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Education loan for MS in New Zealand Through GoStudy

Pump up your career with an education loan for MS in New Zealand through GoStudy, India’s leading education loan provider.

Studying in New Zealand can become easier and stress-free if you take an education loan for Masters in New Zealand through GoStudy. At GoStudyLoans, we offer efficient loan offerings and services to students. These loans are available from globally recognised banking institutions and NBFCs. GoStudyLoans will get you the best deal in terms of the loan and its benefits. GoStudyLoans professionals curate the best and most efficient loan products for your study plans in New Zealand.

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Reasons to Go for Education Loan for MS in New Zealand Through GoStudy

1

Build your Academic Profile

A great academic record can quickly help you obtain an education loan for MS in New Zealand through GoStudy.

2

Your Choice of University

We have included several prestigious universities in our panel giving you better options to choose the best one for your studies.

3

Future-Oriented Programmes

Avail an education loan for Masters in New Zealand through GoStudy for advanced and career-defining programmes.

4

Study and Work in New Zealand

After completing your studies, the proper education will allow you to stay in New Zealand and find a high-paying job.

5

Loans Without Income Proof

GoStudyLoans helps you get an education loan for MS in New Zealand with no income proof only on the basis of your KYC.

6

Fast Sanction and Disbursement

When you need to get the loan quickly, as we help your application reach the suitable desk at the right time.

7

Unique Loan Offerings

GoStudyLoans loan offerings are specially curated and designed for students according to their financial profile and academic career.

8

Faster and Priority Processing

GoStudyLoans excels at helping students get the best loan from an itinerary of thousands of loan offerings and processing.

9

Interest Rates that Won’t Bite

At GoStudyLoans, we get interest rates that are typically lower by 0.5% to 1% than the market rates.

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Education Loan for MS in New Zealand Through GoStudy

New Zealand is quickly becoming a dream study destination because of its welcoming community and world-class universities. A country with a splendid display of Mother Nature and an eclectic mix of people coming from all over the world, this is a country that deserves to be listed among the top study destinations. What’s even better is that New Zealand has a relatively lower fee structure than other popular countries where students go to pursue higher studies.

To get a better education in a foreign nation, you need to have two things, a strong academic record, and the required finances. While maintaining a strong academic background is in your hands, GoStudyLoans can help you secure the required funds. We have experts at getting education loans for masters in New Zealand for Indian students through GoStudy. The GoStudyLoans teams of experts are situated in several states and help students secure loans from popular national banks and NBFCs.

The best part about an education loan is that they are not limited to covering tuition expenses. The right education loan will also cover other expenses, including living, insurance, etc. However, to get the right education loan for Masters in New Zealand through GoStudy, you need to get in touch with experts at GoStudyLoans. We work to make your journey to your dream study destination, New Zealand, easier and smooth.

Interest Rate for Education Loan for Masters in New Zealand Through GoStudy

Every type of loan, including an education loan, comes with an interest rate. Interest is the primary earning for a bank. While returning the loan amount, the monthly figure you get is the sum of the principal amount and the amount generated with the interest rate. The interest for an education loan for MS in New Zealand through GoStudy depends on several factors;

• The borrowers' and co-applicants credit scores.
• Monthly and yearly income.
• Student’s profile, educational background, and potential institute.
• Whether the student is putting something down as collateral.

Due to these factors, some students will get loans at a higher interest rate than others. However, you have a better option with GoStudyLoans. We will help you get a loan at the most competitive rate in the industry. We help students to achieve their dream of getting a better education at the lowest possible costs. Once you get in touch with us, our experts will help you with all the requirements, choosing the bank, the paperwork, etc.

With banks, the interest rate for an education loan in India for MS in New Zealand changes. The interest rate applicable in your case will be either as per the base rate or higher, depending on the profile.

Here are the interest rates banks charge for education loans for MS in New Zealand through GoStudy.

All these interest rates are the starting points, meaning the applicable interest rate on your loan amount can vary according to the profile. For your reference, here’s how a bank will identify the monthly EMI of the education loan for MS in New Zealand through GoStudy.

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1].

