Education Loan For MBA

With the increased usage of technology in the finance sector, all banks and financial institutions now provide an EMI calculator from which the applicant can plan their EMI amount and duration from anywhere. An EMI calculator is a quick, effective tool that requires minimal input. The applicant can put in the interest rate and the loan amount along with the tenure they want into the calculator. The software will then showcase the EMI per month. The calculation is based on the information that can be customized easily by the applicant themselves. The applicant can work out a combination that works for them by changing the variables in the calculator. 

MBA Education Loan Interest Rate

Education loan for MBAs has a low-interest rate and is easily available to the students upon getting their admission. On average, the rate for an education loan for MBA can have 16% to 28% of interest. The tenure of the loan broadly lasts between 7-10 years and can be easily customized based on the individual.  

How to Apply Education Loan For MBA in India?

Along with the advent of the internet, online banking has simplified and quickened the application process for education loans for MBAs. Most of the banks in India have an online application process through which students can apply for loans without having to go to the bank physically. This has significantly reduced the time for the loan application process. The general step-by-step process for applying for a loan includes the following stages:

• You can either use the personal loan available from Finnable to get started or apply for an education loan for MBA
• You have to register with the Finnable to receive your credit
• Once registered you will be asked to provide basic information and permissions upon downloading the application
• You can establish your profile once you enter all the required information
• Now you have to select the loan type and the amount of loan that you require
• Fill up the application with the respective documents required
• The Finnable website or app will then display the eligibility criteria of your loan and duration based on the essential information you put in
• After selecting the duration suitable for you and uploading the documents, you are all set
• Your account will be credited promptly once the verification process is  complete

Eligibility Criteria for MBA Education Loan

There are several criteria that need to be fulfilled for a student to get an education loan for an MBA. The list of criteria includes:

• The applicant must be a resident of India
• The applicant must have a confirmed admission from a recognized institute in India or Abroad 
• Your Cibil score should be at least 700 and you must have a healthy credit profile
• The age of the loan applicant must fit with the approved bracket 
• They must have a bachelor’s degree from a recognized institute
• Students pursuing full-time MBAs must have a co-applicant who is a family member
• The co-applicant or the applicant must have a regular source of income 
• The applicant must also have a strong academic record for faster and easier loan approval 

Documents Required For Loan for MBA In India

In India, a Study loan for MBA requires a set of documents for the loan to be approved. 

The documents required for a loan for an MBA application include the:

• You have to submit educational loans certificates and immersion documents
• It should include mark sheets or passing certificates of HSC or SSC or even degree courses
• Copy of admission letter to the institute
• Fees schedule of the institute
• KYC documents
• Address proof that includes- Voter ID Aadhar card, gas or electricity bill.
• Identity proof that includes- a permanent account number(PAN) card, an Aadhaar card and a driving licence
• Signature proof and passport
• Age proof that includes birth certificate, Aadhar card, PAN card, and voter ID card
• Income proof documents
• Bank statement for the past 6 months if salary account 
• The last 1-month salary slip that carries the date of joining turnover proof