeScholars by following the below steps!

Step 1- Request a callback from WeMakeScholars or fill out a common application form
Step 2- A WeMakeScholars financial officer will call you and will ask you about your requirements. He/she will also ask some basic questions to check your eligibility for an education loan.
Step 3- After checking the eligibility, he/she will then send you a document uploading link or document checklist and will also connect you to suitable lenders.
Step 4- The process will be taken forward by the assigned lenders. However, you won’t need to worry as your financial officer will always be in touch with you and will clear off any doubts that you might have regarding the process.

You will obtain the loan sanction in the time promised by your WeMakeScholars financial officer.

Disadvantages of going directly through banks for a Secured Education Loan

The education loan process can get delayed when you go through banks directly.

  • When you go directly through banks, your interest rates will be higher
  • Inaccurate education loan process information
  • Multiple visits to the bank for the complete list of documents
  • Hidden charges, which you will know about only after loan sanction
  • Chances of an education loan sanction will be slimmer
  • The education loan process will take time
Get an education loan for New Zealand at a reduced interest rate by contacting WeMakeScholars!

Why Should you go through WeMakeScholars for a Secured Education Loan?

WeMakeScholars is an organization that was established with the sole aim of helping students pursue quality higher education in India or abroad by taking an education loan. We also got support from the Ministry of IT, the government of India. We are also partnered with 14+ banks(Public/Pvt) and hence can provide students with multiple options of lenders to process their education loan. Below are some of the advantages of going through WeMakeScholars.

Better interest rates: Going through WeMakeScholars automatically reduces your education loan interest rates by up to 2% as we are banks largest partner.

Faster loan sanction: We at WeMakeScholars process education loans in 50% lesser time than the banks.

End-to-end-support: We assist students from the time of the start of education loan process until the repayment of loan, even in a timezone that differs by 12hrs.

Tax benefits: We at WeMakeScholars educate students about all the tax benefits on an education loan. 

Cashback: Students going through us can get a cashback of ₹3000 on their first disbursement.

Negotiation: WeMakeScholars financial officer ensures that the banks provide funds to create an FTS.

Documents required for an Education Loan with collateral for New Zealand

To apply for an Education Loan with Collateral for New Zealand, you will have all the documents except the financial documents listed in the unsecured section. Along with those documents you will also need collateral documents listed below.

  • Title deed
  • Registered will deed, gift deed or sale agreement
  • Original receipt of registration
  • Allotment letter by municipal corporation/ govt. Authority
  • Sale deed if you were the owner for last 30 years or 30 years link document 
  • Electricity bill and property tax bill with the same address
  • Municipality approved building plan or layout

The collateral documents list varies by state and hence you can check below for documents requirement according to your state.

Repayment Plan for Secured Education Loan for New Zealand

When you are going with secured education loan lenders for New Zealand, they won’t ask you to pay interest in the moratorium period. You will have the option of including the interest generated in the moratorium period in the following EMIs.

Let us suppose that you have taken an education loan of 20 lacs at an interest rate of 9.7% P.A. Your course duration is of 2 years and a grace period of 12 months. You will have to repay the loan in 12 years after the moratorium period.

Here’s how much you will have to pay yearly!



Interest portion

Principal portion

Loan Outstanding

End of year 1





End of year 2





End of year 3





End of year 4





End of year 5





End of year 6





End of year 7





End of year 8





End of year 9





End of year 10





End of year 11





End of year 12





Students in the repayment phase come across problems such as an increase in the ROI and have no one to talk to about it. That is the reason you should process your education loan through WeMakeScholars.

Expenses to study in New Zealand

Below is the list of expenses you will have to manage to study in New Zealand.

  • Living expenses including 1-year FTS of living expenses
  • Study costs including tuition fee, admission fee, examination fee, and expenses for books or other education-related expenses
  • Travel expenses
  • Miscellaneous expenses like for insurance, laptop, or computer.

These expenses can be managed by applying for scholarships or through an education loan.

Scholarships to study in New Zealand

Below is a list of the most popular scholarships which can fund your studies in New Zealand.

