Education Loan for MBA

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Table of content

  1. Education Loan for MBA in India
  2. Education Loan for an MBA Abroad
  3. Documents required for Education Loan for MBA
  4. How to Get Education Loan for MBA through WeMakeScholars?
  5. Why Should You Take an Education Loan via WeMakeScholars for Your MBA
  6. Scholarships for MBA
  7. FAQ's
  8. Need Help? Ask Here!

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Have you ever wondered why so many people are interested in getting an MBA these days? Well, it's because the MBA degree has become popular for a bunch of reasons. The MBA helps people get better jobs and advance in their careers. A lot of Engineers pursue an MBA to broaden their career prospects beyond technical roles. However, an MBA is a costly affair and so, not every student can manage expenses for it. One such student was Sahil Chawla, who was the sole breadearner of his family and got rejections from many top banks and lenders before getting in touch with WeMakeScholars.

An education loan for a student can be confusing at the start so one should carefully filter his/her choices between different types of education loans before choosing one. You have the opportunity to obtain a loan for your education, whether you're planning to study in India or abroad. This article will help you understand how to take an education loan for an MBA.

Education Loan for MBA in India

Top Indian banks and lenders offer education loans to pursue an MBA in India. The following are the features of top education loans for an MBA in India

Parameter

Details

Loan Amount

1 Crore for a Secured Loan

50 lakhs for an Unsecured Loan

Moratorium period

Course period + 6 or 12 months

Repayment tenure

12 to 15 years 

(can be extended depending on circumstances)

Processing fees

10k + 1500 GST or 1% to 2% of the loan amount (depends on the lender)

Top Banks offering Education Loan for MBA in India

To get an education loan for MBA in India, Here are the top lenders : 

Interest rates for Education Loans to study MBA in India

The interest rates for education loans to study MBA in India range between 9 to 12% for public banks and 10 to 14% for private banks. However, there are also special education loan schemes for MBA if you are going to reputed institutes like the IIMs. Read the article till the end to learn about special MBA schemes for reputed universities.

Top 10 Colleges offering MBA courses in India

India has specific reputed colleges that provide quality MBA courses. Getting admission into a top institute will easily get you an education loan from top banks in India. However, these institutes are limited, so you should carefully analyze the history and ranking of the university and then enroll.

India has the following reputed colleges/institutes which equip you with all the skills that you need to grow your career. The following institutes are the top 10 ranked MBA colleges by NIRF(National Institutional Ranking Framework)

  1. IIM Ahmedabad: 24.61 Lakhs
  2. IIM Bangalore: 24.50 Lakhs
  3. IIM Calcutta: 27.00 Lakhs
  4. DMS IIT Delhi: 11.2 Lakhs
  5. IIM Kozhikode: 20.50 Lakhs
  6. IIM Lucknow: 20.70 Lakhs
  7. IIM Indore: 21.14 Lakhs
  8. XLRI Xavier School of Management: 28.6 Lakhs
  9. National Institute of Industrial Engineering: 20.4 Lakhs
  10. DoMS IIT Madras: 13 Lakhs

Eligibility for MBA in India

The top MBA institutes in India filter through all the applications to choose the best students. However, below is a list of general eligibility criteria to apply for an MBA in top institutes in India.

  • Must have a bachelor’s degree of 3 years with at least 50%. Some institutes ask for a minimum of 60% aggregate marks.
  • Most institutes also ask for a valid CAT/GMAT cut-off score. Certain institutes have their entrance examination so you need to score according to their preference.
  • A few institutes also ask for work experience of a minimum of 2 years
  • The Candidates who are in their final year of graduation can also apply.

Indian students who get admission into a top university for an MBA through merit or by writing entrance exams are eligible for student loans for an MBA in India. Also, check other eligibility criteria according to the types of education loans before applying.

Apply for MBA from IIMs and other top institutes and let us manage the expenses for you!

Education Loan for an MBA Abroad

The percentage of Indian students wanting to pursue an MBA abroad is increasing with each passing day. That is the reason the banks and lenders have extended their terms to offer education loans for MBA abroad.

