Monthly Archives - October 2018

CAT 2018 Admit Card

Step by Step Process to Download CAT Admit Card

You can download your CAT 2018 Admit card in 5 simple steps:
  1. Logon to CAT official Website link
  2. Click on ‘Download Admit Card’ Icon
  3. Enter CAT Login ID & Password
  4. Click on Admit Card Download
  5. Save, Verify & take Print of CAT Admit card
Tensed about your CAT? Attend free webinar with Rahul to get last minute Tips to crack CAT CAT exam admit card 2018 was released by IIM Calcutta much before 1 PM on the pre announced CAT Admit Card date October 24. Since 2017, the process to view and download the CAT admit card has been slightly changed as the candidates have to go to the icon window ‘Download Admit Card’ on the main login page of CAT official website instead of getting into the application page to have access to the CAT Admit card.

How to View & Download CAT Admit card

As against the earlier process of going to ‘Assessment’ under the head Admit Card, the CAT 2018 Admit card download process has been made much simpler. Now you can download your CAT Admit card in 5 steps from official CAT website as shared below:

Step-1: Logon to Official CAT Website iimcat.ac.in

Open your computer system and check whether the CAT site is getting opened or there are technical glitches. Check for the icon ‘Download Admit Card’ on the screen. You can find it on the CAT website home page - click on it. This will lead you to CAT Admit Card page.

Step-2: Click on the Icon ‘Admit Card’

At the Admit card link, go to the icon ‘Download Admit Card’ click on it

Step-3: Use CAT Login ID & PW

You are at Login window. Enter your 7 digit CAT user Id and the 7 digit CAT password and you can view your CAT exam Admit card 2018 on the screen. In case you forget your CAT password, do not worry, click on ‘forget password’ and IIMs will send your CAT login ID and password to your registered Mail ID for CAT exam

Step-4: Click to Download

At the bottom is the message ‘Please click here to download your Admit Card’. Click at the link ‘here’ and your admit card is downloaded

Step-5: Save, Verify and Take Print of CAT Admit Card

The CAT Admit Card Download is complete now. After your CAT Admit Card is downloaded error free, save the document in the folder that you can remember – for example a document can be created with the name ‘CAT 2018 Admit Card’. Verify all your personal details, your printed photograph, signature image, Date of Birth, CAT 2018 registration Number, TSN number as it will be required to locate your testing room and seat in the testing lab, test venue, exam date and time as well as the reporting time at the CAT Exam centre.  Take at least 2 prints of the CAT admit card on A4 size paper as you will need the hard copy of the admit card with your photo additionally affixed on it at the CAT exam centre on November 25, 2018.

How to Proceed after CAT 2018 Admit Card Download?

Once the CAT 2018 Admit Card is downloaded, you should ensure following action: 1)  Convert CAT Admit Card Soft Copy into Hard Copy Take print of the CAT exam hall ticket 2018. According to CAT Centre 2018 ‘Admit Card is a mandatory document required to take the exam. You must print the Admit Card and bring it to the exam centre on the day of the exam.’ It will be better to take more than 2-3 prints of your admit card. Keep one with your other mandatory documents which you will have to carry to the exam centre and other with you so that in case of any query you may instantly refer to it. The CAT 2018 Admit Card needs to be directly printed from the CAT 2018 official website using your CAT user ID and Password.  Please note that the CAT 2018 Hall Ticket will not be mailed to your postal address. If you are unable to view your CAT Admit Card after login with CAT Id, contact the CAT helpdesk at the Toll free number or through Email. 2) Key Details to Check in the CAT Admit Card You need to check the following mandatory details in your CAT 2018 Admit card. In case of any error or mistaken entry, you should contact the CAT Centre 2018 immediately.
  • Your Name – Is it correct as per your documents?
  • Test date – Correct test date of November 25 should be mentioned.
  • PWD status – In case the candidate is physically challenged, it should be mentioned in the CAT 2018 Hall Ticket.
  • Test center Details- Your test city, test site with address should be mentioned
  • Exam Time- your Morning or Evening time slot, as the case may be, should be mentioned on the CAT 2018 Admit card.
3) Important Do’s for CAT Admit Card Please note that CAT Admit card is your passport to the CAT exam centre. Without Admit Card, you will not be allowed to enter the testing hall. After downloading of CAT 2018 Hall Ticket you should comply with following five do’s:
  1. CAT Admit card is valid only if your photograph and signature images are legibly printed on the print out of CAT 2018 Hall Ticket.
  2. Affix your coloured photograph on CAT Admit Card in the given space. Your photograph should be identical to your printed image on the CAT hall ticket.
  3. Only Admit Card & valid Photo ID Card will be allowed inside the test hall.
  4. There is a Test System Number (TSN) on the CAT Admit Card. It is provided only for the limited purpose of identifying the floor/wing at the test venue on the CAT exam day. For any correspondence with CAT Center you must provide your Registration Number.
  5.  The Admit Card is to be produced for verification at test centre at the time of the test.
4) Don’t Panic, if Delay occurs Sometimes the icon ‘Download Admit card’ is enabled by IIMs on CAT website much earlier than the scheduled time, but it remains inactivated till 1 PM. You need not worry as the download of CAT hall ticket is enabled by IIMs in time. Please do not expect any hard copy of the CAT 2018 Admit card by post or in mail to be sent by IIMs. 5) View & Download Admit Card from CAT website; not from your mail Please note that the CAT Admit card will be available on the CAT website only and not from your mail. You must log in using your CAT 2018 User ID to view/print the Admit card. Don’t delay the Download With 2.41 lakhs candidates thronging the website simultaneously, even a delay of few minutes in viewing and downloading the CAT 2018 Admit card may result in technical glitches increasing your waiting period Despite it being a very strong site capable to cope with the high volume of CAT 2018 aspirants, it may develop some technical glitches like getting slow, not displaying full details or giving you some error messages. This might create irritation and may cause more anxiety. When you can very well avoid it, there is no need to wait to initiate the CAT Admit Card download process when it is live on October 24. CAT 2018 is conducted by IIM Calcutta on November 25, 2018 in two sessions. It is a computer based largest MBA entrance exam for admission to MBA/PGDM 2019-21 batch in 20 IIMs, FMS Delhi, SPJIMR Mumbai, Management Departments of IITs, IMI New Delhi, IMT Ghaziabad among hundreds of other top B-schools in India.  
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MBA education loans

