Everything You Need to Know about an Education Loan for MBA

1. Everything You Need to Know about an Education Loan for MBA

2. In India, professional courses are becoming increasingly expensive. • An MBA tuition fee can range from approximately 5 lakhs to 20 lakhs per annum, which is an amount that most people have a difficult time paying. • Those who cannot afford it, despite being eligible, avoid taking admission for an MBA in a university in India.

3. Education loan for MBA eligibility. • If you are a citizen of India and you have proof of admission to the course in that university, then you are eligible for an education loan. Most banks and non-banking financial companies (NBFCs) have an age bracket of 16-35 years. You can also get the loan approved much faster if you have gotten admission into top universities such as SP Jain, IIM, IBS, and a few others, because of the high-salary jobs you get post the completion of the degree.

4. Expenses covered by the Education Loan for MBA. • The tuition fee is the main, and the most expensive, cost that is covered by the education loan. Some other expenses that are covered by most banks and non-banking financial companies are: • Books and lab equipment. • Plane tickets, train tickets, etc. • Library and exam fees. • Accommodation expenses (hostel charges). • Cafeteria fees. • Some banks also finance the purchase of a laptop or some other electronics that are required in order to finish the degree.

5. Documents that are required to apply for the education loan. • Most of the time, you can apply and get approved for the Education Loan for MBA. Though this makes things easier because you don’t have to stand in long bank lines, there are still a number of documents every bank and NBFC requires such as: • A completed loan application. • Proof of admission. • Passport size photographs displaying your face clearly. • Address, age, and citizenship proof. • Credit history. • Income proof. • Bank statements.

6. We hope this article gave you all the information you need on an Education Loan for MBA. Remember to do holistic research, compare interest rates, choose the lender that will best suits your needs, and pay your EMIs on time. Good luck for your further education! Related Blog:- Fund Your Management Studies With Study Loans

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