Education Loan for doing MBA

I want to get admission in MBA so for that I can get the details of education loan for doing MBA so can you please help me in giving the details?

As you want to get the details of education loan for doing MBA so here is the information of the same for you:

POINTS TO REMEMBER BEFORE APPLYING FOR A LOAN:
The tenure:
Longer tenure of repayment means the larger is the interest

The Loan Costs:
Never forget the fee charged for disbursing a loan to you. Some banks have a higher fees than others. You need to take care of this important component of loan disbursements.

The Prepayment Dilemma:
Many public sector banks do not charge you a penalty for prepayment of loans whereas many private banks ask for a penalty payment.

The Fixed Interest Rate
Get familiar with the interest rates of the education loan. If they fluctuate the choice is yours. There are quite a few fixed interest rate loans and if you are worried about variable interest rates then the best option is to go for a fixed interest rate to avoid surprises.

Monthly or Annual Repayments?
You need to check out the repayment burden on yourself and see if an annual payment suits you. If not then go for the monthly plan.

DOCUMENTATION REQUIRED:
Mark sheet of last qualifying examination for school and graduate studies in India
Proof of admission to the course
Schedule of expenses for the course
Statement of Bank account for the last six months of borrower
Income tax assessment order not more than 2 years old
Brief statement of assets and liabilities of borrower
Identity and give proof of residence.
Copies of letter confirming scholarship, etc.
Copies of foreign exchange permit, if applicable.

__________________
Answered By StudyChaCha Member

Hii buddy , I want to apply for Education Loan from State Bank of India , Will you please provide me from where I can get Application form ??

Here I am providing Information about same . As you want to get Education Loan from State Bank of India :

State Bank of India (SBI) Education Loan Scheme :

Eligible Courses :

A. Studies in india:

Education Loan Schemes :

A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses


B. Studies abroad:

Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities



Expenses considered for loan :

Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)

Travel Expenses/Passage money for studies abroad
Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan :

For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 30 lacs

Interest Rates
SBI Student Loan Scheme (w.e.f. 16.11.2012)

Rate of Interest :

Loan Amount

For loans upto Rs.4 lacs
3.50% above Base Rate, currently 13.20% p.a.

Above Rs.4 lacs and upto Rs.7.50 lacs
3.75% above Base Rate, currently 13.45% p.a.

Above Rs.7.50 lacs
1.75% above Base Rate, currently 11.45% p.a.


Processing Fees :
No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Place of Study Loan Amount Repayment Period in Years
Studies in India Rs. 10.0 lacs 5-7

Studies Abroad Rs. 30.0 lacs 5-7

__________________
Answered By StudyChaCha Member