Will MBFC loans be accepted for education loans in New Zealand or Australia?

It depends.

- New Zealand: Immigration New Zealand generally does not accept non-collateral (unsecured) education loans from NBFCs (Non-Banking Financial Companies) for student visas. If you use an unsecured NBFC loan, the full amount must be disbursed into your account and held for 3 - 6 months before applying; a sanction letter alone is not enough.
- Australia: Acceptance of NBFC education loans varies by university and lender. Some institutions may accept them, while others may not. Policies differ, so you must check with your chosen university and lender.

Secured loans from public sector banks are more widely accepted for both countries.