Parameter

Details

Loan Amount

Up to 1.5 Cr with collateral

Up to 1 Cr without collateral

Moratorium period

Course period + 12 months

Repayment tenure

12 to 15 years

(can be extended depending on circumstances)

Processing fees

10k + 1500 GST or 1% to 2% of the loan amount (depends on the lender)

Top Banks Offering Education Loans for MBA Abroad

The following is a list of top lenders for education loans to study abroad

Interest rates for Education Loans to study MBA Abroad

The interest rates for an education loan to study abroad in public banks range from 9 to 11% whereas, in private banks/lenders, it ranges from 10 to 14%. You can check the updated interest rates for the lender you are going for. There are also interest subsidy schemes where you will be able to get a subsidy for the moratorium period.

Top Universities Offering MBA Courses Abroad

Below are the best universities in the world right now ranked by QS as top universities to pursue MBA abroad.

QS World University Ranking(MBA)

University Name

Located in

1

Stanford Graduate School of Business

United States

2

Harvard Business School

United States

3

Penn (Wharton)

United States

4

HEC Paris

France

5

MIT (Sloan)

United States

6

London Business School

United Kingdom

7

IE Business School

Spain

7

INSEAD

Paris, Singapore

9

Columbia Business School

United States

10

IESE Business School

Spain

Eligibility for MBA Abroad

The eligibility requirements for an MBA abroad usually differ with the program and the university you are going to. However, below are a few basic eligibility criteria requirements for MBA abroad.

  • Must have completed a bachelor's degree from a recognized university
  • Most universities prefer a work experience of at least 2 years
  • Language proficiency tests like IELTS, TOEFL, or PTE
  • Entrance exams such as GMAT or GRE

You will also have to provide essays and a resume with all the other documents. Also, certain universities conduct interviews before admission, hence you need to be prepared for that too. An Indian citizen who has attended a foreign university for an MBA is eligible for an education loan from top banks in India.

Documents required for Education Loan for MBA

The applicants will need to arrange the following documents to apply for an education loan for MBA

  1. Proof of identity: Any valid identification document like Aadhaar Card, Voter ID, Passport, or Driving License.
  2. Proof of address: Any official document showing your current address, such as Aadhaar Card, Voter ID, Passport, or Driving License.
  3. Proof of admission: A letter from the institution confirming your admission.
  4. Academic records: Marksheets of your 10th, 12th, and graduation, along with results of any entrance exams like CAT, GRE, TOEFL, or IELTS for admission purposes.
  5. Recent three months' pay stubs or a company-issued salary certificate.
  6. Form 16 for the last two years from your employer.
  7. Income Tax Return (ITR) filed over the past 2 years.
  8. Financial documents like the balance sheet and profit and loss account for the previous three years (if the co-applicant is self-employed).
  9. Affidavit from the property collateral owner (on Rs. 20 or 100 stamp paper).
  10. Extra cheque to cover attorney and evaluator charges (if required by the bank).
  11. Letter explaining any gaps in employment or education, printed on a Rs. 100 stamp paper.
  12. Payment slips of any advance payments that you have made to the university
  13. Previous loan account statements, if you have any pending loans( last 1 year)

Collateral documents(for collateralized loans)

You will require collateral documents only if you are going for a collateralized loan. The collateral documents list varies with the state you are applying from. Check below for the requirements list according to the state you are applying from.

How to Get Education Loan for MBA through WeMakeScholars?

You can apply for an education loan for MBA through WeMakeScholars for a convenient and hassle-free process by following the below steps.

  • Step 1: Request a callback from the website
  • Step 2: You will receive a callback from a financial officer from WeMakeScholars. He/she will check your eligibility for an education loan by asking you basic questions about your education, co-applicants, and collateral.
  • Step 3: The financial officer will then analyze your profile and will suggest you the best options to get an education loan. He/she will then also connect you to those lenders.
  • Step 4: The next steps in the process will be taken by the assigned lenders. However, your financial officer from WeMakeScholars will also be in touch with you and you can ask him about any doubts that you have regarding the process.
  • Step 5: You will get the sanction in the time that was promised to you by the financial officer. 

Why choose WeMakeScholars for Education Loan for MBA?

WeMakeScholars is an organization that is supported by the Ministry of IT, govt of India. We at WeMakeScholars provide students with a range of lenders from whom they can get the best education loan offer. Here are the detailed benefits of going through WeMakeScholars.

  • Lower Interest rates: We are partnered with 14+ banks(public/Pvt) and hence they provide education loans at 0.5% to 2% lower rate of interest than when you go to them directly.
  • Profile Analysis: We thoroughly analyze your profile and suggest you the best option for your education loan.
  • Faster process: We process your education loans 50% faster than when you go directly through banks. In a few exceptional cases, we were also able to sanction education loans within 2 days after the submission of documents.
  • End-to-end support: We not only support students during the loan sanction process but also assist them in the repayment phase.
  • Tax benefit: Students going abroad through an education loan are eligible for tax benefits under certain exemptions like 80E. We educate them about all these benefits.
  • Cashback offered: When you go through WeMakeScholars, you get a cashback of Rs 3000 in the first disbursement.

