Dubai is climbing the charts and becoming one of the most popular destinations for Indian students to study abroad. Courses such as MBA, Hospitality and Tourism, Design and Arts are among the top 5 ones on the list. A most frequently googled question is “How to Study in Dubai for free?” Studying in Dubai for free might sound like an enticing option for many, but in reality, it will not be the kind of “free” that you imagine.
To study in Dubai for free, one needs either of the following three things:
Citizenship of the UAE
Scholarships or grants
Internships
Many universities in UAE provide a full tuition fee waiver if the student is a resident national of the UAE. For non-resident nationals, some scholarships and grants give a partial waiver on the fees. Meanwhile for students who are non-nationals, certain merit-based scholarships, and internships help tremendously in reducing academic fees. Moreover, if one is provided with a licensed and paid internship following the rules of the UAE government, one can earn one’s keep and thus reduce the total expenditure.
Before we move ahead to understanding each of these categories in detail, let us first look at the type of scholarships and their classifications based in the colleges of Dubai.
Types of ScholarshipsAvailable:
To study in Dubai, these are the multiple types of scholarships largely classified into:
● Government Scholarship: The UAE government provides the Sheikh Mohammed Bin Rashid Al Maktoum scholarship, the LSE Middle East Centre Emirates Masters Scholarship, the Al Qasimi Foundation’s Doctoral Research Grants, etc. There are many others under the Ministry of Education and Dubai Knowledge Foundation.
● Merit-Based Scholarships: Awarded to students based on exceptional academic achievements and standardized test scores, providing partial or full coverage of tuition fees.
● Need-Based Scholarships: Aimed at students with demonstrated financial need, these scholarships support accessibility to education by covering tuition fees and other related costs.
● Sports Scholarships: Granted to talented athletes excelling in sports, allowing them to pursue their academic and athletic goals simultaneously.
● Research Scholarships: Support students interested in research endeavors, providing financial assistance for research projects and advanced studies.
● Cultural Scholarships: Promote cultural exchange by awarding scholarships to students representing diverse nationalities and backgrounds.
● Women in STEM Scholarships: Encourage gender diversity in STEM fields by offering scholarships exclusively for women pursuing STEM degrees.
● Industry Partnerships Scholarships: Collaborating with leading industries, scholarships may include internships or cooperative education programs for practical experience.
● Community Impact Scholarships: Awarded to students with a strong commitment to community service and making a positive societal impact.
● Alumni Scholarships: Exclusively for graduates of partner institutions, fostering a sense of community among international students and alumni.
● University Scholarships: Universities and Institutions in Dubai offer numerous scholarship opportunities, tailored to attract and support international students in their pursuit of academic excellence.
● Government Grants: Government grants in Dubai are typically awarded for specific programs or research initiatives aligned with national priorities. These might be difficult for typical students to access directly.
● External Grants: International organizations or NGOs might offer grants for students in Dubai pursuing studies related to their focus areas. For example, an environmental NGO might offer grants for students studying sustainability.
Financial aid particularly for UAE resident students:
Zayed University provides a monthly stipend and educational devices for students of Emirati mother
University of Birmingham in Dubai provides an Emirati excellence scholarship to outstanding student based on invitation only.
The University of Dubai provides a 100 per cent scholarship to Emirati students under the ICT fund. This applies to those students who wish to study electrical engineering or Information technology at the University of Dubai.
Scholarships for International Students (Applicable to Indian students also):
Zayed University provides Education Devices and financial aid to International students who qualify for their mentioned requirements. Education devices cover up costs of buying a laptop or tablet and so on.
The University of Wollongong in Dubai provides Academic merit scholarships, and sports scholarships for new and continuing students of any nationality, given they fulfil the criteria mentioned by the university.
The Canadian University in Dubai provides multiple scholarships ranging from Academic excellence or merit scholarships to sports scholarships, special needs scholarships, and financial hardship scholarships.
The Mohammed Bin Rashid University of Medical Science has programs like the Future Doctor’s program and the Jood scholarship program that award the top-ranking students and students with financial hardships with a tuition fee waiver respectively.
Some other scholarships are based on the universities, scholarships are as follows:
● The University of Dubai offers International student scholarships which are known to be full or partial tuition fee waivers. ● Al Qasimi Foundation’s Doctoral Research Grants by Al Qasimi Foundation, provides full tuition fees, living stipend and research allowance for outstanding international students pursuing PhD research. ● Zayed University Scholarships are restricted to Zayed University students but cover full or partial tuition fees and living stipends (for some programmes) ● Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum Scholarship is a prestigious scholarship granted by the Dubai Government, which covers all tuition fees, living expenses, and health insurance for outstanding academic achievers. ● Several universities that are located in Dubai, including Dubai University, offer merit-based scholarships to international students with outstanding academic records. ● Mohamed Bin Zayed University Scholarship for AI is offered by Mohamed Bin Zayed University for Artificial Intelligence to exceptional international students pursuing postgraduate studies in Artificial Intelligence. It covers full tuition fees, a monthly stipend, health insurance, and accommodation. ● The bachelor’s academic merit scholarship at the University of Wollongong Dubai covers 15% – 50% of tuition fees each trimester. ● Amity University’s Merit-Based scholarship is an international student Bursary Scholarship known to offer a 20% bursary. It offers a 20% reduction in tuition fees for the whole of the student’s program.
Internships:
Universities in Dubai, also have the provision of part-time work within the University campus, or MOUs with partner companies that allow students to earn money. Although it does not make education free, at least you can earn a small percentage of it.
To sum it all up, merit-based students in terms of academics, sports, or special talent will find it relatively financially less burdening. Internships, assistantships in the university, and part-time jobs as permitted by the type of Visa are other ways to earn money and make it easy to Study in Dubai.
Dubai, one of the most fascinating, innovative, and rapidly developing cities in the United Arab Emirates is home to a significant number of universities with high standards of quality education. Data from 2022, reports that a total of approximately 2 Lakh Indian students applied to study in Dubai, and were staying there. In the same year, there were reports that the UAE was in the top 3 countries with the highest Indian population.
Proximity to Dubai, comparatively cheaper rates of flights, and hassle-free visa registration process make it a great choice for Indian students to study in Dubai.
It is indeed natural to look for thetop 8 universities in Dubai when selecting a university to apply for admission. But how do you go about selecting the best university? So, to help you with it, here are the 6 necessary parameters to base your selection upon. Though there are diverse factors that you can consider based on your choices and requirements, the list below compiles the most important factors.
Accreditation The first parameter is the accreditation acquired by the university. This refers to the university being registered and licensed under the Ministry of Education, or holding a ranking from a well-recognized agency. This ensures the quality of education and overall experience. A plus point is that opportunities come flowing with accreditation or a brand name. Accreditation and ranking contribute to the Academic Reputation of the University although it is not the only determining factor.
Campus and Co-curricular Activities Life on campus, convenience, and safety within the campus determines a large part of student satisfaction. Extra points to the university if its campus is well-designed! Apart from the campus, the cultural activities, university festivals, sports, and competitions all work towards building a cohesive college community.
Facilities and Resources The provisions provided by the university or college determine the ease of adjusting to university life. While the resources contribute a rich experience of the same. Facilities and Resources comprise of libraries, laboratories, types of classrooms, seminar halls, aid and technology for the specially-abled. Sports facilities would consist of swimming pools, courts, gymnasium, open ground and others. Accommodation would include hostels, canteens, and campus shops.
Faculty and Course Structure Perhaps the top determinant of the best colleges is the faculty and the team of teaching, and the support team of the university. International faculty with teaching expertise, professionals working in the field, researchers, and the admin staff would contribute to the student’s learning experience. The course structure, electives, and specializations are essential in shaping your theoretical and practical knowledge, thus empowering the students to adapt to the job market.
