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Education Loan for MBA in India and USA

MBA stands for Master of Business Administration. It is one of the most popular postgraduate courses in India today. Every year in India, lakhs of students appear for entrance exams of institutes that offer MBA programs.

Before deciding to apply for a MBA program, people need to plan their finances because the course fee is very high. The best option is to apply for an education loan. There are many banks in India that offer education loans to students for pursuing MBA in India and abroad.

Top Colleges for MBA or PGDM

List of Top Colleges for MBA / PGDM in India:

  • Indian Institute of Management, Ahmedabad (IIM-A).
  • Indian Institute of Management, Bangalore (IIM-B).
  • Indian Institute of Management, Calcutta (IIM-C).
  • Indian Institute of Management, Lucknow (IIM-L).
  • Indian Institute of Management, Kozhikode (IIM-K).
  • Indian Institute of Management, Indore (IIM-I).
  • 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.

List of Top Colleges for MBA / PGDM in USA:

  • Harvard University.
  • Stanford University.
  • University of Pennsylvania.
  • University of Chicago.
  • Massachusetts Institute of Technology.
  • Columbia University.
  • Northwestern University.
  • Princeton University.
  • University of California.
  • New York University.
  • Yale University.
  • Duke University.
  • University of Michigan.

Banks Offering Education Loans for Pursuing MBA Courses in India and USA:

Some of the banks that provide education loans for pursuing MBA Courses in India and USA are as follows:

State Bank of India (SBI)

This bank offers some of the best education loan schemes in India. For MBA courses, the following education loan schemes are offered:

  • SBI Scholar Loan Scheme – It is offered to people who wish to study in selected 120 Premier Indian Institutions.
  • SBI Student Loan Scheme – It is offered to people who have already got admission in a course in India or abroad.
  • SBI Global ED-VANTAGE Scheme – It is offered exclusively to people who want to pursue full-time courses in universities outside India.

Features and Benefits:

  • SBI Scholar Loan Scheme offers Rs.30 lakhs without security (co-borrower required) for education in any college mentioned in institution List AA. It offers Rs.20 lakhs without security (co-borrower required) and Rs.30 lakhs with collateral (co-borrower required) for education in any college mentioned in institution List A. It offers Rs.20 lakhs without security (co-borrower required) for education in any college mentioned in institution List B. It offers Rs.7.5 lakhs without security (co-borrower required) and Rs.30 lakhs with collateral (co-borrower required) for education in any college mentioned in institution List C.
  • SBI Student Loan Scheme offers a maximum of Rs.10 lakhs for education in India and a maximum of Rs.20 lakhs for education outside India.
  • SBI Global ED-VANTAGE Scheme offers a loan amount of Rs.20 lakhs to Rs.1.5 crore.
  • The loan amount under SBI Scholar Loan Scheme and SBI Student Loan Scheme has to be repaid in 15 years after completion of course plus 12 months. The loan amount under SBI Global ED-VANTAGE Scheme has to be repaid via EMIs in a maximum of 15 years.

Oriental Bank of Commerce

This bank Oriental Bank of Commerce offers an attractive education loan scheme to study in India and abroad to support students in fulfilling their aims in life.

Features and Benefits:

  • A maximum loan of Rs.25 lakhs is available for institutions listed in Category A of the scheme. A maximum loan of Rs.10 lakhs is available for institutions listed in Category B of the scheme.
  • The maximum tenure for this loan scheme is 15 years.
  • There is no margin for Category A and Category B institutions.
  • There is no processing fee charged.
  • The bank does not ask for any collateral security.
  • In certain cases, where a higher loan limit is requested, then collateral (tangible) security is required. This value of this security should be 100% of the loan amount.
  • Life Insurance policy is available for the applicants of this scheme.

Allahabad Bank:

The education loan schemes of Allahbad Bank is available to meritorious students to help them in pursuing higher education.

Features and Benefits:

  • The loan covers the fees that students have to pay to the institution/college/hostel/school. It covers other related expenses as well.
  • The maximum loan amount offered for studies in India is Rs.20 lakhs and the maximum loan amount offered for studies abroad is Rs.50 lakhs.
  • There is no margin for a loan amount of up to Rs.4 lakhs. For loan amount of more than Rs.4 lakhs, the margin is 5% for a loan taken for education in India and the margin is 15% for a loan taken for education abroad.
  • The moratorium period for this scheme is the earlier of course period plus 1 year or 6 months after the applicant gets a job.
  • For loan of up to Rs.4 lakhs, no collateral security is required. For loan of more than Rs.4 lakhs, security is required and it varies depending on the institute or course.
  • The processing fee for loan of over Rs.10 lakhs taken for studying in India is 0.15% (Maximum – 3,000). The processing fee for loan of over Rs.20 lakhs taken for studying abroad is 0.10% (Maximum – 5,000).

HDFC Bank

This bank offers two different education loan schemes. One is for pursuing education in India and the other one is offered for pursuing education outside India. The Education Loan for Foreign Education is offered under Credila by HDFC Bank. Both these loans are offered at attractive rates of interest.

Features and Benefits:

  • A maximum of Rs.10 lakhs can be availed under the Education Loan for Indian Education scheme. Out of this Rs.10 lakhs, a maximum of Rs.7.5 lakhs is unsecured and for the amount exceeding Rs.7.5 lakhs, applicants have to provide collateral.
  • The maximum tenure for Education Loan for Indian Education scheme is 15 years after the moratorium period.
  • Applicants can avail 100% of the educational expenses as loan from the Education Loan for Foreign Education scheme.
  • There is no margin on the Education Loan for Foreign Education scheme and the loan is sanctioned prior to the admission.
  • Applicants can enjoy tax benefits on both the schemes.

Bank of Baroda

This bank offers multiple education loan schemes to students for MBA courses in India and abroad, the following are the education loan schemes offered at Bank of Baroda:

  • Baroda Gyan (for higher study in India) – Offered to students aspiring to study in India.
  • Baroda Scholar – Offered to students aspiring to study outside India.
  • Baroda Education Loan to students of Premier Institutions – Offered to students aspiring to pursue courses offered by institutions mentioned in institution List A and List B of the scheme.

Features and Benefits:

  • The maximum loan amount available under Baroda Gyan scheme is Rs.10 lakhs. There is no margin for a loan amount of Rs.4 lakhs and for a loan amount of more than Rs.4 lakhs, the margin 5%.
  • Baroda Scholar offers a maximum loan of Rs.60 lakhs for colleges mentioned in institution List A and List B of the scheme. The scheme offers a maximum loan of Rs.40 lakhs for colleges not mentioned in institution List A and List B.
  • Baroda Education Loan to students of Premier Institutions up to Rs.15 lakhs without security and up to Rs.30 lakhs with collateral for pursuing MBA from colleges mentioned in institution List A. It offers up to Rs.7.5 lakhs without security and up to Rs.30 lakhs with collateral for pursuing MBA from colleges mentioned in institution List B. It offers up to Rs.30 lakhs without security for pursuing MBA from IIM-A, IIM-B, IIM-C and XLRI.
  • The tenure for a loan of up to Rs.7.5 lakhs is a maximum of 120 months and the tenure for a loan of more than Rs.7.5 lakhs is a maximum of 180 months.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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