The Best Way to Get a Student Loan for an MBA Degree
Now a days pursuing a full time MBA can prove to be very expensive. If you are planning to choose a private institute then be ready to pay a hefty amount. However, you can cut short on your expenses by earning yourself a scholarship or a grant, nevertheless, not all institutions have a provision of a grant or a scholarship. In such case you must be wondering how to finance your MBA degree. The best possible option is to go for an Education loan.
Various financial institutions have their own set criteria. Following are some of the common set regulations by Indian nationalized banks.
The very first regulation in order to provide an Education loan by Indian nationalized bank is that it has to be recognized by UGC, AICTE, AIBMS, and ICMR. Please note that if an applicant has a good score in the entrance exam, then it strengthens his application for an Education loan. Additionally course needs to be accredited and approved.
Following is the students' eligibility in order to apply for a student loan
1. He/she needs to be an Indian citizen
2. The applicants have to seek admission to any of the courses which is accredited and approved.
3. If the applicant is from a renounced course, such as IIM, IIT, AIIMS, AFMC, IIFT, ISB, NIT, XLRI, SPJIMR, IISC, SPJIM, and MDI will get an additional 1.00% concession
Following are some of the expenses which can be covered through the loan amount
a. Admission fees
b. Activities fees such as examination fees, library fees, computer lab fees etc.
c. Hostel facility and canteen charges
d. Purchase of electronic equipment such as laptop, computer, musical instruments which facilitate studies and course structure
e. Hostel deposit, caution fund, refundable deposit
f. Educational excursions, project work, thesis etc.
g. Repayment Tenure
Most of the financial institution's repayment tenure is 10 years till 7.5 lakhs in the loan amount and in case of above 7.5 lakhs the tenure if 15 years. However the repayment tenure may differ from various banks and financial institutions.
Following are few of the aspects you must consider while applying for a student loan
€ Rate of interest
€ Repayment tenure
€ Terms and conditions and fine print
€ Prepayment penalty
€ Collateral requirement
There are few other organizations other than banks that have come forward to offer student loans to students who have scored brilliantly in the entrance exams.
Various financial institutions have their own set criteria. Following are some of the common set regulations by Indian nationalized banks.
The very first regulation in order to provide an Education loan by Indian nationalized bank is that it has to be recognized by UGC, AICTE, AIBMS, and ICMR. Please note that if an applicant has a good score in the entrance exam, then it strengthens his application for an Education loan. Additionally course needs to be accredited and approved.
Following is the students' eligibility in order to apply for a student loan
1. He/she needs to be an Indian citizen
2. The applicants have to seek admission to any of the courses which is accredited and approved.
3. If the applicant is from a renounced course, such as IIM, IIT, AIIMS, AFMC, IIFT, ISB, NIT, XLRI, SPJIMR, IISC, SPJIM, and MDI will get an additional 1.00% concession
Following are some of the expenses which can be covered through the loan amount
a. Admission fees
b. Activities fees such as examination fees, library fees, computer lab fees etc.
c. Hostel facility and canteen charges
d. Purchase of electronic equipment such as laptop, computer, musical instruments which facilitate studies and course structure
e. Hostel deposit, caution fund, refundable deposit
f. Educational excursions, project work, thesis etc.
g. Repayment Tenure
Most of the financial institution's repayment tenure is 10 years till 7.5 lakhs in the loan amount and in case of above 7.5 lakhs the tenure if 15 years. However the repayment tenure may differ from various banks and financial institutions.
Following are few of the aspects you must consider while applying for a student loan
€ Rate of interest
€ Repayment tenure
€ Terms and conditions and fine print
€ Prepayment penalty
€ Collateral requirement
There are few other organizations other than banks that have come forward to offer student loans to students who have scored brilliantly in the entrance exams.
