Know all about MBA Education Loan options- As the time draws closer for offer letters from B-schools to arrive after GD/PI rounds are conducted and the results get announced, several MBA aspirants cringe and back out while investing their lifetime in B-schools because of their skyrocketing MBA fees. Read more about how to take education loan for MBA, tenure/ repayment duration, study loan for MBA interest rate, MBA education loan eligibility, What is the maximum loan for MBA and how much loan is required for an MBA.
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For example, MBA admission in India could be anywhere between Rs. 5 to 20 Lakhs – an amount high enough to get students thinking and planning their finances. But money isn’t something that should stop anyone from getting into their dream B-school, and that’s why it’s time to turn that dream into a reality through an education loan for MBA.
Interestingly, Hari, whose father is a farmer and cannot afford a pricey MBA admission for his son, has found a solution to his distress. After getting calls from top B-schools, Hari was initially in two minds about going for MBA admission because he lacked the funds. Thanks to MBA education loans offered by banks and financial schemes of the government and other private sectors, bright students even from low-income families like Hari can achieve the desired independence and fund their education.
Today, loans for MBA admission are available with almost all major banks. Some banks even have tie-ups with some of the premier institutes. These banks offer the students a special rate of interest which is normally lower than the market rate of interest. You might feel a little apprehensive that MBA student loans are complicated monsters. But worry not. However, the candidates applying for the MBA educational loan must meet the MBA education loan eligibility criteria decided by the banks.
This article on Know All about MBA education loan in India Options by Careers360 will spell out all the basics of an MBA admission, the various MBA education loan options, top MBA loan providers and the steps to avail the study loan for MBA from various nationalised and private banks. During your ‘free time’ after you’re done with your MBA admission decision and are awaiting your offer letter anxiously, make use of this in-between time to research thoroughly about MBA education loan options.
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One can avail of a student loan for MBA admission if she/he is an Indian citizen and has documentary proof of having secured a confirmed admission to the course. It should be kept in mind that most lenders give a study loan for MBA to individuals in the 16-35 years age group.
To get a Study loan for MBA admission is a way easy if one gets admission to top management colleges like IIM (Indian Institute of Management), IIT (Indian Institute of Technology), FMS (Faculty of Management Studies) Delhi, XLRI Jamshedpur, SPJIMR Mumbai and few others. In such cases, some private banks and MBA education loan providers like Credila and Avanse might even call the students themselves.
The contact details of students are often shared by the institute with the banks and MBA student loan providers they collaborate with. This makes it easier as the bank may sometimes come to the customer’s doorstep to carry out the study loan processing formalities for MBA admission.
Candidates have to encounter various expenses during MBA admission other than just the tuition fees. An MBA education loan in India covers 100 per cent of the basic course fee. Usually, the bank may also cover other related expenses while granting a study loan for MBA, like:
One of the MBA student loan schemes provided by the State Bank of India (SBI), called the SBI Global Ed-Vantage Loan Scheme, gives loans to students ranging from Rs. 20 lakhs to Rs. 1.5 crore with a 9.5 per cent to 10 percent interest rate. Under the SBI Global Ed-vantage Scheme, one may get 90 per cent coverage for expenses such as tuition fees, admission fees etc. and the remaining 10 per cent should be borne by them. Before going to approach a bank, students should know about the education loan for MBA interest rate.
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Check out the below table to learn about the Private banks for MBA loans in India and their interest rate, and tenure. The table tells what is the maximum education loan offered for MBA in India.
Bank Name | Max. Loan Amount (in Rs.) | Education loan for MBA interest rate | Repayment/Payback Tenure |
MBA educational loan SBI | Upto 30 Lakhs for top IIMs and top-rung institutes | 9.35%-10.70% *Girls will have 0.50% concession | 7 to 12 years |
Oriental Bank of Commerce | Upto 25 Lakhs for Category A institutes, Upto 10 Lakhs for Category B institutes | 10.25% to 10.75% *Girls and SC/ST category students will have 0.50% concession | Upto 15 years |
Allahabad Bank | Upto 20 Lakhs depending on the institute | For IIMs: 8%, Others: 10% | 7 years |
Bank of Baroda | 10Lakhs, upto 20Lakhs for premier institutes | 10.5% to 11.5% *Girls will have 0.50% concession Added concession of 1.00% for students of premier schools (IIM, IIFT, XLRI etc.) | 5 years |
Canara Bank | Upto 20 Lakhs | 10.65% | 10 to 15 years |
Axis Bank | Upto 10 Lakhs | 15% *Girls will have 0.50% concession | 7 years |
Punjab National Bank | Upto 20 Lakhs | 8.15% to 8.75% | 10 to 15 years |
IDBI Bank | Upto 20 Lakhs | 9.7% | 10 to 15 years |
Avanse DHFL | Upto 10 Lakhs | 11.5% | 10 years |
UCO Bank | No ceiling | 10.60% | 10 to 15 years |
ICICI Bank | Upto 10 Lakhs | As decided by bank upon amount usage. *Girls will have 0.50% concession | 5 to 7 years |
HDFC Bank | Upto 10 Lakhs | 14.50% | 15 Years |
Union Bank | 20 Lakh | 10.25% | 15 Years |
Bank of India | Upto 30 Lakh | 9.95% to 10.45% *Girls will have 0.50% concession | 10 to 15 years |
Central Bank of India | 30 Lakh | 9% *Girls and SC/ST candidates will have 0.50% concession | 15 years |
Note: The names of the banks have been arranged in random order. The interest rate keeps changing. Candidates are suggested to check with the bank to know the exact interest rate before applying.
