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It’s not just students who are taking advantage of an education loan, a high number of working executives are opting for education loans for executive management courses, MBA courses, post-graduate courses, specialist and management courses, to name a few. Pursuing an education while you work is an investment in yourself for a brighter future.
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Numerous 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 isn’t something that should stop you from getting into your dream B-school, because you can opt for what’s 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 you’ve 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.
But before you take your planning any further, you should know these important things about such loan.
1. 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.
3. 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 following:i. 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.
4. Repaying your education loan for MBA.This is probably the most vital part of taking on a debt. But don’t worry, unlike a personal loan or a loan against property, an MBA education loan comes with what’s known as a moratorium period. During this window, you don’t 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!