Get detailed information about MBA education loan and where you can get a loan in a low interest and how to proceed to an MBA education loan. Nowadays, MBA has to turn out to be the hottest career option among students as it promises a bright career for students in terms of salary, job satisfaction, and work-life balance. However, the journey from getting admission to an MBA college to pursuing the degree is not that easy. Even if a student gets admission to a top MBA college, the MBA course fee is a thing of concern. The average fee structure of a 2-year full-time MBA Program is Rs. 10 lakhs. In such a situation, what should a candidate do to pay the fee? The better option is to go for an education loan! Yet, it is a long, hectic and tiring process to get education loan sanctioned. The fees of the institutes are a lot and it becomes difficult for the students to arrange for that much amount at one go. But thanks to the education loan providers in India, their efficient loan providing services and hustle free document processing has helped many students to live their dreams with ease. There are multiple numbers of education loan providers available in India but we will hear talk about the top educational loan providers which will provide you an insight into all these service providers. This article will help you to understand everything you want to know about MBA Education Loans. The fact that MBA is an expensive education is beyond any point of dispute but added to it is another fact that once you get admission offer from one of the 13 IIMs or other top-rated B schools like MDI, IMT, XLRI, SPJIMR, JBIMS, IMI, NITIE, there is no lack of funds to pursue the course. The only need is that you have to be smart enough to judge your requirements and find out the Bank offering the best deal or other financial institution that can cater to it in the manner best suitable to you and at low cost. A loan helps make you independent. You'll help your parents by financing your MBA by yourself. You'll be able to finance unforeseen expenses related to additional exams to be taken, travel arrangements, laptop computers, and books. For example, suppose your living expenses are higher now since other low-cost campus arrangements might not be working out, or suppose your travel expenses have gone up due to the rate increase, taxes, etc. And yet another reason for availing an education loan is the Tax Benefit. The borrower or co-borrower can avail a benefit under Section 80(E) of Income Tax Act of India. Different banks and financial institutions have different criteria to fund MBA education in different institutes according to their own ranking. Banks have published their lists of premier B schools and other B schools. Accordingly, loan for MBA education may be available from Rs. 4 lakhs to Rs.20 lakhs depending upon the classification of the institute by the Bank’s own standard. Apart from this, a bank situated in the premises of the particular MBA College may also provide some special funding schemes to pursue MBA from that particular institute.  For example, State Bank of India at IIM Ahmedabad campus offers education loan up to Rs.20 lakhs but the same Bank at MDI Gurgaon campus offers education loan up to Rs. 15 lakhs to pursue MBA. On the top of it, the rate of interest at IIMA is 10.20% and MDI Gurgaon it is 10.70%. Whenever you get an offer from college and get selected, college sends you the brochure which includes college fees and few of the bank's names that will grant you study loan easily. To get a loan is way easy if you get admission in Colleges like IIM (Indian Institute of Management), IIT (Indian Institute of Technology), FMS (Faculty of Management Studies), XLRI (Xavier School of Management), NIIE (National Institute of Industrial Engineering), SP Jain Institute of Management, IIFT (Indian Institute of Foreign Trade) and few others. Even you may get the call from various private banks and Education loan providers (Credila, Avanse). Your contact details are many times share by the institute with the banks they have collaboration with). If you thinking to do MBA from Outside India, then it might be a little difficult and long process. But to get the loan for doing MBA from India, getting the loan is the easy and simple process. So, how to make the process of getting an MBA education loan quickly and without any type of annoyance? Let’s find out everything about it in this article: In government banks - They have the name of all private and government PG institutes to whom they grant loan at one go, but for rest of Colleges, it gets little difficult to sanction the loan.

