Education Loan for BBA

BBA is a 3-year program in business administration. It is one of the rare UG programs that has a lot of potentials and offers good employability scope on completion. However, quality BBA programs in India and abroad are expensive. That is when students can start looking for education loans.

You can get an education loan for BBA in India or abroad with or without collateral.

• India has some of the best B schools. However, quality education in India comes at a price, which cannot be afforded by students from humble backgrounds. They can go for an education loan from public or private lenders.

Top Banks offering Education Loan for BBA in India

Below are the top lenders offering different types of education loans to pursue BBA in India

• State Bank of India
• Bank of Baroda
• Union Bank of India
• Karur Vysya Bank
• Axis Bank
• IDFC First Bank
• ICICI Bank
• Avanse 
• Auxilo
• Incred
• HDFC Credila

Best Colleges for BBA in India

You have the following list of top-ranked universities to pursue a BBA in India.

• IIM, Indore
• Narsee Monjee Institute of Management Studies, Mumbai
• Woxsen University, Hyderabad
• IIM, Rohtak
• Parul University, Vadodara
• IIM, Ranchi
• KIIT School of Management
• Jamia Millia Islamia University
• ICFAI Business School, Hyderabad
• Institute of Management, Nirma University, Ahmedabad

Eligibility for BBA in India

Check if you meet the below listed general eligibility criteria for BBA before applying for an education loan.

• Should have passed 10+2 from a recognized education board
• Should have scored a minimum of 50% in the 10+2
• Students who have completed 10+2 and are awaiting the results can also apply
• Check if your preferred university has age limit as there are a few universities that have an age limit

Citizens of India who have gotten admission into a recognized BBA university through merit or entrance exams are eligible for an education loan.

Students can look for an unsecured and secured education loan to study BBA abroad. They can get up to 1.5 Cr of education loans to study abroad.

Top Banks offering Education Loan for BBA Abroad

The following banks can get you the best education loan to pursue BBA abroad.

• Bank of Baroda
• State Bank of India
• Union Bank of India
• Axis Bank
• Karur Vysya Bank
• ICICI Bank
• IDFC First Bank
• Incred
• Auxilo
• Avanse
• HDFC Credila

Best Colleges for BBA in India

The following are some of the best institutes to pursue BBA abroad.

• Harvard University, United States
• Coventry University, United Kingdom
• Heriot-watt University, United Kingdom
• Bocconi university, Italy
• Copenhagen Business School, Denmark
• Memorial University of Newfoundland, Canada
• National University of Singapore, Singapore
• RMIT University, Australia
• University of London, United Kingdom
• Victoria University, Australia

Eligibility for BBA Abroad

The eligibility for BBA abroad is pretty much similar to that of BBA in India. BBA abroad requires the following eligibility criteria.

• The Student must have passed 10+2 with at least 50%
• Must score well in the language proficiency tests like IELTS, TOEFL, or PTE
• You must also consider writing SAT or ACT to stand the best chance at admission into prestigious universities abroad.

Citizens of India securing admission into a top university abroad are eligible for an education loan for BBA abroad. However, these are not the only eligibility criteria that banks are looking at. They may vary with the type of education loan you are going for.

Applicants need to arrange the following documents for an education loan for BBA. 

1. Application form

• An application form along with 2 passport size photographs and a signature(WeMakeScholars financial officer will provide you the form)

2. Documents of the student and Co-applicant or the guarantor

• Identity proof:
  
  • Aadhar card/PAN card
  • Passport if going abroad
• Proof of residence:
  
  • Voter ID card
  • Passport
  • Electricity bill
  • Ration card
  • Telephone bill
  • Bank account statement

Provide 2 address proofs if your current and permanent address is different

• Co-applicant documents(Last 6 months bank account statement)
  
  • Must reflect salary credits if salaried
  • Business transactions of the last 1 year

3. Applicant’s academic documents

• Certificates and mark sheets of 10th, and 12th
• Fee structure
• Proof of admission(should reflect the duration of the course)
• Entrance exam scorecard

4. Income documents of the co-applicant

• Salaried
  • Latest 3 months' salary slip
  • Form 16 of the latest 2 years
  • Employer’s ID card
  • ITRs from 2 years
• Self-employed
  • Latest 3 years ITR
  • Balance sheet and the profit and loss account of the last 3 years
  • Address proof of the business

5. Other documents

• A letter stating that any expenses other than the education loan amount are to be borne by your co-applicant( format of the letter will be provided by the WeMakeScholars financial officer)
• A notarized joint affidavit with the co-applicant in the standard format of the bank( request your WeMakeScholars financial officer to provide the format of the letter)

6. Additional documents(optional)

• Payment receipts of any advance payment made to the university
• Any pending loan account statement of the last 1 year
• In a 100 Rs stamp paper explain if you have had any gap or break in your studies (Format to be provided by your financial officer from WeMakeScholars)

7. Collateral Documents 

These are required if you are opting for a secured loan. The collateral documents list varies with the state you are applying from and hence you can go through the below list for specific requirements according to your state.

• Karnataka
• Tamil Nadu
• Amritsar
• Jaipur
• Gujarat
• MP and Chattisgarh
• Jharkhand
• Kerala
• Andhra Pradesh
• West Bengal
• Goa
• Delhi
• Mumbai
• Pune
• Hyderabad

Apply for an education loan directly through banks if you have got plenty of time and you prefer to take the hard way out. However, if you are someone who loves to have your education loan without any hassle, at a lower rate of interest, and at a super fast speed then go through WeMakeScholars.

Why Choose WeMakeScholars For An Education Loan for BBA?

WeMakeScholars is an organization that is supported by the Ministry of IT, govt of India. We at WeMakeScholars are dedicated to helping students study in India and abroad through education loans or scholarships. We provide students with a ton of options from where they can get the best education loan offer.

Better interest rates: We are partnered with 14+ banks(public/Pvt) and so students going through us have a reduced interest rate of 0.5 to 2%.

Faster process: We process an education loan at 50% lesser time than when you go directly to the banks. We have maintained a timeline of 21 working days for govt banks and 7 working days for private lenders.

End-to-end support: We provide students support right from the education loan process until the repayment. We support students with all kinds of issues in the education loan including post-sanction issues, even in a 12 hr different timezone.

Tax benefits: We educate students on different kinds of tax benefits that they can avail of while taking an education loan.

Cashback: Students taking an education loan through WeMakeScholars receive a cashback of Rs 3,000 in their first disbursement.

How to Apply for an Education Loan for BBA through WeMakeScholars?

Now that you are aware of WeMakeScholars and its benefits let’s see how you can apply through us. 

Step 1: Request a callback from the website

Step 2: You will receive a callback from the team. Provide all the required information.

Step 3: Your financial officer will provide you with a list of lenders. Choose the best option among them. 

Step 4: Submit the documents to the nearest branch of your preferred bank in case of public lenders. If going through a private lender, upload them in the documents link uploading portal.

Step 5: Once you have submitted the documents, you will receive the decision to your profile in the promised deadline.

Step 6: Once your loan is approved, you can sign the loan agreement and receive the sanction letter.

Students wanting to study BBA in India or abroad can go through the following list of scholarships and apply for them.

• Asian Development Bank-Japan Scholarship Program (ADB-JSP) 2023
• Indian Institute Of Technology (IIT) Guwahati SC-ST Scholarships 2023
• TaiwanICDF Scholarship Program 2023
• Jayatee Deshmukh Scholarship 2023
• Aga Khan Foundation’s International Scholarship Programme (ISP) 2023
• Royal Business Bank Scholarship Program 2023