How are folks financing MBA

Question

Loans and personal saving (very little). However, loans are only disbursed when you start school and if you have a loan for living expenses, I have no idea how that will work in the current environment....

I can tell you that there is never enough money. Too many recruiting trips and events that eat it up. At the same time, I am not sure when travel will resume. So not something to yet worry about.

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himadeepm · Answer

I'm currently weighing options to either apply for loan at prodigy finance or mpower finance.
They offer collateral free loans (including living expenses).
Please visit the links below to find out more
https://www.mpowerfinancing.com/
https://prodigyfinance.com/

Good luck ! Pls do like it if you find it useful

bb · Answer

I don’t think MPower is currently offering loans. I think it’s only prodigy.

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nik29672 · Answer

Hey!
Is it good for me to go for an MBA from US if because of financial conditions, I can't expect financial assistance from my family, goimg directly after my undergrad and expecting to pay all expenses through loans and scholarships, please tell.

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nik29672 · Answer

Hey!
Is it good for me to go for an MBA from US if because of financial conditions, I can't expect financial assistance from my family, goimg directly after my undergrad and expecting to pay all expenses through loans and scholarships, please tell.

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Gylmitul · Answer

Hi, can anyone guide me on the typical payback periods for student loans (prodigy) for top bschools in Canada?

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Jokovich · Answer

This is a wonderful article, given so much info in it, These type of articles keeps the users interest in the website, and keep on sharing more ... good luck  192.168.1.1

GyanDhan_Finance · Answer

Hello,

Secured loans  typically involve providing collateral, allowing borrowers to secure higher loan amounts compared to unsecured loans. Additionally, choosing a secured loan may eliminate the need for a co-applicant.

If you are exploring education loan options for studying abroad, two notable public sector banks to consider are the State Bank of India (SBI) and the Union Bank of India (UBI). In the following sections, we present a comparative analysis of these two banks concerning education loans for pursuing studies abroad.

State Bank of India (SBI) 
SBI offers a maximum loan amount of up to 1.5 Crore INR. For interest rates, SBI charges 10.65% for female applicants and 11.50% for male applicants. The margin money requirement stands at 10%.

Union Bank of India (UBI) 
UBI also extends a maximum loan amount of up to 1.5 Crore INR. The interest rates at UBI range from 10.5% to 10.85%. The margin money requirement is 10% for students enrolled in listed universities and 15% for those in non-listed universities.

If you don't possess collateral, there's no need to worry, as numerous private banks,  NBFCs  (Non-Banking Financial Companies), and international lenders can assist you when applying for an education loan to study abroad. While  private banks  and NBFCs may require a co-applicant or co-signer with a minimum financial income and no liabilities, international lenders offer loans without the need for a co-applicant or co-signer.

Each lender offering education loans to study abroad has its own set of advantages and disadvantages. To aid you in selecting a suitable lender, we have prepared a comparative chart encompassing all potential lenders that offer unsecured education loans. These unsecured loans are available for Bachelor's,  MBA , and Master's programs.

Axis Bank  offers a maximum loan amount of up to 50 Lakhs INR with a competitive rate of interest ranging from 11% to 13.50%. Additionally, a margin money requirement of 5% is applicable. Similarly,  ICICI Bank  provides a maximum loan amount of up to 50 Lakhs INR, featuring an interest rate between 10.85% and 12.50%. The margin money requirement varies from 0% to 15%. For those considering  IDFC FIRST Bank , the maximum loan amount is up to 35 Lakhs INR, with an interest rate ranging from 11.75% to 13.25%. Notably, IDFC FIRST Bank does not impose any margin money requirement.

HDFC Credila  extends a maximum loan amount of up to 40 Lakhs INR, with an interest rate in the range of 12% to 13%. Similar to IDFC FIRST Bank, HDFC Credila does not require any margin money. Moving on to  Auxilo , the maximum loan amount offered is up to 40 Lakhs INR, accompanied by an interest rate ranging from 12.50% to 13.50%. No margin money is specified by Auxilo.  Incred , like Auxilo, provides a maximum loan amount of up to 40 Lakhs INR, with an interest rate between 12.50% and 13.50%. No margin money is mandated for Incred.  Avanse  offers a maximum loan amount of up to 40 Lakhs INR, featuring an interest rate ranging from 12.50% to 13.50%. Similar to Auxilo and Incred, Avanse does not require any margin money.

For those considering  Prodigy Finance , the maximum loan amount is up to 100,000 USD, with an interest rate in the range of 12% to 14%. Prodigy Finance does not have a specified margin money requirement. If you want to fund your education loan abroad, you can  check your eligibility  through GyanDhan and leave all the hassle to us.

How are folks financing MBA

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