Applicants who wish to apply for New Zealand Study Visa need to meet certain requirements. The requirements which must be met in order for the application to be successful are as below
- Academic Requirements
- English Language Requirements
- Character requirement,
- Health requirement,
- Family income proofs requirement,
- Being a genuine student requirement,
- Financial requirements
Above are the requirements which are compulsory to be met if you would like to apply for your study in New Zealand visa application. Financial requirements is one of the very important requirements which the applicants must take care of. If you are an applicant from India and are looking forward to apply for New Zealand study visa then you must take care of certain things.
Funds for NZ Study visa acceptable sponsors for applicants from India
The first one is that you must have the funds for your study in New Zealand. The most important part here is that the funds must be in the name of acceptable sponsor. For Indian applicants, Immigration New Zealand has a requirement that the funds must be held in the name of acceptable sponsors. For applicants from India, the list of acceptable sponsors include your father, your mother, your real brother, your real sister, your real maternal grandparents, your real paternal grandparents. If you are a married applicant then in addition to the above mentioned sponsors, your parents-in-law as well as your spouse may also sponsor you. So applicants from India must take care that the financial guarantor or sponsor for your study in New Zealand visa application is as acceptable by Immigration New Zealand.
Acceptable funds as per INZ
Now another question is what kind of funds are accepted as a part of your student visa application for New Zealand. Now the funds may be held in the form of savings in your bank account, in the form of fixed deposits in your bank account or education loan. Generally these three kinds of savings are acceptable for your New Zealand student visa application.
Education loan for NZ study visa requirements
In education loan there are certain things which must be fulfilled if you would like your education loan to be acceptable by Immigration New Zealand.
Acceptable financial guarantors for education loan NZ
As previously mentioned in education loan the first point to take care is that the guarantors in your loan must be acceptable by Immigration New Zealand. The list of guarantor is the same as written above. So, any co-borrower, any guarantor in your education loan must be from that list. If the guarantor is not from that list, that education would not be acceptable. For example, you are planning to apply for education loan, and the property against which the loan you are planning to take is in the name of your father and your father being in the acceptable sponsor list for applicants from India, that loan would be acceptable.
Another example could be the property is in the name of your father but somehow your father’s real brother that is your uncle, is a guarantor in your education loan. Now your uncle that is your father’s real brother is not an acceptable sponsor as per Immigration New Zealand for New Zealand study visas. No doubt the property is in the name of your father but as your uncle is one of the guarantors in the education loan so you would not fulfil the education loan requirement and education loan would not be acceptable for your New Zealand study visa application. So take care that the financial guarantor in your education loan is as per the acceptable guarantors specified by Immigration New Zealand.
Points to be mentioned in Education Loan letter for New Zealand study visa
There are certain other things which the applicants must take care of. Your education loan must mention certain things as specified by Immigration New Zealand. If any of these things are missing in your education loan letter, this may cause problems with your application.
The things which must be mentioned in your education loan letter are as below
The first thing is that the education loan must be from a nationalized or multinational banks. This is a very important requirement. If your education loan is from some NBFC then this would not fulfil the requirements of Immigration New Zealand.
The second requirement is that must be with the nationalized or a multinational bank with the security against fixed assets.
The third one being that those fixed assets that is the security against which you have taken your education loan must be in the name of your financial guarantor or sponsor
So are the requirements which must be met for your education loan to be acceptable by immigration New Zealand.
Along with this there are other things which must be provided like the evidence that how you will repay the loan. What are your financial circumstances so that you are in a position to repay this loan? This must be very well taken care of .the loan sanction letter also must include the security against which you have taken the loan .it must also include the interest which is payable and what are the repayments. The repayments must be mentioned in the loan letter .the security against which the loan has been sanctioned, the details of that security must also be there on the loan letter. So, these are the requirements which the applicants must fulfil for their education loan to be acceptable by Immigration New Zealand.
Consult a Licensed Immigration Adviser at West Highlander Immigration Chandigarh
West Highlander is the best New Zealand study visa consultancy based in Chandigarh, India. We specialize in helping international students, including Indian students, obtain New Zealand study visa. We provide end-to-end guidance, starting from helping select the right course and institute based on preferences and budget to secure a New Zealand student visa. We carefully assess student profiles and provide tailored suggestions to support them in pursuing study in New Zealand. Apart from the New Zealand student visa, we also assist students in obtaining dependent visas and visitor visas for their families. With more than 18 years of experience since 2005, we have achieved a high success rate in assisting students in obtaining their New Zealand study visa. Ms Parwinder Kaur, our director, is a Licensed Immigration Adviser (LIA) with the qualifications and authorization to support international students seeking to pursue their study in New Zealand.