Funds Transfer Scheme(FTS)

An FTS is a scheme or account where you need to deposit living expenses(7 lacs) for 1 year before applying for a Visa. This is asked by the embassy to ensure that you have enough funds for at least 1 year and you won’t have to do part-time jobs to survive in New Zealand. The amount in FTS will be credited to you each month for a span of 12 months.

Banks hesitate to transfer funds for FTS before you apply for a Visa. Hence you can go through WeMakeScholars. The financial officer from WeMakeScholars will convince the bank to disburse the living expenses for 1 year for FTS before applying for Visa.

Struggling to arrange the FTS amount for study in New Zealand? We can help!

Universities recognized for Special Loan products for New Zealand

The private, as well as public lenders, have identified certain universities of New Zealand that offer quality education. For these universities, the lenders offer special terms with a possible concession of interest rates or the full amount of the expenses.


Get started with the best education loan process that is fast and will stay with you until repayment!

Education Loan FAQs

  • Can I get a loan to study in New Zealand?

    You can get a loan to study in New Zealand from public banks as well as private banks of up to 1.5 Cr.

  • Who is eligible for an education loan in New Zealand?

    The students applying for an education loan for New Zealand should be Indian citizen and should have secured admission into a university in New Zealand.

  • What is the minimum income for student loans?

    The minimum income or salary of the co-applicant varies with the lender. Public banks usually do not require co-applicants with higher incomes.

  • How much money do I need to study in New Zealand?

    To study in New Zealand you need to have money to cover living expenses of 7 lacs per annum, tuition fee, and miscellaneous expenses like travel expenses.

  • How much bank balance is required for a student Visa in New Zealand?

    You need to create an FTS of 7 lacs to study in New Zealand. To know more, get in touch with WeMakeScholars financial officer.


New Zealand Updates Skilled Migrant Visa Criteria for International Students

In a move set to take effect from October 9, 2023, the New Zealand government is updating its Skilled Migrant Category Resident Visa criteria. The primary beneficiaries of these changes are international students pursuing education in New Zealand.

Under the revised criteria:

In-Study Work Rights: Full-time students pursuing qualifications at Level 4 or higher on the New Zealand Qualifications Framework (NZQCF) will now be eligible for in-study work rights. This update simplifies the process by removing references to the Skilled Migrant Category Resident Visa in in-study work instructions.

Relevance to Occupation: The requirement for courses to align with specific ANZSCO occupations at skill levels 3-5 will no longer apply. This means students can work while studying without this constraint.

Program Exceptions: Exceptions are made for students completing courses qualifying for Skilled Migrant Category Resident Visa points or those in their final semester of a two-year curriculum, allowing them to study part-time and still retain in-study work rights.

NZCQF Eligibility: All qualifications at Level 4 and above on the New Zealand Certificate of Qualifications Framework (NZCQF) will grant in-study work rights, ensuring students' eligibility even with the revised Skilled Migrant Category Resident Visa criteria.

These changes enhance New Zealand's appeal as a study destination, offering international students increased work opportunities during their education. Adherence to visa conditions remains vital to protect future visa applications and stay eligibility.

Last Updated - 10/10/2023

New Zealand Study Visa Applications Rebound, Close to 60% of Pre-COVID Levels

As of Nov, 2023, New Zealand study visa applications are rebounding, nearing 60% of pre-COVID levels. The data covers the fiscal year 2022/23 and includes the period since New Zealand fully reopened its borders to international students on July 31, 2022.

INZ received 53,428 student visa applications during this time, with 88% (47,057) approved. In 2018/19, 89,096 applications were received, and 92% (82,176) were approved. The current approvals represent just over 57% of the 2018/19 baseline.

Interestingly, 46,680 first-time student visas were granted for 2022/23, slightly more than in 2018/19, indicating a year-over-year increase.

Offshore student visa applications, until July 11, 2023, totaled 43,541, with 32,457 approvals out of 37,916 processed.

However, the increased volume led to visa processing delays. INZ advises applying at least two to four months ahead of travel and not confirming travel plans until the visa is granted.

Students should stay updated on processing times. This data demonstrates New Zealand's resurgence as a study destination but emphasizes the importance of early and careful planning for prospective international students.

Last Updated - 06/11/2023