abroad education Archives - Study Overseas Help Blog

Each country has its unique line of tradition, culture, innovation, and experience. There are job markets that differ, expertise that is vivid and education that is formative. Since every country specializes in certain fields of work, education is also directive towards that field. This is one of the reasons why students opt to study in foreign universities that provide specialization.

In this blog, we will navigate the role and importance that Education consultants hold in the entire process of applying to universities abroad, and note the prominent study abroad consultants in Noida.

What are Education Consultancies?

In today’s date, education has spread its wings wide and there is a sea of options and specialties one can opt for. There are up-and-coming universities, colleges, specialty institutes, online workshops, online degrees and whatnot. With so many options, one might need some help finding a course that best suits them and their aspirations. At this junction, one might say that the need for Education consultancies arises.

Education consultancies are institutions that guide the student through all the steps of career counselling and admission procedures to study abroad. In short, they are your one-stop shop for everything about overseas education. These consultancies might either be a group of professionals working together to help you or might be standalone agents. The team consists of people like career counsellors, travel agents, overseas education experts, and managerial people.

What are Overseas Education Consultants?

Embarking on a journey to study abroad comes with many tiny details that need to be well taken care of. It can become a tedious process to do it all on your own. That is where Overseas Education Consultants appear like a magicians and help you out with all the processes and requirements.

In the last decade, the number of Indian students pursuing education overseas has increased considerably. Often students make the choice of studying in countries like the UK, Ireland, the USA, Australia, Canada, Russia, UAE and so on. Thereby the need for guidance over small and big matters related to overseas admission is at large. Overseas Education consultants help you sail smoothly through the entire mission of studying abroad.

Why Choose Education Consultants?

The first question that comes to mind is why even make a choice of opting for an overseas consultant. Is it absolutely essential? Well, not really. But here are a number of reasons for you to choose education consultants to study in foreign countries:

Agents and consultants help you navigate through the many options available for courses and degrees.
They provide you first-hand information and know-how of the entire sequence of taking admission.
Guidance regarding the step-by-step procedures to apply to universities is gained.
Choosing consultants saves time and energy that would otherwise be spent on going through the unending procedures.
You get to know the loopholes in admission processes and can learn ways to manage them or use them to your benefit.
The strong professional experience, combined with an alumni network opens a path of possibilities for you.

How do Overseas Education Consultants Help?

Now that we have listed the reasons and ways in which overseas education consultants are helpful, let us take a look at exactly how this works. Here are ways in which they help:

Career Guidance: This includes course selection, and selection of the university, and the country that you would study at.
A. From a multitude of courses, consultancies and agents help you find the most suitable career path for you that is in line with your personal interests. Since the selection of the course determines the kind of job market you will end up in, a thorough understanding of the available options and the scope within the field is provided.
B. Going forth, the best universities for the course are listed and shortened down to the best possible option.
Application Process: The process of applying to a university is a multi-tier event that takes up a lot of your attention, time, and energy. Agents make it simplified for you by following a set of protocols. Day in and day out, they have been helping with applications and naturally, they gain expertise in going about it as simply as possible.
A. The process of applying to colleges includes the following steps:
i. Checking the eligibility criteria. This could include your marks in high school and beyond, the subjects chosen, minimum age and clearance of university examination.
ii. Doing a background check regarding the documents required.
iii. Preparing the essays, Sops’ letters of recommendation.
iv. Prepping and getting a valid score on English language proficiency test.
v. Helps with the preparation and submission of other academic documents like grade cards, transfer certificates and so on.

B. Helping with the details of cost exemption strategies like applying for scholarships, sponsorships and others. Additionally, helping the student find the best bank loans and financial support is done by the agents and is by far the most beneficial step taken towards education abroad.

C. Cost estimation and financial planning are yet other important aspects of education consultants’ work. Right from the best accommodation options, travel fare, and living expenses are taken care of.

Visa: The next most important thing that needs guidance and help is the finalization of the passport, and applying for the Visa.
a. Help is provided to prepare the documents.
b. Fill in the application form.
c. Partake in the counselling session and prepare for the interview.

These are a few ways in which education consultants help with overseas education.

Study Abroad Consultants in Noida

Now, let us take a look at the top 10 overseas education consultants in Noida.

CIES Overseas Education: With a review rating of 4.6, IES is an overseas education consultant who helps with general counselling in regard to the overseas admission process. They also help with essay writing. To book your free consultation, register at their official website.
Eklavya Overseas: With a 4.7 Google review rating, Eklavya Overseas pays special attention to helping students with their dreams of pursuing an MBA or MBBS overseas. They provide counselling to study at destinations such as Germany, Russia, Poland, Canada, Switzerland, the UK, and Ireland.
GeeBee Education: Holding a Google review rating of 4.7, this education consultancy covers all the important aspects that need to be taken care of while applying to universities in foreign countries. You can benefit from their services by booking their free counselling session.
IDP Education: A Google review of 4.8, this consultancy holds prominence in aiding students with selecting their course and choosing the best option from a list of top ranking universities that are specifically suitable for you. They additionally also provide guidance on matters of scholarships and education loans.
Innvictis Edutech: With a 4.8 Google review rating, this consultancy pays specific attention to studying MBBS overseas. It helps you choose from the list of countries and universities that provide comprehensive education at lower costs. In addition, their services also include preparing for the exams, building the profile, and assisting with travel and accommodation.
Meridian Overseas: With a 4.9 Google review rating, this education consultancy focuses on course selection and preparation for tests like the IELTS, TOEFL, and GMAT. The top destinations covered by this consultancy include the UK, the USA, New Zealand, Australia, and Dubai.
Radical Education PVT LTD: With a 4.9-star Google review rating, this education consultancy holds specialization in career and admission counselling for students wanting to pursue an M.B.B.S. degree overseas. They provide help with applying to universities in Russia, Georgia, Singapore, Uzbekistan, Kazakhstan and others.
Study Overseas Help: With a Google review rating of 4.6, Study Overseas Help is your one-stop guide to everything related to taking admissions to overseas universities. Currently, their major focus is on helping students wanting to pursue an MBA degree in destinations like Dubai, Ireland, the UK, Canada, and the USA.
Up Grad Abroad Noida: With a 4.5-star Google rating, this education consultancy covers admission counselling to countries like the USA, France, UAE, Germany, Canada and others. They also help with preparation for examinations like GMAT, IELTS, and TOEFL. They also guide the preparation of LOR’s SOP’s and Visa applications.
YES Germany Noida: Having a 4.8 review rating, this education consultancy with a specialization in helping students study in Germany offers guidance over multiple matters. They provide services to guide you with taking admission in Germany for courses at the Bachelor’s, Masters and Doctorate level.

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.