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MBA Education Loan Offered by Indian Banks - Latest Terms & Conditions, Comparison, MBA Interest Rates
Edited By Team Careers360 | Updated on Dec 03, 2024 02:44 PM IST | #CAT
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.
MBA Education Loans by Banks: An Overview
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.
MBA Education Loans Offered by Indian Banks
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) | |||
Eligibility for Education Loan - MBA Admission
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.
Expenses covered under Education Loan - MBA Courses
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.
CAT 2024 College Predictor
Know Your Chances for getting Calls from IIMs & other Top MBA Colleges through CAT Percentile, based on your category, academic profile, work-ex & CAT result.
Use NowFrequently Asked Questions (FAQs)
1. Which bank is best for an MBA education loan?
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.
2. Is there any student education loan in India with 0% interest?
No. One can not get an education loan for an MBA at a 0% interest rate.
3. How much time does it take to pay an MBA loan?
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.
4. What is the rate of interest for an education loan in ICICI Bank?
The education loan in ICICI Bank ranges from 9.5% per annum to 14.25%
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Questions related to CAT
Have a question related to CAT ?
Hello there,
With a 53 percentile in CAT , the chances of receiving a call from XISS (Xavier Institute of Social Service) may be limited, as their typical cutoff for CAT is generally higher than this, especially for their flagship programs like MBA or PGDM .
However, admission depends on several factors such as:
-
Academic Profile
: Your
10th (67.8%)
,
12th (82.5%)
, and
graduation SGPA (7.5)
are decent, and they can contribute positively to your application.
-
Work Experience/Extra-curriculars
: If you have any relevant work experience or strong extra-curricular achievements, it might improve your chances.
- Overall Application Strength : XISS also considers your overall profile, including your statement of purpose (SOP) and interview performance .
Though the
CAT percentile
is a key factor, you might still be considered based on your overall profile if you apply to their
PGDM programs
. It's always worth checking with the college directly for the specific eligibility criteria and cutoffs for the year you're applying.
I would recommend you to use CAT College Predictor Tool by Careers360 to get the list of possible colleges you can get with your rank.
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.
kumardurgesh1802 24 January,2025
The Common Admission Test (CAT) is a highly competitive entrance exam in India for admission to prestigious management programs like the MBA, primarily at the Indian Institutes of Management (IIMs) and other top business schools. It tests a candidate's aptitude in areas such as quantitative ability, verbal ability, logical reasoning, and data interpretation. CAT is valuable for students aspiring to build a career in business, management, or entrepreneurship, as it opens doors to world-class education, exceptional networking opportunities, and lucrative career prospects. Excelling in CAT demonstrates analytical thinking, problem-solving skills, and leadership potential, essential qualities for success in the corporate world.
Tanya Gupta 23 January,2025
Hello there,
With a 77.38 percentile in CAT and sectionals of 61/89/67 , it may be challenging to secure admission to NIT Tiruchirappalli for an MBA, as their cutoff tends to be higher. However, there are still some possibilities, and you could consider these steps:
-
NIT Tiruchirappalli (MBA): Generally, the cutoff for NIT Trichy’s MBA program is around 85-90 percentile, depending on the year and category. Your chances might be slim, but it’s always good to check with the college directly for their specific cutoff.
-
Other Colleges to Consider:
-
IMT Ghaziabad (Consider their sectional cutoffs):
Known for its management programs, IMT could be a good option with your profile.
-
XIME Bangalore:
This college has a more accessible cutoff and offers a good ROI.
-
UPES Dehradun:
If you're looking at newer or specialized MBA programs, UPES could be another option.
-
KIIT School of Management, Bhubaneswar:
They accept CAT scores and have reasonable cutoffs.
-
IIMs (if in lower percentiles in the category, check IIMs like IIM Jammu, IIM Bodh Gaya, or IIM Kashipur).
-
Symbiosis Pune (SIBM):
They have slightly more flexible cutoffs, depending on their intake.
