Education Loan for Hotel Management at the Lowest interest rates
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Education loan partners who are eligible for this course
Introduction
Hotel management has grown in popularity in the past few years. As more and more people become aware of the field's potential, there is a steady rise in the number of students enrolling in hotel management courses at universities abroad, especially in countries like Switzerland and France, which are renowned for their culinary arts programs. However, funding for these courses is often too high for international students. This is why many prospective students require an education loan for hotel management to help finance their studies abroad. Several banks and non-banking financial institutions (NBFCs) provide a hotel management education loan to enable students to pursue their higher education without financial restraints.
Education Loan For Hotel Management Eligibility
Students must evaluate several factors before signing the loan agreement. The eligibility criteria for an education loan for hotel management are as follows -
- Candidate must be an Indian citizen or resident
- Candidate must have obtained a place in a hotel management or culinary arts programme at one of the participating universities
- Some banks have age limitations of 35 years, so it is best to double-check with them
- Additionally, criteria influencing the bank's choice to provide a study loan for hotel management might include academic merit, the university's 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 hotel management 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 hotel management education 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 hotel management
Top Education Loan Providers In India For Hotel Management Admission
Following are the top education loan providers offering Indian students with abroad study loans for hotel management -
- Avanse
- IDBI Bank
- InCred
- Axis Bank
- ICICI Bank
- HDFC Credila
- Bank of Baroda
Hotel Management Education Loan financing and collateral requirement
Banks and financial institutions can support up to 100% of a student's education loan for hotel management, based on the amount and the hotel management institution. However, most banks do not require margin money or security for a hotel management student loan of up to INR 4 lakhs. Although collateral is not required, loans ranging from INR 4 lakhs to INR 7.5 lakhs require a third-party guarantee. Students must submit collateral for loans over INR 7.5 lakhs.
Steps to Apply for an MBA Education Loan
Unlike the traditional, time-consuming process of applying for an education loan for hotel management, UniCreds streamlines the application process and makes it easy for students at every level - from application to disbursement. The process for applying for a hotel management education loan is as follows -
- After reviewing the 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 loan application form online
- The UniCreds counsellors, additionally recommend a personalized 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 Hotel Management Education Loan
Students should ideally begin repaying their education loan for hotel management one year after finishing their degree or six months after getting a job, whichever comes first. This period of relaxation is known as the moratorium period. The repayment period is normally 5 to 7 years, however, it may be extended depending on the bank's terms and conditions.
Frequently Asked Questions
