Education Loan for MBA

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Education Loan for MBA

Pursuing a professional master’s program such as an MBA is no less than an expensive affair. It requires heavy investment upfront in order to reap the benefits afterwards. Further, the top B-schools and reputed universities which offer highly-ranked MBA programs operate with an extremely high fee structure. Therefore, funding is one of the major concerns that should be thought over and dealt with before moving forward towards your MBA dream. Several banks and institutions offer education loans for MBA and other professional courses to help individuals pursue their higher education with a minimum of financial constraints. If you are looking to pursue an MBA and searching for suitable education loan options to fund your MBA, here is an insightful blog which will walk you through various aspects of education loans along, their eligibility and other relevant aspects.

5 Tips to Keep in Mind While Securing Education Loan for MBA

While applying for an education loan for MBA, there are certain things which you should keep in mind. These have been summarised below.

Calculate your Estimated Expense 
Start by calculating your MBA requirements. General MBA funding estimation is based on several major factors, namely, 2 years of fund requirement covering the course, living and travel expenses, repayment in terms of EMI and the interest rates, amongst others. Apart from these basic areas of outlay, expenses of books, stationery, travel and conveyance, utilities etc. must also be accounted for.

Look for the cheapest MBA Loan
There are various national and private banks offering general education loan which fulfil funding requirements for almost all master’s courses. Furthermore, a few other banks operate course-based educational loan schemes as well. While education loans to study abroad are typically costlier than the regular ones offered for studying in Indian colleges, banks offer lucrative benefits in terms of margin, interest rates, early payments and so forth to attract students. 

Compare Different Funding Schemes
Education loan for MBA is offered by banks and financial institutions working in both public and private sectors including Avanse, Central Bank of India, SBI, HDFC, IDBI Bank, Punjab National Bank and a host of other organisations. One should compare and contrast the offered loan schemes with their respective terms and conditions such as maximum amount granted, concessionary rate of interest, clubbing of co-borrower, need of margin and security, amongst other things. A few banks may offer interested individuals the provision of an education loan without collateral.

Also Read: Documents Required for Education Loan

List of National Banks Offering Education Loan for MBA

There are various national banking institutions offering education loan for MBA at exciting interest rates. We have listed down some of the key education loan schemes from different financial institutions which can help you fund your MBA programs:

Bank Amount of Loan  Rate of Interest
State Bank of India 15-30 lakhs 9.35-10.70
Canara Bank 20-36 lakhs 8.65-10.65
Dena Bank 15 lakhs 10-11.08
Punjab National Bank No limit 8.35-10.95
Punjab and Sind Bank 10 lakhs 9.75-10.75
Union Bank of India 30 lakhs 8.65 onwards
Central Bank of India 20 lakhs 8.90-10.4

List of Private Banks and NBFCs Offering Education Loan for MBA

Besides the above public institutions, one must take a look at the offerings of private banks and NBFCs as well. These have been mentioned below:

Bank Amount of Loan Rate of Interest
Avanse Financial Service No limit 11.5
CREDILA  25-30 lakhs 12.5
IDBI Bank Ltd 15-20 lakhs 8.5-10.5
ICICI Bank 50 lakhs 11.5
Axis Bank 75 lakhs 8.8 onwards
Kotak Mahindra Bank 1o lakhs 11.5-24

State Bank of India (SBI Education Loan)

The State Bank of India (SBI) is one of the most reputable banks in the nation which strives to fund the education of the aspirants willing to pursue overseas education. Listed below are some of the features you need for an education loan for MBA- 

  • SBI Global ED-VANTAGE Scheme: It is exclusively for those who want to pursue a course in universities outside India
  • SBI Scholar Loan Scheme: Candidates can apply for admission for the listed 120 institutions (SBI)
  • SBI Student Loan Scheme: Only those who have secured admission to the universities in India and abroad can apply

Oriental Bank of Commerce (OBC)

The OBC bank has officially merged with the Punjab National Bank and even operates under the same name. It has a bunch of education loans with unique features that you can seek to pursue your dream course. Here are some features of this loan-

  • The maximum duration for the loan is 15 years 
  • You can seek a loan of INR 25,00,000 for category A and INR 10,00,00 for category B 
  • There will be no processing fee for charged
  • Bank will not require any sort of collateral security 

HDFC Bank 

The reputable, HDFC bank, offers two separate education loan for MBA which you can apply for. There is a separate loan if you want to pursue an education in India and separate for abroad. Mentioned below are some of the essential features of the loans available by HDFC bank.

  • Applicants can seek 100% educational assistance from the bank if they apply through the Foreign Education scheme 
  • If you wish to apply for Indian Education Scheme, you can avail up to INR 10,00,000 
  • 15 years is the maximum tenure period for the Indian Education Scheme  

Allahabad Bank 

All the meritious students who intend to seek financial help can apply for the loans available by the Allahabad Bank. following are the important details regarding this loan-

  • For pursuing studies in India, you can seek help worth INR 20 Lakh and for abroad INR 50 Lakh 
  • The loan will cover tuition fee, hostel fee along with expenses to be paid to the college 
  • 0.15% is the processing fee for a loan over INR 10 Lakh for studying in India whereas over INR 20 Lakh is 0.10% 

Bank of Baroda 

There are a plethora of education loans for MBA at which are offered by the Bank of Baroda. You may refer to the important pointers mentioned above-

  • Baroda Gyan for those willing to seek higher education in India 
  • Broad Education Loan to students of Premier Institution is available for those who are ready to attend university or college mentioned in the List a or List B
  • Baroda Scholar is an exclusive scheme for the study abroad aspirants

Similar Education Loan Options

Apart from the above-mentioned loan schemes, the following are a few more options one should explore for general as well as specific educational needs:

We hope that this blog on education loan for MBA helped you with all the details. There are plenty of other education loans to choose from. If you’re looking to pursue higher education abroad with the help of loans and other scholarship programs, get in touch with us at Leverage Edu and take an informed step towards a rewarding career.

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