Education and Career Forum

Hello
I am preparing for CAT entrance exam
for doing MBA course this year
I want to get education loan for doing MBA
so please tell me that i have to apply for education loan
or the college help me to for taking education loan?

Originally Posted by Unregistered

Hello
I am preparing for CAT entrance exam
for doing MBA course this year
I want to get education loan for doing MBA
so please tell me that i have to apply for education loan
or the college help me to for taking education loan?

It is good that you are preparing for CAT Entrance examination, if you have cracked this examination with good percentile, then you will get admission in top business schools i.e. IIMs & other top B-Schools. When you finally get admission in top business schools or the B-Schools approved by UGC / AICTE / Government Institutions, then definitely you are eligible for getting a bank loan for your further studies.

The university has also played an important role for sanctioning of the loan. Every bank his own criteria for offering loan. Banks offer education loans only for the students, who will get admission in approved colleges. But if you get admission in top business schools, then you will get education loan very easy.

Banks will offer education loan upto 10 lakhs if you were studying in Indian colleges, Bank Loans for under Rs. 4 Lakhs do not require security deposits, but if you sanction more than 4 lakhs then you have to submit third party guarantee to the bank i.e. signature from parent/uncle/aunt/relative etc.

To get an education loan from the bank, you must have submitted all the necessary documents mentioned below,

1. Proof of admission to the course
2. Mark sheet of last qualifying examination
3. Schedule of expenses for the course
4. Statement of Bank account for the last six months of borrower
5. Income tax assessment order not more than 2 years old (yours or parents)
6. Brief statement of assets and liabilities of borrower.
7. If you are not an existing bank customer you would also need to establish your identity and give proof of residence.
8. Proof of age
9. Prospectus of the course wherein charges like Admission Fee, Examination Fee, Hostel Charges etc. are mentioned.
10. Details of Assets & Liabilities of parents/co-obligants/guarantors.

I suggest you, please visit the bank personally to get complete details regarding the process of getting an education loan and its requirements. Better to contact your nearest bank branch.