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What is the cost of studying MBA abroad?

What is the cost of studying MBA abroad?

The cost of studying for an MBA abroad can be high compared to studying MBA in India. Indian students have to pay higher tuition fees than international students and have to manage living costs in a foreign currency. All these factors can affect the overall cost of studying MBA abroad much higher.   Students can choose from any of the foreign nations to complete the MBA program. The cost of an MBA is determined by the area of expertise and study location you choose. The typical tuition cost and daily living expenses for international students are listed below Pre-arrival costs for studying MBA abroad  Even before departing for an MBA abroad, an international student must pay a range of expenditures. The pre-arrival costs associated with admission exam registration fees, application fees, visa application fees, flights, etc., must be included in the MBA fees in foreign countries. Look at the estimated pre-arrival costs included in the MBA abroad tuition for Indian students:  Costs:  IELTS registration fee – INR 18,000-19,000   TOEFL registration fee – INR 14,550   GRE registration fee – INR 15,700   GMAT registration fee – INR 21,000   Airfare (depending on destination) - INR 30,000-120,000   https://www.youtube.com/watch?v=sIJ5VeZQODE Application fees for International MBA  When enrolling for an MBA overseas, you will be required to pay an application fee. This cost is included in the foreign MBA pre-arrival costs. Application costs for MBA at universities abroad:  USA – INR 16,000 to 24, 000   UK – INR 20,000  Canada – INR 3,000 to 20,000   Australia – INR 4,000 INR to 20,000   New Zealand – INR 2,000 INR to 7, 000  These ranges are for a single application. The total cost of applying to multiple business schools can go higher. Some universities do waive application fees for candidates but a huge set of universities do levy these fees on international students.  Application fees for visas for MBAs abroad  The cost of applying for a visa is one of the many pre-arrival fees for overseas students. There are many types of student visas that are required by various foreign nations; applications must be submitted on time and with the required fee. Student visa categories and associated application costs for MBA study abroad:  F-1 student visa (USA) - INR 41,000 to 50,000   Tier 4 student visa (UK) - INR 35,000 to 40,000   Canadian study permit (Canada) - INR 12,000 to 15,000   Student visa subclass 500 (Australia) - INR 36,000 to 37,000   New Zealand student visa (New Zealand) - INR 28,000 to 29,000  Living expenses for international students abroad  The living costs for international students are one of the significant costs associated with an MBA abroad. Keep in mind that living expenses in other countries are much higher than in India and must be taken into consideration. Only a select few of you will be fortunate enough to receive an all-inclusive scholarship that will cover your living costs, so for the rest of you, you will need to properly budget for this when determining the cost of an MBA program overseas.  Before looking at the cost of living for an MBA abroad, you should be aware that the precise amount will depend on the type of housing you select, such as on-campus or off-campus facilities, whether you have a private or shared room, the amenities you desire, and where you are located in the country. When calculating the price of an MBA program overseas, you'll discover that certain places have significantly higher monthly costs than others. So, if money is limited, look for universities in areas with low costs of living. In the majority of foreign nations, international students are also permitted to work part-time, which can be a very helpful source of revenue for your daily expenditures.  Annual living expenses for MBA study abroad:  USA: INR 765,000 - INR 13,80,000   UK: INR 920,000 - INR 18,40,000   Canada: INR 840,000 - INR 12,25,000   Australia: INR 920,000 - INR 16,86,000   New Zealand: INR 765,000 - INR 11,50,000   If you want to calculate the cost of college then you can check this link here.  Conclusion  Yes, the expense of an MBA overseas may seem overwhelming to you, but try not to get discouraged if the price tag is out of your price range. There are many financial aid options available specifically for international students to allay your financial concerns and inspire you to pursue a degree overseas. You can achieve your objective by working harder, taking on part-time jobs, or saving as much money as you can. Once you finish the program, all of your investment will eventually provide fantastic profits.  FAQ Which country is the cheapest for MBA?  Germany is said to be the cheapest country for doing MBA. Is MBA abroad expensive? In India, an MBA will set you anywhere between INR 7,50,000 and INR 25,000. On the other hand, the cost of an MBA will range from INR 20,00,000 to 75,00,000 if you plan to study abroad in a country like the United States, the United Kingdom, Canada, or Australia. Is MBA cheaper in India or abroad? This is a completely different premise, and the solution is straightforward: if you can afford it, an MBA from a mid-level university abroad is preferable to an MBA from a private institute in India. The return on investment is just higher. A few foreign universities provide MBA courses at significantly cheaper costs than anticipated.  Can I study MBA abroad for free?  Search for grants and scholarships if you want to study abroad without breaking the bank. Each year, thousands of overseas students get financial aid from universities, foundations, charities, and government agencies for their living expenses and tuition.  Consult an expert advisor to get the right plan TALK TO AN EXPERT
How to choose abroad education loans?

How to choose abroad education loans?

