Universities in New Zealand

Top Universities for Indian Students in New Zealand

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.

Student Loans

Understanding Interest Rate on Education Loans

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 FactorSimple InterestCompound Interest
Basis for CalculationCalculated based on the original loan or deposit amount.Calculated on both the initial amount and the accumulated interest over time.
Accumulation of InterestInterest does not compound; it’s only on the principal.Interest compounds, accumulating on the principal and previously earned interest.
Overall CostTypically 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.
GrowthShows 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.
SuitabilityIdeal 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 NameSecured Loan Interest RateUnsecured Loan Interest Rate
Union Bank of India9.25% – 11.5%9.75%
Axis Bank9.99%10.75% – 12.5%
ICICI Bank9.9% – 10.0%10.99% – 12.75%
IDFC First Bank9.5% – 11.0%10.75% – 13.0%
HDFC Credila10.25% – 10.75%11.75% – 12.75%
Avanse10.75% – 12.0%12.0% – 13.0%
IncredNA11.85% – 13.25%
Auxilo Finance11.5% – 12.5%12.0% – 13.5%
Prodigy FinanceNA11.5% – 13.5%
MPOWER FinanceNA12.99% – 15.99%
State Bank of India10.15% – 11.15%NA
Bank of Baroda9.7%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.

Overseas Education Study Abroad

Exploring Alternative Options to Fund Your Study Abroad Dream

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 abroad and 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.

Student Loans

Comparing Student Loan Options for Studying Abroad

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.

Study in Ireland

Top MBA Colleges in Ireland 2024

Ireland offers an array of MBA programs known for their quality and global recognition. This blog highlights the top colleges for MBA in Ireland for 2024, focusing on their specializations, faculty, industry connections, career placements, and their rankings.

Top MBA Colleges in Ireland

Trinity College Dublin – The School of Business

  • Specializations: Finance, Entrepreneurship, International Business
  • Faculty: World-class experts with extensive industry experience
  • The college boasts prestigious accreditations and memberships from a range of respected bodies including the AACSB (Association to Advance Collegiate Schools of Business), EFMD EQUIS (European Quality Improvement System), AMBA (Association of MBAs), the Athena SWAN Bronze Award which recognizes advancement in gender equality, PRME (Principles for Responsible Management Education) an initiative of the United Nations Global Compact, eduniversal Business Schools Ranking, QS (Quacquarelli Symonds) for world university rankings, and it is part of the Council on Business & Society, a global alliance of schools of management.
  • Career Placement: High employment rates in top-tier companies post-graduation
  • QS Ranking: Ranked 101 globally

University College Dublin – Smurfit Graduate Business School

  • Specializations: Entrepreneurship, International Business, Finance
  • Faculty: Renowned professionals and researchers
  • Being a part of the Global Network of Advanced Management (GNAM), which comprises 32 elite business schools including Yale, INSEAD, and Oxford’s Saïd Business School, the UCD Smurfit School provides its students with unparalleled global exposure.
  • Career Placement: 90% employment rate within three months of graduation
  • QS Ranking: Ranked 177 globally

Dublin City University – Business School

  • Specializations: International Business, Finance, Entrepreneurship
  • Faculty: A mix of academic scholars and seasoned business practitioners
  • DCU Business School has solidified its reputation as a premier institution with the prestigious AACSB (Association to Advance Collegiate Schools of Business) accreditation. This recognition places DCU Business School among the elite top 5% of business schools globally, marking it as a bastion of excellence in business education.
  • Career Placement: Excellent employment rates across various industries
  • QS Ranking: Ranked within 401-450 globally

Cork University Business School

  • Specializations: Entrepreneurship, Finance, International Business
  • Faculty: Noted for research and practical business experience
  • The institution holds esteemed accreditations and is a member of distinguished global networks, which include the Association of MBAs (AMBA), the Association to Advance Collegiate Schools of Business (AACSB), the Principles for Responsible Management Education (PRME) initiative of the United Nations Global Compact, and EFMD Global, reflecting its commitment to excellence in business education.
  • Career Placement: High placement rate in finance and international businesses
  • QS Ranking: Part of University College Cork, ranked within 301-350 globally

University of Limerick – Kemmy Business School

  • Specializations: International Business, Finance, Entrepreneurship
  • Faculty: Experts in both academia and business
  • Its MBA program boasts a ‘Triple Crown’ accreditation, having earned recognition from the Association of MBAs (AMBA), the Association to Advance Collegiate Schools of Business (AACSB), and EQUIS (EFMD Quality Improvement System).
  • Career Placement: High employment rates in multinational companies
  • QS Ranking: Ranked within 501-550 globally

National University of Ireland, Galway – J.E. Cairnes School of Business and Economics

  • Specializations: Finance, Entrepreneurship, International Business
  • Faculty: Known for international business expertise
  • J.E. Cairnes is distinguished by its dual accreditation from the Association of MBAs (AMBA) and the Association to Advance Collegiate Schools of Business (AACSB), highlighting its global recognition for excellence in business education.
  • Career Placement: Graduates occupy significant positions internationally
  • QS Ranking: Ranked within 258 globally

Griffith College Dublin

  • Specializations: Strategic Management, International Business, Entrepreneurship
  • Faculty: Blend of academic and industry expertise
  • The institution has formed strategic partnerships with ESS Ltd. and Globe Business College Munich, which illustrates its commitment to collaboration and the expansion of educational and professional opportunities for its students and stakeholders.
  • Career Placement: High graduate employment rate
  • QS Ranking: Not individually ranked, but enjoys a good reputation in Ireland

Selecting a program for MBA in Ireland is a significant decision that influences future career prospects. Students should consider multiple factors along with the QS rankings to make an informed choice that aligns with their career objectives. Study Overseas Help streamlines the process of shortlisting top MBA colleges in Ireland for you and assist you throughout the admission process along with multiple assistance programs during your entire academic journey in Ireland.