Get Education Loan for Studying MBA in Abroad

06 Jun 2022

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Higher education helps extra edge to boost your career. It offers you an opportunity to explore your chosen field in great depth and helps you mould yourself into a knowledgeable professional. One of the most popular postgraduate degrees that students opt for these days is an MBA (Master of Business Administration).

Now, pursuing an MBA from a reputed university can cost a fortune. In this case, an education loan can help with the necessary funding so that you realise your dream of completing higher studies without worrying about the costs. An education loan offers you the flexibility of repaying the cost of your studies once you have finished your degree and secured a job. Most importantly, it frees your parents from bearing the cost of your higher education.

We at Bank of Baroda know how important your dreams are for you. And to help you realise them, we offer financial assistance in the form of affordable loans. We have curated a range of educational loan products that you can choose from to pursue higher studies. Now, you can touch the skies without worrying about the costs

What are the benefits of taking an education loan for an MBA?

Taking an education loan to pursue your MBA has many benefits. Let’s look at some of them -

• Lower interest rate –

The education loan for MBA interest rate is generally lower than the interest rate on a personal loan. Also, the interest rate is 0.5% lower for female student applicants.

• Easy repayment –

You can now apply for an education loan with a maximum tenure of up to 15 years. That gives you plenty of time to repay your debt. Moreover, Bank of Baroda offers an extensive mortarium period for the course duration plus an additional 12 months so that you can get a job, save up, and then comfortably begin repayment.

• High loan amount –

Bank of Baroda lets you avail a loan amount of up to Rs 80 lakhs to fund your higher education. Apart from tuition fees, expenses like accommodation, travelling costs, and other study-related costs are also covered.

• Improves your credit score –

As an education loan is a long-term loan and repaying it helps to improve your credit score significantly. Making timely EMI repayments for your education loan can help build an excellent credit score for you.

• Tax benefits–

Applying for a student loan for MBA abroad has tax benefits too. You can claim a tax deduction for the interest paid towards the loan under Section 80E of Income Tax Act.

What are the eligibility criteria for an education loan for MBA?

To help more students realise their dream of pursuing higher education, Bank of Baroda has simple eligibility criteria. From the minimum age requirement to the academic qualifications, here is a quick look at the MBA student loan eligibility criteria:

  • The applicant must be an Indian resident.
  • NRI/PIO/OCI will also be eligible after fulfilling certain criteria
  • The applicant must be a meritorious student
  • The applicant must hold confirmed admission to a recognised university in India or abroad.

What are the expenses covered by a higher education loan?

Apart from your tuition fee, there are several other costs involved in pursuing an MBA. For instance, you need to figure out how to pay for your accommodation if your university is far from home. These expenses can be quite heavy on your pocket, especially when you already have a considerable sum of tuition fee to pay for. Opting for a student loan is an excellent way of financing your higher education due to the comprehensive coverage offered.

The Bank of Baroda higher education loan comes in handy here. It allows you to pursue your education without having to compromise because of costs.

Here is an overview of the expenses covered by our higher education loan:

• Tuition fees –

The tuition fee amount generally constitutes the largest part of your budget for higher studies. Your tuition fee may vary depending on the course, Institutes and the country you have opted for. Bank of Baroda offers education loans for all leading courses around the world.

• Living expenses –

Living expenses tend to rise when you move out of your hometown for higher education. Taking care of accommodation, buying monthly groceries, and paying utility bills can burn a hole in your pocket. To help you afford these costs, Bank of Baroda education loans offer coverage for house rental and/or hostel fees.

• Study-related expenses –

Your course may also include projects and competitive tests. To ensure that you focus on your studies without compromise, our education loans offer to cover library costs, purchase of laptop, stationery, and other costs associated with your degree.

• Travel expenses –

Flight ticket prices and extra luggage costs have increased drastically over the years. These prices tend further go up during the peak season of student intake; thus, making it challenging for students to afford such high amounts. To help you out of this fix, the Bank of Baroda offers to cover travel expenses as well.

What is the procedure to apply for an education loan with Bank of Baroda?

Here is the step-by-step procedure to apply for an education loan with Bank of Baroda:

  • Visit the Bank of Baroda website
  • Select the ‘Education Loan’ option under the ‘Loan’ tab on your home screen.
  • Once the ‘Education Loan’ tab opens click on the ‘Apply Now’ option.
  • On doing so you will be redirected to the Vidya Lakshmi website portal.
  • You will now be required to fill in a few details to register with Bank of Baroda.
  • On filling all the required details correctly click on the ‘submit’ button.
  • The Bank of Baroda representative will shortly get in touch with you to assist you in moving forward with your loan process.

What are the documents required for an education loan?

Here are the documents that you need to keep ready when applying for an education loan.

  • A copy of the duly signed education loan form
  • Two passport size photographs
  • KYC Documents – PAN card/ Aadhaar card/ Voter ID
  • Letter of admission from the institute
  • A copy of course fees schedule
  • Income proof documents of the co – applicant (as applicable)
  • Bank statements of the previous 6 months (as applicable)
  • Collateral documents (if applicable)
  • Academic documents:
  • Marksheet – 10th, 12th, and degree examination
  • Entrance exam mark sheet - GRE/GMAT/IELTS/TOFEL (as applicable)
  • Scholarship documents (If applicable)

Note: In case you are a working professional applying for a full time MBA with a job you might be required to provide additional documents as proof of your work experience.

Conclusion

Pursuing an MBA requires you to devote a lot of time and effort in order to complete your degree successfully. Bank of Baroda offers simple and easy education loans so that you can focus your energy solely on your studies without having to worry about anything else. Get in touch with us today to know more.

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