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!

 

 

 

 

Comments

Post a Comment

Popular posts from this blog

How to calculate your MBA education loan EMI value?

Image
  Do you want to earn an MBA degree? If yes, then study hard in your undergraduate years and clear the MBA entrance exam with flying colours. Along with that, find different ways to fund your MBA education. Many students confirm their seat at B-schools by taking an education loan for MBA studies to pay its fees because pursuing an MBA degree is an expensive affair. To help you estimate your total MBA education costs and help you estimate the EMI values to repay it, we have written this blog. Let us look at the costs you would want your education loan to cover. First, you will need money to pay your course tuition fees every year of the course. If your MBA college is not in your hometown then you will have to relocate to a hostel near your college. You will need money to travel to the city where your college is based. You will need money to sustain a good lifestyle in that city for the duration of your MBA course. If you need to relocate to a foreign city for your MBA educati...
Read more

3 features of education loans for the wards of defence forces

Image
  The defence forces of India spend tiresome sleepless nights defending the borders of our country against all kinds of external threats. They look after the safety of the Indian land, the Indian nautical borders, and the Indian airspace. And most of all, they are there to guard Indian interests—be it in the Indian mainland or away from its shores. At times, these men and women sacrifice their lives in the line of duty. The men and women in the defence forces have families and they are not able to be there with them all the time. To help make the future of the wards of these men and women bright, lenders offer education loans. These education loans are aimed at helping those wards achieve their higher education aspirations with flying colours. In this article, we will tell you the features of these overseas education loans—even known as privilege loans. Zero processing fees To keep the cost of the debt in control for those wards, some lenders offer the education loan for stu...
Read more

5 Features to look for in education loans

Image
  Education loans have helped many deserving students get the opportunity to study the course of their dreams. But you need to know what to look for in an education loan to ensure that you get the right funding. In this article, we will tell you the 5 features to look for in an education loans .   Covering all education expenses Education loans should not leave students jumbled about how to manage the finances of their education. They should cover up all the expenses of students’ education. From the students’ course tuition fee to their travel expenses, the lodging and boarding expenses, the exam fee, the library fee, the stationery and laptop expenses and so on.   So, look for an education loan that pays all your education expenses and hence, allows you to focus on your studies.   Lower interest rate The interest rate levied on the students’ education loans in India is generally between 9-14%. The interest rate directly affects the amount of ...
Read more