Education Loan for MBA in India
Education Loan

Education Loan for MBA in India

Education Loan for MBA in India

On this Page:

Explore how to get education loan for MBA in India, comparing top lenders, interest rates, and eligibility criteria for aspirants.

GyanDhan
Rohit Gidwani
Updated on:  08 May 2024  | Reviewed By: 
Aman 
| 267 | 6  min read

Securing funding for an MBA in India is a critical step that many ambitious leaders and entrepreneurs find challenging. This blog seeks to bridge the gap between your academic goals and the financial resources required to achieve them. Finding the correct school loan may be difficult because there are so many alternatives and factors to consider. We've streamlined crucial information to make your search easier. We're here to help you make an informed selection by explaining the pricing of top MBA programs, comparing loan alternatives, and understanding eligibility. Let this be your starting point for accomplishing your goals without financial constraints.

Sprinkles

Cost of Studying MBA in India

Many people aspire to get an MBA in India, which may lead to a variety of job options and leadership roles in the corporate sector. The overall cost of studying for an MBA in India varies greatly depending on criteria such as the institution's repute, location, and program type. On average, students may anticipate to invest between INR 7,50,000 and INR 25,00,000 per year to cover tuition, books, housing, and other expenses. This spectrum includes both public and private universities, with some of the best business schools charging greater tuition due to their well-known staff, huge alumni networks, and excellent placement rates.

To get a better sense, here's a breakdown of the annual tuition prices for MBA programs at five of India's leading colleges:

College Name Annual Tuition Fee (INR)

Indian Institute of Management (IIM) Ahmedabad

23,00,000

Indian Institute of Management (IIM) Bangalore

23,00,000

Indian Institute of Management (IIM) Calcutta

22,00,000

Faculty of Management Studies (FMS), Delhi

1,92,000

Xavier Labour Relations Institute (XLRI), Jamshedpur

20,00,000

Check Your Education Loan Eligibility

Sprinkles

How to Get Education Loan for MBA in India?

To understand how to get education loan for MBA in India, look at options from both public and private sector banks, as well as specialist Non-Banking Financial Companies (NBFCs). Public sector banks such as State Bank of India, Punjab National Bank, and Canara Bank, among others, are conventional options with competitive interest rates and periods. Private sector banks such as ICICI Bank, Axis Bank, and Kotak Mahindra Bank provide bespoke MBA education loans with varied perks.

Furthermore, NBFCs such as HDFC Credila Financial Services Limited and Avanse Financial Services specialize in school loans and may provide more flexible solutions based on individual needs. To select the most cost-effective loan choice, evaluate the interest rates, payback terms, and additional costs offered by these various lenders. To ease the application process, thoroughly prepare your material, which should include acceptance letters, academic records, and financial evidence. Addressing the interest rate discrepancies between these alternatives will be critical to lowering the overall cost of your MBA tuition loan.

Sprinkles

Lending Options for MBA Education Loan

Navigating how to get education loan for MBA in India can be complex, with various lending options available to prospective students. This section delves into the diverse range of lenders offering education loans for MBA studies, including public sector banks, private banks, and specialized NBFCs. Each lender brings unique advantages, interest rates, and loan terms, making it crucial to assess and compare to find the best fit for your educational investment.

Lender Name Max Loan Amount Interest Rate

SBI

Up to INR 30 Lakh 

8.05% -10.15%

UBI

Up to INR 30 Lakh 

8.65% onwards

Axis Bank

75

8.8% onwards

ICICI Bank

50

10.5% onwards

HDFC Credila

45

8% onwards

Avanse

Up to 100% cost to study

10% onwards


Looking for an abroad Education Loan?
By entering my phone number, I give consent to override NCPR and recieve WhatsApp messages.
Sprinkles

Education Loan for MBA in Indian Eligibility Criteria

To qualify for an MBA education loan in India, candidates need to adhere to specific eligibility standards:

  • list items A minimum 60% GPA is required for graduation.
  • list items Educational history must be continuous without any breaks.
  • list items The credit score of the co-signer needs to be above 700.
  • list items For any educational interruptions, candidates are required to present a medical certificate or similar justification.
  • list items While the Reserve Bank of India doesn't enforce age restrictions for education loans for MBA programs, certain banks might limit applicants to under 35 years of age.
Sprinkles

Education Loan for MBA in Indian Documents Required

In order to apply for an MBA education loan in India, applicants must submit digital copies of the following documents:

  • list items Educational documents from the 10th standard up to the latest qualification.
  • list items Identification proof such as PAN card, Aadhar card, Passport, or Voter ID card.
  • list items Various acceptable proofs of residence including electricity bills, ration cards, Aadhar cards, bank passbooks, or voter ID cards.
  • list items Six months' bank statements from the co-applicant.
  • list items Income Tax Returns for the last two years.
Sprinkles

How to Choose the Best Lender?

It is advised to analyze the following crucial factors between lenders and loan plans when thinking about education loans for an MBA in India to make an informed choice:

Let's get right to the point: considering pursuing an MBA in India is an intriguing prospect, don't you think? However, admitting the source of funding can be a bit of a puzzle. The whole "How to get education loan for MBA in India?" question will feel lot less intimidating after reading this advice. We've gone over all the financial details, from cost breakdowns to highlighting the top financing choices available. And hey, GyanDhan is like that wise friend prepared to assist you with your financial matters if you're thinking higher and intend to pursue an MBA overseas. Are you prepared to fulfill your MBA dreams? Speak with GyanDhan and embark on your adventure with a well-thought-out plan.

Calculate your Education Loan EMI

Sprinkles

Frequently Asked Questions

Are there specific banks that offer lower interest rates for MBA students from premier institutes?

Yes, financial organizations frequently give cheaper loan interest rates than other MBA colleges to students who are accepted into prestigious institutions like the IIMs. This is due to the fact that the loan terms that are provided are heavily influenced by the college's reputation and the anticipated return on investment.

Can I apply for an MBA education loan online?

Yes, you may now apply for an MBA education loan online, making the procedure more convenient. Students can apply to many banks online by visiting their websites, where they can complete the application, send in the necessary paperwork, and check the status of their application.

What are the repayment terms for MBA education loans?

Generally, repayment of MBA college loans begins six months after landing a job or a year after the courses are finished, whichever comes first. Depending on the terms and circumstances of the lender, the payback time may vary from 5 to 15 years. Additionally, there may be incentives such as a moratorium period that waives the need for repayment.

Is there any collateral requirement for MBA education loans?

Collateral requirements vary based on loan amount. Collateral is not needed for loans up to a particular amount, often about Rs. 4 lakh. Banks could need collateral or a third-party guarantee for larger amounts. Collateral may not be needed for some specific loan programs offered to students at select prestigious business schools.

Can I get an education loan for MBA without having a co-borrower?

Higher loan amounts are frequently contingent upon the presence of a co-borrower, particularly for unsecured loans. On the other hand, certain lenders might provide loans for smaller amounts or to students accepted into elite universities without the need for a co-borrower.

Check Your Education Loan Eligibility


Sprinkles

Have More Questions on This Topic?

Ask from a community of 10K+ peers, alumni and experts