261,406 Indian students studied abroad in 2022, according to the Ministry of External Affairs, and more students are anticipated to enroll in top-notch programs next year.  The best way to pay for studying abroad is often thought to be through student loans. Loans for studying abroad come in a variety of forms. Let's learn about them and help you choose your best option. Types of education loans  Let's first explore the two major forms of education loans accessible to international students who want to study abroad through collateral-free education loans: 1. Collateral education loan  To get the required loan amount for a collateral education loan, the borrower must pledge collateral (such as a house, property, gold, insurance policies, land, fixed deposits, etc.) as security. Collateral loans can further be divided into three categories; Immovable property: This comprises buildings, flat surfaces, uncultivated land, and areas with well-defined borders. Liquid security: This covers LICs, government bonds, fixed deposits, etc. Third-party collateral: Only government and public banks are covered by this law. In this situation, if a candidate lacks the necessary assets listed above or is unable to provide the value to match the necessary loan amount, they may pledge the asset of a third party as collateral. In essence, the term "third party" refers to those who are not members of the candidate's close family. For instance, the candidate's uncle, aunt, pals, or the major co-applicant, etc. 2. Non-collateral education loan  The borrower of an education loan for international studies without collateral is not required to provide collateral as security, in contrast to an education loan with collateral. In the case of an education loan without collateral for abroad, borrowers are required to submit documentation and fulfill relevant requirements and eligibility criteria. Types of education loans based on lenders The following are the different types of education loans based on lenders:  1. Loans from Public-Sector Banks In India, public-sector banks or government banks give education loans to those who want to study abroad mostly based on collateral that is given as security. Government banks offer unsecured loans to students for INR 7.5 lakh. Applicants must offer collateral as security for sums more than this. Compared to commercial lenders, public sector banks provide lower interest rates. Section 80E offers tax advantages for government bank student loans. Major public-sector banks that provide loans for international schooling include: State Bank of India Bank of Baroda Punjab National Bank Union Bank of India 2. Loans from Private Banks Both secured and unsecured loans for study abroad are available from private Indian banks to students. The amount that may be approved depends on several variables, including the applicant's profile, the co-applicants financial situation, the nation, the course, etc. Private-sector banks provide better interest rates than NBFCs and foreign lenders, but they are higher than government banks. ROI generally begins around 11% annually. Private bank student loans are also eligible for Section 80E tax advantages. Compared to government banks, private banks require less time to approve an education loan. Several of the largest private sector banks providing loans for international schooling are: ICICI Bank Axis Bank 3. Loans from Non-Banking Financial Companies (NBFCs) NBFCs provide unsecured and secured student loans for international studies. The maximum loan amount that can be approved varies depending on several variables, including the applicant's profile and the financial status of any co-applicants. When compared to commercial banks and government banks, the interest rates on loans from NBFCs are on the higher side. The interest rate for NBFC education loans normally ranges from 11.5% to 16% per annum. NBFC education loans do not qualify for Section 80E tax advantages. Compared to government banks and commercial banks, NBFCs require less time to complete an education loan. Some of the largest NBFCs providing loans for international schooling include: HDFC Credila Avanse  InCred Auxilo https://www.youtube.com/watch?v=4gTQkdePOWM&feature=youtu.be&ab_channel=EduFund How to choose the right abroad education loans for higher education?  Research and thorough comparison are necessary while selecting the best education loan for higher education. Before choosing an education loan, compare the interest rates and repayment options offered by several institutions. You may also get in touch with an expert. They can assist you in negotiating a lower interest rate and in organizing your repayment plan to help you save money. Before choosing to take out an education loan, ascertain how much money you require to fund your higher education. Our College Cost Calculator will help you determine how much additional money you'll need to live comfortably in your college city by providing you with information on the tuition and living costs there. In the modern, dynamic world, a good education is crucial because it gives students more self-confidence and gives them the tools they need to live their best lives. Therefore, although taking out a loan first seems scary, as long as the student is dedicated and makes the most of the opportunity, it will ultimately pay off. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Lumpsum investment for child education

Lumpsum investment for child education

Where to invest the lump sum of money that parents have set aside for their child's education is one of the most frequent concerns. Every time a sizable quantity of money is acquired as a bonus, as the sale of real estate, as an inheritance, as a present from grandparents, etc., parents start looking for good investment opportunities. So in this blog, we have discussed how to invest a lump sum investment for your child's education. What is a lump sum investment? The term "lump amount" often refers to a significant sum of money. Financially speaking, investing a big quantity of money all at once as opposed to splitting it up into several payments. What are lump sum investments? Investments made in lump sums include investing all of the investor's funds. For instance, if someone wants to invest all of the money in his possession in mutual funds or other types of investment vehicles, it is referred to be a lump sum investment. A lump sum payout is comparable to that, but it is not an investment but a payment made to others. As the name implies, no installments or partial payments are made. Best ways to invest a lump sum for your child’s education Following are the best ways to invest a lump sum amount for your child's education: 1. Dynamic equity mutual funds They are often referred to as balanced advantage funds or dynamic asset allocation funds. They make both loan and equity investments. The fund manager maintains a balanced asset allocation. In many cases, the exposure to securities ranges from 30% to 80% or even more. Most dynamic equity funds make sure that their equity and arbitrage positions remain over 65%. They are, therefore, qualified for the tax benefits offered to equity mutual funds. Dynamic equity mutual funds are less risky and volatile than stock mutual funds. However, they also provide lower returns than they do. 2. Equity-oriented hybrid mutual funds They are also referred to as aggressive hybrid mutual funds or balanced mutual funds. They devote between 65% and 80% of their resources to ventures involving equity. The remainder is made up of debt instruments. Due to their status as equity mutual funds, they are eligible for tax advantages. Balanced mutual funds have higher volatility and less security than dynamic equities funds. Over time, they offer greater returns than they do. 3. Equity multi-cap mutual funds They are also known as "diversified equity mutual funds." They devote a minimum of 65% of their assets to stock investments and instruments linked to equities. Equity investments are made in large-, mid-, and small-cap enterprises via multi-cap funds. Over time, multi-cap funds outperform hybrid mutual funds in terms of returns. But there is also increased risk and turbulence. 4. Debt mutual funds Fixed-income securities are an investment in debt mutual funds. The ones that give the most safety include liquid funds, ultra-short funds, low-duration funds, and short-duration funds. These funds make investments in highly rated short-term securities. They are safer than funds that take duration calls or invest in bonds with low credit ratings. 5. Public Provident Fund (PPF) PPF investments may be included in your portfolio's debt allocation. If you're seeking a safe investment with tax-free returns, this is a fantastic choice. PPF has a 15-year lock-in period, making it less liquid than a hybrid mutual fund. The rewards on PPF investments are less alluring than those on hybrid mutual funds. PPF, however, is far less risky and volatile than hybrid mutual funds. Additionally, it offers tax-free returns. Factors to consider before investing in lump sum investment The following are the top factors to consider before investing in lumpsum investment for your child's education:  1. Investing a large sum of money If you decide to invest in mutual funds in lump amounts, you may put a lot of money into them. As a result, the investment's value increases as the market grows. 2. Mutual funds are the best option for long-term investments Investing in mutual funds will be a better choice if you are able to save a lump sum of money for a longer length of time, such as five years or more; moreover, the rewards will be significant if you are able to preserve it for ten years. 3. Market predictions The best time to invest in mutual funds in a lump sum is when the market is at its lowest point but showing signs of improvement and future growth; however, lump-sum investments in mutual funds should be avoided if the market is performing well and maximizing as you might find yourself in a losing situation. Before investing in the best lump sum investment plan, investors should be aware that the funds they choose should be based on their specific goals and risk tolerance. For instance, simply capital gains, gains plus tax advantages, etc. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Investment strategy to save money for child's higher education

