Education loans for MBAs in India can be easily found but applying for them is harder than you think. The process is rigorous and time-consuming. Here is everything you need to know about education loans for MBAs in India before you start preparing for your application.
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Why an MBA education loan?
MBA is considered one of the most expensive and career-altering courses in the world, it can cost you anywhere between 10 to 40 lakhs!
Many students opt for an education loan for this program. This is because an education loan is the easiest and most efficient way to finance your MBA program without any added financial stress.
It allows you to complete your education and start paying for the loan after the course is over. The interest rates are reasonably designed to help students and professionals pay off their loans over a period of time.
Advantages of taking loans for college
Boost your pocket: An MBA school loan can make it possible for you to complete a degree that you otherwise might not have been able to afford.
Don’t miss opportunities: Without taking out a student loan, many students would be unable to pay the MBA course cost. It is a crucial investment that can boost your professional standing and open up new development prospects for you.
Nearly all of the expenses you’ll pay while completing an MBA will be covered by your student loan, which offers almost 100% coverage.
Affordability: An MBA program might cost thousands of rupees. At IIMs, tuition prices range from INR 13 lakhs to INR 23 lakhs. The leading business schools charge between INR 10 lakh and INR 20 lakh in tuition.
The cost of the student’s personal expenses, project costs, and dorm fees should also be included. Therefore, if you want to feel confident and at peace, while enrolled, paying for an MBA program is just as important as being admitted.
Alternative methods of Achieving Dreams
A spot in one of the best MBA colleges in India requires funding the program, which is a difficult task given the high cost of the curriculum.
Therefore, whether an MBA is given in India or abroad, managing the program’s funding through educational loans is the most common and effective option.
List of National Banks that Provide MBA Education Loans
MBA education loans are available from a number of major banking organizations at competitive interest rates. Below are a few of the most important student loan programs offered by various financial organizations that can assist you in paying for your MBA programs:
- State Bank of India
- Canara Bank
- Dena Bank
- Punjab National Bank
- Union Bank of India
- Central Bank of India
List of private banks and NBFCs providing loans for MBA education
In addition to the above-mentioned public institutions, one should look at what private banks and NBFCs have to offer. the following have been mentioned:
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
Charges paid for by Education Loan
Education loans help you cover a variety of expenses. From lab fees to tuition fees, they can help you cover financial woes easily.
However, these loans only cover educational costs and are not for personal use. Some of the expenses paid for by the education loan are:
- Fees due to the hostel and the college
- Examinee costs
- Library fees
- Laboratory costs
- Traveling costs (if pursuing MBA abroad)
- If applicable, the student’s insurance premium
- Buying a laptop (if required for the course)
- Other costs, such as travel for research, project work, or a thesis
- Acquisition of books, tools, and instruments
- Building fund, refundable deposit, and caution deposit
If you want to know how much loan you need to take and your eligibility, check it out here.
Documents needed to apply for an MBA Education Loan
- Address and age verification if you do not already have a bank account
- copies of the qualifying exam score reports (CAT, GMAT, IELTS, TOEFL, and others)
- A schedule of the course’s costs (course prospectus where the course fee is mentioned)
- Statement of the borrower’s or co-bank borrower’s account for the previous six months
- Income tax assessment orders for students or parents that are no older than two years
- A concise list of the borrower’s assets and liabilities
- Copy of a passport Loan application in bank format
- Evidence of enrollment in the course (in India or abroad)
- Passport-sized pictures
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