Education Loan for MBA at the Lowest interest rates
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Introduction
MBA degrees abroad are one of the most sought-after master's degree programmes all around the world. The Master of Business Administration degree is available in a variety of specialisations to prepare students for careers in management. Countries such as the UK, the USA, Canada, and Australia are among the most popular choices for overseas students looking to attend an MBA course overseas. These degrees are on the expensive side which is why several students opt to obtain an education loan for an MBA. It is easy to cover most or all of the costs with a student loan. Several banks and non-banking financial institutions (NBFCs) provide loans for MBA abroad to enable students to pursue their higher education with as few financial restraints as possible.
MBA Education Loan Eligibility
Students must evaluate several factors before signing the loan agreement. The eligibility criteria for an education loan for an MBA abroad are as follows -
- Candidate must be an Indian citizen or resident
- Candidate must have obtained a place in an MBA 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 MBA might include academic merit, MBA 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 an MBA 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 an MBA 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 an MBA
Top Education Loan Providers in India for MBA Admission
Following are the top education loan providers offering Indian students with abroad study loans for an MBA -
- Avanse
- IDBI Bank
- InCred
- Axis Bank
- ICICI Bank
- HDFC Credila
- Bank of Baroda
MBA Education Loan financing and collateral requirement
Depending on the loan amount and the MBA institution, banks and financial institutions can fund up to 100% of a student's education loan for an MBA. Most banks, however, do not demand margin money or collateral for an MBA loan 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 an MBA Education Loan
As opposed to the traditional tedious procedure of applying for a study loan for an MBA, 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 an MBA -
- After reviewing the MBA 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 MBA loan application form online
- The UniCreds counsellors also 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 an MBA Education Loan
Students should preferably begin repaying their education loan for an MBA 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
