MBA Abroad Loan Checklist: Eligibility, Documents & Application Process Explained

Pursuing an MBA abroad is a suitable choice for students who are planning to have a business career or seek leadership roles. However, an MBA comes with many expenses, which are a little hard to bear without any financial help.

An education loan serves as the solution to finance your studies abroad. This brief guide contains all the essential information required to secure an MBA abroad education loan for your study abroad journey.

Table of Contents:

1. What are the Benefits of Taking an Education Loan for an MBA Abroad?
2. Who is Eligible for an Education Loan for an MBA Abroad?
3. What Documents are Required for an Education Loan for MBA Abroad?
4. How to Apply for an Education Loan for an MBA Abroad?
5. What are the Common Mistakes to Avoid While Taking an Education Loan for an MBA Abroad?
6. Frequently Asked Questions

What are the Benefits of Taking an Education Loan for an MBA Abroad?

Taking a student loan for your Master’s abroad involves several benefits, some of the top benefits are:

Who is Eligible for an Education Loan for an MBA Abroad?

For any successful loan application, you need to fulfill the eligibility criteria. Every bank/lender has different education loan criteria for abroad studies. To qualify for an education loan for an MBA abroad, you need to meet these requirements:

What Documents are Required for an Education Loan for an MBA Abroad?

To apply for an education loan for an MBA abroad, banks require several set of documents, such as identity proof, proof of funds, address proof, and more. Here’s a list of documents needed for an education loan for an MBA abroad:

How to Apply for an Education Loan for an MBA Abroad?

The MBA education loan application process involves several steps, they are:

Step 1: Research and choose a lender that suits your needs and goals

Step 2: Fulfill the required eligibility criteria and gather all the necessary documents needed by the lender

Step 3: Complete the form online or by visiting the nearest branch of the bank

Step 4: The lender will evaluate your form and documents

Step 5: After assessing, the lender will disburse the loan amount (to you or your university’s bank account as discussed)

Step 6: Repay the loan amount as agreed, including interest rate and principal amount

What are the Common Mistakes to Avoid While Taking an Education Loan for an MBA Abroad?

While taking out an education loan for an MBA abroad, students make several common mistakes that can be easily avoided. Here are some of the common mistakes that students make and how to avoid them:

Frequently Asked Questions

How much is the overseas education loan interest rate?

Overseas education loan interest rates vary in India, depending on the country, program, and university. It generally ranges from 9% to 13% per annum.

What are the education loan criteria for abroad studies?

To apply for an education loan abroad, you must be an Indian national. You should have secured admission to a foreign university and must fulfill all the lender’s eligibility requirements.

Do Indian banks provide education loans for abroad?

Yes, several Indian banks and lenders provide education loans for abroad. However, the eligibility criteria, documentation, interest rates, and loan amount may vary.

Which bank is best for an education loan for abroad?

Banks that provide the best education loans for abroad studies feature affordable interest rates, flexible repayment options while covering multiple education costs. HDFC, SBI, ICICI, Axis, and BOB are some of the best banks for an education loan for abroad.

Can I get a student loan for a Master’s degree abroad?

Yes, you can get a student loan for your master’s degree abroad. Several banks, financial institutions, lenders, and NBFCs offer education loans for overseas studies.