Education Loan for BBA Abroad
Education Loan

Education Loan for BBA Abroad

Education Loan for BBA Abroad

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Explore education loan options for BBA abroad, covering tuition, living costs, and more. Ensure your BBA dreams are financially supported.

GyanDhan
Rohit Gidwani
Updated on:  27 Feb 2024  | Reviewed By: 
Aman 
| 389 | 7  min read

While earning a Bachelor of Business Administration (BBA) overseas might lead to many opportunities, it can also provide financial difficulties, which is why many people ask, "Can I get education loan for BBA?" This guide serves as a lighthouse for prospective students by making the process of obtaining an education loan simpler. Initial expenditures, living expenses, tuition, the differences between secured and unsecured loans, financing choices, documentation requirements, and eligibility requirements are all covered. With the financial knowledge this brief summary provides, you'll be well-equipped to navigate the financial facets of your BBA journey and excel academically.

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Cost of Studying BBA Abroad

International students have to pay a lot of money before they can begin their journey towards earning a BBA overseas. Pre-arrival costs comprise a range of charges, including travel, university applications, admission exam fees, and visa application fees. An outline of the anticipated pre-arrival expenses that go into the total cost of attendance for Indian students studying abroad for a BBA degree is shown below:

Expense Type Cost (USD)

IELTS Fee

$185 - $240

Flight Cost*

$500 - $1,500

Visa Fee

$160 - $350

Application Fee

$50 - $150 per university

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Furthermore, a sizeable amount of the costs associated with enrolling in an international BBA program is dedicated to tuition. The table below provides an estimate of the average tuition expenses for a number of well-liked study abroad locations:

Country Average Tuition Fee per Year

USA

$30,000 - $50,000

UK

$17,000 - $30,000

Canada

$12,000 - $25,000

Australia

$18,000 - $35,000

Furthermore, since living expenses account for a sizable portion of an international student's total study abroad costs, the cost of living is a crucial price for those seeking a BBA. When creating your budget for an abroad BBA program, don't forget to include lodging, transportation, food, healthcare, and other daily expenses. The average cost of living in a few popular study abroad locations is shown in the table below:

Country Average Cost of Living per Month

USA

$1,000 - $1,500

UK

$900 - $1,200

Canada

$700 - $1,000

Australia

$750 - $950

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Types of Education Loan for BBA

There are two types of education loans: secured and unsecured, each with certain requirements.

  • list items Secured loans typically have lower interest rates and larger loan amounts, but they do require collateral in the form of real estate or fixed deposits.
  • list items Unsecured loans: May have lower loan amounts and higher interest rates, but they do not demand collateral.
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Covered Expenses in a BBA Education Loan

When taking out an education loan to study abroad for a BBA, the loan can be used to pay for a number of expenses, such as:

  • list items Fees for tuition
  • list items Travel-related costs
  • list items Accommodation
  • list items Living Costs
  • list items Books and Materials
  • list items Health Benefits
  • list items Unrelated Expenses

 

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Education Loan for BBA Lending Options

Different loan options are available to meet the varying needs of individuals seeking an education loan for a BBA degree. The following table lists several loan choices and compares them clearly to assist you in selecting the one that best suits your needs for financing your education:

Lender Name Type of Loan Maximum Loan Amount Rate of Interest

SBI

Secured

Up to 1.5 Cr INR

10.15% - 10.65% (males)

10.65% - 11.15% (females)

UBI

Secured

Up to 1.5 Cr INR

9.25% - 9.75%

Axis Bank

Secured

85% of Collateral 

9.99% - 11.50%

ICICI Bank

Unsecured

Up to 20 Lakh

9.50% - 11.25%

HDFC Credila

Unsecured

Up to 40 Lakhs INR

12% - 13%

Avanse

Unsecured

Up to 40 Lakhs INR

12% - 13%

MPOWER Financing

Unsecured

Up to 100,000 USD

12.99% - 15.99%

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Education Loan Eligibility & Documents for BBA

