INDIALoans for MBA courses are available with almost all major banks. Some
banks even have tie-ups with some of the premier institutes.
All banks in India provide collateral-free educational loans up to INR 7.5lakhs. If the cost of your education is more than that, then you can takean educational loan from an non-banking finance company.
One can avail an MBA education loan if she/he is an Indian citizen and has
documentary proof of having secured a confirmed admission to the
course.
As per the RBI guidelines, there are no restrictions on the upper age limit,
but some banks may have it as an eligibility factor.
To get a loan is way easy if one gets admission in top management
colleges like IIM (Indian Institute of Management), IIT (Indian Institute of
Technology), FMS (Faculty of Management Studies) Delhi, XLRI
Jamshedpur, SPJIMR Mumbai and few others.
- Fee payable to college
- Examination, Library, and Laboratory fee
- Books, equipments, instruments and other study material
- Caution deposit, building fund, refundable deposit supported by Institution bills or receipts.
- Travel expenses, passage money for studies abroad
- Purchase of Laptops, computers-essential for completion of the course
- Any other expenses required to complete the course- like studytours, project work, thesis etc.
Collateral Requirement Banks can finance up to 100% of the loan depending on the amount of
loan and the category of institute.
For most banks, there is no margin
money required for an MBA education loan upto Rs. 4 lakh. For loans
above Rs 4 lakhs up to Rs 7.5 lakh, a third-party guarantee is required.
A collateral is required for a loan exceeding Rs. 7.5 lakh.
Repayment
Generally the loan is repaid by the student, after the completion of the
course.
Some banks even provide a relaxation of 6 months after securing
a job or a year after the completion of studies for repayment.
The decision to pursue an MBA needs significant amount of financial