Investment strategy to save money for child's higher education

Inflation may have reduced to 4-2% levels from its historical high, but the expense of services such as education and healthcare has been rising. Thus, you must save enough to avoid facing any cash crunch when it comes to fulfilling the educational need of your children. In this blog, we discuss how you can use mutual funds to fulfill the needs of your child's education. Read on!   A child's education is one of a family's most significant and crucial cash outflows. If you look at the tuition cost, a four-year engineering course cost around Rs 5-6 lakhs today. Assume your child is 7-8 years old and is likely to start his engineering in 10 years. The current cost may rise to Rs 10-12 lakhs, considering the 8-10% inflation.   Will the fees increase this much? The earlier generation had it very easy when the competition and costs were less. But today's competition has been on a rising spree, and everyone is considering sending their child to the best engineering college where the fees are increasing owing to rising demand. Also, lifestyle inflation has impacted the cost of education in India. As your standard of living improves, it directly influences your decision about where you want your children to study.   While we are considering only engineering courses here, a management course is lined up after engineering.   The two-year management course from an elite B-school is currently in the range of Rs 20 lakhs, which may increase to 2x by the time your child enrolls in the course. How can you overcome the problem of rising education costs?   The big question that is worrying parents is, how will you be able to fund your child's education?   Start early - One of the distinct ways to accumulate money for your child's education is to start soon. Individuals may need more time to amass a large sum of money, and thus they should benefit from the power of compounding. A corpus of 1 crore may seem very high, but it could be planned better. For example, a SIP of Rs 3000 for 20 years should help you accumulate a corpus of Rs 45 Lakhs.   It would help if you did not wait for the child to turn 10; instead, should start saving from the time the child is born. This gives you a much longer term to save and accumulate the money. For example, if you started the same SIP for ten years instead of 20 years, you would need to save Rs 16500 per month to achieve the same corpus as above.   Remember, a delayed start yields a small corpus and impacts your other financial objective. If you start investing for your child at 40-45, you will likely need more than the required amount. In such cases, parents often use their retirement corpus in India for their children's education, which is not a good move but only amplifies the risk.   Choose the correct option - Starting early isn't enough. You need to ensure that the money you save when you start early makes you money. Thus, you must ensure that the funds you select are suitable or the asset allocation is proper.   How to do asset allocation?  Very simple, merge your asset risk profile with the fund's risk profile. If you start saving early in life, when the child is born, you have a long-term horizon to save. For this, you may opt for equities and equity-based funds.   Play safe over the short-term - If the horizon is short, say less than five years. Ideally, it would be best if you opted for a balanced portfolio with a higher debt and debt-based funds allocation. While investing in debt funds is safe, you should not invest in random and conduct the right diligence before selecting.   Review portfolio timely - Once you have allocated a corpus to a different asset class and started investing, you must review your portfolio from time to time. Depending on the performance of the various instruments in your portfolio, you may need to re-balance your portfolio from time to time. Re-balancing ensures that your portfolio is a true reflection of your conviction. As an investor, you stay focused due to the performance of a few asset classes while ignoring the risk element. Also, reviewing the portfolio regularly gives you comfort in your financial goals. It helps you get comfortable if you are on track to meet your objective. If not, consider changing the asset allocation or the instruments within the asset class. What do you do as you approach your goal?  Investing is never a static process; if it is capital, it is bound to be volatile. While you may start with a 100% equity portfolio at the time of your childbirth (when you have 20 odd years in hand) but when you are approaching closer to the goal to safeguard the accumulated corpus by way of capital gain, you need to start moving your corpus to a comparatively safer asset class. For example, when you are just five years away from the goal, you must start a Systematic Transfer Plan (STP) and take out the money systematically from your equity funds to a safer debt fund. This way, you will be able to safeguard your capital by the time you reach your time (say, time to pay college fees).   Remember, you must act cautiously when your goals are crucial and must be completed on time. This is because market volatility can't be predicted, and you may lose a considerable chunk if not planned well.   For example, assume you needed money in December 2016 for your child's education and have invested 100% in equities since 2006. You would have garnered a sizeable sum in 10 years, but you should have safeguarded your capital in 2016, thinking you would gain more.   But in November 2016, demonetization happened, and the market corrected considerably. At this time, it would be better to start early and in a disciplined manner. If you had begun shifting money from equity to debt in January 2016, you would have been left with money that would have helped you meet your expenses.  To conclude, mutual funds are a great tool to invest and plan for your financial goals. Given that goals are different in nature and importance, you must plan for each purpose separately instead of having one plan for all. Remember, in mutual funds, one size may not fit all.   Thus, your plans are personalized and customized to your profile and not replicated by your colleagues. To know more about profiling yourself or constructing your portfolio with the right asset mix, feel free to reach us at hello@edufund.in. You may also download our app for iOS and Android. We are based in Ahmedabad, Pune, and Navi Mumbai, so please drop by, and we could catch up for a cup of tea and some savories from Gujarat and Maharashtra.
Reasons to study in New Zealand

Reasons to study in New Zealand

One of the safest places to study in New Zealand. The ideal blend of culture, environment, and opportunity for a student is made up of internationally renowned institutions and an engaged educational system. New Zealand, an island nation and one of the last inhabited countries provides the ideal fusion of an untainted environment, adventure, and calm. In this blog, we'll talk about the best reasons to study in New Zealand. Reasons to study in NewZealand 1. Highly regarded education system The primary and most important reasons why New Zealand is such an excellent destination to study at a university are the teaching qualities and general education system there. It's a nation that prioritizes both knowledge-based and practical learning to make sure that its kids are completely equipped for the future. New Zealand institutions frequently receive good rankings, in part because of this unique teaching method that guarantees practical experience while you're a student. According to the QS World University Rankings 2021, all eight of New Zealand's publicly funded universities are ranked within the top 3% in the world. 2. Lots of programs to choose from There are many excellent programmes to pick from since New Zealand is a very popular place to study abroad. New Zealand provides a wide range of specialist programmes in addition to exchange programmes with American institutions, many of which are affiliated with a specific university. Many of these programmes are well-regarded and all-inclusive, which takes a lot of the stress out of the study abroad process and gives you more time to enjoy your course of study. 3. Lots of job opportunities For students seeking employment, both throughout their studies and after graduation, New Zealand is a nation of opportunities. Whatever you decide to study, there will be chances for temporary jobs and long-term employment. In truth, Student Job Search, a free nonprofit organisation, has years of expertise assisting New Zealand students in finding both temporary and long-term employment. When you are in the nation, you can utilise their services. 4. Affordable cost of living & studying New Zealand offers a range of student housing alternatives, food that is conveniently accessible and reasonably priced, and a cheaper overall cost of living than Australia. In addition to being reasonably priced, public transportation provides simple access to rivers, lakes, woods, and beaches for recreational options.  In contrast, the price of a New Zealand education ranges from NZD 6,500 (INR 3.43 lakhs) to NZD 40,000 (INR 21.12 lakhs), depending on the sort of programme the student is enrolled in. Doctoral programmes are the most affordable to attend in New Zealand, followed by post-graduate and undergraduate programmes.  Graduate degrees as well as diploma and certificate programmes may be the most expensive courses in New Zealand for overseas students. Students who are trying to locate financing sources for their studies in New Zealand will also have no trouble doing so. 5. Quality of life The wonderful multicultural environment that New Zealand provides melds perfectly with the energetic outdoor lifestyle that is so prevalent there. With its plethora of different natural beauties, such as rolling green hills, golden sand beaches, snow-capped mountains, volcanic volcanoes, and lush rainforests, New Zealand inspires wanderlust. Every student who lives here has the opportunity to develop while experiencing the region's rich cultural diversity and breathtaking natural beauty. 6. Safe and peaceful country  New Zealand is placed second in the world in the Global Peace Index 2018*, which evaluates the political stability and social tolerance of the Kiwi democracy. You will have the same rights as your Kiwi peers as an overseas student. 7. A fantastic culture The native Mori people of New Zealand, who speak their language and have their own mythology, have a rich cultural history that blends with Western norms inspired by British culture. Today, New Zealand's arts, crafts, and food regularly feature elements of the Mori culture. Sport is a serious endeavour in New Zealand, which is another cultural element. Despite how well-liked cricket is, rugby is where they shine. Another place where you could see the Mori traditions is during the well-known Haka, a ceremonial dance done by the national rugby team to intimidate opponents. Despite having a population of less than 5 million, New Zealand's national side, known as "The All Blacks," is the pride of the country since it is acknowledged as the finest rugby nation in the world. New Zealand is well known for its breathtaking natural scenery and the thrilling activities it provides. The best part is that all of this is conveniently accessible from all eight of the nation's colleges. Even though you will be a student there, you will have a tonne of possibilities if you ever want to spend weekends and vacations travelling the nation. Excellent opportunities for adventure sports, trekking, etc. are available in New Zealand. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Reasons to study in Dubai

