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 
| 117 | 7  min read

Embarking on a Bachelor of Business Administration (BBA) degree abroad opens doors to vast opportunities but also brings financial challenges, leading many to wonder, "Can I get education loan for BBA?" This guide answers that question by simplifying the process of securing an education loan, serving as a beacon for aspiring students. It covers everything from initial costs, tuition, and living expenses to the nuances of secured versus unsecured loans, explores lending options, and outlines the required documents and eligibility criteria. This concise overview equips you with the financial insights needed for your academic journey, ensuring you're well-prepared to tackle the financial aspects of your BBA journey.

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Cost of Studying BBA 

Numerous expenses are incurred by international students before starting their journey for a BBA degree abroad. These pre-arrival expenses include various fees such as those for entrance exams, university applications, visa applications, and airfare. Below is an overview of the expected pre-arrival costs that contribute to the overall expenses for Indian students pursuing a BBA degree overseas:

Expense Type Cost (USD)

IELTS Fee

$185 - $240

Flight Cost*

$500 - $1,500

Visa Fee

$160 - $350

Application Fee

$50 - $150 per university

Moreover, tuition fees represent a significant portion of the expenses when enrolling in a BBA program abroad. To give an idea of the average tuition fees, below is a table illustrating the costs for several popular study-abroad destinations:

 
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

Additionally, the cost of living is a critical expense for international students pursuing a BBA degree, as it forms a considerable part of their overall expenses while studying abroad. It's essential to account for costs associated with housing, transportation, food, healthcare, and other day-to-day expenses in your budget for your BBA program overseas. Below is a table depicting the average cost of living in some of the preferred study-abroad destinations:

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

Education loans can be categorized into secured and unsecured loans, each with its terms and conditions.

  • list items Secured loans: Require collateral, such as property or fixed deposits, and usually offer higher loan amounts and lower interest rates.
  • list items Unsecured loans: Do not require collateral but may come with higher interest rates and lower loan amounts.


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Covered Expenses in a BBA Education Loan

When obtaining an education loan for pursuing a BBA degree abroad, the loan can cover a variety of expenses, including:

  • list items Tuition Fees
  • list items Travel Expenses
  • list items Accommodation
  • list items Living Expenses
  • list items Books and Supplies
  • list items Health Insurance
  • list items Miscellaneous Expenses

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Education Loan for BBA Lending Options

For securing an education loan for a BBA degree, various lending options are available, catering to the diverse needs of students. Below is a table that outlines different lending options, providing a clear comparison to help you find the best fit for your education financing needs:

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

For securing an education loan for a BBA degree abroad, certain documents and eligibility criteria must be met by applicants. Here is a comprehensive list of the required documents:

  • list items Loan application form: A completed form provided by the lender.
  • list items Proof of admission: Admission letter from the chosen university or institution.
  • list items Fee structure: Detailed fee breakdown from the university.
  • list items Academic transcripts: Records from previous educational institutions, typically high school.
  • list items Standardized test scores: If required for BBA admissions (e.g., SAT, ACT).
  • list items English proficiency test score: IELTS, TOEFL, or Duolingo scores, if applicable.
  • list items Applicant’s KYC documents: Identification and address proof (e.g., Aadhar card, passport).
  • list items Passport-size photographs: Recent photographs of the applicant.
  • list items Residence proof: Of both the applicant and the co-applicant.
  • list items Income proof of the Co-applicant: Necessary for unsecured education loans.
  • list items Property papers: Required for secured education loans to serve as collateral.

To navigate the application process efficiently, applicants must satisfy the following eligibility criteria:

  • list items University admission letter: With detailed fee structure for the BBA program.
  • list items Age requirement: The applicant must be at least 18 years old at the time of application.
  • list items Academic background: A strong academic record is essential for consideration.
  • list items Relevant test scores: Scores from any applicable tests required for BBA program admissions, including English proficiency tests like IELTS or TOEFL, if necessary.

Meeting these criteria and having the necessary documents ready can significantly streamline the education loan application process for aspiring BBA students planning to study abroad.

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Can I Get Education Loan for BBA?

"Can I get education loan for BBA?" is a common question among students looking to pursue their Bachelor of Business Administration abroad, and the answer is a resounding yes. Securing an education loan for studying BBA overseas is entirely feasible and can be made more efficient with thorough preparation and choosing the right financial partner. It is advisable to start the loan application process around 4 to 6 months before your program begins to ensure everything proceeds smoothly. GyanDhan streamlines the acquisition of an education loan, removing the hassle of dealing with various lenders on your own. Here's how GyanDhan can assist you in seamlessly obtaining an international education loan for your BBA studies, turning the question "Can I get education loan for BBA?" into a concern of yesterday.

Also Read:

Taking the financial steps towards a Bachelor of Business Administration (BBA) degree abroad brings your educational goals closer to reality. This guide has offered insights into handling pre-arrival costs, deciphering tuition fees, and selecting the appropriate education loan. Armed with knowledge about secured versus unsecured loans and various lender options, you're prepared to navigate financial decisions confidently. As you set out on this promising educational path, financial barriers shouldn't deter you. Check your loan eligibility with GyanDhan now, and move forward in securing your future in the business world. Your BBA dream is attainable—let GyanDhan guide you to it.

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Frequently Asked Questions

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

Part-time work can demonstrate financial responsibility and might positively impact your loan application by showing additional income support. However, it's crucial to check with specific lenders as policies can vary.

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

Yes, some lenders offer special schemes for women, including lower interest rates and extended repayment periods. It's advisable to inquire directly with banks and financial institutions for such schemes.

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

Generally, proof of admission is required for loan approval. However, some lenders may offer pre-approval based on your academic profile and intended course of study.

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

Exchange rates can impact the initial loan amount disbursed and the repayment amount, especially for loans in foreign currency. It's important to discuss with lenders how exchange rate fluctuations are handled.

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

Some lenders consider additional certifications as part of the education loan if these certifications are integral to the BBA program. Specific eligibility criteria and covered expenses should be verified with the lender.

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