MBA programs are among the most popular, both in India and internationally. Since they are aware of the advantages of their resumes, even engineers decide to get an MBA after receiving their engineering degree. Unfortunately, not many students can afford to enroll in an MBA program due to its high cost. A student should thoroughly weigh all of their options before choosing an education loan. Education Loan for MBA can be challenging at initially. You can get an education loan for your studies anywhere in the world, including India.
One of the easiest methods to pay for the high expense of your MBA program is to take out an Education Loan for MBA. The cost of an MBA at prestigious B-schools like IIM Ahmedabad, Bangalore, Calcutta, MDI Gurgaon, and XLRI Jamshedpur, among others, ranges from Rs. 20 lakhs to Rs. 24 lakhs.
In addition to this cost, you will also need to cover personal expenses and other costs like lodging and board during your MBA program. Therefore, getting approved for an MBA school and obtaining an MBA loan are equally as important as getting admitted.
How to Finance Your MBA in India?
It’s challenging to pursue an MBA without first figuring out how you’re going to pay for the hefty tuition and other costs associated with the two-year program.
These days, even the Faculty of Management Studies (FMS) most inexpensive MBA program costs over 2 lakhs. Moreover, the majority of top MBA institutions have raised their MBA tuition. Finding the best Education Loan for MBA program and determining how you will pay for your degree are therefore two of the most important decisions you must make before enrolling in an MBA program.
Top Colleges in India for MBA
- Indian Institute of Management, Ahmedabad
- Indian Institute of Management, Bangalore
- Indian Institute of Management, Calcutta
- Indian Institute of Management, Lucknow
- Indian Institute of Management, Kozhikode
- Indian Institute of Management, Indore
- Department of Management Studies, Indian Institute of Technology, Delhi
- Department of Management Studies, Indian Institute of Technology, Madras
- Indian Institute of Technology, Roorkee
- Faculty of Management Studies, Delhi
- XLRI – Xavier School of Management, Jamshedpur
Latest Fee Structure
| Institutes | Fee in INR (approx. in lakhs) |
| IIM Ahmedabad | 23.3 |
| IIM Calcutta | 22.6 |
| IIM Bangalore | 23.2 |
| IIM Kozhikode | 20.5 |
| IIM Lucknow | 19.2 |
| MDI Gurgaon | 24.3 |
| XLRI Jamshedpur | 23.6 |
| SIBM Pune | 20.7 |
| IIFT Delhi | 18.3 |
| SPJIMR Mumbai | 19.2 |
| K J Somaiya Mumbai | 16.3 |
| IMI New Delhi | 19.2 |
| IMT Ghaziabad | 19.5 |
| IPE Hyderabad | 10.8 |
| IFIM Bangalore | 12.2 |
| IFMR Chennai | 13.8 |
Loans Offered by Public Sector Banks
Almost every public sector bank provides an Education Loan for MBA. Among the public sector banks and financial institutions that offer MBA admission education loans, the following are the top education loan providers in India:
| Banks | Loan Amount in INR (max.) | Interest Rate (in %) |
| SBI | 30 | 8.05-10.15 |
| PNB | 75 | 8.35-10.95 |
| Canara Bank | 40 | 8.65-10.75 |
| Central Bank of India | 20 | 8.9-10.4 |
| Punjab & Sind Bank | 10 | 9.75-10.75 |
| Union Bank of India | 30 | 8.65 onwards |
Loans Offered by Private Sector Banks and NBFCs
Education Loan for MBA are widely available from private banks and NBFCs. The followings are some of the private sector banks and non-banking financial companies that offer MBA education loans:
| Banks/NBFCs | Loan Amount in INR (max.) | Interest Rate (in %) |
| IDBI Bank | 20 | 8.5-10.5 |
| Axis Bank | 75 | 8.8 onwards |
| ICICI Bank | 50 | 10.5 onwards |
| Avanse Financial Service | No limit | 10-16.5 |
| Kotak Mahindra Bank | 10 | 11.5-24 |
| HDFC-CREDILA | 45 | 6.7 onwards |
Eligibility for MBA in India
The top MBA schools in India choose its candidates from among all of the applications. However, a list of prerequisites for applying to prominent Indian universities to pursue an MBA is given below.
- It is necessary to have a three-year bachelor’s degree with at least 50%. Certain universities have minimum requirements for cumulative marks, such as 60%.
- A legitimate CAT or GMAT cut-off score is another requirement that most colleges have. You must fulfill the requirements for your score on the admission exam set forth by certain institutions.
- In addition, certain companies could demand a minimum of two years of work experience.
- It is also acceptable for those who are in their final year of education to apply.
- An Education Loan for MBA is available to Indian students who pass admission examinations or are admitted to a reputable university based only on merit. Before applying, confirm that you meet any additional requirements for the type of school loan in question.
How to Apply for an
?
Students can now submit a fully online application for an Education Loan for MBA. Most banks allow students to apply online for student loans. Below are the processes to apply for an Education Loan for MBA:
- Look over various loan alternatives and pick the one that best suits your requirements.
- Go to the bank or submit an online application for a student loan.
- Typically, a bank representative will give students a call. Over the phone, the bank representative will inquire about the student’s needs and address any questions about the loan program.
- The student will have a bank representative come to their house to help them complete the application. The application form and the necessary supporting documentation will be picked up at the bank.
- The bank will scrutinize the application form.
- The bank has the right to ask the student for more details or to address any further questions.
- When all necessary steps have been fulfilled, the bank will approve the loan application.
- All required documentation will be finished, and the student will be asked to sign a contract.
- The funds from the education loan are often deposited directly into the institute’s account. However, in certain circumstances, it might be added to the student’s account.
- Presenting authentic bills and receipts for any expenses made throughout their education is mandatory for the student to justify using the loan amount.
Documents Required for an Education Loan for MBA in India
Scan copies of the following paperwork are required for applicants to provide when requesting an Education Loan for MBA in India:
- Records from the tenth grade through graduation.
- Documents used for KYC: voter ID cards, passports, Aadhar cards, and Permanent Account Numbers (PAN).
- Income Tax Returns (ITRs) over the preceding two years.
- Any of the following are acceptable forms of identification to prove your address: a bank passbook, voter ID card, ration card, or Aadhar card.
- Statement of the co-applicants bank accounts for the preceding six months.
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