Education Loan for BBA Abroad: Interest Rate & Process

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For aspiring business professionals, earning a Bachelor of Business Administration (BBA) abroad opens up opportunities. But paying for your education can frequently be a major obstacle. Education loans can help in this situation by giving students the money they need to pursue their goals. In this blog post, you’ll go into the specifics of education loans for BBA students studying abroad, such as eligibility requirements, paperwork requirements, the best banks that offer these loans, and the application procedure.

Also Read: BBA Scholarships

Education Loan to Stduy BBA Abroad

Loan ParameterValues
Loan AmountUpto 1.5 Cr with Collateral
Upto 1 Cr without Collateral
Depending on the need and the applicant’s or co-applicants profile, a higher amount may also be tried.
Expenses CoveredStudy Cost: Admission fee, tuition fee, computer or laptop purchase, the price for lab/library Living Expenses: Hostel or caution fee, the cost of accommodation
Other Expenses: Insurance or other miscellaneous expenses
Moratorium Period Course period + 12 months
Repayment TenureUp to 15 years
Processing Fee10k + 1500 GST for a secured loan

Eligibility Criteria for Education Loans

The following general requirements must be met in order to be eligible for an education loan for a BBA abroad, though specific eligibility requirements may differ slightly between banks or financial institutions:

  • Citizenship: In order to study abroad, a candidate must be that nation’s citizen or possess the appropriate paperwork.
  • Age: The majority of banks set an upper age limit for borrowers, usually between 18 and 35 years old.
  • Admission: For a BBA programme, the student should have obtained access to a reputable foreign university.
  • Academic Progress: When determining eligibility, banks may take into account a student’s academic history.
  • Co-applicant: The loan application needs a co-applicant, typically a parent or legal guardian.
  • Banks may evaluate the co-applicants financial stability and repayment capacity based on their financial background.

Must Read: WHAT ARE THE REASONS FOR EDUCATION LOAN REJECTION? READ TO KNOW THEM ALL!

Documents Required

The following paperwork is typically needed to apply for an education loan for a BBA abroad:

  • Offer letters or admission confirmations from foreign universities are acceptable forms of admission proof.
  • Mark Sheets: Copies of academic transcripts from high school and earlier colleges.
  • Scores from Entrance Exams: If applicable, please include results from standardised exams like the SAT, ACT, GMAT, or TOEFL.
  • KYC documentation, including identification, proof of address, and photos of the applicant and co-applicant.
  • Income Proof: Paystubs, tax returns, or other pertinent documents proving the co-applicant’s financial standing.
  • Documents such as property papers or receipts from fixed deposits may be needed if collateral is required.
  • Bank Statements: The most recent six-month bank statement for each co-applicant.
  • Completed and signed loan application form.

Must Read: Top BBA Colleges

Top Banks Offering Education Loans for BBA Abroad

Many banks and financial organisations provide education loans for BBA students studying abroad. Here are some well-known examples:

  • For students hoping to pursue a BBA abroad, SBI (State Bank of India) offers loans through its SBI Global Ed-Vantage programme.
  • HDFC Bank: HDFC Credila Education Loan provides specialised financial assistance for students travelling abroad.
  • ICICI Bank: ICICI Bank provides loans for higher education that are specially created for students who are pursuing their studies abroad.
  • Axis Bank: For students hoping to pursue a BBA abroad, Axis Bank offers student loans.
  • Bank of Baroda: Students pursuing higher education abroad, including BBA, can apply for the Baroda Scholar Loan, which provides financial assistance.

How to Apply for an Education Loan

The general steps to apply for an education loan for a BBA abroad are as follows:

  • Find the best option by conducting research and comparing various banks’ loan offerings, interest rates, and repayment terms.
  • Gather Documents: Compile all the required documents, such as transcripts from previous coursework and admissions, KYC records, and financial documentation.
  • Go to the bank: To start the loan application process, go to the closest branch of the chosen bank or use their online application portal.
  • Application Submission: Accurately complete the application form and attach all necessary paperwork.
  • Processing and approval of the loan: The bank will review your application, confirm the supplied data, and assess your eligibility. 

Also Check Out: Study Abroad After 12th Commerce

FAQs

Q1. Which student loan is the best for studying abroad?

Ans. SBI, Bank of Baroda, Axis Bank, Union Bank, Avanse, and HDFC Credila are some of the top lenders of student loans in India. These banks offer a variety of loan products with various features to satisfy the needs of students.

Q2. Is BBA eligible for the scholarship?

Ans. The requirements for BBA scholarships in India vary depending on the scholarship. However, in general, applicants must have at least a certain percentage of points in their 12th-grade exams as well as meet the scholarship’s specific requirements.

Q3. Can I get a 100% loan for education abroad?

Ans. Yes, you can get a 100% education loan for education abroad. 

Stay in tune with Fly Finance to avail study abroad loans and international money transfer services.

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