Today, loans for MBA admission are available with almost all major banks. Some banks even have tie-ups with some of the premier institutes. These banks offer the students a special rate of interest which is normally lower than the market rate of interest.
Simply so, can a poor student do MBA?
You could apply for the scholarships provided by the government to the needy students. In addition, give exams like CAT, XAT, CMAT, MAT, etc. … In addition, give exams like CAT, XAT, CMAT, MAT, etc. and achieve a good score and rank, then you can get admission in good government colleges where the fees is less.
According to RBI, the maximum amount eligible for a study loan for courses in India is Rs. 10 lakhs while for studying abroad, it is Rs. 20 lakhs.
Besides, can I get education loan for MBA in IIM?
The interest rate offered to an IIM aspirant for a student loan varies for different banks & financial institutions. Although, you can avail an education loan at an attractive rate of interest between 8.5% to 10%. Subsequently, you can avail a maximum loan amount upto Rs. 30 lakh.
Can I get loan for MBA in India?
Education loans for MBA in India are offered by Public Sector banks like State Bank of India, Punjab National bank, Central Bank of India, Punjab & Sind Bank, Dena Bank, Canara Bank among others. … Accordingly, you have number of MBA education loan options.
Do banks give loans IIM?
Almost all banks offer student loans to those with a provable track record of performance in the academic field. Most banks are ready to offer upto Rs. 30 lakh to finance the education of a student. … So quite a few banks offer special loan facilities for students qualified for admission at IIMs.
How do I repay my education loan?
Repayment of education loan is not a big process as such. You just need to get in touch with your bank manager who will take note of your account details and start the repayment on an auto deduction mode. You can also check out the various education loan repayment schemes available in India.
How much percentage is required for education loan?
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
What are the documents required for education loan for MBA?
Documents required for MBA education loan
- Loan Application Form in required format.
- Letter of Admission / Proof of Admission to MBA course.
- Passport size photographs.
- Address proof (both current and permanent)
- Age Proof (birth certificate / LC)
What is education loan process?
Documents for Education Loan for salaried individuals:
KYC documents. Bank Statement / Pass Book of last 6 months. Optional – Guarantor Form. Copy of admission letter of the Institute along with fees schedule. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
What is fees of IIM?
IIM Fee Structure and Seats – IIM fees for the MBA program ranges between
| IIM campus | IIM Fees |
|---|---|
| IIM Ahmedabad | Rs 23.00 lakh |
| IIM Bangalore | Rs 23.00 lakh |
| IIM Calcutta | Rs 23.00 lakh |
| IIM Kozhikode | Rs 19.00 lakh |
Which bank is best for education loan for MBA?
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.
Which bank provide education loan easily?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Axis | 13.70% to 15.20% | Up to 75 Lakh |
| Bank of Baroda | 7.85% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.55% to 13.25% | Max Apr |
| Tata Capital | 10.99% onwards | Up to 30 Lakh |
Why IIM fees are so high?
IIMs unlike the IITs don’t receive any funding from central/state government. … There are some reasons why IIMs charge this exorbitant amount of fees from the students: The students in IIMs get the contextual analyses from Harvard, Standford and Ivory, which are very costly but extremely productive and justified.