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Searching for education loans for MBA? Follow these simple tips… Avanse
Introductions • MBA is one of the most popular master's degree amongst Indian aspirants and every year millions of aspirants appear for an entrance exam to bank admission in top-notch universities/institutes in India or abroad. • However, the decision to pursue a management degree needs a significant amount of financial planning because of the skyrocketing price associated with the degree. • MBA costs anywhere between 20-25 lakhs in India and if you plan to pursue in foreign university it might go up to Rs 50 -60 lakhs. And most middle and upper-middle-class parents won't have enough cash to fund the educational needs.
Higher education especially management • But higher education especially management studies open many doors for intelligent minds to succeed and improve the quality of your living standards. Therefore, parents might plan to mortgage the piece of land/property or sell it off to arrange the requisite money to fund MBA studies. Else, they might be willing to break their retirement funds or investment policies as well. Relax! To make sure that young aspirants of today are not left behind in achieving their dreams; many loan lending firms offer education loans for MBA for the deserving students across India.
Do a quick financial assessment • Whether you're working professional who wishes to seek higher MBA studies or co-borrower for your child's management studies, it would be wise to calculate the total expenses incurred on the MBA course. • It would be about evaluating your tuition fees, exam fees, lab and library fees, caution deposit, travel, books and equipment, projects, thesis work, and educational tours, etc. • The interest rate on education loans for MBA is based on your academic records, credit history of the co-borrower, country, forex rates, university grading, job prospects, and the collaterals if the loan amount is beyond 40-50 lakhs. You could get an idea on what your entire loan structure would look like adding up the interest rate and your future job prospect to see if you can comfortably make the loan repayments.
Compare and shortlist top loan lenders • Just because you're in need to fund your educational dreams doesn't mean you opt for the first loan lender you come across. There are many reputed banks and non-banking finance companies that offer education loans for MBA with customized solutions and affordable deals. • You can visit the comparison sites to evaluate two or more study loans for MBA before signing on the dotted lines. Compare in terms of interest rates, principal amount, prepayment options, moratorium period, other charges, and so on. Also, make sure you check out education loan eligibility to get an idea on how much loan amount you would be able to avail for your MBA course.
Choose the right business school • If the B-school is not in the top grading lists of the lender you might be charged with a higher interest rate because of the risk factor associated with it. • The chances of you procuring job seem diminishing in the prestigious university/B-school around the globe or nation and therefore, they would charge more interest rates. • Most loan providers will maintain and update a list of top B-school based on their overall performance, credibility shaping the future of young aspirants. So, get education loans for MBA with attractive interest rates and amazing discounts you can refer their list and pick the ideal one.
Use online calculators • Online calculators will help you get different EMI quotes, the preferred interest rates, the principal amount you could afford and the tenure options. This way you would get an exact idea on which loan lender would meet your financial requirements and at your preferred interest rates. It will help you choose an ideal education loan for MBA. • Visit Us soon…..