Tenure & Interest Rate of MBA Loan?
Repayment in EMIs within a maximum repayment period of 15 years (180 EMIs). EMI repayment starts 12 months after completion of studies or 6 months after getting a job, whichever is earlier.
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| S.No | Bank Name | Contact Person | Contact Number | Email ID |
| 1 | State Bank of India | Chief Manager, SBI Branch Burla, Sambalpur | 8763451735, 9674719922 | sbi.02034@sbi.co.in |
| 2 | Union Bank of India | Mr. Mukesh Kumar Dewangan, Ms. Nibedita Bal | 9981545454, 9861633487 | pmo.sambalpur@unionbankofindia.com, mukesh1.durg@gmail.com burla@unionbankofindia.com |
| 3 | Bank of Baroda | Mr. Gourab Haripal | 7328803810 | credit.sambalpur@bankofbaroda.co.in |
| 4 | Punjab National Bank | Mr. Pabitra Kumar Sahoo | 9692265577 | cosbpmtk@pnb.co.in |
| 5 | Central Bank of India | Mr. Suman Kumar Senapati, Soumendra Kumar Sahoo | 9778516622, 9439193473 | creditsambro@centralbank.co.in marketingsambro@centralbank.co.in |
| 6 | Canara Bank | Chief Manager, Sambalpur Branch | 7605009218, 7605009237 | cb0185@canarabank.com |
| 7 | HDFC Bank | Mr. Debabrata Mishra | 7504963538 | debabrata.mishra@hdfcbank.com |
| 8 | Axis Bank | Mr. Bikash Khatuna | 9776910230 | bikash.khatua@axisbank.com |
| 9 | ICICI Bank | Mr. Prabhat Nanda, Ramesh Sahoo | 8328934338, 7328814845 | - |
On average, the MBA admission college fee and expenses in India are Rs. 12–18 lakh. It’s easy to get a loan of Rs. 10 lakh or less in India as it gets quickly and easily sanctioned. The option that gives a maximum loan at minimum fixed interest should be preferred. Normally for a Rs. 10 lakh loan, the borrower will end up paying around Rs. 16 lakhs at a 10 per cent interest rate. This means they will pay around Rs.17,000 every month for eight years after their post-graduation.
Banks can finance up to 100 percent of the loan depending on the amount of MBA admission Education Loan and the category of the institute. For most banks, there is no margin money required for an MBA education loan up to Rs. 4 lakh. For loans above Rs 4 lakhs up to Rs 7.5 lakh, a third-party guarantee is required. A collateral is asked for a loan exceeding Rs. 7.5 lakh.
However, the State Bank of India's Scholar Loan for students of certain premier business schools (except Indian School of Business, Hyderabad), as well as the Central Bank of India's IIM scheme, does not ask for any education loan for MBA without collateral security.
Today, technology has made it very simple to apply for an education loan from anywhere in the country. If a candidate’s bank allows online loan applications, then his loan is just a click away. Here is the procedure:
Question: Can I get a Rs. 30 lakhs education loan?
Answer: Yes, if the applicants fulfil the eligibility criteria and submit a collateral security equal to the required MBA student loan will receive Rs. 30 lakhs as an MBA education loan from any of the banks in India.
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Repayment of loan for MBA Education starts one year after completion of the course or six months after securing a job, whichever is earlier. This relaxation period is termed as a moratorium. The repayment period is generally between five and seven years but can be extended beyond that as well, depending on the bank’s terms and conditions.
Benefits under the Income-tax Act - The borrowers of the education loan get an income tax benefit under Section 80(E) of the Income Tax Act of India.