Costs Covered in an Education Loan for MS in New Zealand through GoStudy

Different types of education loans have variable cost coverage. Some loan products provide a blanket cover for costs and do not let you worry about anything, while a few loan products only cover the tuition fee, living expenses, etc. So, the key here is to choose the best education loan for MS in New Zealand through GoStudy that covers all types of costs. Generally, the costs you might incur for studying in New Zealand include the following;

• Tuition Fee
• Living Expenses
• Books
• Laptops
• Travel Tickets
• Health Insurance
• Other Electronic Gadgets
• Any Application Expenses
• Competitive Exam Fee
• Visa Application Fee

Following are the lists of the Costs Covered by Education Loan for MS in New Zealand through GoStudy:

Education Loans for MS in New Zealand Without Collateral Through GoStudy

Any student can avail of two types of education loans for MS in New Zealand through GoStudy, secured and unsecured loans. The limit for a secured loan can go as high as the student wants to be, provided they have the right assets to back up their borrowings. Second, unsecured loans are provided without any security and have a limit. Most banks limit it to ₹50 lakhs, but we also have NBFCs in our panel that provide unsecured loans as per your requirements. Some of the popular banks to get education loans for Masters in New Zealand through GoStudy include;

• State Bank of India
• HDFC Bank
• ICICI Bank
• Punjab National Bank
• HDFC Credila
• Avanse
• Axis Bank
• Auxilo
• InCred
• IDFC First Bank
• Bank of Baroda

Below listed are some documents you need to submit to the bank to apply for an education loan for MS in New Zealand without collateral through GoStudy:

• Unconditional/Firm/Confirmed Offer Letter
• Co-Applicant’s Income Proof
• PAN Card
• Academic Documents
• IELTS/TOEFL/PTE/English Language Scorecard
• Valid Passport

Collateral for Education Loan for MS in New Zealand

The collateral for a bank means when you have to put down some asset as a security against the loan. The collateral is required in some cases and not all, but mainly it is required when the loan amount exceeds the amount a bank is prepared to lend without any security. For an education loan for Master's in New Zealand through GoStudy, you can submit the following as collateral;

• Residential property, including a house, flat, apartment, condo, etc., is applicable. However, the property you are submitting must have no outstanding loans.
• A commercial property like a warehouse, an office building, a showroom, etc., while following the same condition as above.
• You can also submit a fixed deposit from a nationalized bank or NBFC. In this case, you will need a letter from the manager of the institution stating that the FD is now held in favor of the bank giving the loan.
• You can also surrender the value certifications of a life insurance policy. However, the amount of the policy cover must be equal to the loan amount.

An agricultural land won’t qualify as a credible asset to submit for getting an education loan for MS in New Zealand for Indian students through GoStudy. The opposite of a collateralized education loan is an unsecured education loan. The latter means you need to submit any sort of document to get the loan. However, in these cases, the student must have a formidable educational background and an admission letter from an eligible institution in New Zealand.

Furthermore, some banks consider giving an unsecured education loan for MS in New Zealand through GoStudy based on the course’s efficacy and employability. Plus, the banks also look at the credibility of the student and the co-applicant. The banks check the credit report to know the credit score, which helps determine the loan amount, sanction, and disbursement process. Borrowers with a higher credit score can get an uncollateralized education loan for masters in New Zealand through GoStudy.

Rest assured that even if you have a low credit score, our experts at GoStudyLoans will certainly help you find a way out. We help students grab the best opportunities they want to progress in their studies. We are dedicated to helping you get access to the right education loan for MS in New Zealand through GoStudy.

For a non-collateral education loan for Master's in New Zealand for Indian students, the documents required are;

• Income proof of the borrower and co-applicant.
• PAN card
• Proof of address (passport, Aadhaar Card)
• Scorecard of the English proficiency test.

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University-Wise Pre-Approved Amount for Unsecured Education Loan for Masters in New Zealand through GoStudy

Almost all the banks and financial institutions that provide secure education loans also provide unsecured loans. However, the amount of the unsecured loan is fixed. New Zealand is an upcoming popular destination for higher studies. Students from India flock to New Zealand, and more than one lakh students are already enrolled in the top universities here.

Besides the names of the banks we have listed above, you will find a lot many others offering their loan services. However, the key to securing an education loan for MS in New Zealand through GoStudy is that you have the right credentials. Here is a list of banks that provide unsecured best education loans for Masters in New Zealand for Indian students through GoStudy.

Co-Applicant for Education Loan for MS in New Zealand for Indian Students through GoStudy

The co-applicant is someone who is attached to the loan and shares the responsibility of paying the loan back. For a student, the banks often ask for a co-applicant because, at the time of taking the loan, not all students have enough savings or have a job with a high payout. Hence, the co-applicant is sort of mandatory in education loans. Furthermore, it also depends on the bank giving the loan and the borrower’s credit profile.

