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In the changing job market scenario, the MBA is becoming much more important than ever. An MBA is seen as a degree that would not only provide a good career but also increase salary manifold. MBA prepares students to fit into the corporate world. The student is also opting for MBA courses because of the economically beneficial prospects of an MBA, even if this is a costlier course than most other courses. The rise in the demand for MBA courses, despite the cost of the courses, led the banks to offer education loans to students. Read this article to learn about the comparison between Education loans offered by the different private and government banks, terms and conditions as well as interest rates.
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In the dynamic scenario of corporates, the importance of having an MBA degree is increasing day by day. MBA is seen as a degree that would not only fetch a good career but at the same time would increase the salary manifold. Furthermore, an MBA provides the opportunity to pursue courses from any background if one has a three-year bachelor's degree courses. Applicants can opt for an MBA education in different B-Schools by appearing for different examinations like CAT, GMAT, XAT, etc. Therefore, students who are choosing their career path after their Bachelors can pursue an MBA for better career opportunities. MBA prepares students in the domain of finance, marketing, management, international business, human resources, operation, and global supply chain management, to fit into the corporate world. The candidates, both freshers and working professionals are opting for an MBA, despite its high cost, either to shift the domain and industry or to get a better salary package. In both cases, economic profitability takes center stage. The recent news of students of ISB, Hyderabad, getting a whooping 229% increase in the pre to post-salary after an MBA highlights the importance of an MBA. Apart from the higher chances of employability, this idea of economic gain in the longer run has led students and applicants to look for student loans to pursue an MBA. Due to the high demand from the students, the government and the privately run banks provide education loans to the students. The interest rates can be varied from 8 to 12 percent, depending on the banks and conditions. Students who have taken loans are liable to repay the loans after the completion of their courses or the commencement of their jobs.
Here is the list of some of the Government and Private Banks that provide MBA education loans. At the same time compare the loans offered by government-run Indians Banks as well as their terms and conditions, and interest rates.
Banks | Loan | Interest Rates | Terms and Conditions | Repayment | Rate Type | |
State Bank of India | Upto INR 7.5 Lakhs | 08. 15% | Should be Indian Nationals Secured admission to Professional/ | To be paid in EMIs over a maximum repayment of 15 years in 18 EMIs. EMI starts 12 months after the completion of the course or 6 months after getting the employment, whichever is earlier. | Floating | |
Above INR 7.5 Lakhs | 08.15% | |||||
Punjab National Bank | PNB Saraswati |
| Resident of India Admission to the regular full-time Degree and Diploma courses of the Premier Institutions that are listed Programs at prestigious institutions like IIMs IITs IISc, XLRI | Maximum up to 15 years Repayment starts, one year after the completion of the course | Floating | |
Upto INR 7.5 Lakhs | ||||||
Above INR 7.5 Lakhs | ||||||
PNB Udaan | 9.25% to 12.75% P.A. | Resident of India
| Maximum up to 15 years Repayment starts, one year after the completion of the course | |||
Upto INR 7.5 Lakhs | ||||||
Above INR 7.5 Lakhs | ||||||
PNB Pratibha | 8.20% to 11.90 % P.A. | Admission to regular full-time Degree or Diploma courses or PG Degree or Diploma Courses of Premier Institutes that are listed. Eligible for part-time Post Graduate Programs in Management for Executives at IIMs, part-time Certificate Courses at ISB Hyderabad & Mohali campus, Post Graduate Program at IIM, Three-year part-time weekend Post Graduate Diploma Program at XLRI, and Post Graduate Diploma in Management (B & FS) at NIBM Pune. | Maximum up to 15 years Repayment starts, one year after the completion of the course | |||
Upto INR 7.5 Lakhs | ||||||
Above INR 7.5 Lakhs | ||||||
Bank of Baroda | Baroda Gyan | Floating Upto 7.5 Lakhs 11.15% | Graduation courses: BA, B.Com, B.Sc.,/Post-Graduation courses: Masters & PhD./ Professional courses like engineering, medical, agriculture, veterinary, law, dental, management, architecture, computer, etc. The student is of Indian National. | The loan is repayable in a maximum of 10-15 years after the moratorium period and with a maximum of 120 installments. In case of a loan of more than 7.5 Lakhs, the maximum number of installments is 180. | Fixed and Floating | |
Fixed Upto 7.5 Lakhs (Fixed)- 11.40% | ||||||