Why Should You Take an Education Loan via WeMakeScholars for Your MBA

MBA being a prestigious course has special considerations by different banks and lenders. Here are a few special education loan schemes to pursue MBA.

Education Loan for Executive MBA in India

    • Executive MBA is for working professionals who have at least 2 years of experience. Executive MBA offers the benefit of pursuing an MBA while doing a job. You can obtain an education loan of up to 2 Cr to pursue an executive MBA in India, though you wouldn’t need that much. 
    • We have secured and unsecured loans for executive MBA programs. The best part about the executive MBA program is that you do not need a financial co-applicant as you are already earning for yourself

    • You can get an unsecured education loan of up to 40L for MBA at an interest rate of 11% to 12.5% for top universities. Here, your processing fee will be 1% of the loan amount. After loan disbursement, your immediate loan interest repayment starts.

    • You can get a secured education loan for MBA at an interest rate of 9% to 9.5% for top universities with immediate loan interest repayment.

      Note: Education loan for an Executive MBA depends on the income of the applicant, for example, let's say the income of the student is 50k per month, then the student is eligible for a loan of up to 50Lakh rupees. Higher loan slabs are designed based on the student's income.

Education Loan for MBA in Tamil Nadu

    • Tamil Nadu has some of the best MBA schools so naturally, students want to pursue an MBA in Tamil Nadu. According to data, the average education loan amount required by students in Chennai, Coimbatore, or Madurai for studying within India is approximately INR 15 lakhs, and for studying abroad it is around INR 45 lakhs. Education loan interest rates in Tamil Nadu range from 8.5% to 13%, depending on the type of loan and the lender. 

Education Loan for Symbiosis MBA

    • Symbiosis Institute of Management is one of the best MBA schools in India. It has one of the best placement results and has limited candidates in its batches every year. Students can obtain up to 1 Cr education loan to study MBA in the symbiosis.

Education Loan for MBA in Canada

    • Seeing the demand of Indian students to study in Canada, banks and lenders have special education loan schemes. One such scheme is the Education Loan for MBA in Canada scheme where they offer up to 2 Crore Secured education loan and up to 1 Crore unsecured education loan.

Education Loan for MBA in the USA

    • An MBA degree from the USA is like a dream for many students. However, every student dreaming of pursuing an MBA in the USA might not have sufficient funds. That’s when the education loan comes into the picture. Banks offer education loans for MBAs in the USA at flexible terms. Students can avail an education loan of up to Rs 1.5 Crore or even more at interest rates starting from 8.50% to study in the USA. The cost of study in the USA is generally higher than in the rest of the countries. Moreover, the living expenses in the USA are also around Rs 10 -12 lacs annually.

Education Loan for Distance MBA

    • The students who do not want to attend offline classes can also obtain an MBA degree by pursuing a distance MBA. Most banks do prefer education loans for Distance MBA for courses like executive MBA. They offer the same kind of features of education loans for distance MBAs.

State Bank of India Education Loan for MBA

SBI bank usually offers up to 7.5 lacs of unsecured education for students to study in India and abroad. However, they have a special consideration for students wanting to pursue top courses like MBA in reputed institutes like the IIMs. They offer up to 50 lacs unsecured education loans to pursue MBA in top institutes in India.

EliteScholars Education Loan

EliteScholars is an initiative started by WeMakeScholars to provide education loans to students without collateral or a strong co-applicant within 4 working days. Here are the details of the product.

Parameter

Details

Loan Amount

Up to 75 lacs

Moratorium period

Course Duration

Repayment policy

The partial interest of Rs 2999/month during the moratorium period

Co-applicant

Can process loan without a strong co-applicant

Loan Insurance

Mandatory of 2% or more

Repayment duration 

Up to 10 years

 

Apply to special education loan schemes for MBA which offer customized and flexible loan terms.

Scholarships for MBA

Students having great academics or who have scored well in a particular entrance exam of the institute are eligible to get scholarships to study in India or study abroad.

Scholarships for MBA abroad

Below are a few scholarships for students to fund their MBA abroad. You can check out the eligibility criteria by going through particular links.