Features and Benefits of Education Loans

Listed below are some of the key features and benefits of any education loan offered in India: Credit approval- Usually, banks take around 15 days to approve an education loan. The time is calculated from the official receipt date of the application as the receipt confirms proper completion of the application in every aspect. Processing fees: Most banks do not charge any processing fee when a student avails an education loan. Though some lenders might levy a processing fee of 1% or an upfront fee, depending on the type of loan availed. Moratorium Period: Generally, all lending institutions give a moratorium or holiday period ranging from 6 months to 1-1/2 years after the completion of the course. Repayment of the principal amount for the availed education loan can start after this period or after the borrower has secured a job. Margin: For loan amounts below Rs.4 lakhs, borrowers do not have to put in any amount and the lender will mostly sanction the entire amount. But for loan amounts higher than that, the applicant will be required to bring in a loan margin amount ranging between 5% and 15% depending on the location of the course study. Quantum of Loan: The maximum loan amount sanctioned by banks is generally Rs.10 lakhs for education within India and up to Rs.20 lakhs for studies abroad. The minimum loan amount varies across different lending institutions. Security Collateral: Most banks do not request any security collateral to be provided for education loans taken for an amount below Rs.4 lakhs. Third party guarantee or any other form of security has to be provided by the borrower only for amounts higher than that. Repayment Tenure: The repayment tenure starts after the moratorium period and can usually go up to 10 years, depending on the bank from where the education loan has been availed. Type of educational course: The sanctioning of the education loan also depends on the type of course and the institution opted by the student. Education loans given out by most banks cover specific institution types, course types and also countries. Most banks sanctions loans only for approved courses from recognized Indian and foreign institutions. Tax Benefits: Education loan borrowers can also enjoy tax rebates for the interest they would be paying under Section 80-E of the Income Tax Act, 1961. As per this section, the tax is exempted on the education loan interest rate for eight years since the time when the loan bearer has taken the amount or since when he/she has started repaying the interest, whichever is more. Insurance: Some banks also offer life insurance cover to the student availing the education loan. This facility, however, might not be available with all banks and might vary from lender to lender. Applicants can inquire with their lending banks to check if the insurance benefit is available when they procure the education loan. Pre-payment charges: The prepayment charges vary for education loans across different lending institutions. Some banks do not charge any pre-closure fees, while some might impose a prepayment penalty of up to 4%, depending on the time period during which the loan is being closed. Other fees and charges: Banks might also levy other charges like administration fees and documentation costs, while the education loan application is being made. Assess Your Financial Needs The first step that you must take in the process of funding your MBA Education in India is to assess your financial needs. Every student would have different needs when it comes to funding their education, while some might have some support from family or savings from their previous job to support them, some college freshers might need complete financial support for MBA education. The key expenses that you might incur after joining MBA course from top MBA colleges in India are listed below:
Expense Head Amount
College Fees Rs 8 to 21 lakhs
Boarding & Lodging Rs 2 to 4 lakhs
Study material, laptop, books, and stationery Rs 1.5 to 2 lakhs
Study Tours / Foreign Exchange Programmes Rs 2 to 3 lakhs
Misc. (Clothing, travel, entertainment) Rs 2 to 3 lakhs
  MBA Education Loan – Eligibility  The first and foremost thing is to check whether you are eligible to apply for an education loan or not. The second thing you must check while planning to apply for an education loan for MBA education is to check your eligibility for it. Although loans for MBA courses with reputed B-schools are often very well-funded, it is important that candidates check their eligibility for the loan as given below:
  • Citizenship: Loan applicant must be a citizen of India
  • Academic: Loan applicant must have documentary proof of securing admission in MBA programme
  • Age: The age of loan applicant must be between 16 to 35 years. (preferred, not compulsory)
As far top MBA colleges in India such as IIM Ahmedabad, XLRI or JBIMS are concerned, these colleges also share the details of the candidates who have secured admission in MBA programmes with banks and loan granting agencies. These banks or agencies get in tough the MBA aspirants directly to facilitate the process of education loan. Becoming a guarantor for a loan is a huge responsibility as the guarantor will have a legal obligation to pay in case the borrower defaults on his payment. If the loan amount exceeds INR 4 lacs, then the bank may ask for a guarantee by a third party. If the borrower is not able to repay the loan amount irrespective of the circumstances, in that case, the guarantor holds the liability to repay the complete amount to banks.  This is one of the most important aspects to look after while taking the loan. We always suggest you go through the terms and conditions of the loan carefully and then move ahead with it. This is one factor we really stress upon, as you should always be clear with all the conditions mentioned in the loan agreement. If you have any doubt regarding anything then always consult the experts apart from the bank representative. Why should I apply for an education loan? MBA Education loan is the perfect tool to fund your MBA education in India. And knowing all the aspects about education loans, processing details and documentation process will help students approach banks for the loans in a systemic manner. It will also save time and effort on the part of the students as they would be prepared with all the necessary details and documents in advance.
  1. A loan helps make you independent and helps your parents by financing your MBA by yourself.
  2. You'll be able to finance unforeseen expenses related to your education, such as travel, a laptop computer, and books.
  3. You get a tax benefit under Section 80(E) of the Income Tax Act of India.
  4. Education loans for MBA degree programs often feature low-interest rates and deferred repayment while you are in school.
After evaluating the amount of education loan, you can get for your MBA education, the second thing you must check is the expenses that are covered under the loan. Generally, MBA programmes are residential programmes and therefore students also have other expenses which need to be covered in addition to the tuition fees. Therefore, banks or lending agencies have also started offering additional loan amount to cover non-academic costs or expenses beyond the basic course fee. The different types of expenses covered under MBA education loan include:
  • Tuition Fee
  • Hostel / Accommodation
  • Library & Laboratory Fees
  • Examination Fee
  • Study Material Cost (Books, equipment, instruments, etc.)
  • Security Deposit for institution bills/receipts
  • Travel expenses
  • Study tour expenses
  • Project Work / Thesis expense

Courses Covered under Education Loan

  • Diploma/Degree/Graduation/Post-graduation/Degree/Diploma courses from recognised colleges or universities affiliated under UGC/ AICTE/IMC/Govt. etc.
  • Regular Diploma or Degree courses offered by top autonomous educational institutes in India like IIM, IIT etc.
  • Pure Science, Fine Arts, Engineering, Medicine, Management, Computer science, Agriculture, Architecture, Hotels and hospitality, Design and several other educational disciplines.
  • Vocational and other technical training courses such as teacher training, nursing, aviation, shipping, air-hostess etc.
Steps to Apply for an Education Loan for Your MBA Today, most of the banks and NBFCs employ online technology in order to process the loan applications, especially when it comes to MBA education loans. Therefore, in order to successfully apply for the MBA education loan, the candidate needs to visit the website of their respective bank and apply online. For a more detailed explanation, you can read the points given below:
  • Step 1: Visit the official website of your bank
  • Step 2: Find the education loan section on the website
  • Step 3: Find details related to education loan for MBA students
  • Step 4: Fill the online application form by providing the necessary information
  • Step 5: Submit the form after cross-checking all the details
After submission of the form, the bank will follow up on your loan application with either the students/parents to get additional information which might be needed to process the education loan. The bank will also send their representative to the house of the applicant to collect all the necessary documents that are required for the process. Post this, the bank will process the education loan and send the detailed loan agreement to the student/applicant. Students need to study this document in detail, as it would contain all the necessary terms and conditions about the MBA education loan. Once satisfied, the student has to sign the loan agreement post which the bank will initiate the disbursement formalities for the loan amount. Today, technology has made it very simple to apply for an education loan. You can apply from anywhere in India. You can even apply before your confirmed admission. It’s just a click away. Most banks provide an online application and support. The process is simple, as illustrated below:
  1. Student: Complete an online education loan application form
  2. Bank: Follow up with the student and parents to answer questions
  3. Bank: A representative visits your house and collects a signed application form with the supporting documents
  4. Student: Provides a completed education loan application form with all the required supporting documents
  5. Bank: A credit team will review and underwrite the education loan application
  6. Bank: Approves the education loan or asks for any additional information required
  7. Student: Completes the education loan disbursement formalities by signing the education loan agreement
  8. Bank: Deposits the education loan amount in the required bank account electronically

How do I choose the right loan for me?