Central Sector Interest Subsidy Scheme, 2009 on Model Education Loan Scheme (MELS) of IBA
Under this Scheme, an Interest Subsidy is given to support students from Economically Weaker Sections (EWS) whose annual parental income is up to Rs. 4.5 Lakhs from all sources. This subsidy is given during the moratorium period i.e., Course period plus one year on MBA Education loan taken from the Scheduled Banks under the Model Education Loan Scheme. This subsidy is allowed only once. The Nodal Bank is Canara Bank, Bengaluru. Some banks including the State Bank of Hyderabad and the Union Bank of India offer special rates of interest for girl students availing MBA educational loans.
Vidya Lakshmi Portal is an education Loan Portal handled by NSDL e-Governance Infrastructure Limited, Mumbai. Under this, any student can have access to education Loans. The Portal is linked with Scheduled Banks. Vidya Lakshmi Portal is a gateway to the Banks through which the student can proceed further with the education loan application and track it right from the inception stage of loan application to the sanction of the loan.
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Yes, eligible candidates will get a loan of up to 100 per cent as an education loan for mba.
Yes, most banks offer loan approval before your confirmed admission. This helps you show proof of funding for your admission.
EMI typically starts one year after completion of the course or six months after securing a job, whichever is earlier.
Usually, for loans up to Rs. 7.5 lakh, you may not need to give collateral or security, but for loans above that, you will have to. A collateral need not only be a residential property. Lenders accept fixed deposits, insurance policies, National Savings Certificate and even Kisan Vikas Patra as collateral.
Here’s a list of banks offering concessions on MBA Loans for female students across the country.
The Government of India wants to ensure that nobody is denied professional education because he or she is poor. Indian Banks' Association (IBA) has formulated a comprehensive model educational loan scheme for adoption by all Banks.
Hello student,
The MBA management quota fees in India vary widely, depending on the college and its category (private or government).
Generally, private institutions have higher fees than government colleges.
You can read the article above to understand more about management quota admissions
Thank you!!
If you scored 54 marks in the Karnataka PGCET MBA exam, your expected rank will be around 800 to 1200. This is based on the marks vs rank trend seen in previous years.
Some sources say that if your marks are between 50 and 70, your rank can be between 2500 to 7500. But for the MBA stream, 54 marks usually give you a rank between 800 and 1200. This can change a little depending on the number of students, difficulty of the exam, and category.
Hello,
Doing an MBA certification while working in a private job can be helpful for many reasons:
Better career growth – It can help you get promotions or leadership roles.
Higher salary – Many companies offer better pay to MBA-certified employees.
Skill improvement – You learn about management, finance, marketing, etc.
More job options – It opens doors to better jobs in other companies too.
Networking – You meet professionals from different fields, which can help in future.
So, even if you are working, an MBA certification can give you a big career boost.
Hope it helps !
SB Patil Institute of Management, Pune is a decent choice if you missed DY Patil or Neville Wadia. Fees are around 2.5 lakhs for MBA. Placements are improving, with average packages around 4.5–5 LPA and top offers up to 12 LPA. Hostel with food costs about 1.5 L per year. It’s a good backup option with decent ROI and facilities.
Doing an MBA from Indraprastha University (IPU) can be a good option if you're looking for affordable education, government affiliation, and decent faculty. However, placements vary by college under IPU — top colleges like USMS or BFS offer better opportunities than others. Evaluate based on ROI, specialization, and your career goals before deciding.
A career as Marketing Director is also known as a marketing expert who is responsible for the overall marketing aspect of the company. He or she oversees plans and develops the company's budget. The marketing Director collaborates with the business team to plan and develop the marketing and branding strategies for the company's products or services.
A Business Development Executive identifies and pursues new business opportunities to drive company growth. They generate leads, build client relationships, develop sales strategies, and analyse market trends. Collaborating with internal teams, they aim to meet sales targets. With experience, they can advance to managerial roles, playing a key role in expanding the company’s market presence and revenue.
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A Sales Manager leads a sales team to meet targets, formulates strategies, analyses performance, and monitors market trends. They typically hold a degree in management or related fields, with an MBA offering added value. The role often demands over 40 hours a week. Strong leadership, planning, and analytical skills are essential for success in this career.
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.
An SEO Analyst is a web professional who is proficient in the implementation of SEO strategies to target more keywords to improve the reach of the content on search engines. He or she provides support to acquire the goals and success of the client’s campaigns.
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.
Individuals who opt for a career as a business analyst look at how a company operates. He or she conducts research and analyses data to improve his or her knowledge about the company. This is required so that an individual can suggest the company strategies for improving their operations and processes.
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.
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