Reasons to study in Dubai

Known for its skyscrapers, high standard of living and reputable higher education institutions, Dubai makes for a popular study destination. A very global metropolis, it draws students from all over the world. In this blog, we have discussed the top reasons to study in Dubai. Reasons to study in Dubai Who hasn't heard about Dubai? Either via the news or the internet, you must be able to recall the name of Dubai. Due to its impending increase in trade, oil, and business, Dubai, one of the Emirates in the UAE area, is renowned as the "city of gold."  However, Dubai is home to many strange wonders, from camels to sports cars, from culture to the allure of its ruler, to vending machines to the obscenely wealthy locals.  It is comparable to a stand-alone metropolis that is ranked among the most advanced and sophisticated cities in the world, with top-notch amenities, infrastructure, and a commanding position in the global business community. 1. High standards for education  The United Arab Emirates consistently works to raise the caliber and effectiveness of its institutions of higher learning, and its universities are among the best in the world. Due to its high rankings in the QS Best Student Cities index's indices of attractiveness and student opinion, Dubai is a well-liked study location among students. Canadian University Dubai, one of Dubai's most esteemed institutions, is ranked 25th in the QS Arab Region University Rankings and among the top four universities in the UAE in the QS World University Rankings 2022. Also according to the most current QS World University Rankings, the university enrolls students from more than 120 different countries and is ranked sixth globally for its proportion of foreign students and seventh internationally for its proportion of international faculty members. 2. Employment opportunities You are already aware of Dubai's robust economy at this point. After finishing the course, you won't have trouble finding employment in such a market. As soon as you enter the city, you'll see that it is home to influential corporations with a global reach like the BBC, Sky News, AP, HP, Oracle, Microsoft, etc. As a result, after studying in Dubai, there are countless work prospects. 3. Many types of program options  Study abroad in the UAE as an exchange student (through a university partnership or ISEP), through a third-party provider (API, CIEE, IFSA-Butler), or as a visiting student who enrolls directly. You may enroll for a year or a semester, and you might even incorporate an internship before going back home. 4. Dynamic culture The presence of more than 100 different nations in one location, which results in individuals with various viewpoints, styles, philosophies, and dialects, cannot be denied. According to surveys, just 20% of the people in the territory's national culture made up Emiratis, with the remaining 80% being immigrants from all over the world. You could hear a variety of languages on the streets, including English, Arabic, Farsi, Urdu, Hindi, and even Tagalog. Students who study in Dubai return home with a wealth of priceless memories. 5. One of the fastest-growing economies What is the Brookings Global Metro Monitor, exactly? The simplest explanation is that it controls the largest metropolitan economies. Are you informed? Out of more than 300 metropolises, Dubai's economy is in the top five in the world for economic growth. The best feature is that you may study in Dubai, or perhaps I should say study in a country that is rapidly developing economically and socially. The acceleration of this economy's growth is due to the increase in trade and tourism, both of which are encouraged in Dubai. 6. Safety International students come to Dubai to improve their education. Students are treated well by the locals, and women are respected. In Dubai, people of various nationalities may comfortably follow their religions without facing any external threat. 7. Entertainment hub Due to its popularity as a tourist destination, Dubai draws a large number of celebrities, influencers, sports stars, and other inspirational figures from all over the world. It's safe to say that you won't have to deal with any dull moments here. For their festivities, which are normally open to everyone, the affluent emirs of the city also regularly hire the best entertainers. If you don't want to participate in these activities while you are a student in Dubai, you may still visit the water parks, beaches, shopping malls, multiplexes, and beautiful gardens. Studying in Dubai is fantastic. It provides learning opportunities that are quite difficult to get by elsewhere. You can study here if you want to learn more about this lovely city or if you just want to start exploring a new location to call home. It is simple to see why Dubai has been named the finest city in the world for ex-pats. The cost of living is low, there are many employment options, and Dubai would gladly provide you with a new house or apartment if you're seeking one. Consult an expert advisor to get the right plan TALK TO AN EXPERT
How education inflation can hurt a child's future?

How education inflation can hurt a child's future?

