For Indians: Need help financing MBA

Question

Dear All,

I am looking to apply to one year tech MBA programs like NYU stern and Cornell Tech MBA. The cost of attendance + living comes out to be around 180-200k USD.

I am not sure how should I finance the MBA if I get into these programs.

Indian banks ask for a collateral (property, real estate etc.) of same amount in order to give out education loans.

I checked with likes of prodigy finance. But they gave me only 80-90k USD as eligibility.

The problem is I come from a really poor family and do not have any collateral for education loans. And even after Prodigy sponsors say for example 100k USD, I do not have any means to pay remaining 80-100k.

Should I only target lower ranked programs where I can get >50% scholarship?

Any help/clarity on this from anyone is really appreciated.

Posted from my mobile device

bb · Answer

That's a good question. There are a few options you can have (I would recommend to apply to a range of schools including those who you think you can get a scholarship at). You can also find a cheaper program. I was pretty surprised to see the difference in some: https://gmatclub.com/forum/the-most-exp ... 58058.html (these are 2 year programs) though if Prodigy only underwrites 80-90K, then that's nothing. They must be considering it an MiM which tend to cost less....

I would perhaps consider other programs that are cheaper in general as well scholarship options. Also, some programs have in-house financing where the school will be you co-signer. https://gmatclub.com/forum/no-cosigner- ... 15201.html (though check this since Wharton no longer offers loans

) Here is a better way to start perhaps: https://gmatclub.com/forum/the-internat ... 40669.html

Another option is perhaps using MPOWER Financing though they only offer $35K as their max amount (but it can be combined with Prodigy)

To summarize, you have 4 options:
1. Less expensive program (like not in NYC)

2. Scholarship, covering at least 50%
3. School-assisted financing options
4. MPOWER for an extra $35K

BB

) Here is a better way to start perhaps: https://gmatclub.com/forum/the-internat ... 40669.html Another option is perhaps using MPOWER Financing though they only offer $35K as their max amount (but it can be combined with Prodigy) To summarize, you have 4 options: 1. Less expensive program (like not in NYC)

2. Scholarship, covering at least 50% 3. School-assisted financing options 4. MPOWER for an extra $35K BB

GyanDhan_Finance · Answer

Hello  paU1i

We know that planning to study MBA in the  USA  can be expensive. As per the quoted cost to study, the best lender would be public sector banks as they will be able to match the funds that you would need. But in case you do not have collateral there are some non-collateral options as well. They may not be able to match the funds that you need but can be useful. We are here to help you understand how to get a  study loan without needing to provide any collateral . You can explore options from private banks, NBFCs in India, or even international lenders. Let's break it down for you.

Private banks, NBFCs, and international lenders can help you secure an education loan for studying MBA abroad. Private banks and NBFCs may require a co-applicant with a minimum income and no liabilities, while international lenders offer loans without a co-applicant. International lenders provide loans in USD, which can save on foreign exchange charges, but their interest rates are typically higher.
    Lender    Maximum Loan Amount    Rate of Interest   
   Axis Bank   Up to 50 Lakhs INR  11% - 13.50%  
   ICICI Bank   Up to 50 Lakhs INR  10.85% - 12.50%     IDFC FIRST Bank   Up to 50 Lakhs INR  11.50% - 13.25%  
   HDFC Credila   Up to 65 Lakhs INR  11.25% - 13%  
   Auxilo   Up to 65 Lakhs INR  11.25% - 13%  
   Incred   Up to 60 Lakhs INR  12.25% - 14%  
   Avanse   Up to 75 Lakhs INR  12.50% - 13.50%  
   MPOWER Financing   Up to 100,000 USD  12.99%  
 
There are several scholarships that you can also apply in order to fund the remaining portion of your cost to study in the USA. You can find the list of scholarships  here .

Securing an education loan for studying MBA abroad can be a smooth process if done correctly and with the right institution. Instead of managing the process independently with multiple lenders, GyanDhan offers a simplified solution for obtaining an education loan. All you have to do is  check your eligibility  through GyanDhan and complete your education loan process with ease.

For Indians: Need help financing MBA

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Lender	Maximum Loan Amount	Rate of Interest
Axis Bank	Up to 50 Lakhs INR	11% - 13.50%
ICICI Bank	Up to 50 Lakhs INR	10.85% - 12.50%
IDFC FIRST Bank	Up to 50 Lakhs INR	11.50% - 13.25%
HDFC Credila	Up to 65 Lakhs INR	11.25% - 13%
Auxilo	Up to 65 Lakhs INR	11.25% - 13%
Incred	Up to 60 Lakhs INR	12.25% - 14%
Avanse	Up to 75 Lakhs INR	12.50% - 13.50%
MPOWER Financing	Up to 100,000 USD	12.99%