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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.
Apply for 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 as well as the loan amount limit is essential. The table below provides interest rates and loan limits from various public sector and private sector banks:
Apart from the above banks, some NBFCs also provide education loan:
Get Your Education Loan Disbursed 10x Faster than Banks. Check Your Interest Rate Now!
How an Education Loan from Us is Better than Anyone?
Expenses Covered in Education Loan
Tuition Fee
Living Expense
Travel Expense
Health Insurance
Admission confirmation
Educational certificate
CIBIL Score
Income Requirement
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 loa
Get Approved Based on Your Potential. Explore Flexible Eligibility Criteria for Education Loans.
Documents Required to Apply an Education Loan for MBA
Most lenders require the following documents for an Education loan:
Requirement of documents varies across lenders. Traditionally banks asked for a large number of documents, which, thankfully, the new age NBFCs have minimised.
Get an Education Loan that Requires Lesser Documentation. Check your eligibility.
Get an Education Loan for MBA in 3 Easy Steps
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 and Apply for No Collateral Instant Education Loans.
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 we consider your siblings, maternal or paternal uncle/aunt. Do explore and apply for a flexible 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.
Check out the complete details of these schemes:
Central Sector Interest Subsidy Scheme
- Central Sector Interest Subsidy Scheme is offered by major banks like SBI, PNB, and Bank of Baroda, providing full interest subsidy during the moratorium period.
- Students from EWS with an annual income of up to 4.5 lakhs can apply.
Vidya Lakshmi Scheme
- Vidya Lakshmi Scheme is supported by banks like ICICI Bank, HDFC Bank, and Axis Bank, providing a single-window platform for loan applications.
- Indian students who have passed 12th grade can apply.
JanSamarth - National Portal for Government-Sponsored Loans
- JanSamarth-National Portal for Government-Sponsored Loans is a unified digital platform connecting students with banks like SBI, Canara Bank, and Bank of India for government-sponsored education loans.
- Students aiming to pursue technical or professional courses in recognised institutes in India.
Top MBA Colleges in India
India has a list of colleges that provide world class management courses, equipping you with the skills that you need to grow in management. However, to get into one of these top colleges, the competition is huge and you must get through some of the entrance exams.
An important factor that accompanies an admission in one of these colleges is the fact that you can get an education loan with much ease.
Here is a list of top 10 MBA colleges in India as per NIRF ranking:
To know more about top MBA colleges in India, their ranking, fees and how to get into these colleges, do check out our blog.
Scholarships for MBA
For students who have excelled academically, scholarships provide a valuable opportunity to finance their MBA education. These scholarships can be used to pursue an MBA in India or abroad, making higher education more accessible.
Scholarships for MBA Abroad
Scholarships for MBA in India
MBA Education Loan Abroad for Indian Students
Although India offers a wide range of MBA colleges, pursuing an MBA from abroad has its own transformative experience.
Benefits of MBA Abroad for India Students
Here are the major benefits of pursuing an MBA from abroad:
1. Exposure to Global Business Practices
Learning in a diverse environment helps you understand market dynamics, business strategies, and management styles.
2. Higher Salaries and Enhanced Career Prospects
An MBA from abroad can significantly boost your career prospects. According to a recent report from Statista, 90% of employers prefer hiring MBA graduates across all specialities.
3. Networking Opportunities
MBA programs at top international universities often include a diverse community of students from various countries and thus ample networking opportunities.
4. Access to Advanced Resources and Facilities
Top international universities have top-notch facilities, extensive libraries, and access to the latest research and technology. This access allows you to engage in advanced projects and gain hands-on experience in your fields.
5. Cultural Immersion and Personal Growth
Indian students studying abroad often adapt to new environments, enhancing their problem-solving skills, adaptability, and cultural awareness.
6. Scholarship Opportunities and Financial Aid
Some of the best MBA colleges abroad for Indian students offer various scholarships and financial aid.
Discover the best countries to study abroad for Indian students. Explore top universities, QS rankings, and tuition fees.
Cost of MBA Abroad for Indian Students
While an MBA from abroad can be a transformation, it definitely comes with its own cost. Lets see the cost of studying an MBA from some major destinations abroad:
For complete details, do this about MBA abroad for Indian students.
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