Education loan for MBA will help you tide over financial contingencies
Dec 10 2018 by akshay thakur Category Loans Views
An education loan for MBA takes complete care of your tuition fees, exam fees, hostel and mess charges, books, equipment, uniform, laptops, study tours, project funding.
Studying MBA will definitely give you advantages, especially when it’s from prestigious top business schools. You can get high paid jobs, achieve a management position or even become your own boss. Well, the advantages are endless. However, pursuing MBA is quite an expensive deal especially when higher education is skyrocketing high due to advance amenities, high fee structure and the competition amongst top universities/institutes in India or abroad.
Experts say an ideal cost to pursue management studies in India is anywhere around 10-15 lakhs and if you’re planning to study in dream destination that it can costs you a bomb of around 30-40 lakhs. This raises an alarming bell in the minds of parents and students who get suppressed due to financial obstacles. The overall study costs along with living costs, fees for GMAT with only add to the worries.
But all thanks to education loan for MBA that has come to rescue aspirants who wish to pursue their career in dream university/institute but struggle to arrange finances. Today, a lot of leading private finance companies, banks offer education loan to students, working professional to accelerate in their career ahead. Compared to traditional finance or personal loans, lenders offer loan at attractive interest rates of 11-15% with a mere processing fee of 1-2% on it. Women applicants are given a special concession of 0.5% to empower them with a quality education in life. While government banks might demand to produce margin money costs, private lenders are willing to offer 100% education finance. With proper documentation and good academic score as well as a credit score of the borrower the loan will be sanctioned within a day or two.
An education loan for MBA takes complete care of your tuition fees, exam fees, hostel and mess charges, books, equipment, uniform, laptops, study tours, project funding, and all study related expenses. Some companies will also offer traveling expenses to a certain extent.
Before taking an education loan for MBA you should assess the loan requirement. You should consider the tuition costs, residential costs, and prepare for any form of unexpected costs as well. Finance companies understand the priority of speedy approval and getting money of time, therefore come up with offers like fast-track loans that will speed up your admission process. Other than this pre-visa disbursement loan, pre-admission loan, bridge loan, GRE scored based loan, certificate of availability of funds (USA) are some of the customized solutions lenders offer to individuals, who wish to fly abroad to pursue MBA studies.
The loan eligibility will depend on student’s academic score, parents/co-borrower’s credit score, country, university reputation, job prospects, currency rate, co-borrower’s income stability, and collaterals.
The repayment of education loan for MBA can be started after six months to one year of the course completion and it’s termed as moratorium period. Experts’ advice it would be great if the individual opts for a part-time job and start paying the interest rate along with course completion. It can significantly bring down the loan costs. Some private lenders offer flexible repaying options for your student’s loan such as interest servicing during the course, Partial Interest servicing during the course, EMI Repayment during the course, EMI repayment post-Holiday / Moratorium period and Step Up repayment facility