Education Loan for MBA Abroad: Eligibility, Requirements
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MBA is one of the most demanding courses in the world. Many Indian students drop their dream of pursuing an MBA abroad due to a lack of funds to finance their studies. Such students don't know that banks and NBFCs offer education loans for MBA abroad. All you need to do is fulfil the student loan eligibility and apply with all required documents.
To pay the tuition fee in top MBA universities in the world, students can apply for scholarships also, but not all students will be able to obtain one. Therefore, applying for an education loan to study MBA is your next best choice for financing your dream.
Collateral for a Student Loan for an International MBA
Simply put, a non-collateral loan is one where you are not required to put up any security in exchange for a loan. If you didn't know, the term "collateral for education loans" refers to any security you present to the bank in exchange for a loan in order to lower the likelihood that it won't be repaid. FDs, bank deposits, bonds, real estate (apart from agricultural land), gold, life insurance plans, shares, etc. are all acceptable forms of collateral for college loans.
You are eligible for a loan up to 4,00,000 INR without putting up any security. Your parents will be made joint borrowers with a third party guarantor for loans up to 7,50,000 INR, therefore there is no requirement for collateral. Higher than 750,000 INR student loans demand collateral. You may be aware that in India, students are eligible for loans up to 1,50,00,000 INR. Collateral loans from public loans have interest rates ranging from 7.6 to 9% to 10.5% for private banks.
Eligibility Criteria for Education Loan to Study Abroad
Qualifying requirements for applying for student loans:
- You must be an Indian citizen.
- At the time of application, you must be at least 18 years old.
- You must have received at least a 60% on your final exam of graduation.
- You must have an admission offer from a foreign university at the time of application.
Documents Required for MBA Education Loan Abroad
To apply for an education loan to pursue MBA abroad, you must provide the following documentation to the banks.
Here is the list of documents required for education loan:
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- Completed loan application
- Academic history through the most recent degree
- Letter of acceptance
- Aadhar card and PAN card
- Voter ID
- Passport
- Evidence of residency
- Last six months' worth of bank statements
- Return statement for IT
Indian banks for MBA abroad education loans
- HDFC Bank - The most you may borrow is 20,00,000 INR.15 years is the maximum tenure following the moratorium period. The interest rate begins at 9.55% per year.
- Oriental Bank of Commerce - For Category A institutions, the maximum is 25,00,000 INR, while for Category B colleges, the maximum loan is 10,00,000 INR. A maximum of 15 years is allowed. Starting interest rates are 7.30%.
- Punjab National Bank - Based on ability and necessity for payback, the maximum loan amount is decided. A maximum of 15 years is allowed. Interest rates begin at RLR+BSP+2.00% and higher.
- State Bank of India - A maximum loan of 1,50,000 INR is permitted. A maximum of 15 years is allowed. The interest rate is 8.65% per year.
- Bank of Baroda - The maximum loan amount is 80,000,000 INR. A maximum of 15 years is allowed. Interest rates begin at 9.85% per year.
- Axis Bank - There is a 20,00,000 INR highest borrowing amount. A maximum of 15 years is allowed. Interest rates begin at 13.70% per year.
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NBFCs for MBA abroad education loans
- Credila - This is offered by HDFC Bank and was the first platform to offer student loans for higher education. Need-based loans are available for as little as 1,000,000 Indian rupees. Credila will approve your loan application even if you haven't received an admissions offer. The loan has a variable interest rate. Within ten years, it may be paid off. No loan margin exists.
- Avanse - Loans beyond one lakh Indian rupees are provided based on necessity. The full cost of the course may be covered by the loan. Ten years are required for repayment. The base rate and credit profile are used to calculate the interest rate.
- InCred - Unsecured loans up to 40,000 INR and secured loans up to 1,000,000 INR are both offered by InCred. The time frame for repayment is 10–15 years. Interest rates start at 12% and are determined by a number of variables, such as the collateral, credit history, course, and others.
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How to Apply for a Student Loan to Study Abroad?
Both offline and online applications for an education loan in India can be made for international studies. Finding the best fit for your needs and financial situation generally begins with extensive study. By providing your contact information, such as your name, phone number, and email address, on the bank's official website, you can register or apply for a student loan to study abroad. The bank representatives will contact you to further discuss this.
You may also apply for an education loan for study abroad through a bank visit in person. After speaking with bank representatives, you can visit the local bank branch and submit the application. You will, however, also need to provide some supporting documentation with your application.
Expenses Paid by Education Loan for International Study
Various banks may have different rules. The costs listed below are, however, typically covered by study abroad loans.
- The cost of entrance, tuition, and assessment
- Books, office supplies, and tools (computers, etc.)
- Airfare to travel overseas to take the course
- Cost of boarding or lodging
- Insurance premium, if the student chooses it
- Other expenses, such as study abroad trips and research expenses
Many aspirants' hopes of studying abroad have come true thanks to student loans. With a simple education loan, it is now feasible to receive a top education at colleges throughout the world. Students now have the opportunity to pay for MBA courses abroad thanks to international student loans.
You can apply for education loans to study abroad with the help of expert guidance from the Shiksha team.
Q: Is university of West of Scotland good for international students?
Q: What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: How to prepare for UK 10th board exam 2025?
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
Q: Does the University of Essex require IELTS?
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Q: How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: Why indian students choose to study at Hult International Business School - UK?
Indian students choose to study at Hult International Business School in the UK for several reasons, including its highly ranked programs, global outlook, and career support. Hult offers a range of full-time master’s degrees, immersive bachelor's programs, and MBA options that prepare students to excel in the global job market. The school is the largest and top-ranked global business school, providing students with an incomparable universal outlook. Additionally, Hult's focus on experiential learning, extensive career support, and the opportunity to study at multiple campuses around the world are attractive to Indian students seeking a global business education. Furthermore, the school's emphasis on innovation and meeting the needs of students and employers may also contribute to its appeal to Indian students
Q: Is getting part time jobs easy while studying at Hult International Business School - UK?
Q: How good is Coventry University (UK)?
Coventry University is one of the renowned universities popular for its rankings, academic structure, facilities, research opportunities, and location. The university offers over 130 UG and 100 PG programs across four faculties. Coventry University also ranked no. 1 for student-staff ratio in midlands as per 'The Complete University Guide 2025' and rated gold for student experience as per the Teaching Excellence Framework (TEF 2023).
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.