Another important aspect that one must consider while picking an MBA programme is the knowing the loan amount available for the MBA programmes in which they have secured admission. Different B-schools and different MBA programmes have different thresholds on the basis of MBA education loan amount is sanctioned for the candidate. For instance, education loan for MBA courses with premium MBA colleges are offered at lower interest’s rates and the comparatively higher loan amount is sanctioned for them, as compared to tier 2 or tier 3 level B-schools. The list of ranking of top MBA colleges in India and the MBA programmes are published by different banks on their websites from where candidates can come to know the maximum amount of education loan that they can expect to be sanctioned. Depending upon this, they can do the financial planning and arrange the margin or gap amount if required. You can get a lower interest rate on education loan by opting for the following ways:
  • Discuss with your college or university whether there is any specific lender who will negotiate on the loan terms. In case they don’t have any lender, enquire about pre-approved loan process to get flexible loan terms and low-interest rates.
  • If you plan to pursue studies in any educational institute abroad, you will get better interest rates on the loan as the basic rates of interest in UK and US is currently low compared to India. Moreover, you can also apply to get a loan on campus from your institution after registering for the course.
  • In case you or any of your family members have good terms with the bank’s branch manager you can expect to get better loan terms. You can ask for loans at lower interest rates in such cases.
  • Some of the financial organizations charge high-interest rate in case of unsecured educational loan above Rs.4 lakh. In such cases, you can lower the rate of the interest rate by offering a security against the loan amount.
Look for banks that offer:
  • The full loan amounts
  • A low-interest rates
  • Security flexibility
  • Quick and door-step service
Most banks offer loan approval before your confirmed admission. This helps you show proof of funding for your admission or for a visa. You can get a loan up to 100% of your cost of education. EMI typically starts six months after graduation. You get a tax benefit under Section 80(E) of the Income Tax Act of India.

Compare different Loan Offers

With both, the government and private banks as well as non-banking financial institutes offering education loan for MBA courses at top B-schools in India, students are spoilt for choice when it comes to making the right decision. However, taking an MBA education loan is very similar to buying a product, and therefore, students must assess all the options available to them before signing the dotted line. Comparing different education loan options available will help students evaluate the different aspects related to the loan offer and understand the financial as well as other implications of the same on their future. Therefore, students must compare the different MBA education options available to them and evaluate them on factors like terms and conditions, maximum amount, the concessionary rate of interest, clubbing of co-borrower, need of margin and security. This will help them in making an informed choice. Education loan for MBA is available from almost all the banks including Central Bank of India, Dena Bank, Punjab National Bank, State bank of India, Punjab & Sind Bank, Avanse Financial Services, IDBI Bank, HDFC. These loan schemes are known by different names to ascertain the various terms and conditions, maximum amount, the concessionary rate of interest, clubbing of co-borrower, need of margin and security. SBI has named it as SBI Scholar and SBI student loan; PNB has named it as PNB Pratibha and PNB Saraswati. But our prime objective is not to go for the name but to know where we can get maximum at the minimum interest rate. Let us compare among the prominent loan providers

Procedure 

Like any other loan offering, the processing of education loans also involves a detailed documentation process, which can get quite cumbersome at times. In the absence of a proper understanding of the MBA education loan documentation process, students often have to run from pillar to post in order to complete the documentation process. To avoid this, students can follow the simple list of documents that are required for the processing of an MBA education loan which is provided below:
  • Loan Application Form in the 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)
  • Academic Documents (Class 10, Class 12, Graduation and Post-Graduation mark sheets
  • Bank Account Statement of last 6 months
In addition to these, the bank may ask the candidates to furnish the Income Tax assessment order of the last two years or a brief statement of one’s assets and liabilities as part of the documentation process. Contact the B school campus branch of the bank first. Banks situated in the B school campus have all the relevant details and are more expert in the job. They can issue in-principle sanction letter for the loan amount with all the terms and conditions written therein. You may approach the nearest branch to your residence to get the loan disbursed. Most of the banks have centralized processing centers to sanction the loans. They then direct the concerned branch to release the funds. Most banks provide an online application with support. After you complete the application form, a bank representative visits your house and collects the application and required supporting documents. A credit team reviews and approves the loan or asks for additional information. Once you sign the education loan agreement, the bank deposits the loan amount in the required bank account. Go to the bank in your city where you or your family member have an account. Apply for education loan. Every bank has their own loan terms, repayment duration, and Interest rates. Interest rate can be floating or fixed. Floating means Interest rate keeps changing according to the rate cut by RBI. Fixed means your Interest will not change for the entire duration of amortization. Prefer Fixed. Today normal MBA college fee in India is 12–18 Lakh. It’s easy to get a loan of amount 10lakh or less. So, apply for loan 10lakh or less for quick and easy sanction. The one that gives you the maximum loan at minimum fixed interest shall be preferred. Repayment duration totally depends upon your paying capacity in the future. Normally for 10 Lakh loan, you will end up paying around 16Lakh at 10% interest rate. This means you will pay 17,000 Rs every month for 8 years, once you get postgraduate. The duration of this loan is 10 years. First 2 years, one has to pay only interest and after that, you have to pay EMI + INTEREST for the next 8 years. Once you finalize this basic thing, other Bank documentation instructions will be given by bank officials. And after completing all the formalities, you will get check for your 1st college Instalments.

Conclusion

Education loan is making the dream of the young guns of the country to fulfill their educational aspirations come true. To help the students further, the banks and financial organizations from time to time roll out several exciting offers on the existing loan interest rate. To avail the offers you just need to apply for an education loan directly on the Bank Bazaar portal by following a few simple steps. Once you are found to be eligible for the loan, you will be provided with all the available offers from the websites banking partners from which you can choose the most beneficial one. MBA education fee in India could be anywhere between Rupees 5 to 20 Lakhs – an amount high enough to get students thinking and plan their finances. But money isn’t something that should stop anyone from getting into their dream B-school, and that’s why it’s time to turn that dream into a reality through an education loan. Thanks to education loans offered by banks and financial schemes of the government, those bright students even from low-income families who can achieve the desired independence and fund their education. Today, loans for MBA courses 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. You might feel a little apprehensive that education loans are complicated monsters. But worry not. During your ‘free-time’ after you’re done with MBA applications and are awaiting your offer letter anxiously, make use of this in-between time to research thoroughly about education loan options.  
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Benefits and Expenses covered under MBA Education Loan