Financial Aid and Scholarships Each University has its individual system to base the fee structure. During admissions, the affordability of the tuition and accommodation fee plays an important role. The availability of financial aid like merit-based scholarships, sports scholarships, and education loans provides options for the payment of college fees.
Internships and Placements The third most important factor following the faculty and accreditation is the nature of Internships and Placements provided by the university. Inquire about the special add-on courses made available by the university, and the research programs run by them.
All of the factors above are highly interrelated and determine the rate of graduation, and your standing in the job market. It is important to carefully scroll through these factors before applying to any of the top colleges or universities.
Following is a list of the top 8 universities in Dubai. The Ranking Web of Universities published the world ranking of universities from the UAE. The world ranking is taken from the cybermetrics book of the ranking web.
World Rank
University
Accreditation
Rankings ‘23
Fees
Scholarships
1444
Zayed University
Recognized by the Ministry of Education
#10 in UAE according to QS World Rankings
2500 AED per credit hour
Merit scholarships for national and international students
3432
University of Wollongong Dubai
Commission of Academic Accreditation
#12 in UAE according to Webometrics
UG: ~16,500 USD PG: ~ 2565 USD
Merit, Sports, students continuing higher studies
3465
The British University in Dubai
Recognized by the UAE Ministry of Education
#11 (Arab region)
UG: ~56,250 AED PG: ~200,000 – 250,000 AED
Merit, kids of alumni, sibling discount
3729
Mohammed Bin Rashid University of Medical and Health Sciences
Recognized by the UAE Ministry of Education & SCHS
_
~ 160,000 AED
Merit for students applicable
4050
Canadian University Dubai
Recognized by the UAE Ministry of Education through CAA
#6 in UAE according to QS World Rankings
UG: ~ 70,000 – 90,000 PG: ` 100,000
Merit, Sports, Special needs, Special talent, financial needs
4238
University of Dubai
Ministry of Education, UAE
#11in UAE according to QS World Rankings
The fee calculator available on the website
Partial scholarships, Full scholarships through ICT fund for select students
4262
American University in Dubai
UAE Ministry of Education & KHDA
#8 in UAE according to QS World Rankings
The fee calculator available on the website
Merit
4483
Amity University in Dubai
Recognized by UGC India, And UAE Ministry of Education
#18 in UAE according to Webometrics
Variable depending on the course
Merit, categorical
Apart from the Webometrics web of university rankings, and QS world rankings of the university, subject-specific rankings are also available. Here are the top 8 Universities based on the parameters above:
8 Leading Universities in Dubai You Should Know About
1. Zayed University – What You Need to Know
A university with one of the most stunning designs and architecture has a global ranking of approximately #400. With 7929 students taking admission on average, Zayed University has a student-to-faculty ratio of 12:1. They run around eight undergraduate schools with multiple programs under them spanning from fine arts, interdisciplinary studies, humanities, natural and health sciences, to technological innovation, business, and mass media communication. At the post-graduate level, courses span from International affairs, legal and judicial systems, counselling psychology, and Environment and sustainability sciences, to communications, finance, information management sciences and cyber security.
The faculty members are from diverse backgrounds and hold definite expertise. Life at campus is coloured with multiple interactive fests and competitions, and opportunities for the management of the same. Libraries, common study areas, student counselling centres, and student residences. Financial Aids are provisioned mostly for Emirati students, and on some occasions for international students. Merit scholarships and tuition assistance are also provided. Read the clauses and directions carefully before application.
2. University of Wollongong in Dubai – A Premier Education Destination
A modern and urban structure, the University of Wollongong in Dubai is an offshore campus of an Australian premier university. As reported by the graduation surveys, 84% of their students are recruited for jobs within six months of passing out. With a license from the Knowledge and Human Development Authority, and recognition from multiple institutes, Wollongong University is located right in the Business Knowledge Park, at the very heart of the Dubai Business Centre. Facilities range from well-equipped laboratories, and classrooms, to lounges, cafeterias and dining halls.
At the graduate level, the university delivers 22 courses spanning five majors. They are Business and Commerce, Media and Design, Computer Science, Engineering, and Information Technology. At the postgraduate level, the same courses are carried forward with an addition of majors in Healthcare and Education. A Business and commerce doctoral program is also available along with numerous short certification courses. Financial aid is available in terms of Merit-based scholarships, Sports scholarships, and scholarships for students continuing in the same university for higher studies.
3. The British University in Dubai – A Hub for Quality Education
The British University in Dubai is accredited by the UAE Ministry of Education, and recognized by various professional establishments and partners. This university provides Undergraduate, Postgraduate, and Doctoral courses and is home to students from 99 different nationalities. The undergraduate programs include a Bachelor of Science in Artificial Intelligence, Cybersecurity, Accounting and Finance, Law, Business Management, and Electro-Mechanical Engineering. The postgraduate list of courses is unique as it covers topics like Construction law and dispute management, cybersecurity, informatics, structural engineering, sustainable design of the built environment, business administration and project management.
The scope of research is rich owing to its multi-faceted student publication opportunities including journals, student publications, research news, incubation centres for cybersecurity, and research in digital education. The fee structure on average for the undergraduate program is around 56,250 AED, whereas for the post-graduate program, it is between 200,000 AED to 250,000 AED depending on the nature and duration of the course. Certain postgraduate programs are priced at 85,000 AED. Apart from the tuition fees, other fees are also applicable. Scholarships are applicable in all departments to students maintaining their CGPA and are merit based in nature. Additionally, scholarships are also based on kids of alumni, siblings being in the university, and such others.
4. Mohammed Bin Rashid University of Medicine and Health Sciences
MBRU is a college for medical sciences and has schools for Nursing and midwifery, the School of Dentistry, and the School of Medicine. Key features of this institute state that this is Dubai’s largest medical simulation centre and that it has one of the best, innovation-driven research centres. Located in Dubai Healthcare City, this establishment is licensed and accredited by the Ministry of Education, and the Saudi Commission for Health Specialties. There are several other accreditations, and partners working together with Mohammed Bin Rashid University.
Under the wing of the College of Medicine, the degrees provided are MSBS ( Master of Science in Biomedical Sciences) with a tuition fee of 160,000 AED and a PhD in Biomedical Science. The wing of dentistry comprises postgraduate courses in endodontics, prosthodontics, orthodontics, and pediatric dentistry. Meanwhile, the school of nursing is accredited for two courses in Master of Science in Cardiovascular Nursing, and in Pediatric Nursing with a tuition fee of 140,000 AED. Merit-based scholarships are provided throughout the tenure for students applicable.
5. Canadian University Dubai – Your Pathway to Success
Located near City Walk, Dubai, the Canadian University of Dubaiproudly boasts of being the top college in Dubai for Art and Design, and Management studies. This record is closely followed by a national rank of 3 and 4 respectively in the above-mentioned fields. Accredited by the Ministry of Education through the Commission for Academic Accreditation, CUD is partnered with multiple professional establishments such as IAA, PRSA, and CIMA. It houses Graduate programs in Business Administration and Information Technology Management, and undergraduate programs in architecture, Business, Communication, Engineering, Interior design, Public Health, Social sciences and creative industries.
On campus, the student life is filled with activities from the Student Council. They also house a robotics club known for innovation, bringing together students, and making it an enjoyable venture. To secure admission to this university, one needs to have a 10+2 degree with decent scores, international students would require an English proficiency test, and the student needs to clear the placement tests. The fee structure is based around 70,000 AED to 90,000 AED and varies for each course. The fees spike for masters to around 100,000 AED. Scholarships are based on Academic excellence, Sports, Special needs, financial needs, and special talent. One of the finest opportunities and benefits of studying in CUD is the chance to transfer to Canada for a term or two in a partner institution.
