Opt for MBA student loan to pursue management studies

 MBA is one of the top-rated career choices for students. Pursuing MBA from prestigious institutes in India or abroad ensures a progressive career ahead. However, management studies have raised their costs drastically in the last couple of years. To pursue MBA in any of the institutes/colleges in India, you would have to shell out minimum 15-20 lakhs, and it can go up to Rs 50 lakhs if you plan to study abroad. It would cover your food, accommodation, and other expenses as well.

Banks and other financial institutes understand the concern of meritorious students and come up with Education loan for Mba that will rescue them from the financial situation. They offer loans with attractive interest rates ranging between 11-15% and flexible repayment tenure of around 8-10 years. Some reputed lenders have tie-ups with some of the premier institutes and universities, wherein, they have a special interest rate offered to the students.

There is a certain eligibility criterion based on which your loan gets sanctioned. It includes: your academic records, age, the nature of course, country, the credit score of the co-borrower, bank statements and IT returns. Lenders offer a special concession of 0.5% for women applicant on their education loan for MBA.

What does your education loan for MBA covers and what it doesn't?

It will cover your admission fees/annual fees for the colleges and Institutions, Examination fee, Library fee and Laboratory fee, accommodation charges, Equipment, books and instruments charges, Purchase of laptops or personal computers (if required), Caution deposit, refundable deposit, building fund after procuring original receipts and any other expenses those are required for completing the program like educational tours, projects and thesis. And your loan won't cover the GMAT fee, Business School application fees, Visa fee, Full fee of your airline tickets, commuting tickets, living expenses and so on.

Private loan lenders offer collateral free loan up to Rs 50 lakhs with instant e-sanction in one-day. If you wish to fly abroad, they come up with customer friendly loan solutions such as pre-admission loan, Pre Visa Disbursement loan, score based products, 100% funding for meritorious students, wider course and country coverage, bridge up loan, etc.

With Overseas Study Loan for Mba, you can pursue higher studies in some of the popular destinations such as USA, Canada, UK, Germany, Australia, New Zealand, UAE, France, Singapore and more.

Keep these few things in mind while borrowing loan:

• To improve your chances of getting a loan, apply with good academic records and strong credit history of the co-applicant. If you’re employed, check if the company has partnered with a particular loan firm. It will help you avail some discount on the interest rate and save significantly in the long run.
• Prestigious universities and institutes claim high placements. So, check the university grade, it's placement record and then take a call. Otherwise, it may create a difficulty for securing a job, and further repaying your monthly instalments.
• If you’re unable to repay the education loan for MBA on time, it will affect your credit history, it means you would find it difficult to get other loans in the future. So, you should make timely repayments, and maintain a healthy credit score in the long run.

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Vishal Tambe Joined: March 12th, 2019