Education loan is a good reason to get into debt

There are so many Benefits and Expenses covered under MBA Education Loan. Loan for MBA education is one of the few worthwhile reasons for getting into debt. But falling into a trap without giving it a proper thought is definitely bad which shows your poor management skills. Getting into education loan trap is easier than you think and usually, we run into a bank the scheme of which appears lucrative but has many loopholes to plug. Sometimes we have to approach other banks to take over the existing education loan to get rid of the vicious cycle of these schemes since it becomes difficult to regularly repay the same after competition of the same due to their hidden charges, high rate of interest, compounding interest system, guarantee, and security system as well as irrelevant documentation. You can get a loan up to 100 percent of your cost of education. There are many benefits of Education Loan which could cover expenses under MBA Education Loan. Most banks offer loan approval before your confirmed admission. This helps you show proof of funding for your admission. EMI typically starts one year after completion of the course or six months after securing a job, whichever is earlier. Usually, for loans up to Rs. 7.5 lakh, you may not need to give a collateral or a security, but for loans above that, you will have to. A collateral need not only be a residential property. Lenders accept fixed deposits, insurance policies, National Savings Certificate, and even Kisan Vikas Patra as collateral. Benefits under Income-tax Act - The borrowers of the education loan get an income tax benefit under Section 80(E) of the Income Tax Act of India. Loans help you pay for your tuition fees, study materials, and living and travel expenses. Education loans for MBA degree programs may differ from other types of loans as the interest rate may be low and the repayment schedule can be deferred while the student is still in education.
Expenses covered under MBA Education Loan
There are other expenses encountered by the student during the course of MBA other than the tuition fees. Apart from seeking funding for tuition Fee you have to think of Lodging & Boarding expenses, Computer, stationery, books, clothing among others. Taken together all these expenses may be very high. But you would incur them it is for sure. An education loan covers 100 percent of the basic course fee. Usually, the bank may also cover other related expenses while granting a loan, like:
  • Fee payable to college (tuition fee) and hostel (accommodation)
  • Examination, Library, and Laboratory fee
  • Books, equipment’s, instruments and other study material
  • Caution deposit, building fund, refundable deposit supported by Institution bills or receipts.
  • Travel expenses, passage money for studies abroad
  • Purchase of Laptops, computers-essential for completion of the course
  • Any other expenses required to complete the course- like study tours, project work, thesis etc.
Even the cost of a two-wheeler is covered as part of education loan by leading banks. One of the loan schemes provided by State Bank of India (SBI), called SBI Global Ed-Vantage Loan Scheme, gives the loan to students ranging from Rs. 20 lakhs to Rs. 1.5 crore with 9.5 percent to 10 percent interest rate. Under the SBI Global Ed-vantage Scheme, one may get 90 percent coverage for expenses such as tuition fee, admission fee etc. and the remaining 10 percent should be borne by them.

Cheapest Funding options for MBA

MBAUniverse.com Research team has worked out the economics on how you can save at least Rs.2 lakhs on your admission fee if you opt for the study loan from the right financial institution after negotiating a little. All the banks have their own study loan schemes to fund the MBA study in India and abroad. These study-loan schemes are divided into two segments – one is the regular study loan for the students of normal professional colleges and the other is meant for premium institutes like IITs, IIMs, XLRI, MDI, SPJIMR, IMI, IMT, IIFT. The difference in both types of schemes is that the study loan schemes for premium institutes offer you higher amount with less interest rate. Corporate/Head offices of these banks publish the updated list of such premium B schools. If your institute falls under the category of premium B-schools, you will get MBA study loan at low-interest rate and during the repayment tenure of 7 years or so, you will be able to save a huge amount as in the initial years even a 0.25% hike rate in interest rate can make a cumulative effect coming in lakhs at the end.
Negotiate with the Bank
You may find the number of points in their schemes where you can negotiate with the bank and other financial institutions. A few of them could be as follows
  • Check which Bank or financial institution doesn’t ask for any repayment during the course period
  • Check which bank or financial institution gives relief in interest if you pay interest during the course period
  • Check which bank or financial institution reduce the rate of interest if your parent becomes co-borrower
  • Waiver of processing charges. If you are taking the loan from the institution that charges the processing fee, try to negotiate and ask them to waive the same. They know well that Public sector banks are not charging this component. With a little effort, you could get the same waiver.
  • The rate of interest can be negotiated. Banks link their rate of interest to the base rate which goes on changing. Check the correct prevailing base rate and link it as specified because correction at the later stage becomes a problem due to the many constraints. For example if the base rate today is 10.25 and rate of interest on education loan is 0.25 above the base rate; your rate will come to 10.50%. Be aware of this fact
  • Ask for the screenshot when the loan account is opened. Number of banking personnel due to the ignorance about their own schemes enter the higher rate of interest, other charges, moratorium and repayment period in their system without ascertaining your eligibility criteria. Better to check what they have entered at the time of sanctioning and disbursement of education loan.
  • Check for margin amount. If the bank asks you for the margin amount while it is not applicable, be on your guard. Education loan up to Rs.4 lakhs for any B school doesn’t call for the margin amount and loan for the higher amount, which goes up to Rs.20 lakhs without margin, is sanctioned and disbursed in accordance to the specified scheme for the particular institute.
  • No guarantee or security can be taken by the Bank to the specified amount of MBA education loan according to the scheme. In case the amount is higher than specified in the loan scheme, please check and confirm whether the same can be taken by the Bank.
This is another grey area where financial institutions can play foul unless regularly monitored.  Most of the Banks charge simple interest during the moratorium period i.e. Course period plus the grace period granted to begin the repayment of the loan.

Conclusion

It’s very much possible while entering the details and data in their computer system, either due to the omission or due to the ignorance of banking personnel they are not able to feed the correct moratorium period or they may have the faulty software.  Whatever may be the reason but the loss will be yours as the system will go on compounding the interest even during the moratorium period. It has happened with the number of MBA, Engineering, Medical, and other professional educational loans. The number of candidates despite running from pillar to post couldn’t get it corrected.  The height of audacity has been so much that even the staff of the bank was not spared.    
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List of MBA education loan provider

Education loan for MBA is available from almost all the banks and other specialized financial institutions in private and public sector including this list of MBA education loan provider Avanse, Central Bank of India, Credila, Dena Bank, IDBI Bank, HDFC, Punjab National Bank, State bank of India, Punjab & Sind Bank.

Here is the list of MBA education loan providers in India for students who wish to pursue their education in masters of business administration.