6. University of Dubai – Your Journey Starts Here
University of Dubai, located in the Academic city of Dubai, and licensed by the Ministry of Education, is home to students from over 37 nationalities. The undergraduate and Graduate programs are categorised under the School of Business, school of Engineering and IT and School of Law. Its partnerships with other accredited universities and institutes allow for international exchange programs, internships, placements, and guest sessions.
The tuition fees of UD can be calculated through their built-in calculator after selection of the course to study, study mode, credit, and additional costs. Scholarships are granted to students based on merits and special clauses. International students can avail partial scholarships, whereas Emirati students can avail a 100% scholarship under the ICT fund. The Center of Executive Development allows professional establishments to train and achieve expertise in business-related domains with specially tailored in-house programs. The Entrepreneurship and Innovation Free Zone, the Centre for Future Studies, and the Centre for Business Research and Consultancy provide an opening for research expertise.
7. American University in Dubai – Shaping Leaders for Tomorrow
A wall and brick royal structure, the American University of Dubai is an accredited establishment by the UAE Ministry of Education and permitted by the Knowledge and Human Development Authority. The undergraduate and graduate programs are run under the School of Business, School of Engineering, School of Communication, School of Art, Architecture, and Design, School of Education, and School of Arts and Sciences.
Libraries and Accommodation are provided under campus facilities. Fees can be calculated on their website based on the type of course, accommodation type, semester, and number of credits. AUD provides multiple opportunities through their clubs and social activities. The Leadership Club runs the study abroad ambassador program. Each department runs its own club for example American Institute of Architecture students club, the Biology Student Society club and so on. Special interest clubs like Book Club, Model United Nations Club, Eco Club, and many others also exist.
8. Amity University in Dubai – Your Gateway to Excellence
A sleek constellation of buildings, the offshore campus of Amity University is located at the International Academic City of Dubai. This University is UGC-approved from India and licensed by the Ministry of Education Dubai. It has one of the biggest private university campuses in Dubai spanning over 15 acres. This university is great for Indian students seeking immediate placement or requiring a transfer to an Indian campus. A total of 50 UG and PG programs are run by three schools in the university. They are the Amity Business School, School of Engineering, Architecture, and Interior Design, and School of Humanities, Arts, and Applied Sciences. The fee for Undergraduate and Postgraduate programs is variable due to the distinct needs and requirements of each course. As of recent news, a 50% scholarship is applicable to all courses of Amity University. Merit scholarships and scholarships based on special circumstances and categories are also available.
On-campus facilities involve state-of-the-art student accommodations, sports facilities with a swimming pool, outdoor ground, gaming zone, and prayer halls. As luxurious as life can get, Amity is also home to in-depth research projects and provides grants to the selected research departments.
This is all about the best universities in Dubai. There are tons of other excellent establishments for study, and you can take your time to browse through them based on your needs and requirements.
A visa is an endorsement attached to a passport (an official document proving an individual’s identity and citizenship, thereby allowing his travel to, and from, foreign countries) indicating that the applicant is granted authorisation to enter, leave, or stay in a country for a specified amount of time, and is allowed to do activities as defined by the type of Visa.
Visa is categorised based on the purpose it serves. Out of the 25 categories, the most commonly applied types are Tourist Visas, Medical Visas, Student Visas, Business visas, Employment visas, Intern visas, Film visas, and Research visas.
The official Indian website to apply for a Visa online lists three simple steps. The first step is to fill out and submit the Visa form online. The second step is to apply along with the required documents at the Indian Visa Application Center. The third step is to receive the Visa from the center. While easy it may sound, the entire application right through to the end, is a tedious process.
Hence, education consultants providing guidance for Visa applicationsprove beneficial as it makes the process hassle-free. Apart from this, there are also occasions when one finds it difficult to navigate through the categories and the many official document submission businesses. At a juncture like this one, seeking guidance from Education consultants proves to be beneficial.
Overseas Education Consultants provide services that help with applying for a Visa online, filling out the application forms, submitting documents, and finally collecting the Visa. Overseas Education consultants help students choose a suitable country to study abroad, counsel them on the up-and-coming courses and universities, help plan the accommodation, finances, travel, submitting documents, applying for a Passport and Visa, and guiding on the necessary things to be done to apply to universities overseas.
Overseas Education Consultants in Noida
Noida, a planned city to the south-east of New Delhi has multiple students planning to study abroad. This brings in business to a wide range of study abroad consultants. Located mainly in Sector 18, Sector 2, and Sector 63, more than 15+ consultancies are prominently reputed. Each of them has their key features. Some of the well-known centres according to Google search include:
Overseas Education Lane: Located in Sector 2, Noida, this agency has distinct 14 steps to help students from the selection of the course to study abroad, right to completing the process and beginning the course.
Innvictis Edutech: Located in Sector 32, Noida, this consultancy guides career counselling, and provides help with the process of applying for MBBS overseas.
Yes Germany Noida: Located in Sector 15, this agency helps students with applying for Bachelor, Master, and Vocational training specifically in Germany
Edumorphs: Located in Sector 94, this consultancy focuses on the holistic needs of the student by providing pre-application, during-application, and post-application processes.
CIES Overseas Education: Located in Sector 18, this consultancy focuses primarily on preparation for IELTS, writing of SOP along with guidance on overseas education.
Study Overseas Help
Study Overseas Help is a study abroad consultancy that provides comprehensive services related to finding, applying, and enrolling to universities in foreign countries like the UK, Dubai, Canada, Italy, Ireland, and more.
How do they help with Visa applications?
As mentioned at the beginning of the blog, there are different types and categories of Visas and different requirements for each. Moreover, the Visa application for each country has a different requirement list. Overseas education consultants in Noida help navigate this process and make the task relatively hassle-free.
The visa application process can be classified under three categories; the first is the pre-visa application requirements, the second is the application for the Visa with the required documents, and the final step is paying the Visa fee, and getting the Visa issued. Find below the step-by-step process of how Study Overseas Help aids with the Visa application process.
Step 1: Finalizing a Course
Overseas education consultants in Noida have this important line-up of activities to be done before applying for the Visa. It all begins with guiding you to find the best course for you to study based upon your interests and aptitude. This is smoothly transitioned into finding the best programs you can study, and the best universities you can apply for your admissions
Step 2: Finalizing a Country
Each country has their regulations and requirements to grant a Visa. Although the overall process is the same, there are minor differences. So, once the country to study in is finalized, you apply for admission and wait till you get the acceptance letter because this is essential to apply for a Visa. Most overseas countries provide the services of helping their students get a visa, but it is always wise to get help from consultants as they know the process precisely.
Step 3: Prerequisite Documents
Before applying for a Visa, here are the documents you might need. Again, as mentioned in the previous point, there will be differences in the documents required in each country, but here are some necessary ones:
A valid original Passport
A passport-style photo that follows the guidelines mentioned
A letter of Acceptance/Admission from the University
Proof of enough finances to cover the tuition, accommodation and medical expenses
Salary transcripts of the student’s Sponsor from the home country
Proof of accommodation in the applied country
Academic Transcripts
Proof of Medical Fitness
English Language Proficiency Test or Language Proficiency based on the country’s National Language.
Step 4: Apply for the online form
In this step, the official website is visited and the online application form is filled with due details. Documents are attached as directed. An important factor that the consultants take care of is the timing of the application. If a Visa is applied early, you might end up reducing the time duration in the country of study. If it is applied too late, you might miss the scholarships, grants, and miss classes. Hence, the timing is crucial and is helped out by the consultants.
