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Not only preparing for to get into top MBA colleges is a cumbersome task but also funding the course is equally difficult. Securing the offer letter is not all that is required for admissions but also the resources to fund the fees.
For a number of candidates wanting to clear CAT, the course fee of an IIM or top B-school can be a significant concern. While their course fee is exorbitant, we can not deny the fact that they offer world-class facilities/ infrastructure and unexcelled faculties. The fee charged these colleges in turn makes MBA one of the most expensive courses in India and abroad.
For your reference, here is the course fee for some of the top MBA colleges accepting CAT score:
|IIM Bangalore||INR 19.50 lakh|
|IIM Ahmedabad||INR 21 lakh|
|IIM Calcutta||INR 19 lakh|
|DMS, IIT Delhi||INR 4.39 lakh|
|DoMS, IIT Madras||INR 6 lakh|
|IIM Lucknow||INR 14 lakh|
|XLRI Jamshedpur||INR 16.8 lakh|
|IIM Kozhikode||INR 16 lakh|
|DoMS, IIT Roorkee||INR 4.18 lakh|
We believe that money shouldn’t hamper the aspirants dream and therefore many B-Schools, through tie ups with banks offers educational loans at nominal interest rates for which repayment structure is also different than other loans.
Apart from tie ups, banks also provide loans on one to one basis for students wishing to pursue their higher studies. Before candidates opt for any of the education loan schemes, it is important that they know the terms and conditions of each and every scheme so the loan doesn’t haunt them once their MBA is complete.
CAT education loan will not only help you manage your finances for the course but also lets you save for the unforeseen expenses during the course duration. Most of the aspirants are not familiar with the complete details about the education loan. To reduce the burden of repayment, aspirants must choose the loan with least interest value and other concessions. Here is a complete guide for MBA aspirants who wish to opt for education loan.
Each financial institution sets the upper limit of the loans they can provide. Candidates must evaluate all their expenses and then plan further to choose the best possible option.
In case of any additional expenses requirement, candidates must manage them well in advance. Aspirants must know that there are certain expenses covered under the education loan which include the following:
With innumerable options available for funding, it is necessary that the aspirant assesses the choice from every aspect. Candidates must consider certain things before they make the final decision:
Every bank offers education loan at different rate and the maximum limit also varies. Given below are some of the most preferred loan providers in India:
|Bank Rate||Interest Rate||Maximum Loan Amount||Repayment duration|
|State Bank of India||9.35% to 10.70%||Upto 30 lakhs for IIMs and other top B-Schools||7 to 12 years|
|Allahabad Bank||For IIMs is 8% and for other institutes is 10%||Upto 20 lakhs||7 years|
|Bank of Baroda||20 lakhs/ 10 lakhs (depending up on the institute)||10.5% to 11.5%||5 years|
|Punjab National Bank||Upto 20 lakhs||8.15% to 8.75%||10 to 15 years|
|IDBI Bank||Upto 20 lakhs||9.7%||10 to 15 years|
*Most of these banks provide concessions in interest rates for female applicants.
Candidates must keep the following documents handy before they apply for education loan:
|Proof of admission by the B-School||Mark sheet of the highest qualification|
|Estimate of expenses and schedule of fee payment at the institute||Bank statement of last 6 months|
|Asset and liabilities statement||Income tax assessment records (not earlier than 2 years)|
|Identity proof||Residential proof|
We hope this article was helpful in getting to learn about MBA Loans for India and abroad. Make sure you have all the key papers and details available with you.
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