No. Bank Name Max. Loan Amount (in Rs.) Interest Rate Repayment/Payback Tenure
1 State Bank of India Up to 30 Lakhs for top IIMs and top-rung institutes 9.35%-10.70%   *Girls will have 0.50% concession 7 to 12 years
2 Oriental Bank of Commerce Up to 25 Lakhs for Category A institutes, Up to 10 Lakhs for Category B institutes 10.25% to 10.75%   *Girls and SC/ST category students will have 0.50% concession   Up to 15 years
3 Allahabad Bank Up to 20 Lakhs depending on the institute For IIMs: 8%, Others: 10%   7 years
4 Bank of Baroda 10Lakhs, up to 20Lakhs for premier institutes 10.5% to 11.5% *Girls will have 0.50% concession Added concession of 1.00% for students of premier schools (IIM, IIFT, XLRI etc.) 5 years
5 Canara Bank Up to 20 Lakhs 10.65% 10 to 15 years
6 Axis Bank Up to 10 Lakhs 15% *Girls will have 0.50% concession 7 years
7 Punjab National Bank Up to 20 Lakhs 8.15% to 8.75% 10 to 15 years
8 IDBI Bank Up to 20 Lakhs 9.7% 10 to 15 years
9 Avanse DHFL Up to 10 Lakhs 11.5% 10 years
10 UCO Bank No ceiling 10.60% 10 to 15 years
11 ICICI Bank Up to 10 Lakhs As decided by the bank upon amount usage. *Girls will have 0.50% concession 5 to 7 years
12 HDFC Bank Up to 10 Lakhs 14.50% 15 Years
13 Union Bank 20 Lakh 10.25% 15 Years
14 Bank of India Up to 30 Lakh 9.95% to 10.45% *Girls will have 0.50% concession 10 to 15 years
15 Central Bank of India 30 Lakh 9% *Girls and SC/ST candidates will have 0.50% concession 15 years

Compare MBA funding schemes of different banks

Education loan for MBA is available from almost all the banks and other specialized financial institutions in private and public sector including Avanse, Central Bank of India, Credila, Dena Bank, IDBI Bank, HDFC, Punjab National Bank, State bank of India, Punjab & Sind Bank

These loan schemes are known by different names to ascertain the various terms and conditions, maximum amount, the concessionary rate of interest, clubbing of co-borrower, need of margin and security. SBI has named its education loan scheme for premier B-schools as ‘Scholar loan scheme’ and SBI student loan; PNB has named it as PNB Pratibha and PNB Saraswati. But our prime objective is not to go for the name but to know where we can get maximum at a minimum interest rate.

Fee structure of top-rated B-schools can vary not marginally but there could be a huge gap in the fee structure of 2 top rated B-schools.

Now there are 20 IIMs and other top-rated B schools like IIFT, SPJIMR, MDI, NITIE, IMT, IMI and all have different fee structures. Even the new IIMs have the different fee structure in a range of Rs. 12 lakhs to Rs.14 lakhs while the USPs are more or less remain the same. The fee structure of older IIMs and top B schools go up to Rs.21 lakhs.

If you can get a learning experience and Mix more or less at the B-school offering MBA/PGDM at lower fee structure, there may not be any need to pursue your MBA from an institute asking for the high fee and other expenses. MBA colleges including many top B-schools have kept their admission process flexible with the number of fee concessions available to compete and grow in the MBA education market. Once you try and understand the process, you may get pleasant surprises in your favor than you expected to arrange the funds for your MBA education. As the time draws closer for offer letters from B-schools to arrive after GD/PI results, several MBA aspirants cringe and back out while making the investment of their lifetime in B-schools because of their skyrocketing fees.

Since the fee structure with other parameters like faculty, infrastructure, programme structure, and placement could be stated as the base to choose the B school, take the decision as per the past USPs of the institute instead of paying more.

  1. HDFC Bank

HDFC Bank offers education loans with preferential interest rates for reputed universities.

Maximum loan amount - Up to Rs. 20 lakhs

Processing fees - Up to 1.5% of the loan amount

HDFC education loans can be availed before the student has secured an admission at the university. Borrowers enjoy flexible security collateral. Co-borrowers can be living in a different city than the borrower, but they can only be relatives of the borrower.

  1. State Bank of India 

SBI finances international higher education for job-oriented professional and technical graduate as well as postgraduate degree courses. Some examples of these courses are MBA, MCA, MS, diploma courses at reputed universities etc. The loan offered by SBI covers tuition fees, exam fee, lab fee, library fee, caution deposit, books and equipment cost, travel expenses etc.

Maximum loan amount - Rs. 30 lakhs

Collateral security required - For loans above Rs. 7.5 lakhs

Loan margin - 15% for SBI education loan borrowers

Interest rate - Up to 2% on the current base rate of SBI

Repayment tenure – 1 year to 15 years

SBI offers a moratorium period where the entire interest can be repaid so that when the actual loan repayment tenure starts the monthly installment can be just the principal amount.  The borrower has to submit college admission letter, completed loan application form, course costs, co-applicant details and other KYC documents to the bank.

  1. Axis Bank 

Students can seek loans for technical, professional courses, or career-oriented courses. The whole process of getting an education loan with Axis bank is hassle-free. The loan covers hostel fee, tuition fee, book cost etc.

Maximum loan amount - Rs. 20 lakhs

Minimum loan amount - Rs. 50,000

Interest rate - ranges from 16.5% to 17.5% with special rates for women

Loan margin - Not required for a loan below Rs. 4 lakhs. For loans above Rs. 4 lakhs, 15% has to be brought in by the borrower

Processing fee - None

Education loans require a parent or guardian to act as a co-applicant, with third party guarantee or collateral security, if applicable. Axis Bank might also consider LIC policy for 100% of the loan amount but it depends from case to case.

  1. Punjab National Bank 

PNB Udaan is a special education loan scheme for Indian students planning to study abroad. The loan is available for students who have got admission for graduate or post-graduate courses varying from diplomas, job-oriented professional or technical courses, CIMA/CPA courses etc. The PNB loan covers university fee, travel expense, exam fee, lab fee, library fee, book/equipment fee, and other related expenses.

Maximum loan amount - PNB sanctions loans according to the requirement of the borrower,

Loan margin - 15% for loans above Rs. 4 lakhs. For loan amount below Rs. 4 lakhs, the loan margin is not required. Assistantship and scholarships can be added to the loan margin. PNB offers the base rate as the

Interest rate - Base rate for pursuing an education at the top 200 universities across the world

Moratorium period - Up to a year with no prepayment charges levied by the bank

Processing fees - 1%

The tenure options available for PNB education loan borrowers is up to 15 years

  1. Bank of Baroda 

Under the Baroda Scholar scheme, admission secured for professional and technical courses at reputed foreign universities are sanctioned for education loan.