In this process, the banks also assess the creditworthiness of the co-applicant. This includes checking their net worth, income, age, and relationship with the co-applicant. In essence, the addition of the co-applicant is also an added security factor that banks consider. The following individuals can be accepted as a co-applicant by the banks;

• Parents
• Parents-in-law
• Spouse
• Siblings
• Maternal Uncles & Aunts
• Paternal Uncles & Aunts

Eligibility Criteria for Education Loan for MS in New Zealand

Collateralized and uncollateralized loan processing include some eligibility criteria that a borrower must meet. Similarly, to get an education loan for MS in New Zealand for Indian students through GoStudy, fulfilling these conditions is essential. In addition to the requirements by loan providers, the students must also fulfill the requirements set by the universities they wish to attend. The eligibility criteria to apply for an education loan for MS in New Zealand through GoStudy are as follows;

• The applicant must be a citizen of India.
• The applicant must be at least 18 years of age.
• The student must have obtained admission into a university or school in New Zealand according to the institution’s selection criteria.
• The applicant must require financial assistance.

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Documents Required for Education Loan for MS in New Zealand Through GoStudy

To avail of an educational loan for MS in New Zealand, the applicants need to submit some documents mandatorily. The exact itinerary of the documents required depends on the applicants, the loan, and the lender. However, there's a general list of documents required to get an education loan for masters in New Zealand through GoStudy.

• KYC documents of the student (proof of identity).
• Educational documents like mark sheets, degree certificates, etc.
• The details of the course and fee structure.
• Unconditional/Firm/Confirmed Offer Letter.
• Co-applicant’s KYC details.
• Co-applicant’s proof of income.
• ITR or Income Tax Returns of the student (preferable of the previous three years).
• ITR or Income Tax Returns of the Co-Applicant (previous three years).
• Proof of relationship with the Co-Applicant.
• Bank statement of the student and co-applicant.

Depending on the applicant's profile, the bank or the lending institution can also ask for other documents.

Process and Procedures for Education Loan for Masters in New Zealand for Indian Students Through GoStudy

Every loan application a student files with any type of bank goes through some process. This process typically includes identifying the borrower’s credibility, verifying the documents, and ensuring their ability to repay the loan. The same applies when you are applying to get an education loan for MS in New Zealand through GoStudy. The application process here starts with contacting the bank initially and filling out the application form.

Almost every financial institution today has an online application filing system. The application generally includes personal, educational, and financial information. After applying, the bank will start processing the same and get the initial information. After the first round of processing is complete, the bank will send a list of documents they need to process the education loan for MS in New Zealand through GoStudy.

It can take 5 to 7 days for the application to be processed. After reviewing the documents, the bank representatives may ask for further documents or questions. Once all the details are verified and the loan is approved, the bank will inform you about the payment processing and how it will be transferred.

Sanction and Disbursement of Education Loan in India for MS in New Zealand Through GoStudy

The loan sanction is a sort of authentication letter notifying the borrower that the bank approves their loan. The letter contains information about

• Loan amount
• Loan tenure
• Terms and conditions
• Repayment schedule.
• Name of the university,
• Degree/course detail.
• Co-applicant details
• Rate of interest
• Moratorium period
• Date of loan disbursement
• How will the amount be paid back?

Getting the sanction letter practically means the loan is approved. For the disbursement of the educational loan for MS in New Zealand through GoStudy, the borrower will get details on how the amount will be transferred. Generally, the tuition fee is transferred to the university account in education loans.

Other expenses, like airfare, insurance, etc., are transferred to the selected vendors or service providers. Furthermore, the students will receive the living expenses directly into their accounts. Moreover, the students will also get details on the denomination of the disbursement amount. The living expenses are sent according to the student’s needs and the protocols set during the process.

Moratorium Period for Education Loan for MS in New Zealand Through GoStudy

The moratorium period connected to a loan is the time for which the borrower does not have to pay the amount back. Once the moratorium period ends, the loan repayment will begin. Mostly, the moratorium period applies to education loans. This is because after securing an education loan for a master's in New Zealand through GoStudy, the student won’t have to start the EMI until after their course finishes. Even after the course is complete, the bank gives additional time in terms of months.

In general, the moratorium period is equal to the duration of the course plus six months. The student can utilize the extra six months to find a job and start earning to pay the money back.

Repayment of Education Loan for MS in New Zealand Through GoStudy

The repayment tenure of an education loan for MS in New Zealand for Indian students through GoStudy can be between 12 months to 180 months. It can be more, depending on the bank’s terms.

For repayment, you can pay back in different options;

• Partial Simple Interest
• Simple Interest
• EMI
• Full Moratorium period

Tax Benefit for Education Loans for Masters in New Zealand Through GoStudy

Section 80E of the IT Act allows students and borrowers to claim a deduction in their overall EMI for the financial year. This benefit reduces the burden of paying the loan amount to some extent. The student and the co-applicants in the loan can claim the benefit. However, there is no dedicated limit to how much benefit the borrower can claim. There is a condition to avail of the loan; the borrower must decide to pay the loan back in 8 years.

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