Education and Career Forum

Hi,
I need to deposit Rs. 2 Lacs in 2 weeks to a B-School as an admission fee for MBA course. I already have a pre approved loan for rest of the amount from tie up banks with the school. Will I be eligible to apply for an Education Loan from some other bank or do I have to avail a Personal Loan?

You may be eligible to apply for a supplemental education loan from another bank or lender for the additional Rs. 2 Lakhs required as admission fee deposit. As long as you have already secured an education loan for the main tuition fees and can show admission in a recognized MBA program, banks may provide a small top-up education loan for admission costs. However, the conditions, rate of interest and fees would depend on the individual lender. It is worth exploring but Personal Loan may have better terms.

Taking a Personal Loan to fund the admission fee is also an option. While the loan would not have the tax benefits of an education loan, the interest rate could be slightly lower than an education loan top-up. The process would also likely be quicker. However, you would have to repay the Personal Loan amount with interest, which would add to the overall financial burden of your education.

Some other steps you could consider:

Request the college to defer the admission fee deadline by some days so you have more time to arrange the funds. Most schools work with students on genuine requests for short extensions.

Reach out to family or friends for financial support as a last resort. If possible, plan to return the amount once you receive other financial assistance.

Explore part-time job options for the next 2 weeks to generate funds through short term earnings. Every bit helps.

Check if you can pay a part of the fee now and the remaining amount in installments over the initial months of the course. Some flexibility from colleges is possible, especially for deserving candidates.

Research scholarship, assistantship or work-study programs offered by the college that could reduce out-of-pocket costs.