Maximum loan amount - Up to Rs. 20 lakhs

Loan margin requirement - 15%

Repayment tenure - Loans taken up to Rs. 7.5 lakhs can be repaid within 10 years and loans above Rs. 7.5 lakhs can be repaid within 15 years

Borrowers can get a holiday or moratorium period of six months to one year after getting employment. Security is not required for loans below the amount of Rs. 4 lakhs. Third party guarantee is required for loans between Rs. 4 lakhs and Rs. 7.5 lakhs and a tangible collateral security are required for loans above Rs. 7.5 lakhs.

  1. Canara Bank 

The Canara Bank education loan covers university fee, travel costs, exam fee, lab fee, library fee, book/equipment fee, and other related expenses. Education loan has to be taken with a co-borrower and 100% collateral security is required for loans above Rs. 7.5 lakhs.

Maximum loan amount – Up to Rs. 20 Lakhs

Loan margin - 15% for loans taken above Rs. 4 lakhs

Repayment tenure - Can be up to 10 years for loans below Rs. 7.5 lakhs and up to 15 years for loans above Rs. 7.5 lakhs.

Security - Not required for loans below Rs. 4 lakhs. Third party guarantee has to be given for loans from Rs. 4 lakhs to Rs. 7.5 lakhs.

  1. IDBI Bank 

The IDBI education loan covers university fee, travel, exam fee, lab fee, library fee, the cost of computers, book/equipment fee and other related expenses. IDBI Bank sanctions loan amount according to the requirement of the borrower, with no security on loans below Rs. 4 lakhs.

Maximum loan amount - Up to Rs. 20 lakhs

Repayment tenure - Up to 10 years for loans below Rs. 7.5 lakhs and up to 15 years for loans more than Rs. 7.5 lakhs

Third party guarantee is required for loans between Rs. 4 lakhs and Rs. 7.5 lakhs. Education loan has to be taken along with a co-borrower. 100% collateral security is required for loans more than Rs. 7.5 lakhs.

  1. Avanse Financial Services

Avanse offers various kinds of loans like pre-visa disbursement loan, fast-track loan, pre-admission loan, and certificate of availability of funds. Borrowers have to submit their KYC documents, course fee, collateral documents, income documents etc. when they avail an Avanse education loan.

Minimum loan amount - Rs. 1, 00,000 with the

Maximum loan limit - Customized according to the borrower’s requirement

loan tenure can be taken between 12 months to up to 120 months

Avanse education loan covers tuition fee, travel cost, living expense, books /equipment fee and other related expenses.

Watch your steps

Sometimes you spend more than you can afford and then struggle to pay off the loan getting compounded at a hefty interest rate. Remember, how alluring that education loan scheme might look, the repayment of it can take years of your life, to recover from. So be cautious while moving forward with your idea of taking education loan to pursue your dream MBA.

Step-1: Read and compare the schemes of different Banks

MBA education is expensive and you may need Rs.10 to Rs. 20 lakhs to pursue it.  Find out which Bank can cater to your needs. If you need Rs. 20 lakhs and the cap for education loan of the Bank is Rs.15 lakhs, it will be a difficult situation and you will have to arrange additional Rs.5 lakhs from some other sources which may put you in multiple financial burdens.

Step-2: Choose the Bank where no margin is needed

There are some Public sector and private Banks who do not ask for margin amount on MBA education loan even for an amount as high as Rs. 20 lakhs, for example, Central bank of India, Union Bank of India, Avanse Financial Services. On the other hand, there are banks who will ask for a margin in a range of 5 to 10% on the loan amount exceeding Rs.4 lakhs.  It is always better to confirm from the bank about their updated schemes since sometimes they also do not update it on their site.

Step-3: Prefer the one without processing charges

Some of the banks and financial institutions charge a one-time processing fee of Rs. 5000 or so or charges it in the form of 0.5% to 2% of loan amount. Most of the public sector banks have no such charges, especially on education loans. Still, you have to check whether it is charged by the Bank whom you are approaching and whether it can be waived. In most of the deserving cases, Banks can waive it also.

Step-4: Interest rate structure

This is most important. It is the price for the education loan that you are going to pay. New interest rate structure defines the base rate, this base rate is usually the base lending rate. A bank can fix a rate over or below this base rate which will eventually become the actual interest rate. For example, if the base rate is 10.25% pa and the bank announces its education loan interest rate as 0.25% above the base rate, it will become 10.50% (add 0.25% to base rate). Sometimes when there is mention like

Base Rate + 1.50% or 2.25% above the base rate, we are tempted to think that it means a very low interest but in fact, it is high enough.

Before applying for MBA education loan, you should check the base rate of the particular bank and then add the rate mentioned by the bank.

MBA Education is an expensive affair, and funding it is an equally challenging task as securing a seat in one of the top MBA Colleges in India. When it comes to funding your MBA education, be it in India or abroad, education loans are the most preferred and accessible option that students have. But, like any other loan offering, borrowing money always has risks associated with it. And MBA education loans are no different. There are many risks involved even in an MBA education loan, which can come to haunt you during your MBA course period or after that.

Therefore, to ensure that you pick the right education loan scheme and understand all the terms and conditions that go along with it, you can follow the simple 10 step guide given below.

What might go wrong with your MBA education loan?

An MBA education loan like any other loan is a debt that students can take up in order to fund their management education at premier B-schools like IIMs or other private MBA Colleges in India. However, because you are borrowing money from a bank or other non-banking financial institutions, you have to pay the interest on the loan amount. In case, terms of the loan agreement are not clear or not understood by you in advance, they can often become difficult to manage.

An MBA education loan has a moratorium period, interest rate, repayment terms and many other aspects that can often cause a lot of trouble to the students after the completion of the MBA course. In case the student is unable to repay the loan in time or misses out on an EMI there is a risk of other charges and penalties being added to the loan amount? This can often lead to a trap in which students often find themselves.

Therefore, to avoid such problems, later on, it is better if you opt for an MBA Education loan which can help you meet all the needs without being a liability in the future. The below given 10 step guides will help you do so, easily.

  1. Compare different Loan schemes

Today, many government and private banks along with a host of non-banking financial institutions offer education loans for MBA education. The terms and conditions on which MBA education loans are offered differ from one scheme to another. This is one to ensure a wide portfolio of education loans through which loans can be extended to different students as per their needs.

