Education Loan for MBA

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 -

1. Avanse
2. IDBI Bank
3. InCred
4. Axis Bank
5. ICICI Bank
6. HDFC Credila
7. Bank of Baroda