Baroda Scholar | Floating - range from 9.70%- 1170 % depending on the institutions Fixed- Ranging from 11.40- 13. 70% | Graduation courses: BA, B.Com, B.Sc.,/Post-Graduation courses: Masters & PhD./ Professional courses like engineering, medical, agriculture, veterinary, law, dental, management, architecture, computer, etc. Certificate courses in the premier institute. The student is of Indian National. Applicants of study abborad. | The loan is repayable in a maximum of 10-15 years after the moratorium period and with a maximum of 120 installments. In case of a loan of more than 7.5 Lakhs, the maximum number of installments is 180. The moratorium period - Course period + 1 year. | |||
Axis Bank | 4- 7.5 Lakhs | 14.7% P.A | Citizen of India Have admission to an MBA/PGDBM College Co-applicant should be able to produce income-proof Cibil Score should be healthy above 700 | 7-8 years (One has the option to start the loan repayment after a moratorium period of 6 months to 1 year) | Floating Loan | |
Above INR 7.5 Lakhs | 13.7% P.A | |||||
Union Bank | IIM Ahmedabad (Upto INR 35 Lakh) | 8.10 % P.A+ 0.10% | A bachelor’s degree in any of the disciplines. Minimum completed age of 25 years A valid GMAT / GRE score. Minimum 4 years of full-time work experience after completion of graduation. | The maximum repayment period is 15 years (after completion of the course) or up to 60 years of age of the borrower, whichever is earlier. ( Repayment stars from the next month after the completion of the course) | Floating | |
IIM Kozhikode (Upto 14 Lakh) | 8.10% + P.A + 0.75% | Working Executives | The maximum repayment period is 15 years (after completion of the course) or up to 60 years of age of the borrower, whichever is earlier. ( Repayment stars from the next month after the completion of the course) | |||
IIM Jammu | 8.10% + P.A + 0.75% | Working Executives | The maximum repayment period is 15 years (after completion of the course) or up to 60 years of age of the borrower, whichever is earlier. ( Repayment stars from the next month after the completion of the course) | |||
IIM Indore | 8.10 % P.A+ 0.10% | Bachelor’s Degree or its equivalent Completed at least 5 years of full-time managerial/ professional experience | The maximum repayment period is 15 years (after completion of the course) or up to 60 years of age of the borrower, whichever is earlier. ( Repayment stars from the next month after the completion of the course) | |||
IIM Lucknow ( Upto 26 Lakh) | 8.10 % P.A+ 0.10% | Bachelor’s Degree or its equivalent Completed at least 5 years of full-time managerial/ professional experience | The maximum repayment period is 15 years (after completion of the course) or up to 60 years of age of the borrower, whichever is earlier. ( Repayment stars from the next month after the completion of the course) |
Different Banks provide education loans for MBA courses in reputed institutions like IIMs. Apart from the different credentials and terms and conditions that different banks have, there are also some common eligibility criteria for MBA education loans. Here is a list of the eligibility criteria:
You must be Indian Nationals.
You must have been taken admission in the institution, that the banks prefer.
Most of the banks provide study loans for MBAs to individuals up to 35 years of age.
Bachelor’s Degree or its equivalent
The percentage of marks obtained at the bachelor's degree should be a minimum of 50 or equivalent CGPA
Some of the Banks require a minimum work experience of a minimum of 5 years.
Here is a list of expenses that are covered under the education loans provided by most of the banks in the education loans for MBA.
Hostel Fees or the Accommodation Fees.
Tuition Fees along with Caution deposits, building funds, and refundable deposits among other expenses.
Examination, Library, and Laboratory Fees including the expenses for the books and study materials.
Travel expenses.
Purchase of Laptops and other electronic gadgets or equipment that are required to complete the course.
Any other expenses required to complete the course- like study tours project work, thesis, etc.
Even the cost of a two-wheeler is covered as part of an MBA education by some of the leading banks.
Several banks provide education loans for the MBA course which has its benefits. Students need to think and decide which student loan is best for them depending on the interest rates, repayment period, etc.
No. One can not get an education loan for an MBA at a 0% interest rate.
The time for the repayment of loans taken for an MBA could vary between 8 to 15 years depending on the terms and conditions of the type of loan and banks. It also depends on the amount of the loan as well.
The education loan in ICICI Bank ranges from 9.5% per annum to 14.25%
The student cannot join the postgraduate MA program directly in the second year of the MA after completing the MBA.
Universities generally expect students to begin the first year of a masters' program even though they had qualifications at the level of a bachelor's degree. The university's curriculum along with the courses are planned to give an in-depth knowledge of the subjects.