Step 5: Pay the fees
In this step, once the application form is filled, you pay the Visa fees. If you are eligible for a scholarship that covers your Visa fees, attach the respective documents. Keep in mind that each country has different Visa fees, and grants accordingly
Step 6: Book an appointment
Here, you book an appointment with the office in charge of the applied country and take along the application form and other mentioned documents. For some Visa processes, you can pay the fees after the appointment.
This finalises your Visa application. All the tiny details like the type of photograph, the number of documents, and the scholarships applicable are all taken care of by the education consultancies. Once the Visa application is verified, you receive your Visa
In a recent interview from May of 2024, a senior official of Heriot-Watt University, Dubai, explained how the buoyant job market, the booming business sector, high rates of employability in Multi-National Companies and relatively easy Visa rules and application process makes Dubai one of the prime choice for Indian students to study abroad.
Dubai, is home to around 50 plus universities, out of which multiple are accredited by the Ministry of Education, UAE. Out of the many aspects of these universities, in this blog, we will be addressing the financial factors. The fee structure for every course is different based on the structure and design of the course, as well as the University that hosts it. We will primarily be discussing the scholarships and Financial aid provided by the top universities in Dubai.
Value of UAED and INR
Let us first know the value an Indian rupee holds in the market of the UAE. A Hundred Indian Rupees equals 4.41 UAE Dirhams; conversely, a Hundred UAE Dirhams equals 2270 Indian Rupees. Based on the exchange rates, the value changes, but is still approximately around the above-mentioned value.
Because the value of the UAE Dirham is higher than that of the Indian Rupee, tuition fees, accommodation fees, and other miscellaneous finances might be a little taxing economically. Hence, applying and qualifying for scholarships in Dubai can prove to be a very beneficial and helpful financial aid.
Scholarships
According to the classic definition, a Scholarship is a financial award given to a student to help support their education. Scholarships can be based on academic merit, special academic achievements, athletic achievements (the field of sports activities), the background of the student, special quotas like the military or the minority, and based on financial needs of the student.
In the following paragraphs, the scholarships provided by the Top universities in Dubai, and applicable to Indian students will be explained.
Zayed University
Ranked at the 4th place in UAE, Zayed University has an Undergrad tuition fee of 2500 AED per credit hour. Here are details regarding the fee structure and scholarships.
The fee is not exempted for Indian students.
In case the complete payment cannot be processed in one go, they can be divided into instalments payable in the Fall, Spring, and Summer terms of the undergraduate level.
At the graduate level, scholarships are provided for international students who fit in the given criteria.
The applicant must submit the complete application before the due date and must receive an offer for full admission to Zayed University.
The scholarship level and value are determined by the student’s academic CGPA. For instance, a student scoring a 3.70 CGPA, will be provided with 25% of the tuition fee as the scholarship.
The scholarship is withdrawn if the student fails to maintain their CGPA above 3, and if the student is dismissed from the course for any reason.
The Zayed University alumni scholarship is applicable to students passing out of Zayed University and holding a Zayed University Bachelor’s or Masters degree.
ZU also provides a financial compensation award for students selected under the Graduate Teaching Assistantship, Graduate Research Assistantship, and Graduate Administrative Assistantship.
They also provide tuition discounts for students who are sponsored by another entity that is in partnership with ZU and follows the protocol decided upon.
University of Wollongong in Dubai
UOWD has provisions to provide scholarships to qualifying students based on Merit, and athletic excellence. These scholarships cover an aggregate sum of the tuition fees but do not cover the living expenses or the additional study-related costs.
Scholarships provided for bachelor’s degree with integrated freshman-year students are:
The scholarship is limited to the students who fit in the required criteria and is based on early applications for the same. The following scholarship
The value of scholarships for Indian students is as follows:
Students securing 95% and above in the State boards or CBSE, receive a 50% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 25% off.
Students securing between 85 to 95% in the State Board or CBSE examinations, receive a 25% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 15% off.
Students securing between 80% to 85% in the State Board or CBSE examinations, receive a 15% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 10% off.
To continue the scholarship, one must maintain a certain level of scores, and enroll in a specified number of courses as declared by the University.
Masters’ students are provided with a 15% and 25% scholarship based on the following requirements:
Acceptance from the University for a full-time course in ZU.
A minimum of 9/10 GPA in the bachelor course for a 25% scholarship.
A minimum of 8.5 /10 GPA in the bachelor course for a 15% scholarship.
The Adam Gilchrist sports scholarship is awarded to two students who are professionally representing a team or playing at the state and national level and have had a 65% and above score in their board exams. This is applicable to both the undergraduate and graduate levels.
For continuing students, a 15% to 25% scholarship is provided with a requirement of a minimum cumulative Weighted Average Mark (WAM) of 75 in their studies, and the completion of a minimum of 36 credit points.
The number of Sports scholarships for continuing students is unlimited in number
The British University in Dubai
Following the University of Wollongong in the list of University rankings, BUiD provides Scholarships for Undergraduate and Graduate level programs.
The scholarships at the undergraduate level are segregated depending on the departments like Law, Computer Science, Business, and Electromechanical Engineering degrees.
For Indian students, merit-based scholarship is provisioned:
50% scholarship for high school grades > 98%; required to maintain a GPA around 3.9
35% scholarship for high school grades > 90%; required to maintain a GPA around 3.5
30% scholarship for high school grades > 80%; required to maintain a GPA around 3.2
Other scholarships involve a Sibling discount (if one of your siblings is also studying at BUiD, scholarships for people of determination, and for children of BUiD alumni.
Scholarships for the Master’s programs include:
Discount if there is a first-degree relative studying in the University at the same time.
Group discount for a minimum of 5 employees from the same company joining at the same time.
Getting a score of Distinction in your bachelor’s degree.
Amity University Dubai Campus
The scholarships provided by Amity University in Dubai are granted annually after the re-evaluation of merit scores. Indian students can qualify for the International student scholarship.
Manipal Institute of Higher Education Dubai
The MAHE Dubai provides scholarships to Indian students in the following categories:
Merit-based scholarships for students meeting the required criteria in terms of their academic performance. 30% of the tuition fee wavered during the first year of study.
Sports Scholarship for individuals exhibiting athletic excellence. 50% of tuition fee is waivered during the first year of study.
Girl Child Scholarship provides a 100% waiver on tuition fees. This scholarship is provided in partnership with the Embassy of India in UAE.
Alumni Scholarships with a 25% waiver for students of MAHE Dubai pursuing higher studies in the same University.
All of the above-mentioned scholarships are subject to terms and conditions set by the Universities. Read carefully before applying. It is suggested that you opt for tele-consultation, or discuss with the administration staff regarding the scholarship that benefits you the best.
Make sure to visit the websites of these colleges to know more about the last date of application, and apply in due time
Education in Dubai is popular amongst Indian students. In this blog, we will outline the basic steps of applying to the top universities in Dubai. We will also take a look at the reasons making Dubai an optimal choice to pursue education, while also listing the best universities in Dubai.
Top Reasons why Students Prefer Studying in Dubai
A. There is a wide range of Universities and business sectors, and there is constant competition. This creates an intensive atmosphere to develop the skillset and mindset of the students, thus benefitting them in some way. B. The innovative and futuristic nature of technology, adds cutting-edge exposure to the student’s overall experience. C. The proximity to India makes it convenient to travel and lowers travel costs considerably. D. The multicultural environment in Dubai creates a safe space for students of all nationalities. And there is always somebody you know from India working in Dubai! This makes students feel at home. E. Numerous Indian Universities have an offshore campus in Dubai. This provides students with UGC-approved education combined with practical training from the job markets in Dubai.