Inflation has been a buzzword globally since Covid19 pandemic was over. Almost every country has been witnessing high inflation, and some are seeing skyrocketing inflation in a few decades.   The rise in the price of cars, electronics, food, and fuel only reminds us how household goods and consumption items are becoming costlier. While discussing the fuel price has been all the rage, there are some items where inflation has been hovering around for quite some time and that too consistently.   This is nothing but Education. Unfortunately, this area needs to be spoken about more, as people are aloof about how it is not only making a hole in your pocket but also denting your aspiration.  Education inflation is the silent killer and is for real. But why is it so critical?  Because it can demolish the dreams of a brighter future when taken lightly. Here's an example that proves this powerful statement - Despite the pandemic, IITs increased their fees in 2021-22 from INR 90K to INR 200K. This is over 100%.   So, a financially unprepared parent will face the heat of the situation with their child for admission!   Why is education inflation scary?  Below is the list of different segments and inflation over the last ten years. Source: MOSPI, EduFund Research  The data highlights the reality that the rise in education costs has surpassed all other necessities and consumables in the last decade. This rise is partial because the government is looking to reduce funding grants. Additionally, there has been growth in living standards and services offered by the Educational Institutes and thus the premium.   In addition to headline educational expenses, many hidden costs hurt a parent. For instance, exam registration fees saw an approximate 6.7% hike last year. Additionally, transportation and student accommodation costs contribute significantly to the overall increase in education costs. And finally, food costs are another major contributor that needs to be highlighted while planning for higher Education.   Increasing tuition fees in India   College tuition fees in India have seen an enormous rise over the years. Here is some data on total course fees for specific courses that help paint a clearer picture of how fast the tuition fees have risen over the years.  Source: EduFund Research  The figures are staggering, and one of the main reasons students drop out of college midway. According to recent data, approximately 39% of students aged 20-24 drop out of college to help their family increase their household income. Therefore, it is becoming increasingly apparent that there is a need for proper education planning in India, as many parents need to be aware of the rising tuition fee and how to tackle it.   Education costs abroad on the rise  If you want to send your child abroad, the cost will be higher, and you must be prepared to shell out much more to pay.  But why?  Because, in addition to inflation or price hike, currency depreciation also hurts you.  So, even if the college abroad doesn't increase the fees, you will pay higher Indian Rupee terms because of the depreciating Rupee. And, if the colleges increase fees (which they have done every year), the cost increases further in Indian Rupees. Cost of Education in Indian Rupee when fees don't increase      Jan-22 Jan-23 Change (%) Fees USD 79,540 79,540 0% USD | INR Rs 74.51 82.74 11% Fees Rs Lakhs 59.3 65.8 11% Note: The Fees are considered for Princeton University (Undergraduate Admission). The Fees is for 2022-23 and include - Tuition: $57,410, Housing: $10,960, Food: $7,670, and Estimated Miscellaneous Expenses: $3,500.Source: https://admission.princeton.edu/   Fees in the United States increased to nearly 5x from what it was in 1985. The scenario is similar for destinations like the UK, Canada, and Australia.   Despite the pandemic, some universities abroad announced increasing the tuition fee for this academic year (2022-2023). The University of Pennsylvania announced a 2.9% increase in tuition fees, while Arizona State University announced that tuition fees would increase by 5% for international students. The international students at all three campuses of the University of Illinois are likely to see a 1.5 to 2.5% hike in their tuition fees.  How are you planning for your life's most considerable expense before retirement?  Unfortunately, the depth of the issue only hits you once you are close to paying for your child's college, which is one or two years before. And suddenly, you are left with only two choices- compromising on the quality of Education or opting for loans with a high-interest rate which eventually increases your overall cost of Education (after including the interest component on loan). Both decisions will have a significant impact on your child's future.   But you can avoid it. How?  You can avoid financial stress by saving early for your child's college. The sooner you begin investing in your child's education expenses, the more time you give your savings to grow. Here is an example of how you could create an education fund for your child by investing early:   Unit 5 yrs. 10 yrs. 15 yrs. SIP Rs/month 10,000 10,000 10,000 Annual Returns % Per Annum 15 15 15 Total Outflow Rs 6,00,000 12,00,000 18,00,000 Accumulated Amount Rs 8,96,817 27,86,573 67,68,631 Note: The returns here are hypothetical and do not guarantee performance. Source: EduFund Research Find the right investment tool that suits your educational goal and start investing to achieve the goal. If you are overwhelmed with the available options, seek a financial expert to help you with your education investments.  
Government schemes for girl child education

Government schemes for girl child education

The Government of India has launched several schemes and programs to promote girl child education in the country. These schemes aim to provide financial assistance, scholarships, and other incentives to families and girls to encourage them to continue their education. Important government schemes for girl child education in India 1. Beti Bachao Beti Padhao (BBBP) Scheme Launched in 2015, Beti Bachao Beti Padhao aims to address the declining child sex ratio and promote the education of the girl child. The scheme focuses on the districts with low child sex ratio and provides financial assistance for the education and health of the girl child. The scheme is implemented in a convergent and collaborative manner with the State Governments/UTs and other relevant Ministries/Departments and stakeholders. The scheme is implemented through a three-tier structure: District, State, and National levels. The scheme has several components such as creating awareness and public mobilization, strengthening of function and delivery of ICDS, strengthening schools and education, and enabling girls' education. 2. Kasturba Gandhi Balika Vidyalaya (KGBV) Scheme  This scheme was launched in 2004 to provide education to girls from disadvantaged sections of society. Under the scheme, residential schools are set up for girls in areas with low female literacy rates. The schools provide education up to the 8th standard, and also provide hostel facilities. The scheme is aimed at providing educational facilities to girls belonging to Scheduled Castes, Scheduled Tribes, Other Backward Classes, minority communities, and families below the poverty line in difficult areas. The scheme is implemented through the State Governments/UTs and the KGBVs are run and managed by the State Governments/UTs. The scheme provides for a one-time grant of Rs. 5 lakhs to set up the school, and a recurring grant of Rs. 1.5 lakhs per annum for running the school. 3. Sukanya Samriddhi Yojana (SSY) Launched in 2015, Sukanya Samriddhi Yojana is a small deposit scheme for the girl child. The scheme allows parents to open a savings account in the name of the girl child and provides a high-interest rate of 7.6%. The money can be withdrawn when the girl child turns 18 to be used for her education or marriage. The scheme is available for girl children below the age of 10 years. The account can be opened in any post office or authorized bank branch by the legal guardian of the girl child. The minimum deposit that can be made is Rs.1000 and the maximum deposit per year is Rs.1.5 lacs. The scheme offers tax benefits under section 80C of the Income Tax Act. 4. National Girl Child Day  Every year on January 24, National Girl Child Day is celebrated in India to raise awareness about the importance of girl child education and the challenges faced by girls in India. On this day, various activities and programs are organized to promote girl child education and empowerment. The day is celebrated to raise awareness about the importance of education for the girl child, and to address the various challenges faced by girls in India, such as discrimination, violence, and lack of access to education. 5. National Means-cum-Merit Scholarship (NMMS) Scheme This scheme provides financial assistance to students from economically weaker sections to pursue higher education. Under the scheme, scholarships are provided to students who score well in the 8th standard examination. The scholarship is provided to the students for studying in classes 9th and 10th. The scholarship amount is Rs.12000/- per annum. The scholarship is awarded by the State Governments/UTs to the eligible students. The scholarship can be availed by students from economically weaker sections of society. 6. Rashtriya Madhyamik Shiksha Abhiyan (RMSA)  Launched in 2009, this scheme aims to improve the quality of education in secondary schools in India. Under the scheme, financial assistance is provided to schools to improve infrastructure, provide teacher training, and implement girl-friendly policies. The scheme is implemented by the State Governments/UTs and the funds are released to the schools through the State Governments/UTs. 7. National Scholarship for Higher Education of ST Girls  This scheme provides financial assistance to Scheduled Tribe (ST) girls to pursue higher education. The scholarship is provided to students who have passed the 10th standard examination and are enrolled in a higher education program. The scholarship amount In addition to the government schemes discussed above, there are also individual grants and scholarships available for girl child education in India. These grants and scholarships provide financial assistance to girls from disadvantaged backgrounds to pursue their education. Conclusion  The Government of India has taken several steps to promote girl child education in the country. These schemes and programs provide financial assistance, scholarships, and other incentives to families and girls to encourage them to continue their education.  These schemes are aimed at addressing the declining child sex ratio, promoting girl-child education, and providing education to girls from disadvantaged sections of society. However, it is important to note that the implementation and reach of these schemes still need improvement. There is a need for more awareness about these schemes and better access to them for families and girls in need.
Parent's guide to education loans

