How to obtain a student loan for MBA

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How to obtain a student loan for MBA :

How to obtain a student loan for MBA


What is an MBA ? An MBA is a course that needs to be pursued in order to secure a career in business and management. It includes subjects such as accounting, economics, marketing and operations. It is one of the best courses for people aspiring to be businessmen.


Why do an MBA ? In today’s day and age MBA (Masters in Business and Administration) is a course that is in great demand. After all, running a business is one of the most lucrative options, and doing an MBA will help aspiring businessmen and entrepreneurs to run a successful business. And, doing an MBA is helpful not just for running a business but also for jobs in the public sector.


Cost of an MBA Doing an MBA in India will cost between Rs . 12 to 15 lakhs and for going abroad, one may have to spend up to Rs . 70 lakh. Coaching classes for an MBA, the examination fees and the fees for entrance exams are some of the other expenses in the process of applying for an MBA, along with travel and living expenses (if any).


Taking a student loan for MBA It is a fact that the MBA is a very expensive course, especially for students from humble backgrounds. The most reasonable solution in this case is taking an educational loan. Students who want to do an MBA usually take grants, scholarships and corporate sponsorships (if they are already working). If these means are not sufficient enough to fulfill their dream of doing an MBA, then they have to resort to taking a student loan for MBA.


What is a student loan for MBA ? It is a loan that is lent by banks/non-banking financial companies to MBA aspirants. Taking a student loan for MBA is advantageous, as it covers not just the fees for the concerned institute, but also other expenses, such as, travel expenses, living expenses, cost of other things such as computer, books, tuition fees, library and laboratory fees, cost of computers and laptops and other expenses, which may be required for projects and assignments.


Different banks provide different loans at varying rates of interest. Some banks provide loans of up to Rs . 10 lakhs; some provide loans of Rs . 20 lakhs whereas there is no limit on the loans charged by some lenders. The interest rate charged on these loans can be as low as 10% for some banks and as high as 15% for others. Time periods for taking loans vary too, from as few as 7 years to as many as 15 years.


Anyone who is an Indian citizen and a resident of India can apply for a student loan for MBA. The borrower has to be 21 years at the time of loan origination and 70 years old at the time of loan termination. Related Blog:- Everything You Need to Know about an Education Loan for MBA


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