Top-Rated Indian Universities Located in Dubai
A. Amity University in Dubai B. Manipal Institute of Higher Education C. BITS Pilani Dubai Campus D. SPvJain School of Global Management
Top-Ranked 5 Accredited Universities in Dubai
A. Zayed University B. University of Wollongong in Dubai C. British University in Dubai D. Canadian University in Dubai E. University of Dubai
Top Five Popular Courses in Dubai
A. Business Administration B. Architecture and Urban Planning C. Arts and Design D. Hospitality and Tourism E. Sustainable and Innovative Technology
The step-by-step guide for applying to Universities in Dubai for Indian students is as follows:
Step 1: Selection of an Area of Interest:
Based on personal preference.
Based on market trends.
Based on the courses available.
Based on the scope of the job.
Step 2: Shortlisting Courses.
Compiling a list of suitable universities.
Selection of a university:
Based on the world ranking.
Based on their course structure.
Based on the placements and internships provided.
Based on the faculty.
Based on the mode of education. ( language, and attendance)
Step 3: Checking Course Requirements:
Minimum Education
Marks
Entrance Exams
Intake Semester
Visas
Passports
Step 4: Applying to the University
Prepare the materials
CV
Portfolio
Recommendation letters
Marks Sheet
Identity certificate
Passport size photographs
Fill the application form with due importance given to completing the task before the deadline.
Pay the application fee.
Preparing for the entrance/interviews.
Wait for confirmation.
Step 5: Counselling
In-person
Tele counselling:
Accommodation
Facilities
Payments
Scholarships
Other requirements
Step 6: Applying for a Visa and Passport
Application process
Necessary documents
Insurances
The Detailed Guidebook for Indian Students Applying to Universities in Dubai
Step 1:
The pre-requisite to college application is knowing what one would like to plan for their career and future. The first step is to narrow down an area of interest. A few pointers that will help you with the Selection of an area of interest are:
Your personal preference that aligns with your aspirations, dreams, values, and goals.
Based on the current trends in the job market, the needs of the hour, and the range of the job.
Based on your personal preference and market needs, browse through the courses available in the chosen field.
Step 2:
The next step is to Shortlist the courses, and the colleges providing the desired programs. To be able to do this, start with:
Compiling a list of suitable universities. This can be chosen based on the city you want to study, the provision of facilities, reputation and ranking, and the academic quality of the university.
In our case, we are going ahead with Dubai, one of the most promising cities in the world for education, and a home to 50 plus highly ranked global universities.
Another important factor to consider is the course structure. Please make sure to understand the curriculum thoroughly to get an idea of what you will be learning. The faculty also plays a vital role.
Although most colleges in Dubai use English as the mode of education and communication, double-check before shortlisting.
The final and essential factor while shortlisting universities is to check the internships provided by them the nature and type of placements available, and whether it is feasible to continue with your Visa.
Step 3:
Once the courses are shortlisted, proceed to check the requirements needed to study the course. Factors you need to consider are:
The minimum level of education required to study the course is as follows: Certain courses also require you to have studied a specific subject in your previous academic year. For instance, courses like an MBA require you to have studied statistics for your bachelor’s or equivalent degree.
The percentage of marks scored in the previous examinations also counts as an important aspect in the selection criteria.
Scores on entrance tests formulated by the university, or scores on International Language Testing like IELTS and TOEFL. International English Language Testing System functions as a standardized English language test for non-native English speakers. This acts as an entrance test for students applying to universities in foreign countries. Indian students applying to study in Dubai need to have their scores on IELTS to get admission to certain universities.
IELTS measures proficiency in English Listening, Reading, Writing and Speaking. To qualify for a Visa application, one must take this examination in person either through the computer mode or through the paper-pen mode. To prepare for the test, the official website of IELTS India provides with sample test papers, reading and writing material, webinars, applications and much more. To apply for universities in Dubai, you can take the IELTS Academic Test. IELTS General Training test can be taken if you wish to study in Dubai below the graduate level.
Step 4:
After the course requirements are understood, go ahead with enquiries and counselling. Counselling here refers to a professional from the University department explaining the course, and its outcomes, and checking your suitability for the same. Counselling can be done in person when you visit the campus or can be done as tele-counselling if you are not able to physically visit the campus.
During Tele-counselling, remember to discuss the following key points:
The structure of the course. This includes how subjects are divided across semesters, the options for electives, the co-curricular activities, and the subjects under study.
Although course requirements are usually posted on the official website of the university, go through them with the counsellor.
Enquire about the facilities on campus like the cafeteria, gymnasium, basketball courts, playground, swimming pool, music room, auditoriums and so forth.
Ask about the accommodation provided by the university, and if not what would private expenses and options for accommodation look like
Finally, discuss one of the most important aspects; the Fee structure. Ask questions to learn more about:
The total fees including the tuition and other costs.
Availability of the installment payment system.
Scholarships available and how to qualify for them.
And any other miscellaneous requirements of the University.
Once tele-counselling with all the shortlisted universities is done, come to a decision about the course and university you would like to study at.
Step 5:
The final step is to send applications to the list of shortlisted universities. First and foremost get your documents in order. These include:
Your Marksheets from grade 10, grade 12, and Bachelor’ (that is if you are applying for a master’s)
Recommendation letters as per the requirement of the university.
Portfolios if applicable.
Identity certificate or Passport: A passport is the official document to travel internationally. It verifies and confirms your identity as a resident of the country. It also verifies your personal details like age, address, and so on.
And Passport size photographs.
Fill the application form with due importance given to completing the task before the deadline.
Pay the application fee and any other fee applicable. Make sure to keep a copy of the receipt.
Prepare well for interviews in any, and keep your documents ready.
Wait for confirmation from the university before finally choosing the one University that you want to study at.
The last step would be to file for a Visa after confirmation of admission by the University. A Visa is an official document that allows an individual to enter a foreign country legally. A student Visa can be applied for to study at a University in Dubai.
While applying for a Visa, the following points need to be taken into consideration:
Acceptance letter from the university.
Accommodation proof.
Sufficient financial funds for expenses, tuition fees and medical insurance.
The following blog outlines the nature of MBA courses, specializations, the top universities for MBA in Dubai, and the benefits of studying MBA in Dubai for Indian students. Let us start by understanding the basic points and terms used in MBA.
Basics of MBA
First, let us get a basic understanding of the specializations and types of MBAs. Master of Business Administration is a course designed with core subjects like finance, microeconomics, strategic and operations management marketing and ethics to develop the student’s comprehensive skills, business sense, and interdisciplinary knowledge
There are multiple interdisciplinary specializations that can be studied for an MBA. Some of the most frequently studied courses, and the ones in high demand are listed in the table below.
Sustainable Business Practices, Corporate Environmental Strategy, Green Supply Chain Management
The course structure of an MBA involves core subjects that cover finance, analysis, strategic thinking, and planning. Apart from the core subjects and specializations mentioned in the table above the MBA course also includes Interdisciplinary subjects, electives, and hands-on training.
Before enrolling for an MBA course, a quick look at the type of degree provides clarity. MBA degrees can be classified into three divisions based on the time, duration, commitment to the course, and experience.
Full-time MBA: Takes around a year or two, and is beneficial for students new to the field, and can attend classes regularly
Part-Time MBA: Usually lasts for two to five years and is suitable for working professionals seeking advancement in their career paths. Classes are more flexible to accommodate the work schedules of individuals
Executive MBA: Designed specifically for experienced working professionals, this course enhances and helps individuals stay up-to-date with the state of the art and modern developments. Duration varies based on courses and universities.
According to the GMAC2023 Survey, Part-time and EMBAs saw a trend of increased admissions compared to full-time MBAs. Given the current national and international demands, analysts speculate that the following will be the most in-demand MBA graduates.
“Finance, Marketing, Operations, Information Technology, Big Data, and Entrepreneurship are leading nationally. Internationally, Global Management and Sustainability also contribute to the list of top MBA programs.”
