4 tips to get a better deal on an education loan for MBA studies

 

Do you want an MBA degree to grace your CV?

 

If yes, then you have to ensure two things: first, study hard to score well in competitive exams, and second, find a resource to cover the cost of your MBA education. Studying hard to score well in exams is in your hands. All you have to do is focus on studying the contents of the syllabus of an MBA competitive exam. But securing a resource to fund your MBA studies is not that easy. Students have to go through a lot of trouble to get a good deal on their education loans. Shortly, you will learn 4 tips to get the best kind of education loan for your MBA education.



 

1.   Ask lenders to cover 100% of the cost of your higher education

Some lenders cover 100% of the cost of a student’s higher education while others don’t. You should look for lenders that offer to cover all the cost of your MBA education. Such education loans will not only pay the tuition fees of your study program but also overhead costs like exam fees, library fees, cost of books, stationery and a laptop. Apart from that, it will also pay the money you need to sustain a good lifestyle in a city away from your hometown if you need to relocate there for your study program.

 

2.   Compare different education loan schemes of lenders

When you have confidence in your abilities, you can cross any obstacle including the need to score well in competitive exams. Once you score well in those exams and prove your merit, lenders may even offer you education loans with subsidies. Lenders offer education loans with lower interest rates to students who get a seat at some of the prestigious universities. They offer education loans for MBA with regular interest rates to students who get a seat at regular MBA colleges.

If you have scored really well in competitive exams and bagged a seat at a reputed MBA college then look for lenders that offer special schemes of education loans like loans with lower interest rate.

 

3.   Check the total processing charges

Every lender charges its borrowers some amount of money for processing their education loan applications. Those charges are levied in the name of pre-processing, post processing, service, statement of accounts and other charges. You should look for a lender that levies the least number of charges on the loans they offer.

 

4.   Ask for shorter repayment tenure

The repayment tenure of an education loan for study in India can extend up to 15 years only. It also decides your loan’s EMI value and the money you will pay as interest on your loan in the long run. The shorter the repayment tenure, the faster the loan will be repaid and the more money you will save while repaying your loan. You should look for a lender that gives you shorter repayment tenure.

 

Now, you know what you need to get the best deal on your education loan for MBA studies. Have a nice day!




For more details - Things to keep in mind before taking MBA student loans

 

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