Education Loan for BBA at the Lowest interest rates
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Introduction
BBA is a three-year program and is considered to be one of the most sought-after undergraduate courses. The Bachelor of Business Administration (BBA) provides a comprehensive foundation in business administration. Pursuing BBA abroad provides students with a wide range of opportunities when it comes to employment prospects after graduation. Students can pursue this degree from some of the best institutions abroad but will however have to look after their financing. An education loan for BBA helps overseas students in this respect by covering all or most of their study abroad finances. This article explains everything a student must know before or when applying for a BBA education loan.
BBA Education Loan Eligibility
Students must evaluate several factors before signing the loan agreement. The eligibility criteria for an education loan for BBA students are as follows -
- The candidate must be an Indian citizen or resident
- The candidate must have obtained a place in a BBA programme at one of the participating universities
- Some banks have age limitations of 35 years, so it is best to double-check with the financial institution
- Additionally, criteria influencing the bank's choice to provide a study loan for BBA might include academic merit, BBA university repute, the collateral given, and the applicant's financial background
Expenses covered under Education Loan
The best aspect of taking out an education loan for BBA with UniCreds is that students may obtain up to 100% financing, which means that the loan will cover all or most of their expenditures. The following are the expenses that students might anticipate a BBA student loan to cover -
- Tuition Costs
- Travel & Transport including the tickets
- Accommodation & Rental expenses
- University fees & additional course costs
- Food expenditures
- Living expenses
- Laptop
- Other research, thesis, and project-work-related expenses
- Any other expense required for BBA
Top Education Loan Providers in India for BBA Admission
Following are the top education loan providers offering Indian students with abroad study loans for BBA -
- Avanse
- IDBI Bank
- InCred
- Axis Bank
- ICICI Bank
- HDFC Credila
- Bank of Baroda
BBA Education Loan financing and collateral requirement
Depending on the loan amount and the BBA institution, banks and financial institutions can fund up to 100% of a student's education loan for BBA. Most banks, however, do not demand margin money or collateral for BBA loans up to INR 4 lakhs. Even though collateral is not needed, a third-party guarantee is required for loans ranging from INR 4 lakhs to INR 7.5 lakhs. However, for loans beyond INR 7.5 lakhs, students must provide collateral.
Steps to Apply for BBA Education Loan
Unlike the traditional tedious procedure of applying for a student loan for BBA, UniCreds helps applicants streamline the process and makes it easier for students at every stage - from application to disbursement. Following are the steps to apply for an education loan for BBA -
- After reviewing the BBA loan eligibility requirements, students must choose the bank they want to proceed with for their loan application or contact one of our specialist loan consultants
- Following that, candidates can complete their BBA loan application form online
- The UniCreds counsellors also recommend a personalised list of documents/paperwork necessary for the applicant so that he/she may attach the same to the application
- Following the attachment of the documents and submission of the application form, the banks will analyse and assess it and then approve and disburse the loan amount
Repayment of a BBA Education Loan
Students should preferably repay their education loan for BBA one year after finishing their degree or six months after landing a job, whichever comes first. This time of relaxation is known as the moratorium period. The payback duration is typically 5 to 7 years, however, it might be extended based on the bank's terms and conditions.
Frequently Asked Questions