Parent's guide to education loans

The parents’ guide to education loans helps to make sense of the loan process and understand how they can mold the terms and conditions to suit their specific needs and requirements.  If you ask an Indian parent about his priority then the obvious answer will be providing a good education for his children. With education inflation at 11% - 12% and expenses escalating consistently, it is no longer a reality without the help of education loans.   Even after creating a sizable education corpus for their children, parents can fall short of the money. Taking out an education loan can bridge the shortfall, provide quality education, and offer tax benefits.  What is an Education loan? An education loan is a loan taken out for completing the studies. It can be either for studying in the home country or abroad at a foreign university.  The education loan includes tuition fees, caution deposit, travel expenses, cost of books, uniform if applicable, laptop if required, hostel fees, food expenses, and in some cases traveling and other miscellaneous expenses. https://www.youtube.com/watch?v=4gTQkdePOWM&feature=youtu.be&ab_channel=EduFund Guidelines for parents taking education loans Parents often worry about the burden of repaying the education loan at the beginning of their children’s careers but in reality, it is a good thing. Repaying the loan amount on time will create good credit scores and instill financial discipline in the students. Let us go through some of the important things that parents taking education loans need to look for beforehand.  1. Loan interest How much interest you have to pay on the education loan matters a lot and this is the first thing parents should find out. Private lenders, banks, and NBFCs are the perfect choices for an education loan hence parents should shortlist three to five lenders with the minimum loan interest. If the student has exceptional grades or has been admitted to a STEM course in a reputed and ranking university then parents can talk to the financial institution of their choice because banks often reduce 1% interest in such cases.  Choose from the multiple banks and NBFC partners at the Edufund App for higher loan amounts and lower interest rates.  2. Time or duration of the loan The lenders have extended the duration period from 7 years to 15 years. This means a minimum EMI which is easy to repay even if the initial salary of the applicant is low. Parents can choose the longest possible loan repayment duration as there is no penalty.  3. Collateral for the loan Defaults are very common in education loans hence financial institutions or lenders insist on the collateral if the loan amount exceeds INR 7.5 lakhs. The collateral can be fixed deposits or houses etc. Collateral often reduces interest costs. Take an education loan through the Edufund App as the hassle-free loan process does not require collateral for an amount up to INR 75 lakhs.  4. Co-applicant  Financial institutions insist on a co-applicant or guarantor so that the risk is divided in case of late payment or default. Parents, guardians, or elder siblings working in a reputed company should serve as guarantors or co-applicant as it will help in reducing the interest cost.  5. Margin money The margin money often depends upon the loan amount and the place where the university is located. It is better to know beforehand the contribution of the lender and how much margin money the parents will have to pay. Banks often charge 5% for loan amounts above INR 4 lakhs for studying in India and 15% for overseas studies.  Parents need not pay the margin money if they take out an education loan from the Edufund App.   6. Moratorium period The moratorium period lies between 6 – 12 months after the course study and it is important for parents to sort out beforehand that if the interest is paid in this period then the EMI will be based only on the principal amount and if not then it will be added up and EMI will be loan plus additional interest. 7. Documentation The parent’s guide to education loans emphasizes proper documentation. It is necessary to submit all the related papers and check the details with an expert to avoid any discrepancies.  8. Start the process as early as possible The loan application process takes time whereas the universities will give you little time to deposit the fees. Parents should start the process as early as possible to avoid any mishaps later on.  Conclusion Quality education ensures breaking the shackles of poverty with the help of a good job but it comes at a cost. The parent's guide to education loans refers to the guidelines that encourage parents to take the necessary step and apply for the loan.  Parents can apply for education loans through the Edufund App. Use the education calculator on the site to know about the required loan amount and talk to the counselors to compare loan offers and get a clear picture of why taking the loan makes sense. The best thing is that parents will not have to pay any fees for the consultation. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Tips to consider before applying for an abroad education loans

Tips to consider before applying for an abroad education loans

An education loan is no longer a choice but a necessity for most students aspiring to study abroad. Although there are several financing options like banks, private lenders, and NBFCs open, it is not an easy feat to get the loan sanctioned. There are numerous criteria to meet that confuse the applicant.  In this blog, we will go through some of the important tips for maximizing your chances of getting approved for an abroad education loan so that the loan journey remains smooth, quick, and easy. 10 tips to consider before applying for an abroad education loans 1. Study courses and university  Financial institutions put a great deal of emphasis on the course a student wants to pursue and the university they have been admitted to. The most important tip for maximizing your chances of getting approved for an abroad education loan is that the study course should be accredited otherwise, the loan application can be rejected.  STEM courses like mathematics, engineering, and science have higher earning potential compared to arts, humanities, or commerce; hence the chances of a loan being approved are high. If you are considering the other courses, make sure you balance them out with a good and reputed university. It should be a top-notch place to study with a good reputation or ranking.   2. Academic history of the applicant Academic history matters as it will give a fair idea of the student’s capabilities, whether they are serious about their studies, and do they have the intelligence to get exceptional marks.  A student with consistently good grades has a better chance of loan approval than an average student or an applicant with an academic gap or backlog. Applicants seeking an overseas education should be serious about their studies from the word go, as it will improve their chances of loan approval.  3. Applicant and co-applicants age Financial institutions generally do not have an age limit for a secured loan, but for unsecured loans, the maximum age limit is 28 years. The co-applicant should not be close to the retirement age as lenders are hesitant in sanctioning them the loan. Applicants should be aware of the age criteria and apply for the loan accordingly.   4. Genuine and complete documents Fake or incomplete documents will result in the cancellation of the loan application; hence never try it. Read the guidelines carefully and submit each document as per the requirement. These include the loan application form, academic records and mark sheet, entrance test scores, address and identity proof like Aadhaar and Pan, admission letter from the university, and statement of costs.  5. Good CIBIL score CIBIL scores of the applicant and the co-applicant matter as a good score suggests that the previous loans have been paid on time and the chances of getting back the loaned money are high. A bad score means a delay in repayment or a cheque bounce. A good score will increase the chance of securing a loan; hence applicants should be conscious of maintaining a good CIBIL score from the beginning. https://www.youtube.com/watch?v=4gTQkdePOWM&feature=youtu.be&ab_channel=EduFund 6. Too many loan enquiries are harmful Students should not apply to numerous financial institutions as they, in turn, inquire with CIBIL Agency which mentions the number of enquiries in the credit report. This has an impact on the CIBIL score; thus, the applicants must research beforehand and apply for the loan at the appropriate place and at the right time after going through all the pros and cons. 7. Must fulfil the income criteria Applicants must find out the minimum income required by the lender and then fill out the loan application; otherwise, it will be rejected.  8. The repaying capacity Lenders will look at the repaying capacity of the applicant and their total income. In case the loan is passed and is mid-way, and the co-applicant has lost or left their job, the loan can still get rejected. 9. Types of collateral  Financial institutions have a list that defines which properties are considered collateral and which are not; hence applicants must go through the list before naming that property as collateral.  10. Meet the set policy Every lender has a specific set of rules, and the applicant must go through them in detail and then fill out the form and submit the required documents.  Conclusion Lots of students apply for an education loan every year, but only a handful of them manage to get it sanctioned. In most cases, the applicants are not even aware of the true reason for the loan rejection. Knowing about the above-mentioned tips can maximise your chances of getting approved for an abroad education loan.  Reach out to the counsellors or experts on the Edufund app for an abroad education loan, and they will guide you through the whole process in quick and easy steps. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Strategies for repaying your abroad education loans

