New Zealand is a unique country with beautiful landscapes, world-renowned universities and a friendly and progressive society. It is a secure and friendly environment with a world-class reputation for cutting-edge innovation and creative energy.
Studying in New Zealand is one of the best choices you can make. The country provides unrivalled quality education and can be affordable if you manage your finances wisely.
As per New Zealand Immigration, students should have adequate funds to cover their college tuition and living expenses during the tenure of their studies. It is the duty of the student to make the immigration body satisfied that the finances submitted are authentic and readily accessible to the student during their stay in New Zealand.
Here is the list of accepted finances for a student visa to study in New Zealand.
1. Funds available in savings account which are stable for more than six months
If in the case of any recent deposits in the last six months, a proper explanation with source is needed. For example, money credited to an employer’s salary can be justified by pay slips and evidence of employment; but money borrowed from relatives over the past six months that has been credited to your account may not be recognised.
Similarly, funds credited through gold loans, property sales and agricultural income are also not accepted. If required, the student can apply multiple accounts of their approved sponsors.
2. Education loans obtained from nationalised or multinational banks approved by RBI
Some banks do accept Unsecured Education Loans up to a certain amount, but above that they require collateral security/fixed assets belonging to you or your sponsors. Students are expected to have a letter of sanction for the loan specifying the limit, margin, collateral protection, interest rate, repayment schedule and a copy of the collateral security used for the loan.
3. Public Provident Fund
Public Provident Funds can be used if the student has enough withdrawal limits to show proof of funds.
4. Employee Provident Fund (EPF) or General Provident Fund (GPF)
If the sponsor is working in a government or private company, they can use their EPF or GPF, whichever is applicable to finance their studies. They will need a letter from the employer specifying their withdrawal limit and total balance.
5. Personal loans for the salaried
Salaried sponsors can use personal loans on the basis of their jobs. As the repayment schedule begins immediately, it is suggested that the student take advice from experts before using this option.
6. Loan against LIC’s which are six months old
If the length of the course is longer than two years, then the student can apply for a payment schedule for the remainder of the year by showing how that he/she can repay after the study period. The aspirant can disclose the total annual income of it’s family through income tax returns (advised that the total annual salary should be more than INR 10 lakhs p.a.), fixed deposits due to maturity in the next two years, or a CA report.