Education loans for MBA in USA are one of the best sources to fund your education. The USA has a lot of world-class universities that offer management courses like MBA. The country is one of the most popular and preferred destinations for international students. In 2023, around 1,30,000 students went to USA for pursuing different courses.
There are a lot of banks in India that offer education loans for MBA in USA, education loan for MS in USA, etc and also offer rebates in interest rates if you are getting admission into premier institutions. Check all the major details about education loans for MBA in USA in this blog.
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Why Should You Take Education Loan for MBA in USA?
Taking an education loan for an MBA in USA is very easy today. Many banks and NBFCs offer cheaper education loans for management courses. Since the fee for MBA in the USA is very high the students must take an education loan so that they can be free from financial burden.
You must understand student loan requirements to study in USA. Education loan for MBA in USA covers a lot of expenses like tuition fees, accommodation costs and other living expenses. You can also get education loans without collateral for USA. Hence, if you are planning to pursue MBA in USA, you must consider taking an education loan so that all the expenses can be covered without any hassle.
Also Read: Check here all the details about Currency Exchange Rates in USA
Best Banks for Education Loan for MBA in USA
Some of the best banks for education loans for MBA in USA are Bank of Baroda, Punjab National Bank, State Bank of India, HDFC Bank etc. All these banks offer affordable rates of interest, longer repayment periods, low processing fees etc. You can also apply for a collateral free loan for USA. Check here some of the major features of some of the best banks for education loans for MBA in USA:
| Major Banks | Features of Loan Product |
| State Bank of India (SBI) | Up to INR 1.5 crore education loan under SBI Global Ed-vantage education loanSpecial discounts for female students and for the premier institutionInterest rate starting from 11.15% |
| Bank of Baroda (BOB) | No Processing Charge up to INR 7.50 lakhSpecial interest rates for wards of defence personnel under the Baroda Yodha Education Loan SchemeLoan at 9.70% interest for premier institute abroad |
| HDFC Bank | Up to INR 45 lakh without collateralInterest rate starting from 9.5%The processing fee will be 1% of the total loan amount or INR 1000 (whichever is higher) |
| YES Bank | Appealing interest rates for female studentsEasy application process through online modeInterest Rate varies between 9.5% to 12% |
| Saraswat Bank | Collateral-free education loans up to INR 5 lakhInterest rate starts from 10% (PLR- 5.70%)0.25% discount on the interest rate for a premier institute |
Eligibility Criteria
To be eligible for an education loan for an MBA in the USA, the students will be required to meet specific criteria. The criteria include securing admission to a recognised university in the USA. All the eligibility must be checked before applying for the loan so that the education loan can be approved without any hindrances. Check the major eligibility criteria for education loans for MBA in USA below:
- You must have a strong academic record in the previous examinations
- The students must have a reliable co-signer (usually a parent or close relative) with a stable income and a good credit history.
- The admission must have been confirmed to a university abroad.
- The age of student must be between 18 to 35 years
Also Read: Check here all the major details about How to Apply for Education Loan in USA
Documents Required
When you apply for an education loan, the documentation is one of the most important steps. All the major banks providing education loans to study in USA have the same criteria for documents. Check the major documents required for an education loan for MBA in USA:
- Academic documents such as scorecards of secondary and higher secondary exams
- Marksheet of undergraduate exams
- Aadhaar card and PAN card for both student and co-applicant
- Last 3 months’ salary slip
- Last 6 months’ bank statements
- Visa approval letter
- Admission confirmation letter
How to Apply for Education Loan for MBA in USA?
Most of the loan applications nowadays are required to be submitted through the Vidya Lakshmi portal. Students shall apply and submit the documents on the portal by choosing the bank from which they want to get the loan. Check the steps to apply for education loan for MBA in USA below:
- Register and log in to the Vidya Lakshmi portal
- Go to the students portal and choose the lender and the loan scheme
- Fill out the application form and upload the required documents
- Submit the form and wait for the bank to verify the details
FAQs
Taking an education loan for an MBA in the USA can ease your financial burden, as the tuition fees and living expenses are quite high. These loans cover a range of expenses like tuition fees, accommodation costs, and other living expenses.
Several banks in India provide education loans for MBA programs in the USA. Some of the best options include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, YES Bank, and Saraswat Bank.
To be eligible for an education loan for an MBA in the USA, you need to have a strong academic record, admission to a recognised university in the USA, and have a reliable co-signer with a stable income.
The documents required to apply for an education loan for an MBA in the USA are academic documents, Aadhaar card and PAN card for both the student and co-applicant, the last 3 months’ salary slips etc.
To apply for an education loan for an MBA in the USA, you need to register and log in to the Vidya Lakshmi portal, choose the lender and scheme, fill out the application form, upload the required documents, and submit the form.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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