4 key features every education loan for MBA studies should have

1. 4 key features every education loan for MBA studies should have

2. Education loans help students who show the merit to study in a particular field but do not have enough money cover the costs of their higher studies. They help by providing financial assistance to cover those costs holistically. Apart from being more accessible now, education loans have started helping students in whatever financial aspects they can. For instance, an education loan for MBA studies is tailored to meet the financial needs of MBA students. To help MBA students financially, the scope of this article will revolve around the key features to look for in an education loan for MBA studies.

3. Education loans are tailored according to the student’s needs A student may need money not only to pay the course tuition fee but for other needs that appear before university admission. For instance, the money to pay for entrance exam preparation classes, and to apply for admission forms of different universities in India or abroad. A student may also need to pay the initial course fees to get a seat at their choice of universities. And the host country may ask the student to show proof of funds before giving them a student visa. The best education loan would cover these costs through services like a certificate of availability of funds, pre-admission loan, pre-visa loan, and so on. In short, the lender would tailor loans based on a student’s financial needs.

4. There are flexible repayment options that the student can choose A student may not be ready to repay the education loan as soon as the first loan installment is disbursed. So, lenders offer students different ways to repay their education loans. They offer possibilities like letting the student a chance to repay the interest totally or partially during their course period. They would also offer the student to start paying the EMI during their course period itself or after the moratorium period ends, whichever is suitable to them. Some lenders offer the facility to step-up EMI repayment. In it, the student pays a little amount as EMI initially and pays more money as EMI as they start earning handsomely.

5. Education loans are sanctioned quickly A student may need funding for their higher education in the shortest possible time as a university may choose to gear up their admission process to avoid delays in admission. To help a student, in this case, an education loan needs to be sanctioned swiftly. Some lenders, like NBFCs, offer to sanction education loans in as few as 10 to 12 days. The best education loan would have a value-added feature like fast-track approval to speed up the loan sanctioning and disbursal process.

6. Students can get good interest rates on their education loans The education loan that provides more principal amount to the student at attractive interest rates is the most suitable to any student. Usually, the interest rate charged on an education loan in India is between 9 to 14 percent per annum. The best education loan deal is the one that has the lowest interest rate attached to it.  So, these are the 4 features that every abroad study loan for MBA education should have. Have a nice day!

7. We hope this article was helpful to you.