4 tips to get an affordable educational loan for MBA studies

 

4 tips to get an affordable educational loan for MBA studies

 

MBA has long been the course of choice of students who wanted to study business and how it works. Today, millions of students have done their MBA courses with flying colours thanks to education loans. An educational loan enables a student to pay his course’s tuition fee and cover other expenses related to their education as well. Although these benefits help students, many end up making unbalanced education loan deals. Hence, we have come up with some tips to get the best educational loan deal for your MBA studies.




1.    Ask for 100% financing

Your education loan should cover your course tuition fees. Apart from that, it should also cover the costs you incur while traveling to the city where your university is based, and living in that city for the duration of your course. The education loan should help you to pay your books and stationery expenses, the course exam fees, the library fees, and so on. The education loan should not shy away from paying your university’s campus development fees and other university-related expenses. So, ask your lender if they will cover all these expenses in your education loan principal amount.

2.    Know the processing charges the lender charges on the educational loan

Before selecting a lender for your study loan, know the processing charges each lender puts on your education loan. This is important as knowing the charges put on your education loan will help you in selecting the cost-efficient lender for yourself. Select a lender that levies the least number of charges and in that, a lesser amount within each charge. The charges levied on an educational loan ranges from pre-processing charges to service tax, statement of account, and so on.

3.    Know the importance of work experience in getting a better deal on a study loan

Lenders offer you a better deal on education loans if you have a few years of experience working as a professional. This knowledge is as important as other tips mentioned. So, get a few years of work experience, and then apply for a seat at an MBA educational institute. A work experience of 2 to 3 years will get you a concession in education loan interest rate by 0.5% to 0.25%. If you are a female with such an experience, you may get a further concession of 0.5%.

4.    Pay interest during the course period

Repay the interest charged on your education loan either partially or fully. Paying the interest on time will help you keep the total amount payable at the end of the moratorium period in check. Doing this will save a significant amount of money when you start repaying the education loan. You can get a part-time job as an assistant to a university professor to pay the interest charged on your education loan.




So, these are 4 tips to get an affordable educational loan for MBA studies. Please consult a financial advisor to plan the finances of your MBA education.  All the best!

 

 

 

 

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