Education and Career Forum

Hello Friends,
I am planning to visit Germany for study MBA course. I am also preparing for GMAT, TOEFL and IELTS. My people said that the cost of expenses there is above Rs. 20 Lacs. So, Bank will sanction me the loan of Rs. 20 Lacs? If yes, then what will be the interest rates and how they get back their money return?

Yes, you can get an education loan of 20 lakhs to meet the expense of your higher studies , i.e, MBA course in Germany. There is no problem until you get admission in a recognized institute and comply with the terms and conditions of education loan completing all necessary formalities. The interest rate is more or less same for all banks as it is regulated by the Reserve Bank of India. Usually it fluctuates between 13-14.5 percent.
Once your study period is over, the bank will wait till you get a job or six months completing after the year of your completion. Then it will send a notice to start the repayment stating a fixed EMI which needs to be paid every month. If you get a job, you can approach bank, write an application to branch manager to start your repayment giving the details of your employer.