Applicants must meet eligibility requirements and submit specific documentation in order to be eligible for an education loan for a BBA degree earned overseas. The list of necessary documents is as follows:

  • list items Completed loan application form: One that the lender sends you.
  • list items Admission letter from the selected university or institution serves as proof of admission.
  • list items Fee schedule: The institution provides a thorough schedule of fees.
  • list items Academic transcripts are official records from a prior school, usually high school.
  • list items Standardized test scores: (SAT, ACT, etc.) if needed for admission to a BBA program.
  • list items Scores from English proficiency tests: IELTS, TOEFL,, or Duolingo, if relevant.
  • list items The applicant's KYC records: Proof of identity and address (passport, Aadhar card, etc.).
  • list items Passport-sized photos: the applicant's most recent photos.
  • list items Proof of residency for both the co-applicant and the applicant.
  • list items Proof of the co-applicant's income: essential for unprotected
  • list items Property papers: Required for secured education loans to serve as collateral.

In order to effectively traverse the application procedure, candidates must meet the qualifying requirements listed below:

  • list items Letter of admission to the university: Including a breakdown of the BBA program's costs.
  • list items Age requirement: At the time of application, the candidate must be at least eighteen years old.
  • list items Academic background: To be taken into consideration, a solid academic record is required.
  • list items Relevant test results: The results of any relevant exams needed for admission to a BBA program, including, if needed, English language exams like the TOEFL or IELTS.
  • list items Aspiring BBA students who intend to study abroad can greatly expedite the education loan application process by fulfilling these requirements and having the required paperwork ready. 

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Can I Get Education Loan for BBA?

Students who want to pursue their Bachelor of Business Administration overseas frequently ask, Can I get education loan for BBA? and the answer is unquestionably yes. It is completely possible to secure an education loan to study abroad for a BBA, and the process can be made more effective by planning ahead and selecting the appropriate financial partner. To make sure everything goes as planned, it is best to begin the loan application process four to six months before your program starts. GyanDhan simplifies the process of obtaining an education loan, saving you the headache of coordinating with multiple lenders independently. Here's how GyanDhan can help you answer Can I get education loan for BBA? by helping you to easily receive an international education loan for your BBA courses.

Also Read:

Your educational aspirations become more achievable when you take the financial first steps toward earning a Bachelor of Business Administration (BBA) degree overseas. This guide has provided information on how to manage pre-arrival expenses, understand tuition costs, and choose the right student loan. Equipped with an understanding of secured versus unsecured loans and several lender possibilities, you may make educated financial judgments. Financial obstacles shouldn't stop you from following this potential educational route. Check your loan eligibility right now with GyanDhan and take the next step to safeguard your professional future. You can achieve your BBA dream if you let GyanDhan lead the way.

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Frequently Asked Questions

Can part-time work while studying impact my education loan eligibility for BBA abroad?

Working part-time can show that you are financially responsible and may help your loan application because it will reveal that you have additional money. However, since policies can differ, it's imperative to check with individual lenders.

Are there any special education loan schemes for women pursuing a BBA abroad?

Indeed, several lenders provide tailored programs for women that include longer payback terms and cheaper interest rates. For information on such plans, it is advisable to speak with banks and other financial organizations directly.

Can I apply for an education loan for BBA without having finalized my admission?

For a loan to be approved, documentation of admission is typically needed. On the other hand, depending on your desired course of study and academic background, certain lenders might provide pre-approval.

How does the exchange rate affect my education loan amount and repayment for BBA abroad?

Exchange rates have an effect on both the amount lent out initially and the amount repaid, particularly when loans are made in foreign currencies. It's crucial to talk about exchange rate swings with lenders.

Are there any education loans that cover additional certifications alongside BBA programs?

If extra certifications are necessary for the BBA program, some lenders will include them in the education loan. It is advisable to confirm with the lender the precise qualifying requirements and covered expenses.

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