4 tips to get a better deal on an education loan for MBA studies

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4 tips to get a better deal on an education loan
for MBA studies
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• Do you want an MBA degree to grace your CV?
• If yes, then you have to ensure two things
  first, study hard to score well in competitive
  exams, and second, find a resource to cover the
  cost of your MBA education. Studying hard to
  score well in exams is in your hands. All you
  have to do is focus on studying the contents of
  the syllabus of an MBA competitive exam. But
  securing a resource to fund your MBA studies is
  not that easy. Students have to go through a lot
  of trouble to get a good deal on their education
  loans. Shortly, you will learn 4 tips to get the
  best kind of education loan for your MBA
  education.

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Ask lenders to cover 100 of the cost of your
higher education

• Some lenders cover 100 of the cost of a
  students higher education while others dont.
  You should look for lenders that offer to cover
  all the cost of your MBA education. Such
  education loans will not only pay the tuition
  fees of your study program but also overhead
  costs like exam fees, library fees, cost of
  books, stationery and a laptop. Apart from that,
  it will also pay the money you need to sustain a
  good lifestyle in a city away from your hometown
  if you need to relocate there for your study
  program.

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Compare different education loan schemes of
lenders

• When you have confidence in your abilities, you
  can cross any obstacle including the need to
  score well in competitive exams. Once you score
  well in those exams and prove your merit, lenders
  may even offer you education loans with
  subsidies. Lenders offer education loans with
  lower interest rates to students who get a seat
  at some of the prestigious universities. They
  offer education loans for MBA with regular
  interest rates to students who get a seat at
  regular MBA colleges.
• If you have scored really well in competitive
  exams and bagged a seat at a reputed MBA college
  then look for lenders that offer special schemes
  of education loans like loans with lower interest
  rate.

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Check the total processing charges

• Every lender charges its borrowers some amount of
  money for processing their education loan
  applications. Those charges are levied in the
  name of pre-processing, post processing, service,
  statement of accounts and other charges. You
  should look for a lender that levies the least
  number of charges on the loans they offer.

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Ask for shorter repayment tenure

• The repayment tenure of an education loan for
  study in India can extend up to 15 years only. It
  also decides your loans EMI value and the money
  you will pay as interest on your loan in the long
  run. The shorter the repayment tenure, the faster
  the loan will be repaid and the more money you
  will save while repaying your loan. You should
  look for a lender that gives you shorter
  repayment tenure.
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• Now, you know what you need to get the best deal
  on your education loan for MBA studies. Have a
  nice day!
• For more details - Things to keep in mind before
  taking MBA student loans
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We hope this article was helpful to you.