Education Loan for MBA

MBA education loan in India is one of the most simple ways to cover the high cost of your MBA program. MBA fees range from Rs. 20 lakhs to Rs. 24 lakhs for prominent B-schools such as IIM Ahmedabad, Bangalore, Calcutta, MDI Gurgaon, and XLRI Jamshedpur, among others. 

Other expenditures such as hotel and boarding, as well as personal expenses, must be met during your MBA program in addition to this price. As a result, acquiring an MBA loan and supporting your MBA program is just as vital as getting accepted.

How to Finance Your MBA in India?

It's tough to seek an MBA degree without first figuring out how to pay for your costly MBA tuition and other fees over the course of your two-year MBA program.

Even FMS's (Faculty of Management Studies) most cost-effective MBA program now costs around 2 lakhs. On top of that, practically all of the major MBA schools have raised their MBA tuition. As a result, funding your MBA is one of the most important considerations you must make before enrolling in an MBA program, and you must search for the finest MBA education loan scheme.

Top Colleges in India for MBA 

• Indian Institute of Management, Ahmedabad

• Indian Institute of Management, Bangalore 

• Indian Institute of Management, Calcutta

• Indian Institute of Management, Lucknow 

• Indian Institute of Management, Kozhikode

• Indian Institute of Management, Indore 

• Department of Management Studies, Indian Institute of Technology, Delhi

• Department of Management Studies, Indian Institute of Technology, Madras

• Indian Institute of Technology, Roorkee

• Faculty of Management Studies, Delhi

• XLRI – Xavier School of Management, Jamshedpur

Latest Fee Structure

How to Get an Education Loan for an MBA in India?

In India, public sector institutions such as State Bank of India, Punjab National Bank, Central Bank of India, Punjab & Sind Bank, Dena Bank, and Canara Bank offer MBA education loans.

Private sector banks such as ICICI Bank, Axis Bank, and Kotak Mahindra Bank also provide MBA education loans. There are also specialized NBFCs that offer MBA education loans in India, such as HDFC Credila Financial Services Limited and Avanse Financial Services.

As a result, you have a variety of MBA education loan choices. However, due to differences in interest rates, the cost of these MBA education loan options may rise or fall, and you must address this issue.

Loans Offered by Public Sector Banks

Almost every public sector bank provides an MBA education loan. Among the public sector banks and financial institutions that offer MBA admission education loans, the following are the top education loan providers in India:

Loans Offered by Private Sector Banks and NBFCs

MBA education loans are widely available from private banks and NBFCs. The following are some of the private sector banks and non-banking financial companies that offer MBA education loans:

How to Apply for Education Loan for MBA?

Students can now apply for an MBA education loan entirely online. Students can apply for college loans online with most banks. The steps for applying for an MBA education loan are outlined below:

• Examine several loan options and select the one that fits your needs

• Fill out an application for an education loan online or go to the bank

• A bank employee will normally contact students by phone. The bank agent will ask about the student's needs and answer any queries concerning the loan program over the phone

• A bank representative will pay a visit to the student's home and assist him or her in filling out the application form. At the bank, the application form will be collected, together with the appropriate supporting documents

• The bank will examine the application form.

• The bank may request additional information from the student or respond to any additional inquiries.

• The bank will approve the loan application once all of the relevant procedures have been completed.

• The student will be requested to sign a contract, and all of the necessary paperwork will be completed.

• In most cases, the education loan funds are put straight into the institute's account. It may, however, be put in the student's account in some situations.

• To explain the use of the loan amount, the student must present genuine bills and receipts for any costs incurred during their studies.

Study Loan for MBA in India Eligibility Criteria 

To be eligible for an education loan for an MBA in the United States, applicants must meet the following criteria:

• In order to graduate, students must achieve a grade point average of at least 60%

• There should be no gaps in their academic records

• The co-borrower's CIBIL score should be over 700

• If the applicants have academic gaps, they must provide the bank with a medical certificate or other relevant proof

The RBI has not imposed any age limitations on education loans for MBA. Some banks, however, may set a 35-year-old age limit.

Documents Required for a Loan for MBA in India

To apply for an MBA education loan in India, applicants must submit scanned copies of the following documents:

• Documents from 10th grade till graduation

• KYC documents - Permanent Account Number (PAN) card, Aadhar card, Passport, or Voter ID card

• All acceptable forms of proof of address - electricity bill, ration card, Aadhar card, bank passbook, or voter ID card.

• Co-applicant's bank account statement for the previous six months

• ITRs (Income Tax Returns) from the previous two years

Why Should You Take an Education Loan for an MBA?

An MBA study loan is a type of loan that banks and other financial organizations provide to students who want to continue their education. The loans are available to students who have already been accepted into an MBA program.

Here are some reasons why taking an MBA education loan could be beneficial:

• Without an MBA Education Loan, many students would be unable to afford the costs of an MBA program. It's a crucial investment that can help you advance your career and open new and better opportunities

• MBA program loans often cover practically all of the expenses you incur during your MBA education

• MBA education loans can help you check and apply for more universities, which is important given the high cost of an MBA course from a reputable institution

What If There’s Another Option?

If you do not wish to avail an education loan, here’s another option you can consider. Money View offers personal loans ranging from Rs. 5k to Rs. 10 lakh, perfect for your multiple needs. 

The best part is that these loans are disbursed within 24 hours of application approval which is perfect for emergencies. So what are you waiting for? Visit the Money View website or download the app and apply right away!