Education Loan for MBA: Highlights
Here are the parameters to consider before applying for an education loan for MBA
If you're looking to secure an instant education loan for your MBA, here’s a step-by-step guide on how to Apply for a Instant Student Loan Online. This process simplifies the application, making it quick and efficient.
Your Partner in Education. Quick, Hassle-Free Student Loans with a Fully Digital Process. Explore Now!
Apply for Propelld Education Loan For MBA
- Loan up to Rs. 50 Lakhs for 10 Years
- No collaterals required
- Higher approval rates
Education Loan for MBA Interest Rate
When applying for a student loan for an MBA, comparing the interest rates different banks offer is essential. For MBA, you might need a higher loan amount hence the loan amount limit will be equally important. The table below provides interest rates and loan limits from various public sector and private sector banks:
Get Your Education Loan Disbursed 10x Faster with Propelld. Check Your Interest Rate Now!
Fast-Tracked Education Loans with Propelld
How an Education Loan from Propelld is Better than Anyone?
Expenses Covered in Education Loan
Our USPs speak for us:
Tuition Fee
Living Expense
Travel Expense
Health Insurance
Admission confirmation
Educational certificate
CIBIL Score
Income Requirement
Documents Required for Education Loan for MBA
Applicant must submit the following documents to process the loan application:
Requirement of documents varies across lenders. Traditionally banks asked for a large number of documents, which, thankfully, the new age NBFCs like Propelld have minimised.
Get an Education Loan that Requires Lesser Documentation. Check your eligibility.
Get an Education Loan for MBA in 3 Easy Steps
100% Digital Hassle Free Disbursal.
Fill the Details
Verification & Approval
Fees Paid to the College
Education Loan for MBA: Loan Repayment
Mostly, an education loan repayment starts 12 months after finishing the course or 6 months after getting a job. This period is known as “Moratorium”. Here are the major details about education loan repayment that you must know:
- Repayment period starts after the moratorium period ends.
- It can range from 1 to 9 years.
- Longer repayment period provides relief from financial burden and Income tax. However, it's advisable to keep a shorter repayment period to reduce the interest levied.
- Some lenders may also provide interest rates benefits on shorter repayment periods.
- Opt for a loan that provides a higher amount for a lower interest rate and easy repayment terms.
- Once the repayment period starts, you can repay the loan amount through internet banking, paying cheques at the bank, direct EMI auto-debit from bank account, or using a demand draft issued by the bank.
- However, the best repayment option is Auto Debit of EMI.
- Keep an EMI date ideally 7 days after the salary or income date.
Want to know further? Do explore Education Loan Repayment Rules in India 2024. This resource provides information on the loan repayment process rules and regulations.
Collateral Requirements for Education Loan for MBA
Most banks and financial institutions offer MBA education loans, but there are collateral requirements.
What is a Collateral?
Collateral is an asset or property that a borrower offers to a lender as security for a loan. If the borrower fails to repay the loan as agreed, the lender can seize the collateral to recover the owed amount.
Above What Amount of Loan, do you Need a Collateral?
For loans above a certain threshold, you will need to provide collateral to secure the loan. The exact loan amount may vary by lender. For example, loans between INR 4 lakhs and INR 7.5 lakhs typically require a third-party guarantee. For loans exceeding INR 7.5 lakhs, collateral is usually required.
Even banks like SBI and Central Bank of India require collateral for MBA colleges, except only some top B-schools.
Explore No Collateral Education Loans with Propelld.
Early Repayment
Interest Benefits
Loan Selection
Loan Coverage
Tips to Secure an Education Loan for MBA with Higher Chances of Approval
Getting an education loan can help make your dreams of studying further a reality. To increase the chances of your loan being approved, here are five simple tips:
Have a Good Credit Score
A high credit score reflects that you are trustworthy with money. Check your credit score regularly and work to keep it high by paying off debts on time. This applies to you and your co-applicant, as lenders consider both scores when deciding your loan approval.
Here are some more tips on How to Improve your Credit Score.
Choose a High-Income Co-Signer
Having a co-signer who has a stable income and good credit history can improve your chances of approval. A financially strong co-signer may also get you better interest rates and repayment options for an Education Loan for MBA.
Most banks only consider parents as your co-signer while Propelld considers your siblings, maternal or paternal uncle/aunt. Do explore and apply for Propelld Education Loan Here!
Gather all Required Documents
Ensure you have all the necessary documents, such as admission proof, identity and address proofs, academic records, and financial statements. This will help make your application process faster and smoother and give lenders confidence in your preparation.
Check the complete details about documents required for an education loan here.
Pay off Existing Debts
Clear any existing loans or credit card balances as much as possible before applying. When lenders see that you have fewer debts, it shows that you are financially stable, which increases your chances of getting the loan.
With these tips in place, you can ensure to have a higher chance of loan approval. Also, you must read about the most common mistakes while taking an education loan, if you want to make a prudent decision.
Government Schemes Providing MBA Education Loans
To make MBA education more affordable for everyone, various government-backed schemes are available to support education financing. These schemes offer attractive interest rates, flexible repayment options, and additional benefits.
Explore the table below to discover the best government loan options and their details:
Education loan for an MBA is an easy way to finance your academic journey, covering various expenses from tuition to living costs. By understanding the eligibility criteria, interest rates, and repayment options, you can make an informed decision.
Why Should You Take an Education Loan for an MBA?
An education loan for an MBA can go a long way in shaping your future, all the while saving your finances too. Here's why it’s a smart investment for your career growth:
- Invest in Your Future: An MBA loan helps you access quality education without financial strain.
- Be Independent: With an education loan, you can complete your MBA education independently and without hitting on your parents’ savings.
- Boost Career Prospects: A degree from a top institution can significantly enhance your job opportunities. MBA top colleges have high fees that can be taken care of by education loan.
- Flexible Repayment Options: Low-interest rates and easy repayment terms make loans manageable.
- Moratorium Period: With a moratorium period provided by most lenders, you have enough time in hand before you start earning and repaying the loan.
Watch Out This Video for a Complete Guide on MBA Education Loan
What's Special About an Education Loan from Propelld?
Not one, but many of these qualities:
- 1. Hassle Free 100% Digital Processes
Right from loan application to disbursal, absolutely digital process, thus making it hassle free and fast. As eco friendly as we could be! - 2. Loan Approval Based on Student’s Potential
Not just the past, we look at the future too. Yes, a good academic record helps you get a loan approved easily, sometimes at a discounted interest rate too. But, in addition to that, we also look at your future potential. We consider your college, course and the placement records too while approving your loan. - 3. Super Fast Loan Processing
As fast as 10X faster than banks. You can get your loan in a span of 2 days also. Just submit the right documents, ensure you meet the guidelines and there you go! - 4. Easy Documentation
We don’t believe in a lot of documentation. And we try to find an alternative for every missing document. So, stop stressing over that pile of papers and just reach out to us. - 5. Extended Inclusion of Co Applicants
We believe in extended families. So, your siblings, your father’s siblings, your mother’s siblings and their parents can be considered as co applicants. - 6. Higher Approval Rates
Our easy processes, relaxed terms and conditions and simple documentation helps us approve the loans easily, thus boasting of high approval rates.
Do you know? Propelld is an RBI Approved NBFC that follows all guidelines laid down by the regulator for education loans, their recovery rules, repayment policies and settlement options. Discover the RBI Guidelines for Education loan.
.avif)
.svg)