Catching up with the recent developments, specialisations like Rural and Agri-business, AI and ML, Sustainability and Environmental Management are gaining momentum.
Now that we have a basic understanding of the outline of the MBA course, let us look at why Dubai is a good option to do an MBA abroad, and which universities make it into the Top 5 MBA programmes in Dubai for Indian students.
MBA in Dubai for Indian Students
Dubai, one of the most populous and booming cities of the United Arab Emirates, is home to a wide range of businesses in the sectors of trade, logistics, hospitality, tourism, real estate, and construction.
Due to its strong economy and diverse business centres, Dubai is a great option to pursue a Master of Business Administration.
Alongside that, high education quality, international faculty, and multiple Indian offshore campuses make it super convenient to pursue an MBA in Dubai for Indian students.
Indian universities like Amity, Manipal, and BITS Pilani have their offshore campuses in Dubai. This makes it extremely suitable for Indian students to adapt to the course structures and the environment.
Dubai consists of a decent percent of Indian population, making the students feel less homesick!
Let us take a look at the top 5 colleges in Dubai to pursue an MBA
Top 5 Colleges in Dubai for MBA
University
Type
Mode
Time
Tuition Fees
Scholarships
London Business School
Executive MBA
In-person
20 months
1,25,29,046 INR
ICICI Bank education loan
University of Dubai
MBA
In-person (full-time, part-time)
12-15 months
_
Merit, Nationality, others
Manipal Academy of Higher Education
MBA (day), (evening)
In-person (full-time, part-time)
2 years
11,45,676 INR
Merit scholarships on tuition fees
Institute of Management Technology
MBA
In-person; full time
1 year
19,32,234 INR
Student merit-based scholarship
BITS Pilani
MBA, MBA in Business Analytics
In-person
2 years,
7,27,374 INR
Merit, tuition scholarship, bank loans
London Business School
This institution provides a 20-month, in-person Executive MBA degree. Ranked 9th in the world for EMBA, this school has an alumnus of over fifty thousand and is located in the heart of the Dubai International Finance Centre. New intakes for 2024 start in September this year.
This degree applies to experienced personnel with an average of 13 years of work experience. The London School of Business webpage outlines the available core courses and about 70 plus electives to choose from.
The fees are stationed at 150000US$. When converted to Indian rupee, the value is around 1,25,29,046. There are varieties of scholarships available based on the nationality of students. For Indian students, the ICICI Bank Education loan is available as a financial aid. Additionally, scholarships and leadership funds are available specifically for experienced women professionals.
The faculty at the London Business School are from different nationalities and levels of expertise, building a strong foundation for the knowledge, research, and skills of their students.
University of Dubai
The University of Dubai, located in the Academic city, is one of the key institutions providing multiple different specializations for the degree of Master in Business Administration. The specializations include regular MBA, MBA in Supply chain management, MBA in Digital Marketing, MBA in Fintech, and MBA in Strategic human capital. This school of business is licensed under the Ministry of Education, UAE.
The intake for the regular MBA is throughout the year and is taught in both the full-time and part-time mode. Apart from the specialisations listed above, the School of Business also provides certificate courses to enhance the knowledge of students. A bachelor’s degree in Business administration and a mentioned score in IELTS or TOEFL are required for admission to this institute. The fees vary for national and international students, so it is advised to contact their admin office and use their fees calculator to arrive at the final sum. Scholarships are provided based on nationality, merit, school scores, and multiple other cut-offs.
Manipal Institute of Higher Education
Manipal Group of Education has one of its offshore campuses located in Dubai. It provides a multitude of courses related to business administration. They include an MBA in both a full-time day mode and a part-time evening and weekend mode, a Post-graduate diploma in Business Administration and a Postgraduate Diploma in Supply Chain and Logistics.
These courses designed for two years include beneficial opportunities and a guarantee of placement. The day MBA degree provides an option of earning a dual degree from Edinburgh Napier University, UK. The specialisations span from Marketing, Finance, and Operations, to Human resource management, healthcare and entrepreneurship. The evening MBA provides comprehensive training and overviews of all subjects included in the regular course.
The fee structure for the day course is about 11, 45,676 INR, whereas the tuition fee for the evening course is around 8, 83,126 INR. Financial aid is available in terms of merit-based scholarships applicable on tuition fees.
Institute of Management Technology
IMT is a school of management that is registered and licensed by the Ministry of Education, UAE. The institute is located in Dubai International Academic City and houses a full-time one-year MBA course. The course begins in September 2024.
The course is structured into four terms, with core subjects, electives, and experiential learning. The international exchange program and the global immersion program of this institute provide students with a holistic and rich learning and skill expertise. The course fee is 85000 AED which is converted to INR and sums up to 19, 32,234 rupees. Scholarships are awarded based on student merit and follow its own set of guidelines. These scholarships do not apply to administration, accommodation, travel, visa, and insurance.
BITS Pilani Offshore Campus
The BITS Pilani Institute provides two options; one is the regular Master in Business Administration, and the other is the MBA in Business Analytics. Individuals with a minimum three-year bachelor’s degree and having studied mathematics and statistics in either 10 +2 or higher level are eligible to apply for this course.
Both of these courses are suitable for graduates, and working professionals aiming to advance their careers. Working professionals have the option of choosing a dissertation over an internship in their final semester. Merit scholarships, tuition fee scholarships, and hostel fee concessions are provided. The tuition fees amount up to 32,000 AED which when converted to INR equals 7, 27,374 rupees.
In totality, here are a few things to consider before you begin your application process:
● Make sure you have the right Visa and Passport ready. ● Enquire at the admin office of the universities to gain more detailed information and consultation. ● Be well informed about your choices, current market needs, and specialisations. ● Each institute has its intake requirements that may be based on entrance exams, graduation levels, and years of work experience. Make sure to check the requirements before applying.
New Zealand, the land of beauty and education, hosts many Indian students pursuing higher studies abroad. The educational institutions of the country are known to be the epicenter of academic excellence with a wide variety of programs meant for a global audience. This blog provides an insight into a few of the top universities in New Zealand for Indian Students.
A Closer Look at the University of Auckland
Ranked 68 in the QS World University Rankings 2024, the University of Auckland is New Zealand’s highest ranked university. This is further backed by a five star plus QS Stars University Rating for excellence in the categories: Research, Employability, Teaching, Facilities, Internationalization, Innovation and Inclusiveness. The University of Auckland conducts teaching and learning at two large-scale research institutes, and other institutes and centers. It offers a wide range of study options at undergraduate, postgraduate, and doctoral levels. The programs span across eight faculties: Arts, Business, Creative Arts & Industries, Education & Social Work, Engineering Law, Medical & Health Sciences, and Science. The university is located in Auckland which is New Zealand’s economic hub and hosts a multicultural environment for its residents. University of Auckland is home to over 7000 international students from over 120 countries. Notably, the university has curated an exclusive scholarship program for Indian students which covers up to $20,000 of tuition fees.
Discovering the Rich Offerings of the University of Otago
The University of Otago has its main campus in Dunedin, the Wildlife Capital of New Zealand. It also has Schools of Medicine and Health Sciences in Wellington and Christchurch. It is a prestigious center of learning with a global footprint and a rank of 206 in the QS World University Rankings. Established in 1869, the University of Otago is officially the first university of New Zealand. The university has received a Five Stars Plus QS Stars University rating in the years of 2016, 2018, and 2021. The University of Otago offers more than 200 undergraduate and postgraduate programs across four divisions – Health Sciences, Sciences, Humanities, and Business. 95% of students passing out of the University of Otago enter the workforce or opt for higher education. The Otago University Indian Students Association is a strong community which offers a smooth transition for the incoming Indian students into the campus.
