#1  
12th April 2015, 08:36 PM
Unregistered
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Can I apply for Education Loan if get scholarship to study MBA in Abroad?


Sir,
It is my dream to study my MBA in Abroad.
But the problem is I have no money.
Suppose if I get any scholarship for doing
MBA in Abroad then I can apply for Education Loan in this case?




  #2  
13th April 2015, 01:29 AM
deep_4
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Join Date: Nov 2010
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Posts: 3,190
Smile Re: Can I apply for Education Loan if get scholarship to study MBA in Abroad?

Quote:
Originally Posted by Unregistered View Post
Sir,
It is my dream to study my MBA in Abroad.
But the problem is I have no money.
Suppose if I get any scholarship for doing
MBA in Abroad then I can apply for Education Loan in this case?
As you are applying education loan, I would suggest you to go and get scholarship first, once you get the scholarship you can apply for education loan for left over amount. For an example, if your education expense for higher studies in abroad is 25 lacs then whatever amount you are getting through scholarship use them to reduce your amount.

Education loan is given for those who are looking for graduation or any job oriented professional or technical course by reputed universities. PG like MCA, MBA or MS is given; also courses like CIMA London, CPA in USA are covered by private or nationalized bank through loan. Do note, Diploma course or certificate course is not covered by banks.

For studies in abroad, 20.00 lacs maximum loan amount is fixed by RBI. If you are applying loan from private banks then no margin money required but if you are looking for any nationalized bank then yes you do have margin which would be 2% of the total expense.

For more than 7.5 lacs amount parents or guardian has to be joint borrower and tangible collateral security of suitable value is required.
Do you have any question? or have anything to say?



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