4 Tips for MBA aspirants to get the best education loan

 Do you have an idea that has the potential to solve one problem that humans face but do not know how to market that idea?

If yes then you need to learn marketing and business administration skills to put a start-up in place and begin selling your idea. You can learn these skills at a B-school. But education at such schools is an expensive affair. Most students finance their MBA education using education loans. Some students visit foreign lands for their MBA education. If you want to know your prospects of securing finances for your MBA education abroad then search ‘education loan abroad’ on Google. To finance your MBA education, learn the tips we share through this blog.

 



 

1.  Estimate your MBA education costs beforehand

Learn the total cost of financing MBA education at your choice of B-school by visiting their website and reading their prospectus.

Estimate the cost of appearing for MBA entrance exams, and paying for prep classes.

If you need to relocate to a city away from your hometown for your MBA education then estimate the costs to travel to that city, and to sustain a decent lifestyle in that city for the duration of your MBA course. Also, estimate the library fees, books and stationery expenses, and the cost of buying a laptop.

When you calculate the costs of MBA education to the last rupee, you will be in a better position to negotiate a healthy education loan deal for your MBA degree.

 

2.  Compare lenders’ schemes of education loan for MBA students

Education loan lenders have different schemes of education loans for MBA aspirants. Students who get a seat at prestigious B-schools either in India or abroad often get a better education loan deal from these lenders. In that, they get more education loan amount and lower interest rates, and other benefits.

Students who get a seat at regular B-schools also get good education loan deals.

Compare such education loan schemes of different lenders thoroughly before shortlisting the best lenders to finance your MBA education.

 



3.  Ask for low processing charges

Good lenders make the education loan journey easier for students. They levy lower charges on education loans. This makes taking an education loan affordable for students, and they pay less from their pocket while squaring off their loans.

Ask the shortlisted lenders about their processing and any hidden charges and then select the one that levies lesser charges on your loan.

 

4.  Opt for a shorter repayment tenure

Students start repaying their education loans after completing their MBA studies. They have to pay a small, fixed amount of money every month to gradually clear off their loan.

The rule of thumb: the higher the EMI amount, the shorter the repayment tenure. And the shorter the repayment tenure, the lesser the interest you pay over time. So, ask the lender to set higher EMI values. This will shorten the repayment tenure and save your hard-earned money from going to the lender as interest.

 

So, these are the 4 tips for MBA aspirants to get the best education loan deal. Have a nice day!

Comments

Post a Comment

Popular posts from this blog

MBA specializations that you can do in India with the help of study loans

Image
  For the last 15-20 years, the number of students who are opting for an MBA after their graduation has increased rapidly. Reasons behind this sudden increase include demand for candidates with a specialization, lack of job opportunities for basic degree holders, and to increase one’s market value. This has caused students from all the streams to go for an MBA that would give some weightage to their profile. However, unlike earlier times when only a plain MBA degree used to be offered, there are different specializations in MBA that are being offered by B-schools to their students based on their field and requirement. We have listed below a few types of MBA specializations that you could apply for with the help of study loans : 1.       MBA in Digital Marketing One of the most sought after specializations, an MBA in digital marketing is offered by all of the B-schools in India. Digital marketing has made it easier for brands to connect with potential customers using the internet.
Read more

Here’s all that you need to know about the parental involvement in CBSE schools in Gurgaon

Image
  Gurgaon is known to have the best ranked CBSE schools in the country, with experienced faculty members who are also known to provide quality learning methods that result in upgrading the education level.     The one aspect that makes all the CBSE schools in Gurgaon unique is their constant efforts of encouraging parental involvement. Wondering what is parental involvement in schools? Don’t worry, this article will provide you with all the information regarding parental involvement. Read on to find out how.                                                                                                            What is parental involvement all about in school? It means that parents wholeheartedly contribute to the education process of their child. Parents contribute by volunteering in classrooms and helping with organizing functions. Schools that give utmost importance to parental involvement believe that it leaves a positive impact on the academic and overall achievement le
Read more

4 questions to ask yourself before taking an education loan for studying abroad

Image
  Education loans have helped millions of middle-class students to pursue their higher studies in prestigious universities around the world. It is a boon for the ones who can study further in their fields but do not have funds to pay their higher education expenses. In recent times, education loans for studying abroad have become more accessible, which have resulted in students actively applying for such loans. In this article, we will tell you about 4 questions that you should ask yourself before getting an education loan for studying abroad , and thus, be a responsible borrower.       Do I satisfy the eligibility criteria, and do I have documents to prove it? This is the first question you should tackle. If you don’t stand eligible for an education loan for studying abroad, the other questions turn invalid. So, know the education loan eligibility criteria of the lenders. See if you fulfil those eligibility criteria. And gather proofs or documents that prove your eli
Read more