India is progressively emerging as a centre for higher learning for both domestic and foreign students. India’s extensive and competitive educational system offers degrees and certifications in a wide range of areas and specialisations through a number of universities. Even if the younger generation is demanding higher education, many applicants still view receiving a great education as a pipe dream because of the obviously rising expense of school. In this situation, parents and students turn to student loans in order to realize their aspirations. We shall discuss how one may fulfill his desire to study BBA in India through this blog. To learn more about education loans for studying BBA in India, keep reading.
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Also Read: Bachelor of Business Administration
Education Loan to Study BBA in India
A three-year business administration program is known as a BBA. As a result of its high potential and favorable employment prospects, it is one of the most popular specializations after the 12th grade. The cost of BBA programs at prestigious colleges, however, sometimes forces students to take out loans in order to follow their dreams. People in India frequently are unaware of their alternatives for educational loans and are rather dubious of the overall loan application procedure. They start thinking about things like whether they would be able to pay back the loan or if they are eligible or not, which prompts them to start looking up more and more information on Google, which ultimately only makes them more confused. Let’s look at the financial institutions that offer education loans for BBA studies in India, the paperwork needed, and some of the well-known colleges and universities that give BBA courses.
Some of the greatest business schools in the world are located in India. They can choose between public and private lenders for education loans in order to pursue their ambition of earning a BBA from these B-schools.
Also Read: BSBA vs BBA Degree
|Loan Amount||Secured Education Loan: Up to 2 Cr.Unsecured Education Loan: Up to 50 Lacs.(A higher amount can be offered depending upon the profile of an applicant)|
|Expenses Covered||Cost of Study: -Admission Fee
-Examination Fee-Lab/Library Fee
-Books-Requirement of Computer/Laptop (if any)
Living Expenses:-Accommodation Fees
Other Covered Expenses– Insurance
|Moratorium Period||Varies depending upon the duration of the course+ 6 to 12 months.|
|Repayment Tenure||10-15 Years|
|Processing Fees||Public Banks: 10,000 +1500 (GST)Private Banks: 1% to 2% of the loan amount for private.|
Popular Banks Offering Education Loans to Study BBA in India
Here’s is the list of some of the popular banks that provide different types of education loans to study BBA in India:
|State Bank of India||Axis Bank|
|Bank of Baroda||IDFC First Bank|
|Union Bank of India||ICICI Bank|
|Karur Vyasa Bank||Avanse|
Also Read: Education Loan to Study Abroad
Documents Required for Education Loan to Study BBA in India
Here’s the list of documents required for applying for an education loan to study BBA in India:
|Application Form||A completed application form, two passport-size photos, and a signature|
|Documents of the Student and Co-applicant/guarantor||ID Proof: Aadhar Card
Proof of Residence: Voter ID Card
Bank account statement
Co-applicant documents:-Last 6 months’ bank account statement that must reflect salary credits-Business transactions (last year)
|Applicant’s academic documents||ID Proof: Aadhar Card
Proof of Residence: Voter ID Card
Bank account statement
Co-applicant documents:-Last 6 months’ bank account statement that must reflect salary credits
-Business transactions (last year)
|Income documents of the co-applicant||For Salaried Co-applicant: -Latest 3 months’ salary slip
-Form 16 of the latest 2 years
-ITR from last 2 years
-ID Card provided by the employer
For Self-Employed:-Latest 3 years ITR
-Balance sheet and the profit/loss account for the last 3 years
-Address proof of the business
|Other Documents||-A letter saying that your co-applicant is responsible for any costs not covered by the education loan amount.
-A joint affidavit with the co-applicant that has been notarized and is in the bank’s preferred format.
|Additional Documents||-Payment receipts of any advance payment made to the university.
-Pending loan amount statement (If any)
-In a 100 Rs stamp paper explain if you have had any gap or break in your studies.
Must Read: Indian MBA vs Foreign MBA
Popular Colleges for BBA in India
India is home to some of the most prestigious B-Schools. Here’s a list of some of the popular institutions that offer BBA in India.
|IIM Indore||IIM Ranchi|
|Narsee Monji Institute of Management Studies, Mumbai||ICFAI Business School, Hyderabad|
|Woxsen University, Hyderabad||Parul University, Vadodara|
|IIM Rohtak||KIIT University of Management, Bhubaneshwar|
|Jamia Milia Islamia University, New Delhi||SP Jain School of Global Management, Mumbai|
Also Read: Career Options After MBA
Eligibility for BBA in India
In order to apply for the BBA program, below mentioned are the eligibility criteria:
- Applicants should have obtained a 10+2 diploma from a reputable educational board.
- A minimum of 50% on the 10+2 was required.
- You can also apply if you have finished your 10+2 course and are awaiting your results.
- Applicants are also required to check the age limit criteria as it may vary from university to university.
Besides providing you with affordable access to top-notch education in premier universities, education loans in India offer other tons of perks. Some of them are tax benefits, high loan tenure, tailor-made solutions for loan structuring and collateral-free loan to name a few.
Ans: Citizens of India who have gotten admission into a recognized university for a BBA program through merit or entrance exams are eligible for an education loan.
Ans: Minimum 60% of aggregate marks are required for admission at all academic levels.
Ans: No, education loan is not interest-free in India.