How can I get a loan for an MBA

Asked By

Himanshu Kumar ojha

You can get a loan for an MBA by following these steps:

Assess Eligibility:
- Indian citizens aged 18–35 are generally eligible.
- Admission to a recognized MBA program in India or abroad is required.
- A co-applicant (parent/guardian) with stable income is usually needed.
Choose a Lender:
- Banks: Offer education loans under schemes like SBI Global Ed-Vantage, HDFC Bank Education Loan, etc.
- NBFCs/Fintechs: Propelld, Avanse, and Credila provide flexible options, especially for higher loan amounts or non-collateral loans.
Prepare Documents:
- Admission letter, fee structure, academic records, income proof of co-applicant, KYC documents, and collateral details (if applicable).
Apply:
- Online: Fill the form on the lender’s website and upload documents.
- Offline: Visit the nearest branch and submit the application physically.
Loan Disbursement:
- After verification and approval, the sanctioned amount is disbursed directly to the institution in instalments.

For reference, Education Loans for MBA typically cover tuition, living expenses, exam fees, and travel (for abroad programs), with repayment starting after course completion plus a moratorium of 6–12 months.

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Explore more questions

Cancel my loan approval

Asked By

Ameer sohail

You can cancel your loan approval before the disbursement stage by following these steps:

Contact Your Lender Immediately:
- Inform your loan officer or customer service team in writing (email or letter) that you wish to cancel the approved loan.
Submit a Loan Cancellation Request:
- Mention your application number, sanction letter reference, and reason for cancellation.
- Some lenders may require a signed cancellation form.
Check for Processing Charges:
- If the loan agreement was already signed or disbursement initiated, lenders may deduct minimal processing or administrative fees.
Obtain Written Confirmation:
- Always ask for written confirmation of cancellation to avoid future liability or CIBIL reporting issues.

Note: Once the loan amount is disbursed, you cannot cancel it — instead, you must prepay or foreclose it as per the lender’s repayment terms.

If I take admission in MS Obstetrics and Gynaecology in a private medical college, can I get an education loan of around 40 lakhs?

Asked By

Umme Rooman

Yes, you can apply for an education loan to pursue MS in Obstetrics and Gynaecology in a private medical college. Indian banks offer loans for postgraduate medical courses, and the loan amount can go up to 40 lakhs or more, depending on the institution. For higher amounts, collateral will likely be required. You will need to submit proof of admission, a fee structure, and co-applicant financial documents. Compare banks to find the best interest rates and repayment terms. Some banks may also offer moratorium periods during which you don’t have to make repayments.

I received an education loan for my BE in Canada, but I failed one subject in my 4th semester. Will this affect my loan disbursement for the next semester? Is there a policy about not giving loans to students who fail?

Asked By

Yashaswini NM

In most cases, failing a subject will not stop loan disbursement, but it depends on the bank's policy. Some banks require students to maintain a minimum academic performance, while others may continue to disburse the loan if you are still enrolled in the course. You should inform the bank and explain your situation. If you can demonstrate that you are progressing in your course, the bank is likely to disburse the loan for the next semester. Be sure to check the specific terms of your loan agreement.

I previously applied for an SBI Scholar Loan but canceled it. I now want to apply with Canara Bank, but it shows my Aadhaar and PAN are linked with the previous application. How can I proceed?

Asked By

Ritesh Pawar

You will need to resolve the Aadhaar and PAN linking issue before applying with Canara Bank. Contact SBI’s loan department to officially close the previous application, ensuring they have de-linked your Aadhaar and PAN. Once done, obtain written confirmation of the closure. You can then proceed with the Canara Bank application. If you face further issues, visit a bank branch to rectify the problem, and they can guide you on the next steps.