Various ways to help you live your dream of studying abroad

Studying in New Zealand is one of the best decisions you’ll make. The country offers unmatched quality education and can be affordable if you plan your finances wisely. I say so because I’ve seen many students and their parents struggle to arrange the financials. What is important to understand is that it is never a hurdle if you understand the actual requirements of funds and arrange in time, and in accordance with the guidelines by Immigration New Zealand.As per Immigration New Zealand, students should have sufficient funds to support their tuition fees and living expenses for the entire duration of study. It is a student’s responsibility to make the Immigration body confident that the finances submitted are genuine and readily available to the student during their stay in New Zealand.

Acceptable Sponsors: Self (student) and your immediate family members which include parents, siblings (no cousins), grandparents (both paternal and maternal), and if you’re married, then spouse and spourse’s parents. You are required to prove your relationship with the sponsor by providing documents like passport, Aadhar Card and Pan Card.

Here is the list of accepted finances for your student visa to study in New Zealand.
Source 1Funds available in savings account which are stable for more than six monthsIf in case of any recent deposits in the last six months, a proper justification with source is required. For example, funds credited through salary from an employer can be justified with pay slips and employment proof; but for funds borrowed from relatives in the last six months which were credited to your account will not be accepted. Similarly, funds credited through property sales, agricultural income, and gold loans are also not accepted. The student can submit statements of multiple accounts of their accepted sponsors, if required.
Source 2Education loans obtained from nationalised or multinational banks approved by RBISome banks do approve Unsecured Education Loans up to a certain limit but above that they require collateral security/fixed assets that belong to you or your sponsors. You are required to provide with a loan sanction letter mentioning the limit sanctioned, collateral security, margin, rate of interest, repayment schedule and copy of the collateral security used for the loan.
Source 3Employee Provident Fund (EPF) or General Provident Fund (GPF)If the sponsor is employed in a government or private organisation, they can use their EPF or GPF, whichever is applicable to finance their studies. They would require a letter from the employer stating their total available balance and the withdrawal limit.
Source 4Public Provident FundYou can also use your Public Provident Fund if you have sufficient withdrawal limit to show for evidence of funds.
Source 5Personal loans for the salariedSalaried sponsors can avail personal loans based on their employment. As the repayment schedule starts immediately, we recommend to take advice from experts before availing this option.
Source 6Loan against LIC’s which are six months oldIf the duration of your course is more than two years, then you can opt for a payment plan for rest of the years by demonstrating how you will repay for the subsequent years of study. You can show the total annual income of your family through Income Tax Returns (recommended that the total annual income should be more than INR 10 lakhs p.a.), fixed deposits which are due to mature in next two years, or a CA Report. All these options you can be utilised to fulfil the subsequent years of financial requirement.

Immigration New Zealand allows you as a student to opt to pay your tuition fees after your visa application has been approved in principle (AIP), which is also called as conditional visa. Once you get this visa, you can then transfer the tuition fees and living expenses* (if FTS is a condition) through the same funds declared at the time of visa application.

If you feel the need to discuss and understand these financial requirements and the best way to go about it, feel free to reach out to IDP anytime. We’d be more than happy to guide you!