A Master in Business Administration (MBA) is one of the most popular courses in India and globally. Pursuing an MBA can open up various career prospects and networking opportunities. It can help you specialise your skills and make you eligible for jobs with higher paychecks. But often, the fees for an MBA degree are quite high, and students need an education loan to finish their degree. Finding an education loan for MBA is not the toughest task today, as multiple government and private banks offer loans at affordable interest rates.
Various public sector banks offer student loans at minimal interest rates to help you pursue MBA in your desired specialisation. State Bank of India, for instance, offers you the chance to do an MBA from reputed institutes like IIM Ahmedabad and IIM Kolkata with its Scholar Loans. Many other state-funded banks, like the Bank of Baroda and the Central Bank of India, offer similar options. You can also go for private banks and other Non-Banking Financial Companies, often with much-relaxed eligibility criteria.
Check out the various loan schemes offered by different banks and non-banking companies. Compare different banks' interest rates and repayment schemes to see which suits you the most. You should also note things like the processing fee and moratorium period of different lenders before finally concluding.
Different lenders have different eligibility criteria for sanctioning education loans. This can range from the course you opt for to your credit score to specifics about your co-borrower. Make sure to only apply to lenders who offer education loans for MBA and whose eligibility criteria you fulfil.
Once you have finalised the lender, fill up the application form to apply for the loan. Make sure to have the brochure for your MBA course with you so you can carefully fill in details about your course.
You will need to submit documents to prove your identity, address and admission to the course. You will also be required to submit details regarding your co-applicant.
Once you are done, you only need to wait for the loan to get approved.
Pursuing an MBA in your desired college is not a far-fetched dream anymore. Various government and private lenders approve education loans at nominal interest rates, which can help you materialise your dream.
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Yes, MBA is eligible for education loans from various private and government lenders.
Most education loans are not completely interest-free. However, banks and non-banking companies offer education loans at extremely low interest rates.