Therefore, before finalizing the bank or the lender from whom you would be taking the education loan to fund your MBA, you must gather all information about all the loan schemes available to you. Once you have information for different loan schemes, you can easily compare them and find out the one that is best suited to your needs.

  1. No margin money

The majority of lenders who offer education loan have designed their own matrix of top MBA Colleges in India and the courses they offer. Depending upon this matrix, the banks / NBFCs decide whether they can fund the entire MBA education, including tuition fee as well as other additional expenses or not.

If not, these banks would fund MBA education of a student partially and ask the borrower to arrange the margin money for the rest of the amount. However, this is not a norm and can be negotiated upon. There are many public sector banks and even some private banks that do not ask for margin amount on MBA education loan. As a borrower, you must always go for the education loan offer which doesn’t require you to arrange any margin money.

The majority of banks or lenders who deal in education loan, already have terms about margin money pre-decided and the same are available online on their website. Therefore, students seeking MBA education loan can check these and pick the best available option.

  1. No Loan Processing Fee

This one is pretty obvious. The majority of banks and NBFCs charge a nominal processing fee to process loan. And education loans for MBA courses are not an exception. The processing fee for an MBA education loan may differ from one bank to another; while some banks choose to charge in terms of percentage (in the range of 0.5% to 2%) of the loan amount many other levies a flat charge of around Rs 5000 or so. But, these charges are negotiable and can be waived off by the bank through negotiations. In fact, many public sector banks do not charge processing fee at all. And for deserving candidates, even private banks and NBFCs are known to waive off the processing fee for MBA education loans. You must always try and negotiate your way around processing fee.

  1. Evaluate Interest Rate Structure

Education loan for MBA course is a debt that you take up and you have to pay interest as a price for the borrowing. Every bank decides a base-rate on the basis of which they lend money to the borrowers. The final rate of interest for your MBA education loan is decided on the basis of the base rate. The final rate of interest can either be above or below the base rate depending upon the policy of the bank or the lender.

Generally, banks are known to declare interest rates for education loans as Base Rate + Additional Rate of Interest. For instance, if the base rate for education loans is decided at 9.25% by the bank and the bank scheme mentions interest rate to be base rate 0.25% above the base rate, the final rate of interest would be 9.50%. Before applying for MBA education loan, you should check the base rate of the particular bank and then add the rate mentioned by the bank. Many students often get confused about the base rate equation which is used to arrive at the final rate of interest and are in for a shock later on.

  1. Interest during Moratorium Period

Generally, education loans are provided with the grant of a moratorium period during which the borrower doesn’t have to pay back the loan amount. Simply speaking, a student taking up MBA education loan will not have to repay the loan during the moratorium period. But just because you do not have to repay the loan during this period doesn’t mean that the bank will not charge you interest for it.

Mostly, the moratorium period includes the MBA course duration plus the grace period granted by the bank before the repayment of the loan begins. However, at times, either due to omission or ignorance, bank officials end up entering the wrong moratorium period. Due to this, you will be charged compound interest even during the moratorium period. Therefore, you must ensure that the moratorium period is clearly entered in the system and only simple interest is charged on the loan amount during it.

To check if they are being charged compound interest rate during the moratorium period, students can log on to their internet banking account or check the loan account statement which is provided by the bank.

  1. Prefer Floating Interest Rate

Loans are extended to the borrowers by the banks at either a fixed interest rate or floating interest rate. Students should prefer opting for a floating interest rate as it can prove to be advantageous in the long run. A floating interest rate on MBA education loan means that the rate of interest rate will be revised on the basis of the changes in the base rate. This means, if the base rate is lowered, your effective rate of interest on education loan will also come down and vice versa. Therefore, students must always prefer an education loan that is offered on floating interest rate.

  1. Repayment during the Moratorium Period

In case MBA aspirants are able to start the repayment of their MBA education loan during the moratorium period, they can negotiate with the banks for easing the rate of interest. Some banks are known to reduce the rate of interest by 0.25% to even 1% for MBA students who opt to repay the loan during the moratorium period. The lowering of interest rate can substantially lower the financial burden on the students as far as loan re-payment is concerned. Therefore, students must always try to begin repayment of the loan early on, during the non-repayment period.

  1. Use Work-Experience to your advantage

Work-experience can be a big asset when it comes to getting admission to a number of top MBA Colleges in India. But, did you know that you work-experience can also get your concession on the interest rate on your education loan? Yes, you read that right; MBA students who have work experience can negotiate a reduced interest rate, generally in the range of 0.25% to 0.50%. So, make sure that you use work experience to your advantage to secure favorable terms for the education loan.

  1. Female candidates might get a better rate of interest

Top MBA colleges in India, especially the IIMs, are known to give promote gender diversity on their campuses by altering the terms of admission in the favor of female candidates. Similarly, a few of the banks or NBFCs also offer education loans for MBA courses on favorable terms to the female MBA aspirants. Female candidates who have secured admission to top MBA colleges can negotiate the rate of interest, moratorium period and other terms of the education loan with the lenders in their favor.

  1. Repayment Term

As discussed above, the repayment term for an education loan begins at the end of the moratorium period. Generally, the repayment term can range from 1 year to 9 years, depending upon the loan amount and other terms and conditions of the loan product being offered.

As a general understanding, MBA students prefer lower repayment period to end the cycle of debt soon. But, students must realize that the interest paid for education loan is exempted under income tax; and therefore, a longer repayment term might prove to be more beneficial to you. On the other hand, many banks also reward lower repayment term with a lower interest rate. So, you will have to take a judgment call on the repayment term, after determining which option will be more beneficial in the long run.

Education Loans, especially for MBA education, have become a norm for students nowadays. But, it is also equally important to understand all the aspects related to education loan before and the aforementioned 10 step guide will help you do so.

Conclusion

Although most of the financial institutions do not charge the prepayment penalty on education loans repayment. But you never know about the change in their policy. Just confirm this fact before applying. There is the number of competitors and competition among public and private sector banks is high enough. Find out if there are any hidden charges, understand their mechanism. The interest is usually charged on daily reducing balances, ask and confirm this fact from the bank. Do not allow either the Private or the Public sector banks to cheat you on any point.  Instead of following the irregularities later, it’s better to nip in the bud. All parents dream about the best possible higher education for their children. Funding the rising cost of education is becoming increasingly difficult. We provide education loan to fund up to 100% of the cost of education.

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