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How to Get A Loan for An MBA While Working

  • Highlights

  • An MBA improves professional growth but is expensive

  • You can finance an MBA by taking a personal loan

  • Check eligibility terms, documents needed before applying

  • Pick Bajaj Finserv’s personal loan to get up to Rs.25 lakh

Having an MBA degree is prestigious as it can fast-track your professional growth. Also, since it can help you increase your earning potential by enhancing your skill set, you may consider pursuing this course after working for a few years. Here, it’s important to know that an MBA is expensive, regardless of whether you choose a top-rated college within India or one overseas. When you wish to study for an MBA while you’re working, note that tuition fees alone can cost you anywhere between Rs.9 lakh and Rs.20 lakh, if not more. As this is no small ask, it is smart to consider taking a loan such as an instant personal loan, rather than depleting your savings.

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Regardless of whether you choose a loan for MBA abroad or in India, it’s important that you pick one wisely to ensure a pleasant borrowing experience. Following these steps will help you do so.

Research MBA Financing Options

When it comes to an education loan for MBA, it is crucial that you take the time to check the various offerings available to you. Many lenders have their own loan for MBA abroad and the terms for these are based on the institution you opt for. For premium institutes that require a higher education loan amount, look into personal loans from reputed financial institutions. Your goal should be to pick one that offers an ample sanction at a low interest rate, as this can save you a lot of money in the long run.

Additional Read: Finance Abroad Education

Meet Lender Specific Eligibility Criteria

Once you identify a loan that offers you a sufficient amount at a cost-effective rate of interest, start by checking the eligibility criteria set by the lender. Typically, you’re required to meet parameters related to age, employment and minimum income. To get the finance you need for a full time MBA with job quickly, pick a lender that has minimal eligibility criteria. This will simplify the process of acquiring the funds that you need as you juggle work and your academic pursuits.

Provide Proof of Work Experience

Certain lenders have a feature whereby they offer you an interest concession of 0.25% to 0.50% if you have enough work experience. So, if you have 2 to 3 years of work experience and are keen on pursuing an MBA degree, you can find out about this feature and bring down your net payment.

Choose a Tenor with Care

Before you apply for a loan, it’s important to determine a repayment window that you’ll be comfortable with. You can determine your potential income post your MBA, and then use a personal loan EMI calculator to determine EMIs by entering the loan amount and tenor of your choice. Then, based on how comfortable you are with paying the EMI that is displayed, you can lengthen or shorten the tenor.

Additional Read: Higher Education Loan Tax Benefits

Gather the Documents Required for Application

As you’re working full-time and preparing for an MBA, convenience is key when it comes to making the arrangements for your higher education. Fortunately, most personal loan lenders allow you to apply for a loan online. To ensure that there are no delays from your end, go through the list of documents you need to submit and have them ready. This will help with speedier disbursal. If you’re not comfortable applying online, you can also do so at a branch.

Follow these steps to secure an MBA loan with ease. One excellent option that you should consider is the Bajaj Finserv Higher Education Loan. It offers a sanction of up to Rs.25 lakh on simple, collateral-free terms, for a tenor of up to 60 months. What’s more, you can get instant approval in just 5 minutes, and disbursal to your account in just 24 hours post document verification, making this option perfect for when you’re planning your MBA whilst working.

Best of all, you can opt in for the Flexi Loan facility to lower the cost of borrowing. Simply borrow from the loan granted to you in parts, as and when you wish to, and pay interest only on the amount withdrawn. Make repayment convenient by paying interest as EMIs during the tenor and paying the principal at the end.

If you’re wondering how to finance your MBA in India or overseas even quicker, be sure to check your pre-approved offer from Bajaj Finserv. You can use a customised loan deal to further speed up access to the loan amount.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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