MBA education loan schemes have made it very easy nowadays to pursue management courses from top-notch institutions without worrying about finances. A lot of banks and NBFCs in India provide MBA education loans overseas at affordable interest rates.
MBA education loan interest rates range between 8.50% to 14% depending on the type of loan (secured and unsecured), type of lending institution, total loan amount etc. To know all the major details on MBA education loans, interest rates and top banks, continue reading further.
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MBA Education Loan: Major Highlights
Securing an MBA education loan for studying abroad can ease the financial burden for aspiring students. Education loans for MBA majorly cover tuition fees, living expenses, travel costs, and other related expenditures. Many banks and financial institutions offer competitive interest rates and flexible repayment options with a moratorium period that starts after the completion of the course. Check some major highlights regarding MBA education loans and their interest rates below:
| Particulars | Details |
| Maximum Amount of Loan | Up to INR 1.5 crore (or more based on requirements) |
| Interest Rates | 8.5% to 14% |
| Major Banks | SBI, BOB, HDFC Bank, ICICI Bank, PNB etc. |
| Repayment Period | Up to 15 years |
| Eligibility Criteria | – Indian citizens between 18 and 35 years of age – Must have qualified undergraduate course – Admission must have been confirmed in approved universities |
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MBA Education Loan Interest Rates
Education loan interest rates vary based on a lot of factors. Students who get selected for premier institutions abroad get a low rate of interest as compared to other universities. Similarly, the bank offers rebates in interest rates to female candidates, wards of army personnel, and other applicants based on the directions of the government. Let’s check the MBA education loan interest rates offered by major banks and NBFCs in India below:
| Banks and NBFCs | Interest Rates | Rebate on Interest Rate |
| SBI Global Ed-vantage Education Loan | 11.15% | – 9.70% (for premier institutes) – 10.20% (for other universities) |
| Bank of Baroda Education Loan | – 9.70% (for premier institutes) – 10.20% (for other universities) | – Special rate of Interest for Children of defence personnel Under Baroda Yodha Education Loan Scheme – 0.20% concession in ROI for girl child for Non- Premier Institutes |
| HDFC Bank Education Loan | Starting from 9.50% p.a | NA |
| PNB Education Loan | 9.25% to 11.25% | 0.5% rebate for female students |
| ICICI Bank Education Loan | 9.50% to 14.25% | NA |
| HDFC Credila Education Loan | 10.5% to 14% | NA |
| Avanse Financial Services | 14%-16.5% | NA |
How to Apply for an MBA Education Loan
As per the directions of the government of India, all education loan applications shall be made through the Vidya Lakshmi portal education loan. However, if you are applying to a bank that is not associated with Vidya Lakshmi, then you can apply directly through the official website of the bank. Check the steps to apply for an education loan through the Vidya Lakshmi portal below:
- Register and log on the the portal
- Choose the bank and the scheme under which you want to apply
- Fill and submit the loan application form along with relevant documents
- Wait for the bank to complete the verification process
- You can also track the application on Vidya Lakshmi portal
MBA Education Loan Eligibility Criteria
MBA education loan eligibility criteria must be checked properly so that the loan can be processed without any issues at a later stage. Check some of the major eligibility criteria for an MBA education loan below:
- The student must be between the age of 18 years and 35 years
- There shall be a regular source of income for the co-applicant
- The student must have confirmed admission to an approved university abroad
- The visa must have been approved
- Overall academic performance of the student must be outstanding
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This was some of the major details on MBA education loan interest rates and other major factors. Check some of the FAQs based on the same below:
FAQs
The interest rates for MBA education loans in India range between 8.5% to 14%, depending on factors like the type of loan (secured or unsecured), the lending institution, and the total loan amount.
MBA education loans cover tuition fees, living expenses, travel costs, and other related expenditures. These loans are designed to ease the financial burden on students pursuing their MBA abroad.
To apply for an MBA education loan, students can use the Vidya Lakshmi portal. You can log in to the portal and apply for the loan under the suitable scheme.
The eligibility criteria for an MBA education loan are similar to the loans for other sources. The student must be between 18 and 35 years old, the co-applicant must have a regular source of income, the student must have confirmed admission to an approved university abroad and the visa must be approved.
Since the SBI, BOB and PNB offer rebates on interest rates of education loans, you can apply from these banks so that you can get cheaper loans.
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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