Scholarships for MBA in India

Universities and certain institutes in India are providing scholarships to Indian students to study MBA in India. Go through the links to check eligibility and other factors.

Education Loan FAQs

  • How to get education loan for MBA?

    Many students have queries about how to get loan for Mba in india ? or how to get student loan for MBA? Well, you can get an education loan by applying through WeMakeScholars, where you can apply from 14+ banks(Pvt/bank). You can request a callback from the website and our financial officer will get back to you in no time.

  • How much education loan can I get for MBA abroad?

    You can obtain an education loan of up to 2 Cr with collateral to pursue an MBA abroad. You can also get an unsecured education loan of up to 1 Cr for an MBA abroad. Request a callback from WeMakeScholars now to get started with the process of your education loan.

  • Which bank is best for an education loan for MBA?

    Each bank has different policies for an education loan. For MBA, banks like SBI and ICICI have special education loan schemes. You can know more about them by contacting WeMakeScholars.

  • What is the eligibility for an education loan?

    Usually, banks prefer candidates with good collateral or good co-applicant. However, a good academic background too is a deciding factor to get an education loan.

  • What are the documents required for an education loan for MBA?

    Documents like application forms, proof of identity, residence proof, academic documents, income documents, and collateral documents( if collateralized documents) are required for an education loan. You can request a callback to from us receive your own personalized document checklist.

  • How can I fund my MBA in India?

    You can either apply for scholarships if you are eligible for them or apply for an education loan from WeMakeScholars to fund your MBA in India.

  • Can I get an education loan for MBA without collateral?

    You can get an education loan of up to 1 Cr without collateral to study abroad and 50 lacs to pursue an MBA in reputed institutes in India.

  • can i get education loan for MBA while I'm still working ?

    Yes, definitely. You can always do an MBA while doing your job. Many institutions would provide executive MBA courses. You can select the one that best suits your profile - your entrance exam scores and work experience. Once you get an admission, We'll help you with loan processing. Contact our Financial officer to understand the process. All our services are free of cost.

NEWS

India Secures 10 Spots in QS World University Rankings 2024 for MBA Programs

In the 2024 QS World University Rankings, the Indian Institute of Management (IIM) Bangalore has claimed the top spot in India, ranking 48th globally for its MBA and Business Master's programs. Stanford GSB, Wharton School, and Harvard Business School take the top three spots.

IIM Bangalore has made significant progress, moving from 50th in 2023 to 48th in the QS Global Full-Time MBA Rankings for 2024. Meanwhile, IIM Ahmedabad and IIM Calcutta hold the 53rd and 59th positions, respectively.

Remarkably, two Indian MBA institutions are now among the world's top 50 for employability. IIM Bangalore is 39th globally and fourth in Asia, with IIM Calcutta at 46th, placing seventh in Asia.

IIM Ahmedabad and the Indian School of Business shine in entrepreneurship and alumni outcomes, with ranks of 33rd and 43rd globally, respectively.

IIM Bangalore is the only Indian MBA school among the top 50 for return on investment, securing the 31st spot. It also leads nationally in thought leadership, ranking 57th globally.

Additionally, QS evaluates 28 specialized business master's programs. IIM Bangalore is India's top choice for a Master in Management, ranking 31st globally. IIM Calcutta excels in Business Analytics, ranking within the top 100, and IIM Udaipur ranks 51+ for Supply Chain Management.

Last Updated - 30/10/2023

University of Western Australia and IIM Kozhikode Launch 24-Month Global MBA Program for Working Professionals

The University of Western Australia (UWA) has partnered with the Indian Institute of Management (IIM) Kozhikode to launch a 24-month Global MBA program. The program, designed for mid to senior-level working professionals, aims to enhance skills in the rapidly changing global business landscape.

Participants will receive a Professional Certificate in Advanced Business Management from IIM Kozhikode after the first year, followed by a Master’s in Business Administration (Global) from UWA upon successful completion. The program, taught by professors from both institutions, includes real-world case studies and fosters an international community for collaboration and learning.

The program begins on December 21, with a fee of Rs 5,62,000 + GST. Upon completion, participants receive alumni status from UWA and access to exclusive events and networking opportunities.

This partnership is a significant step towards providing quality education to professionals looking to upskill in global business. The program's diverse participant base and real-world case studies create a unique learning experience, preparing participants for international operations roles.

Last updated - 30/11/2023

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Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
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