-
IMT Ghaziabad (Consider their sectional cutoffs):
Known for its management programs, IMT could be a good option with your profile.
-
Other Entrance Exams: You could also look at other entrance exams like XAT, NMAT, or SNAP to apply to colleges like XLRI Jamshedpur, NMIMS Mumbai, or Symbiosis Institutes.
Additionally, considering your strong sectional score in DILR (89), you could focus on colleges with a more flexible approach to sectionals and percentile aggregation.
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.
kumardurgesh1802 23 January,2025
Hello there,
With a 65 percentile in CAT and belonging to the General category , getting admission to USMS (University School of Management Studies) can be challenging, as their cutoffs are generally higher, typically around 85-90 percentile or more. However, admission can depend on factors like:
-
Category-wise cutoff : Sometimes, the cutoff for the General category can be higher, but you may still apply as there might be specific reservation relaxations or fluctuations based on the number of applicants.
-
Interviews and GD : Even if you meet the minimum cutoff, interviews and group discussions are a mandatory part of the selection process. They assess your communication skills, leadership qualities, and overall fit for the program.
Recommendations:
-
Check the official cutoff
for USMS for your specific year.
-
Prepare for interviews
: It is likely that you will have to appear for the next rounds if you qualify. Preparing well for the interview is important, as it can make a difference in your selection.
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.
kumardurgesh1802 21 January,2025
Top MBA colleges based on CAT, XAT, SNAP, and NMAT scores include some of India’s best institutions. For CAT, the IIMs (Ahmedabad, Bangalore, Calcutta) and FMS Delhi are highly regarded. XAT results in prestigious colleges like XLRI Jamshedpur and XIMB. SNAP is known for Symbiosis Institutes, such as SIBM Pune and SCMHRD. NMAT scores open doors to NMIMS Mumbai, SPJIMR Mumbai, and ISB Hyderabad. Each exam has unique eligibility requirements, and their cutoffs vary, so it's important to research the specific criteria and select based on your preferences and strengths.
Ankit 17 January,2025
Popular CAT Questions
Directions for question :
M/s Deloitte Touche Tohmatsu Limited, one of the top four audit and accounting firms in the world with headquarters at London, UK, and with an operational presence in 153 countries, hires Management Trainees (MT) from all the premier management institutes of India thrice every year, in the months of January, May and September.
Each new group of Management Trainees (MT) have to go through a four month rigorous training schedule, after which they have to pass through a test consisting of a written assessment and a case-analysis. The top hundred ranked Management Trainees (MT) based on the performance in the test are confirmed as Management Executives (ME). The rest are given the opportunity of undergoing the training for four months one more time along with the next batch of Management Trainees (MT) and then passing through the subsequent test consisting of the written assessment and case-analysis. The Management Trainee (MT) who fails to get confirmed as a Management Executive (ME) the second time is fired.
The scatter-graph below depicts the number of Management Trainees (MT) at Deloitte taking the tests from January 2020 till May 2022, and the vis-à-vis hired Management Trainees (MT) at Deloitte who were fired :
It is also known that for the month of September 2019 at Deloitte, 96 hired Management Trainees (MT) failed to be confirmed as a Management Executive (ME) the first time, and that 36 hired Management Trainees (MT) were fired.
Question :
In which test did the minimum number of Management Trainees (MT) get confirmed as a Management Executive (ME) in the second attempt ?
Option: 1
September 2020
Option: 2
May 2021
Option: 3
January 2021
Option: 4
January 2022
Directions for question:
The bar-graph given below shows the foreign exchange reserves of Nepal (in million Rupees) from 2014 to 2021. Answer the following questions based on the graph :
Question:
What was the percentage increase (rounded to the nearest integer, if deemed necessary) in the foreign exchange reserves in 2020 over 2016 ?
Option: 1 None
Option: 2 None
Option: 3 None
Option: 4 None
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