Education and Career Forum

Hi Sir,
I am B.E.(IT) graduate with 82% marks in Bhopal. Currently I am working with an MNC. I need an Education Loan for my MBA. But I don't have any co-borrower or co-applicant. Please tell me can I get an Education Loan?

It depends on the salary you get from the MNC. If you have a good income every month then you can get educational loan but you have to continue the job while studying to repay the loan later.
Executive MBA is a better option for professionals if you have more than 5 years of experience. Normally, a heavy loan amount will require co-borrower or co-applicant for security purpose to recover loan later.

Yes, you can get education loan without co-borrower/co-applicant in order to study MBA since you are an employee and have stable income source. However, you cannot leave the job and then opt for loan for MBA course. You need to continue your job as it will act as guarantor for the loan while pursuing the MBA course. If you leave your job to pursue MBA course and want to opt for education loan to meet its expense, then you will require assets to prove your financial worth which can become the substitute of your co-borrower. Otherwise the bank will not sanction loan without co-borrower. If the loan amount is very high (like more than 4.5 lakhs) then co-borrower is mandatory.