MBA studies will no longer be a dream, you will get relief from an education loan, and you will be able to pay money in easy installments
If you are dreaming of studying MBA and are facing money problems, then this news is useful for you. We tell you how much loan you can get for an MBA.
Now big and expensive studies like MBA will not be limited to the rich only. If you too are dreaming of studying management but are backing out due to fees, then this news is for you. In today's time, many government and private banks, finance companies and NBFCs are giving education loans to such students who want to do professional courses like MBA.
In India's top management colleges like IIM, XLRI, FMS, ISB or any renowned private university, the fee for MBA can range from Rs 10 lakh to Rs 25 lakh. In such a situation, it is not easy for a middle class family to raise such a huge amount. But education loan is making this problem easy.
What is the benefit?
On taking an education loan, the student does not have to pay any installment during the studies. The process of repaying the loan starts only after the completion of the course and getting a job. EMI is also very easy so that even with the initial salary, the student can repay the loan without any burden.
Which banks provide loans?
Government banks like SBI, PNB, Bank of Baroda as well as HDFC, ICICI Bank, Axis Bank and many finance companies provide education loan facility. Some institutions also provide loans without guarantee, especially if you have taken admission in a top college.
What is the interest rate?
The interest rate of education loan is usually between 8% to 12%. But many government schemes, such as credit guarantee scheme or subsidy scheme for minority/SC/ST students are also available, which can reduce the interest rate.
How to apply?
You can apply for education loan by visiting the bank's website or branch. Some important documents like admission letter, previous education certificate, Aadhaar-PAN card and income related documents of co-applicant have to be submitted.