Strategies for repaying your abroad education loans

A student loan serves as the ideal link between academic hopefuls and high-quality education, enabling them to get a desired university seat and realize their academic goals. It is wise to get an education loan, but it's crucial to make your payments on schedule. Even if getting the loan could be easy, if it isn't planned well, repaying it could be difficult. Strategies for repaying your abroad education loans 1. Pay the variable rate loans first It is advisable to pay off the variable-rate loans first when you have several student loans to repay, some of which have variable interest rates and others that have fixed interest rates. Even if the variable rate is now lower than the fixed rate, this is delicate and changeable. You can be taken aback if interest rates suddenly increase as a result of economic developments. 2. Think about refinancing your education loan You likely have debt in addition to your school loan. For instance, you can also be responsible for paying off a car loan. If so, you might want to think about refinancing so you can handle your loans more effectively. If a lender gives you a cheaper interest rate, you might look into refinancing your student loan.  Your payments won't be a hardship this way. Due to unforeseen circumstances, you could incur unforeseen fees when making your school loan repayments. Therefore, even a tiny amount of money saved from interest may make a big difference in your situation. Examine your refinancing choices, and if you find a better bargain, move your loan. 3. Choose the right repayment plan Choosing the appropriate education loan repayment plan is the best method to manage student debt. Your lender will offer you a range of repayment options. Choose the approach that best fits your budget. You must be informed of the duration of your moratorium. Before your first EMI is due, you will know how much time you have left to find employment and save money. Think about your anticipated pay from your first job as well. You may determine the appropriate tenure and EMI with the aid of all of this. Without such careful planning, you can end up selecting an EMI that is too expensive for you financially. 4. Get a part-time job while studying It is advisable to work a part-time job that fits into your schedule while attending college or a university to further your knowledge. Saving money from your part-time employment will significantly speed up the loan payback procedure. Students studying abroad are most affected by this strategy. 5. Buy an insurance Banks require a term cover or insurance in the borrower's name as part of their policy. To ensure repayment in the event of any interruption due to either natural or manmade causes, the risk cover should be equal to the loan amount. 6. Loan forgiveness programs The release of the borrower from the obligation to repay a loan is referred to as loan forgiveness, also known as debt elimination or forgiveness in the financial industry (or a portion of a debt). Although theoretically any student debt might be forgiven, student loan forgiveness typically only applies to loans issued or sponsored by the United States government. 92% of the nation's total student debt is comprised of these loans.  In other words, even though the loans are designated for students, the well-recognized forgiveness programs do not apply to any privately issued loans. Borrowers may be able to get their loans canceled or forgiven in specific circumstances. Loan forgiveness applicants must apply, and they might need to continue making payments until their request is approved. https://www.youtube.com/watch?v=4gTQkdePOWM&feature=youtu.be&ab_channel=EduFund How to choose the right Education loan for higher education?  Research and thorough comparison are necessary while selecting the best education loan for higher education. Before choosing an Education loan, compare the interest rates and repayment options offered by several institutions. You may also get in touch with an expert. They can assist you in negotiating a lower interest rate and in organizing your repayment plan to help you save money. Before choosing to take out an education loan, ascertain how much money you require to fund your higher education. Our College Cost Calculator will help you determine how much additional money you'll need to live comfortably in your college city by providing you with information on the tuition and living costs there. When arranging the repayment of your student loan, keep in mind to account for all possibilities and outcomes to make the process simpler on both your wallet and your mind.  It may also be advantageous to invest to increase your current savings corpus if you haven't received a credit sanction yet and are still considering your ability to repay to minimize the amount of credit you require, which might then result in a shorter loan term or lower interest rate. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Education loan rates in India

Education loan rates in India

Education is the birthright of every child, but how many children can afford it in these turbulent times when education costs continue to rise? Gradually getting a good education is becoming a dream that only the upper-middle class or rich people can afford.  So, what happens to the students from lesser backgrounds who want to break the shackles of poverty through education? Well, building an education fund is an ideal option, but if they can’t reach their goal in time, an education loan is a great option. It can be repaid slowly within a stipulated time frame.  Leading government and private banks, cooperatives and NBFCs are offering loans at reasonable rates; hence it seems sensible to apply for it especially when the terms and conditions are aligned with your interests. Average education loan rates The average education loan rate in India is 11% if the student wants to study here. It increases to 12.5% if the student is interested in attending a foreign university.  Education loan rates Comparing the top education loan offers in India in 2023 The Reserve Bank of India in September 2022 hiked the repo rate to 5.9%, which resulted in an increase in ROI on loans. Let us compare the education loan rates in India of some of the public as well as private sector banking institutions to get a clear picture of the type of plan that will suit your personal preferences NameNational InstitutionsROI (%)International Institutions ROI (%)Processing FeesPunjab National Bank8.65% - 9.90%10.65% - 11.40%Nil – 1%State Bank of India7.95% - 10.55%10.55%Nil – INR 10,000Axis Bank13.70% - 15.20%13.70% - 15.20%Up to 2%Bank of Baroda10.50% - 11.85%10.25% - 10.90%Nil – 1%ICICI Bank9.5% onwards9.5% onwardUp to 2%Bank of Maharashtra8.85% - 10.70%10.35% - 10.70%Nil – 0.50%Federal Bank11.95% onwards11.95% onwardsNABank of India10.45% - 11.25%As ApplicableNil – INR 5,000Canara Bank8.8% - 10.80%10.40% - 10.90%0.50%Kotak Mahindra BankUp to 16%Up to 16%NA How do banks calculate education loan rates in India? Education loan rates of the lending Institutions depend upon several critical factors. These are- 1. University If the college or university that the student is getting admitted to has a record of good placements, then most banks would be willing to sanction loans at a lower interest rate. 2. Academic record The academic record of a student matters a lot because if a student has been able to maintain very good grades throughout their academic career, the chance of getting a loan at low-interest rates becomes high. If the record is average or below average, the chance of loan approval becomes less, and the rate of interest will be comparatively higher. 3. Collateral Secured loans or loan applications where the applicant can provide collateral have lower ROI compared to unsecured loans without collateral.  4. Credit score of the co-borrower If the co-borrower has a low credit score, then the chance of the loan application being rejected or an increased rate of interest becomes high, whereas a good credit score will secure the loan quickly at low interest. https://www.youtube.com/watch?v=4gTQkdePOWM&feature=youtu.be&ab_channel=EduFund Education loan through the EduFund app Edufund is one of the leading apps that helps students with easy education loans. Students can access loans up to an amount of 1 crore to study in either India or a foreign university. The service is free, and there are no hidden charges that can later come to haunt you.  Through the Edufund App, you have direct access to its NBFC partners and banking institutions like Axis Bank, HDFC Bank, MPower Financing, ICICI Bank, etc., so that the loan approval process becomes quick and easy.  The best thing about getting a loan through the app is that collateral is not needed for loan amounts up to INR 75 Lakh. The icing on the cake is that the higher the amount of the loan, the lower the interest rate you have to pay.  The education calculator on the site is a blessing in disguise as it helps to calculate the required sum with some simple steps within a few seconds. Income Tax benefit on education loans Applicants should know that the interest amount and not the principal part that an individual pays on an education loan can be claimed as a deduction under Section 80E of the Income Tax Act of India 1961. The exemption is for a maximum of 8 years or till the date when the interest is paid, whichever is earlier.  Conclusion It is vital to know about the education loan rates in India to make comparisons and understand where to apply and how to get the minimum rate of interest on the loan amount. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Tips: How to choose the right career path?

