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2 mins Read | 1 Month Ago

Education Loan for MBA: Eligibility, Interest Rate & How to Apply

Education Loan for MBA

 

The process of qualifying for and earning an MBA is a transformative journey. This degree can help students secure a financially stable future. Planning to advance their knowledge, abilities and professional prospects, students usually search for financial aid as a bridge to help fund their educational dreams. This is where ICICI Bank Education Loan can help you secure your future. ICICI Bank provides Education Loans for MBA courses allowing you to pursue your dreams without being stressed about your finances.

Features and Benefits: Education Loan for MBA from ICICI Bank

  • Collateral-Free Financing: Students seeking admission to elite institutions have an opportunity to avail loans without collateral. In the case of ICICI Bank Education Loan, students are eligible to avail collateral-free loans up to Rs 1 crore which eases their overall financial burden
  • Generous Loan Limits: Offering substantial financial support, students are eligible to take loans up to Rs 2 crore if they are planning for international studies and Rs 1 crore for domestic studies, which opens the way for them to receive quality education
  • Tailored Products for Professionals: Government employees, CXOs and professionals with minimum 2 years of work experience can benefit from specialised loan products designed to suit their unique financial needs
  • International Focus: Specialised loan offerings cater to students aspiring to study in Canada, UK and Germany, facilitating their educational pursuits abroad with tailored financial solutions
  • Zero Margin Requirement: The loan program features no margin requirement for students planning to study in premium institutions. This means the loan will cover all the educational expenses, freeing students from any kind of burden
  • Digital Convenience: A fast and digital process means students do not need to visit the Branch. This digital way of applying for a loan has made everything easy and convenient
  • Pre-Admission Sanction: One beneficial option for students to take out this loan is a pre-admission sanction, which gives them clarity about their loan and helps them decide about their finances and educational aspirations without delays.

Eligibility Criteria: Education Loan for MBA

  • Nationality: Applicants must be Indian nationals. The Education Loan program is an option only if you have Indian citizenship and need financial assistance for higher studies
  • Admission Confirmation: To qualify for the Education Loan, applicants must show documents verifying that they have been enrolled in the esteemed university or institution or are invited to study their diploma or degree courses
  • Educational Qualification: Applicants should have a degree and marksheets of 10th grade, 12th grade and graduation to avail Education Loan for MBA studies.

Documents Required: Education Loan for MBA

  • Duly filled online iLENS application form
  • Two passport-sized photographs
  • Copy of 12th standard marksheet or latest education certificate
  • Admission letter with cost of education (if available)
  • PAN Card of the student and Parent/Guardian.

Residence proof

  • Passport
  • Driving License issued by the Regional Transport Authority
  • Voter's Identity Card approved or issued by the Election Commission of India
  • Job card issued by NREGA signed by State Government Officer
  • Letter from National Population Register containing details of name and address
  • Proof of possession of complete Aadhaar Number/Aadhaar Card
  • Age and Identity proof (Aadhaar Card, Voter ID, Passport, Driving Licence).

Income proof

  • Most recent salary slips and Form 16 of the parent/guardian/co-borrower
  • Bank statement for the past 3 months for other Bank customer (Not required for ICICI Bank customer)
  • Updated Income Tax Return (ITR) with income computation for 2 years for parent/co-borrower/guardian.

How to Apply: Education Loan for MBA

Visit ICICI Bank Branch:

Visit any ICICI Bank Branch for the offline process of your Education Loan application. Firstly, you must fill out a form with all the necessary details requested. The bank staff will guide you with further steps.

Apply Online:

ICICI Bank offers loans for national and international institutions, usually covering undergraduate and postgraduate courses. To proceed with your application, you must visit the ICICI Bank website and check the loan section. Then, proceed with the application, fill in the details and start your loan process.

VidyaLakshmi Portal:

You also have the option to apply for an Education Loan by applying through VidyaLakshmi portal. To apply, you first need to visit the official link, which will lead you to the website of VidyaLakshmi portal and start your application process.

Pre-approved Education Loan:

If you are an existing ICICI Bank customer, you can secure a pre-approved loan. This effortless process makes an exception and provides you with the details to check your eligibility and get an instant sanction without any kind of hassle. Contact ICICI Bank and get details about your loan, including eligibility.

Why Should You Take an Education Loan for an MBA

Securing or applying for an Education Loan can be an efficient and strategic decision, especially for your financial management, for several reasons. Firstly, an MBA is a significant investment in one's future, providing various career enhancement opportunities, along with higher salaries and increased job prospects. However, it is important to plan accordingly as the expense can be substantial.

An Education Loan provides a feasible means to cover several expenses that come with studying at a renowned university without any stress. With an Education Loan, students can focus fully on their education without worrying about financial conditions. Education Loans often come with favourable terms, such as low-interest rates and flexible repayment options, with a grace period after you complete your graduation or post-graduate, making them a viable financing option.

FAQs

1. Is there an option for a Student Loan for an MBA?

Yes, with ICICI Bank, you can take out a Student Loan for your MBA degree. There are also Education Loans specifically tailored for MBA programs for students who want to study abroad.

2. How much loan can we get for an MBA?

The maximum loan amount for an MBA from ICICI Bank is Rs 2 crore for international studies and Rs 1 crore for domestic studies.

3. How does an MBA Education Loan work?

Education Loans for MBA from ICICI Bank provide collateral-free financing, strategically customised products for professionals, pre-admission sanction options and digital convenience in the application process.

4. Is it a good idea to take out a loan for an MBA?

A loan for an MBA course is considered a good option, as it opens ways for your bright future and comes with benefits and flexibility, shaping your future.

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