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✓ Up to 2 Cr Secured and 1 Cr Unsecured Loan
✓ To study in India or Abroad
MBA is among the most popular courses in India and abroad. Even engineers decide to pursue MBA after completing engineering as they know MBA can add to their qualifications. However, 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 bread earner 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 and so one should carefully filter his/her choices between different types of education loans before choosing one. You can get an education loan to study in India and abroad as well.
Top Indian banks and lenders offer education loans to pursue MBA in India. The following are the features of top education loans for an MBA in India
|
Parameter |
Details |
|
Loan Amount |
2 Cr for a Secured Loan |
|
Expenses covered |
Study Costs Admission fee Living expenses Hostel or accommodation cost Other Expenses Insurance |
|
Moratorium period |
Course period + 6 or 12 months |
|
Repayment tenure |
12 to 15 years |
|
Processing fees |
10k plus 1800 GST or 1 to 2% of the loan amount |
Here are the top lenders for education loans to pursue MBA in India
The interest rates for education loan to study MBA in India ranges 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 know about special MBA schemes for reputed universities.
India have 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)
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.
Indian students who get admission into a top university for MBA through merit or by writing entrance exams are eligible for an education loan for MBA in India. Also, check other eligibility criteria according to the types of education loans before applying.
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 |
|
Expenses covered |
Study Costs Tuition fee Living Expenses Hostel or room rent Other Expenses Travel expenses |
|
Moratorium period |
Course period + 12 months |
|
Repayment tenure |
12 to 15 years |
|
Processing fees |
10k + 1500 GST or 1 to 2% of the loan amount depending on the lender |
The following is a list of top lenders for education loans to study abroad
The interest rates for an education loan to study abroad in public banks ranges 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.
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 |
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.
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 attained into a foreign university for MBA is eligible for an education loan from top banks in India.
The applicants will need to arrange the following documents to apply for an education loan for MBA
1. Application form
2. Documents of the applicant and Co-applicant/guarantor
Proof of Identity:
Residence Proof(any one)
Provide two address proofs if your current and permanent address is different.
Co-applicant documents(Latest bank account statement of 6 months)
3. Academic documents of the applicant
4. Income documents for the co-applicant
Salaried
Self-employed
5. Other documents
6. Additional documents(if required)
7. 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.
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.
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.
MBA being a prestigious course has special considerations by different banks and lenders. Here are a few special education loan schemes to pursue MBA.
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.
Tamil Nadu has some of the best MBA schools and so it's natural that students want to pursue an MBA in Tamil Nadu. Keeping the demand in view, different banks and lenders have started special education loan schemes to pursue MBA in Tamil Nadu.
|
Parameter |
Details |
|
Loan Amount |
Up to 2 Cr for Collateralized loan Up to 50 lacs for Unsecured Loan |
|
Expenses covered |
Study costs: Tuition and admission fee Living expenses Accommodation cost Other Expenses Insurance |
|
Moratorium period |
Course duration plus 6 to 12 months |
|
Repayment tenure |
10 to 15 years |
|
Processing fees |
For public banks 10k plus 1500 GST 1 to 2% of the loan amount for private banks |
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.
Seeing the demand of Indian students to study in Canada, banks, and lenders have tailor-made special education loan schemes. One such is the Education loan for MBA in Canada scheme where they offer up to 2 Cr Secured education loan and up to 1 Cr unsecured education loan.
Studying in the USA and that too MBA is a dream for many students. However, each student wishing to pursue MBA in the USA cannot do it with their personal finances. That’s where education loan comes to the rescue. Banks offer education loans for MBA in the USA at flexible terms.
|
Parameters |
Details |
|
Loan Amount |
Up to 2 Cr Unsecured Education Loan 1 Cr Secured Education Loan |
|
Expenses covered |
Study costs: Tuition and admission fee Living Expenses Accommodation Other Expenses Insurance and travel expenses |
|
Moratorium period |
Course duration plus 12 months |
|
Repayment tenure |
Up to 15 years |
|
Processing fees |
1 to 2% of the loan amount or 10k plus 1800 GST |
The students who do not want to visit 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.
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 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 |
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.
Below are a few scholarships for students to fund their MBA abroad. You can check out the eligibility criteria by going through particular links.
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 FAQsHow to get education loan for MBA?
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 without collateral for MBA?
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.
NEWSIn 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
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