How to Finance your MBA in India
An MBA degree is a gateway to roles in managerial positions. Those who have the MBA stamp on their resumes have a much higher chance of being hired for higher positions with better salary packages. Professional degrees such as an MBA increase the earning potential of graduates by expanding their knowledge in all spheres of the business world.
Colleges invite industry professionals, organize conferences, take students on field trips, and have placement drives with the best in the industry attending. All of these amazing features of an MBA degree expand a student’s range of knowledge and make them highly sought after to hire.
As a result, MBA courses, too, are highly sought after in India and colleges charge a hefty sum as fees for the course. Looking at the MBA fees in top tier colleges might feel daunting as the MBA fees are double that of non-MBA course fees, if not more. The only solution at this point becomes taking a loan.
Pros of Getting an Education Loan
Taking an Education Loan can be a challenge - since it involves a lot of paperwork, handling the very real fear of being in debt and requires collateral. However, looking at the pros of getting a loan are much more important, and can include:
- Accessibility to More Courses
Applying for loans gives you the chance to look at expensive MBA courses, which would otherwise be unaffordable.
- Increased Job Opportunities
An MBA degree opens up endless avenues for job opportunities - with better positions and salary packages.
- Lessens Financial Burden
Covering almost 100% of the financial strains of enrolling in the MBA course. This allows you to focus on your studies without the financial burden and stress hanging over your head.
- Lucrative Salary Packages
Graduates of MBA degrees receive lucrative salary packages. The jump in income can assist in paying off the education loan quicker after graduation.
Taking an education loan and completing an MBA course can be a financial strain. However, instead of seeing it as a strain, look at it as investing in your future.
Funding your MBA in India
Taking a loan may seem like a long process. Here are the steps to make it easier, less stressful, and smooth:
Step 1
Look At MBA Fee Structures in Various Colleges
Here are the fees for the top 10 MBA courses in India:
Step 2
Check Eligibility for Loans
Below are the top 3 education loans for students in India:
Step 3
Alternatives to Traditional Bank-Based Education Loans
There are alternatives to bank-based loans, such as private organisations like Propelld. Choosing an organisation such as Propelld comes with a host of benefits.
Propelld takes the time to understand the students applying for loans and the motivation behind taking the educational loan. They understand that choosing an expensive course such as an MBA course, is an act of self-improvement and a decision to move up in life. Unlike banks, Propelld shares the belief that these loans are an investment in the future and shares in the journey forward.
When a student applies to a bank for an education loan, banks look at financial documents of the student and parents to decide whether to give the loan or not. These documents may be income tax returns, salary slips, form 16s. Banks also look at the applicant’s CIBIL Score.
Rejections for bank loans take place because the applicant’s financials are not as per the bank’s requirements or the credit score is not good enough. Hundreds of thousands of education loan applications get rejected by banks every year.
However, Propelld has a unique approval process that is very different from a bank’s process. Propelld’s process takes into account the student’s future ability to earn. When a student applies for a loan with Propelld, he or she has to share details of the course they are applying to and at which institute. Additionally, the student can share their marksheets.
With this information, Propelld can approve a loan based on the student’s academic merit and commitment to personal and professional growth.
As soon as the loan is approved, students can complete their loan application, which includes signing, further verifications, and any advanced EMI payments if necessary.
Step 4
Understand the Benefits of Choosing Propelld
There are many amazing benefits to choosing Propelld to apply for an education loan:
- Customised Loan Products: Propelld customises its loans based on the applicant’s profile.
- A chance to apply for more expensive courses by opting to take a loan from Propelld.
- EMI payments, rather than one-shot payments.
- Propelld has a fully digitised process, which includes the application, approval, disbursal, and collection. There is no longer an endless stream of pesky paperwork.
- Loans are sanctioned quickly and there are no-cost EMIs.
- No mortgage is required by Propelld.
Step 5
Apply for Loan
Log on to Propelld.com understand the steps to apply for a loan.
Insider Tips from Propelld
What does a loan from Propelld cover?
Propelld covers the cost of tuition fees, library fees, fees for labs, etc.
Does Propelld offer flexible repayment plans?
Propelld does offer flexible repayment plans. However, flexibility is subject to the applicant’s credibility and the partner institution they are applying to.
What is the paperwork required to apply for a loan?
The documents needed when applying for a loan are:
- ID proof (Aadhaar, PAN, Driving Licence, Voter ID, Passport)
- PAN
- Bank Statement
- ITR
- Salary Slip
- Marksheet