Tips: How to choose the right career path?

Confusion while choosing a career occurs when you lack a clear idea about your options. The resultant stress can add to the clouding of judgment. This can, however, be avoided by conducting thorough self-scrutiny and simultaneously analyzing the current job market.  Choosing a career can seem like a mammoth task. Like all other mammoth tasks, the most efficient way to troubleshoot this is to divide it into smaller tasks. First, make a list of the things you need to consider while choosing a career. Second, prioritize them systematically by lining them up in the correct chronological order. Set short-term goals so that they are easily achievable. Here are some helpful pointers.  Ways you can choose the right career path? 1. Do I have one or more areas of interest? An ideal point to start is to consider your area of interest. This also means self-analyzing and deciding how interest-driven you are in life and at work. Choosing a career can befuddle you if you are not sure of yourself. If you have more than one area of interest, note them down serially. Not every interest can be monetized. Once you have all of them listed you can decide which would be ideal as a foundation for your career. A coach would be very helpful to help you gain clarity. 2. What are my skills & capabilities?  Skills are one of the most important factors when it comes to vocation. Being aware of what your capabilities are will make you not only confident about yourself but also offer clarity over what skills could be developed to become a better competitor in the job market.  It is also necessary to be well aware of your skills so that you can list them down in your curriculum vitae that are necessary for your job profile alongside your portfolio. Remember, not having a skill is not an obstacle. As long as you know about it, you can always train yourself to be better.  3. What is my level of education?  Education is another founding factor when it comes to career selection. This is why it is so important to think about future job options even while pursuing an academic course. Journeys are made purposeful by setting a destination. Similarly, your educational endeavor can be a rewarding experience when it has a good career as its destination point. A good career is also what makes the allocation of funds towards education fruitful because you have an estimate of the returns. Nevertheless, do not worry if you are way past your educational life and looking for jobs presently. All you need to do is consider what your level of education is and how it can help you land a good job.  4. What are my principles/work ethics?  Your values, principles, and work ethics are what make you exclusive and irreplaceable as an employee. Among other things, it takes into account your approach towards work- if you function well in stressful situations or are you most efficient in a stress-free environment.  Thus, it is important to check up not only on the work ethics and values of the company you want to work for but also your principles. If these two match, you might have the most wonderful experience of your life. However, if they do not, you might feel stuck in a work environment that does not help you grow as a person.  5. Are there many jobs I can choose from?  Analyzing the job market is one of the most indispensable steps while considering career options. It is advisable to start as early as possible. When you are deciding upon a course to study, keep an eye on the availability of jobs in that field.  Having more options means you can reduce the pressure upon yourself, to begin with. It also implies that once you land a few many jobs, your demand as a candidate increases. This might also get reflected as a positive influence on your future salary and enhance your prospects.  6. What are my financial goals?  Goals offer purpose to living. But financial goals are more than that. Other than making you purposeful, it also regulates your monetary habits. As such it is important to set out personal goals judiciously.  Your mindfulness while setting financial goals can come in handy while choosing a career. You might have short-term or long-term goals. Based on that, you can apply for jobs after considering their salary structure and thereby, formulate a plan of action for achieving your dreams. 7. Is my living style compatible with my career option(s)? You can expect life to not remain the same before and after employment. Nevertheless, you might want to consider jobs that are compatible with your current lifestyle. The other option is to be open to changing your lifestyle according to your job requirement.  You can start by asking questions like - is the job shift manageable or will it be too inconvenient for you? Carefully examine if you are comfortable with the job role. Some jobs require you to travel frequently. In that case, you can ask yourself if you are up for it. FAQs What are the 7 steps to finding the right career path?   Know your area of interest   Assess your skills and capabilities   Quality education   The right principle/ work ethic   Analyse the job market   Set your financial goal   Strike a balance between lifestyle and career option     How do I find my career path? Confusion while choosing a career occurs when you lack a clear idea about your options. Choosing a career can seem like a mammoth task. Like all other mammoth tasks, the most efficient way to troubleshoot this is to divide it into smaller tasks.   First, make a list of the things you need to consider while choosing a career. Second, prioritise them systematically by lining them up in the correct chronological order. Set short-term goals so that they are easily achievable. What are the 4 Ps of choosing a career? There are four significant things that an individual should consider while choosing a career- people, product, purpose, and potential.   What are the 10 steps to the right career path?   Identify your passion   Know your strengths and weakness   Prioritise quality education   Choose a suitable course   Acquire important skills during the internship   Design a winning resume   Do your research before applying for a job   Keep an eye on the job market   Assess your financial goal   Balance your lifestyle and career option   Conclusion In this capitalistic world, work and leisure are often segregated from each other. We tend to forget that enjoying your work can render you stress-free and make life ten times better. Choose a career that, while yielding desired returns, will not hamper your mental peace or restrict personal growth. Consult an expert advisor to get the right plan TALK TO AN EXPERT
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