Unveiling the Victoria University of Wellington Experience
Situated in the city of Wellington, the capital city of New Zealand, Victoria University of Wellington offers a quality education modelled on the highly successful British framework. It is ranked 50th in the world for Social Policy and Administration. The programs offered by the university are majorly in the categories of Accounting and Finance, Development Studies, Education, English Language and Literature, Geography, History, Law, Engineering, and Linguistics and Psychology. Apart from that Victoria University has received five stars in each of the following categories: arts and culture, discipline ranking and accreditations, employability, facilities, inclusiveness, internationalization, research, and teaching. With a focus to promote postgraduate studies on India in New Zealand, the Victoria University of Wellington established the New Zealand India Research Institute in 2012.
University of Canterbury
This public research institution is the second-oldest university of New Zealand. It is ranked 256 in the QS World University Rankings. The university follows the People First principle and welcome anyone interested to learn from a diverse and flourishing community. The university offers world class education through its faculties in Arts, Education, Engineering, Health, Law, and Business. It invites applications for undergraduate, postgraduate, and doctoral programs every year. When you graduate from the University of Canterbury, you join an alumnus of more than 140,000, a cohort of engaged and empowered individuals affecting change across the globe.
Discovering Auckland University of Technology (AUT)
Among the top public universities of New Zealand, Auckland University of Technology is placed 407th in QS World University Rankings 2024. AUT has received an overall five-star rating from QS. It also has five-star ratings for Teaching, Employability, Research, Internationalization, Facilities, Innovation and Inclusiveness. It has 60 research centers and institutes which deliver leading research across a range of subjects including space, artificial intelligence, robotics, ecology, physical activity and nutrition. Furthermore, AUT has more than 5,000 industry partners around the world. Therefore, within nine months of graduation, 94% of graduates enter the workforce.
For the Indian students, these universities in New Zealand for international students do not only offer high-quality education but also homes providing a cultural and opportunity-rich environment. Each university has its own unique strengths: research, student life, specialized programs, and industry connections. Choosing to study in New Zealand, Indian students can have the hope of an enriched educational experience that will work as a window into success in the future.
Picking the right education loan is crucial for those studying abroad, but many students struggle with complicated financial terms and don’t grasp what they mean. This blog is here to help clear things up, especially about interest rates on education loans. It will also cover in brief how simple interest is different from compound interest. By getting a clear picture of interest on education loans, students can talk more confidently with loan providers to ensure they get deals that will put them in a manageable financial spot. Learning about interest on education loans isn’t just about doing math; it’s about ensuring you understand your finances well to make smart choices for your future.
What is the Interest Rate on Education Loan?
Interest on an education loan is a way to figure out how much extra money you need to pay on a loan. It only looks at the original amount of money you borrowed, not including any interest that adds up over time. This means you’re only paying extra on the first amount you took out, no matter how long you take to pay back the loan. This can be helpful for students going for an abroad education because it makes understanding how much they owe more straightforward.
The interest rate on your education loan can be of two types –
Floating interest rate: Varies with market conditions, leading to unpredictable EMIs. Makes budgeting difficult due to fluctuating repayments.
Fixed interest rate: Stays the same throughout the loan term, unaffected by market changes. Offers predictable, unchanging EMIs, aiding in financial planning and stability. Ideal for those who value certainty in monthly payments.
The interest rate on an education loan is often known as simple interest. The simple interest on an education loan is calculated in this way –
Interest = Principal x Rate x Time (I = P x R x T), where:
P is the principal amount (the original sum borrowed), R is the annual interest rate T is the time the money is borrowed for, in years.
Simple Interest vs Compound Interest
Difference Factor
Simple Interest
Compound Interest
Basis for Calculation
Calculated based on the original loan or deposit amount.
Calculated on both the initial amount and the accumulated interest over time.
Accumulation of Interest
Interest does not compound; it’s only on the principal.
Interest compounds, accumulating on the principal and previously earned interest.
Overall Cost
Typically results in a lower total repayment amount for loans, making it cost-effective for shorter periods.
Due to compounding, the total repayment or investment value increases more significantly over time, which can be more costly for loans but beneficial for investments.
Growth
Shows steady and predictable growth, increasing linearly over time. This makes it simpler to forecast future payments or earnings.
Exhibits exponential growth, which can greatly increase the future value of investments or the total cost of loans, especially over long periods.
Suitability
Ideal for short-term loans or investments where quick repayment is expected. It’s straightforward, making it easier for individuals to plan their finances without worrying about fluctuating costs.
Preferred for long-term investments or loans where the compounding effect can substantially benefit the investor or saver over time. It’s particularly advantageous for those looking to maximize returns on investments.
Education loans usually use compound interest, meaning interest is calculated on both the borrowed amount and any previously accumulated interest. This can increase the total interest paid over the loan’s life. However, terms can vary by lender, so it’s important to check the specific loan details. Here is a table that explains the difference between simple interest and compound interest.
Interest Rate on Education Loan by Different Lenders
When exploring an abroad education loan comparing the starting interest rates provided by various lenders is crucial. Below is a simplified table that illustrates the different initial rates:
Lender Name
Secured Loan Interest Rate
Unsecured Loan Interest Rate
Union Bank of India
9.25% – 11.5%
9.75%
Axis Bank
9.99%
10.75% – 12.5%
ICICI Bank
9.9% – 10.0%
10.99% – 12.75%
IDFC First Bank
9.5% – 11.0%
10.75% – 13.0%
HDFC Credila
10.25% – 10.75%
11.75% – 12.75%
Avanse
10.75% – 12.0%
12.0% – 13.0%
Incred
NA
11.85% – 13.25%
Auxilo Finance
11.5% – 12.5%
12.0% – 13.5%
Prodigy Finance
NA
11.5% – 13.5%
MPOWER Finance
NA
12.99% – 15.99%
State Bank of India
10.15% – 11.15%
NA
Bank of Baroda
9.7%
NA
Factors Impacting Interest Rate on Education Loan
Several factors can influence the interest rate you receive on an education loan. These factors include:
Applicant profile: The financial history, credit score, and current income of the applicant can significantly influence the interest rate. Lenders use this information to assess the risk level of lending money. A stronger profile often results in lower interest rates, as it indicates a lower risk of default.
Co-applicant profile: Similar to the main applicant, the co-applicant’s financial stability, credit score, and income are scrutinized. A co-applicant with a strong financial background can help secure a lower interest rate, providing additional assurance to the lender.
Type of loan: Secured loans, which are backed by collateral, typically have lower interest rates compared to unsecured loans. This is because secured loans present a lower risk to lenders, as they have assets to fall back on in case of default.
Market conditions: Interest rates are influenced by the broader economic environment, including inflation rates, central bank policies, and the state of the financial markets. Changes in these conditions can lead to fluctuations in interest rates offered to borrowers.
Targeted country & institute: The country and institution where the applicant plans to study can also impact the interest rate. Some lenders may offer lower rates for studies in countries or institutions they perceive as having better employment prospects post-graduation, which affects the borrower’s ability to repay the loan.
Smart Ways to Lower Your Education Loan Interest
There are several strategies through which you can save on the total interest payments on your education loan. While these approaches may not seem immediately advantageous in the short term, they will be beneficial in reducing your effective interest rate over time. These strategies are –
Paying interest during the grace period – Making interest payments during your loan’s grace period can notably lower the principal amount before you begin making regular payments. Taking this early action helps save money over time by reducing the principal, thereby decreasing the total interest accumulated on this smaller principal amount.
Prepay when possible: Making extra payments or larger payments than the minimum can reduce the principal faster, leading to less interest accrued over time.
Opt for shorter repayment terms: Though this means higher monthly payments, the total interest paid over the life of the loan is reduced.
