MBA Education Loan Abroad

mba education loan

The MBA is currently the most sought-after postgraduate degree worldwide, drawing more candidates each year. Many talented students wish to pursue an MBA abroad, but costs prevent them from doing so. B-schools abroad encourage excellent applicants and provide a range of financial aid options in consideration of this. One way to pay for an MBA abroad is to obtain a student loan. Since banks favour courses that prepare students for employment when disbursing loans, an MBA is easily qualified for student loans.

Do you have any questions concerning student loans for an overseas MBA? An in-depth blog post on loans for MBAs travelling for studies is available here:

ParticularsDetails
Loan AmountUp to 1 Cr without CollateralUp to 1.5 Cr with Collateral
Moratorium Period12 months + Course Period
Processing Fee10,000 + 1,500 GST or 1 to 2% depending on the lender
Repayment Tenure12 to 15 years
Expenses CoveredLiving Expenses: Hostel or Room RentStudy Costs: Admission fee, laptop or computer expenses, tuition fee, expenses for books. Other Expenses: Insurance, travel expenses and miscellaneous

Must Read: SBI Education Loan

How Can You Pay for Your MBA Abroad?

The MBA programme is one of the most costly in the world, prospective students are worried about their money and seek strategies to lighten their financial load. Scholarships are the ideal alternative because there is no need for payback, but not all students will be able to obtain one. Therefore, applying for an MBA student loan is your next best choice for financing your international MBA.

For students pursuing an MBA in India or abroad, a number of banks and NBFCs in India offer education loans subject to certain requirements. Several of the most well-known non-bank financial businesses (NBFCs).

Collateral for a Student Loan for an International MBA

Simply put, a non-collateral loan is one where you are not required to put up any security in exchange for a loan. If you didn’t know, the term “collateral for education loans” refers to any security you present to the bank in exchange for a loan in order to lower the likelihood that it won’t be repaid. FDs, bank deposits, bonds, real estate (apart from agricultural land), gold, life insurance plans, shares, etc. are all acceptable forms of collateral for college loans. Several things to remember are as follows:

  • You are eligible for a loan of up to 4,000 INR without putting up any security.
  • There is no requirement for security for loans up to 7,50,000 INR; instead, your parents would be declared joint borrowers.
  • Higher-than $750,000 INR student loans demand collateral.
  • You may be aware that in India, students are eligible for loans up to 1,50,000 INR.
  • Collateral loans from public loans have interest rates ranging from 7.6 to 9% to 10.5% for private banks.

Eligibility Criteria

Do you question your eligibility for an education loan to pursue an MBA abroad? Look at the requirements for filing a student loan application:

  • You must be a citizen of India.
  • You must be older than 18 at the time of application.
  • Your final exam grade must have been at least 60%.
  • At the time of application, you must already have received an admissions offer from a foreign university.

Also Read: Canara Bank Education Loan

Application Process

Getting an education loan for an MBA abroad is very straightforward because the application process is online. This means you may provide all the required information and evidence to apply for a student loan while lounging at home. Following are the steps for applying for an MBA loan abroad:

  • Finding banks or NBFCs that provide loans for the programme you want to apply for is the first step. 
  • Prior to submitting an application for your selected programme, you must ascertain the financing requirement.
  • It is advisable to weigh your alternatives in terms of maximum loan amounts, interest rates, collateral, etc. before submitting your application.
  • Once you’ve decided, fill out the loan application form either in person or online and wait for a response.
  • The processing period for loan applications varies from bank to bank and might cause delays, so be sure to start the process well in advance.
  • You will be required to provide the required paperwork and finish the loan document procedures.
  • Following approval, the bank will automatically transmit the requested amount in your name to the university.

Also Read: Student Loan for Studying in Sweden

Top Banks Offering Education Loans for MBA Abroad 

A few of the top banks offering education loans for an MBA abroad are:

  • Union Bank of India
  • Bank of Baroda
  • HDFC Credila
  • ICICI Bank
  • Auxilo
  • Axis Bank

Interest Rates for MBA Education Loan Abroad

In public banks interest rates for MBA education loans abroad range from 9 to 11% whereas in private banks interest rates for MBA education loans abroad range from 10 to 14%

Must Read: Education Loans for Abroad Studies in 2023

FAQs

Can I get a student loan to study MBA abroad?

Yes, you can get a student loan to study in India as well as abroad.

How to get a 100% scholarship for an MBA abroad?

In order to get a 100% scholarship for an MBA abroad, you need a minimum GMAT score of 600 whereas to apply to top business schools you require a score of 700. 

Can I get a 100% loan to study abroad?

Yes, you can get a 100% loan to study abroad.

For any Student Loan, Bank Account or Money related queries, contact Fly.Finance Team

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