Title: Education Loan For MBA
14 Things You Need To Know About An Education Loan
For MBA
2Numerous MBA aspirants put their plans on hold or
drop the idea altogether because of the
skyrocketing fees of such executive course. This
is only natural given that the cost of an MBA
education in India could range anywhere from 5 to
20 Lakhs an amount high enough to get students
second-guessing their MBA plans.Fortunately
though, money isnt something that should stop
you from getting into your dream B-school,
because you can opt for whats known an education
loan for MBA. These loans offer to provide you
all the funds you need to cover the cost of your
MBA related expenses, that too at competitive
interest rates and comfortable repayment tenures
extending up to 10 years! So if youve got an MBA
on your mind but lack the funds to turn this
dream into a reality, you can turn to such a loan
to provide you the financial foundation you need
to reach out and achieve your dream.
3But before you take your planning any further,
you should know these important things about such
loan.
41. Education loan for MBA eligibility criteria.
To avail an MBA education loan one would need
to be an Indian citizen and have documentary
proof of a confirmed admission to the MBA course.
Another thing that should be notes is that most
lenders give a loan to individuals in the 16-35
years age group.The institute and course of
your choice is also very important. For example,
getting a loan is way easier if you secure an
admission in to the top management colleges such
as IIM, IIT, FMS Delhi, XLRI Jamshedpur, SPJIMR
Mumbai and few others.2. You can cover the
following with an education loan for MBA.Most
lenders will provide you 100 financing of your
MBA fees. Some lender wills also cover additional
expenses such as tuition fee and hostel
accommodation/living expenses, exam, Library, and
Laboratory fees, the cost of books, equipment,
instruments and other study material, any
deposits that needs to be made, travel expenses,
etc.
53. Education loans for MBA documents.The list
of documents required by different lenders might
differ slightly but the basic document you will
have to furnish include the followingi. The
duly-filled application form.ii. Proof of
admissioniii. Passport size photosiv. Address
age proofv. Copies of mark sheets in the
qualifying examsvi. Course prospectus where the
course fee is detailed.vii. Bank statements for
the last six months of borrower/co-borrower.viii.
Income tax assessment order not more than two
years old.ix. A brief statement of assets and
liabilities of the borrower.
64. Repaying your education loan for MBA.This is
probably the most vital part of taking on a debt.
But dont worry, unlike a personal loan or a loan
against property, an MBA education loan comes
with whats known as a moratorium period. During
this window, you dont need to make any payments
toward your study loan. In fact, until you pass
out or till you find a job, you can forget about
EMIs completely. We hope these details of an
education loan for MBA help your planning and
provide for a smooth journey through debt. Good
luck and all the best!
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