Refinance at lower rates: If your credit score improves or if market rates drop, refinancing your education loan can secure you a lower interest rate.
Sign up for automatic payments: Some lenders offer a discount on the interest rate for enrolling in automatic payments.
Tax Claim under Section 80e: Deducting interest paid on education loans under Section 80E can lower your taxable income, benefiting those paying for higher education for themselves or dependents. This tax relief extends over the time you pay interest, enhancing savings.
Grasping how interest rate affects education loans is key for students eyeing studies overseas. Through strategic decisions, like covering interest in the grace period and adept loan management, students can notably lessen their financial load. GyanDhan provides tailored education loans for abroad studies, ensuring competitive rates tailored to your needs. Simply check your loan eligibility through GyanDhan, and embark on your international educational voyage with financial assurance and simplicity.
Frequently Asked Questions
How do you calculate simple interest on education loans and what are its benefits?
To find simple interest on education loans, multiply the principal amount by the annual interest rate, and then by the number of years. This method is beneficial because it applies interest only to the original loan amount, offering a more economical way to handle education expenses.
Do education loans from Indian lenders use compound interest?
Yes, education loans from Indian lenders usually apply compound interest, meaning interest accumulates on both the principal and previously accrued interest. However, if you pay simple interest during the moratorium period, compounding does not occur. The frequency of compounding depends on the lender’s policy, typically annually or quarterly.
What factors affect simple interest rates on education loans?
Simple interest rates on education loans are influenced by the borrower’s credit score, the size of the loan, the repayment duration, and whether the loan is secured or unsecured. Being aware of these factors can help borrowers secure a more favorable interest rate.
How is simple interest on education loans calculated by private lenders?
Private lenders might have their own guidelines for calculating simple interest on education loans, including requiring interest payments during the study period to prevent interest from compounding. Borrowers should closely review lender policies to fully understand their loan’s costs.
Why is knowing how to calculate simple interest on education loans advantageous for long-term financial planning?
Understanding the calculation of simple interest on education loans aids long-term financial planning by clarifying the total cost of borrowing. This insight allows borrowers to make informed decisions, potentially saving a substantial amount in interest over the loan’s life.
To study abroad is a dream of many in today’s world. It is more dynamic and allows one to access the globalized nature of markets. Having said that, this dream often faces financial challenges. To overcome that, students apply for loans for studying abroad generally. At times, a student loan for abroad doesn’t get sanctioned or there are some hurdles with respect to paperwork. Therefore, it is important to explore alternative funding options and secure your plan of international education.
Crowdfunding: A Modern Approach to Education Funding
With the increasing access to digital world, crowdfunding has emerged as a very potent tool and an alternative to a student loan for abroad. It is quite practical and many platforms such as Kickstarter, GoFundMe, and Ketto ensure transparency of the entire fund. They give you the opportunity to tell your story and set a goal for your campaign. There are many students who have been able to raise money to support their educational goals. The success rate for crowdfunding is quite varied and there are people who have collected around USD 10,000. They key is to craft a compelling narrative and keep the audience engaged with regular updates and gratitude.
University-Provided Scholarships
Merit and Need-Based: Top universities globally offer scholarships based on academic merit or financial need. The amounts can range from partial to full tuition coverage.
Government-Funded: Indian government scholarships like the Fulbright-Nehru Master’s Fellowships can cover tuition and living expenses, often exceeding $20,000.
Private and NGO Scholarships: These can range from a few thousand dollars to full tuition coverage, depending on the organization and program.
Work-Study Programs and Exchange Opportunities
For example, USA offers F1 visa to students. Under this they can work up to 20 hours a week during term-time. In Canada, the study visa enables students to work similar number of hours and full-time during semester breaks. In addition to this, there is an Erasmus+ program in Europe. It covers a significant portion of living expenses (€300 to €400 per month).
Tuition-Free or Low-Cost Universities
Germany: In Germany, public universities offer tuition free education. It covers both undergraduate and postgraduate courses. All you have to do is budget for living expenses (€850 per month).
Nordic Countries: On the lines of Germany, Nordic countries like Norway also waive off tuition fees at public institutions. The only thing to manage is living expense which can be on the higher side (€1,000 per month).
Earning While Learning: Freelancing
In this globalized world, platforms like Upwork and Fiverr have emerged. They are leading aggregators of freelancers from all over the world. A successful freelancer can earn anywhere from a few hundred to several thousand dollars per month, depending on the skill set and time commitment. This also provides you to have flexibility of schedule along with academic load.
Academics are a one-time investment which goes a long way in your career. To study abroadand gaining an internationally accredited educational qualification is a feat known to a few. Once you are determined enough, you can devise ways to fund your education. From crowdfunding to scholarships, and work-study to low-cost universities, the possibilities are diverse. Combining these with entrepreneurial endeavors like freelancing or starting an online business can create a robust financial plan for your study abroad aspirations. This path is all about research, creativity, and zeal to make things happen.
Taking your aspirations to a foreign country is a milestone for many Indian students. However, this journey is often road blocked by its financial implications. Thus, there is a need to have a well-planned borrowing strategy. We will conduct a thorough comparison of student loan options, tailored for Indian students.
Government-Backed Loans vs. Private Loans
Government-Backed Loans
Advantages: Government-Backed student Loans are offered at lower interest rates (around 8-10% annually), they have longer repayment terms and sometimes subsidies on interest.
Disadvantages: They are available up to only INR 20-30 lakhs. Moreover, being government backed brings in higher level of scrutiny which in turn means a stricter eligibility criterion.
Private Loans
Advantages: Private sector student loans can have higher limits upwards of INR 50 lakhs. They are more flexible in nature and the processing time is also faster.
Disadvantages: The major impediment in securing a private loan is the high rate of interest (10-14%) and the repayment schedule is stricter.
Types of Interest Rates: Fixed vs. Variable
Fixed Interest Rates
Pros: Offer predictability in repayments; rates generally vary between 9% and 12%.
Cons: Such student loans for studying abroad can be higher than initial variable rates.
Variable Interest Rates
Pros: Start with lower rates, beneficial if market rates decline.
Cons: Risk of increasing payments if market rates rise.
Loan Repayment Terms and Grace Periods
Repayment Terms
Short-Term Loans: Typically, 5-7 years, resulting in higher monthly payments but less interest overall.
Long-Term Loans: These student loans for studying abroad extend up to 10-15 years, easing monthly burdens but increasing the total interest paid.
Grace Periods
Post-Graduation: Several banks offer a six to twelve-month window before repayments start. It eases the burden of immediate repayment and one has time to look for a job.
Indian Loan Providers
Public Sector Banks
State Bank of India (SBI): Global Ed-Vantage scheme offers loans up to INR 1.5 crores with interest rates starting from 8.85% p.a.
Punjab National Bank (PNB): PNB Udaan loans offer up to INR 40 lakhs with interest rates around 9% p.a.
Private Banks and NBFCs
HDFC Bank: Provides flexible loans up to INR 20 lakhs with interest rates starting from 9.50% p.a.
Credila: Specializes in education loans, offering variable rates and customizable plans.
Evaluating Your Options
You must consider the following parameters while deciding upon your loan:
Interest Rate Impact: Lower rates are critical for long-term affordability.
Loan Amount Adequacy: Ensure the loan covers all costs, including hidden expenses.
Repayment Terms: Seek flexible options that align with potential earnings.
Processing Efficiency: Consider the ease and speed of loan approval.
Collateral Requirements: Weigh the implications of secured versus unsecured loans.
For an Indian student, securing a student loan is a major step. You are advised to compare different loan types, interest rates, and repayment terms. It is better to consult a financial advisor and make the best possible decision keeping in mind your future financial capabilities.