But you could opt for:
Postgraduate Studies:
Research Career: In case research interests you, then you can pursue a Ph.D. in your specific interest.
Specialized Master's Programs: Find any specific master's course that supports the career goal.
Professional Certifications:
Make a professional certification in CFA, CA, or FRM to enhance the professional skills and better opportunities in the career field.
Job Entry via MBA
After gaining an MBA from a renowned institution, it's possible to get entry into the corporate world where the diversity in the career field is assured.
In the end, it would depend on what you would like and what you are particularly interested in. It will be better if you take a suggestion from your academic advisor or career counselor.
Hello Pratik,
If your family income exceeds 8 LPA, it will affect your eligibility for the NC-OBC category under the CAT reservation rules. The NC-OBC category requires that the family income should be below 8 LPA to qualify. If you anticipate that your income will exceed this threshold, you should update your status and notify the CAT authorities .
Here's what you can do:
Email the CAT authorities
: Inform them about the potential change in your income status and request to be considered under the
General
category, if applicable. You should do this before the examination or any further processing, as your eligibility for the OBC category depends on the income criteria.
Documents and Proof
: Make sure you have a valid
OBC certificate
and any relevant documentation regarding your family income, in case they require verification. Also, be aware that if your income exceeds 8 LPA, you might need to apply under the
General
category, as the OBC-NC reservation is no longer applicable.
General Category Consideration : If your application is accepted as General, you will be evaluated based on the General category criteria, including cutoffs and ranking.
To summarize, notifying the CAT authorities is the correct approach to avoid discrepancies later, and if your income is above the threshold, you will be treated as a General candidate for the admissions process.
For more details about CAT exam you can check out an article by Careers360 whose link is given below:
Link: https://bschool.careers360.com/exams/cat
I hope this answer helps you. If you have more queries then feel free to share your questions with us we will be happy to assist you.
Thank you and wishing you all the best for your bright future.
Hi Shreya ,
Having a tattoo on your wrist should not create a problem during the CAT exam as long as it does not contain any content that violates exam rules , such as communication-related symbols , unauthorised messages or any text resembling formulas or answers .
For a safe side , it is recommended :
1. Inform the Invigilators : Let them know about your tattoo during the identification check , so there are no misunderstandings .
2. Follow the Guidelines : Ensure you follow all instructions regarding permissible items and dress code on the exam day .
Hope this helps you .
ALL THE BEST .
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Hello,
Yes, you can also join IIMs two years after graduation, depending upon the justification in interviews and your performance in entrance exams. If you are not sure about CAT, try those other management exams less hard:
Common Management Admission Test: Easier than CAT; 4-5 months of continuous preparation will suffice.
MAT : Much easier and takes place thrice a year.
SNAP (Symbiosis National Aptitude Test): A bit easier than CAT, apt for Symbiosis Institutes.
Xavier Aptitude Test or XAT : Hence, easier than CAT but the unique decision-making section.
Use exams like CMAT and MAT as a challenge to be competitively prepared. This can be given about 4-5 months, along with a few rounds of mock tests and smart studying.
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Content Marketing Specialists are also known as Content Specialists. They are responsible for crafting content, editing and developing it to meet the requirements of digital marketing campaigns. To ensure that the material created is consistent with the overall aims of a digital marketing campaign, content marketing specialists work closely with SEO and digital marketing professionals.
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In a business analyst job role a lot of analysis is done, things are learned from past mistakes and the successful strategies are enhanced further. A business analyst goes through real-world data in order to provide the most feasible solutions to an organisation. Students can pursue Business Analytics to become Business Analysts.
A marketing manager is a person who oversees a company or product marketing. He or she can be in charge of multiple programmes or goods or can be in charge of one product. He or she is enthusiastic, organised, and very diligent in meeting financial constraints. He or she works with other team members to produce advertising campaigns and decides if a new product or service is marketable.
A Marketing manager plans and executes marketing initiatives to create demand for goods and services and increase consumer awareness of them. A marketing manager prevents unauthorised statements and informs the public that the business is doing everything to investigate and fix the line of products. Students can pursue an MBA in Marketing Management courses to become marketing managers.
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Digital marketing is growing, diverse, and is covering a wide variety of career paths. Each job function aids in the development of effective digital marketing strategies and techniques. The aims and objectives of the individuals who opt for a career as a digital marketing executive are similar to those of a marketing professional: to build brand awareness, promote company services or products, and increase conversions. Individuals who opt for a career as Digital Marketing Executives, unlike traditional marketing companies, communicate effectively through suitable technology platforms.
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