Bank Loans For Education In New Zealand

Bank Loans are easily available for higher studies anywhere in the world. Loans should be preferably taken from a Nationalised Bank. The term & condition for educational loans may vary from Bank to Bank.

Eligibility

All Professional / Technical job oriented courses offered by reputed Universities.

Loan Amount

Maximum Rs.20 Lakhs.

Security

  1. For Loans up to Rs.4 Lakhs, no collateral security is required.
  2. For Loans above Rs.4 Lakhs & Upto Rs. 7.50 Lakhs Collateral Security in the form of satisfactory Third Party Guarantee.
  3. For Loans above Rs.7.50 Lakhs Collateral Security is required.

Repayment

Course period + one year or 6 months after getting a job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.

Rate of Interest

Upto Rs. 4 Lakhs-PLR
Above Rs. 4 Lakhs-PLR + 1%*

Documents Required

  • Loan application
  • Admission Letter from College/University
  • Academic documents of the student
  • Photograph, Residence proof of borrower and guarantor
  • Covering letter stating sources of owned funds
  • Fee receipts or proof of payments made
  • Title Deeds of the ownership property to be mortgaged as security
  • Copy of passport & Visa, if student is going abroad for higher education and related documents
  • Income proof of the applicant in the form of last 3 months salary slip/Certificate or copy of the last 3 years IT returns filed with computation details of personal assets & liabilities
  • Two guarantors with their latest salary Slip / certificate in case guarantor belongs to service class or latest income tax returns filed with the computation of income in case the guarantor is a businessman, professional or self-employed

Simple interest will be calculated during Repayment Holiday / Moratorium period.

 

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