When it comes to studying abroad, Indian students often choose degrees like Master of Science or Engineering. However, there is no degree more popular among Indians than the MBA. It is no surprise, given the strong business acumen of Indian students. But we can’t deny the fact that many come from middle-income families, making it seem difficult to pursue their dreams of studying abroad. Right?

That’s not the case! Thanks to overseas education loans for MBA programs, Indian students can now chase their dreams more easily. So, what kinds of loans are available, and how much does it cost to pursue an MBA in different countries? This article answers all those questions.

Cost of Pursuing MBA

Here is a table showing the popular countries that land on the bucket list of Indians for pursuing an MBA,

Country	Cost Range (Per Year)
United States of America	$50,000 – $120,000
United Kingdom	£30,000 – £60,000
Canada	CA$ 30,000 – CA$ 70,000
Australia	AU$ 40,000 – AU$ 85,000
Germany	€20,000 – €40,000

These are the approximate costs for pursuing an MBA in some of the most sought-after countries by Indian students. But let us face it, studying abroad isn’t cheap. Tuition fees, living expenses, and other costs can add up quickly.

Types of Education Loans

Here is a breakdown of the types of loans you can apply for:

1. Secured Loans:

These loans require you to pledge collateral, like property or fixed deposits. They usually have lower interest rates and higher loan amounts. Some of the popular financial Institutions for secured loans are given below:

Bank	Loan	Interest Rate	Moratorium Period	Loan Amount	Repayment Period
State Bank of India	SBI Scholar Loan	8.65% – 10.90%	Course period + 1 year	Up to ₹ 1.5 Crores	Up to 15 years
Punjab National Bank	PNB Udaan	8.50% – 10.00%	Course period + 1 year	Up to ₹ 1 crore	Up to 15 years
Bank of Baroda	Baroda Scholar	8.75% – 10.75%	Course period + 1 year	Up to ₹ 1.2 Crores	Up to 15 years

2. Unsecured Loans:

These are the education loans for abroad studies without collateral, but the interest rates are higher. They are a good option if you don’t have assets to pledge.

Bank	Loan	Interest Rate	Moratorium Period	Loan Amount	Repayment Period
HDFC Bank	Credila Education Loan	11.75% – 13.00%	Course period + 1 year	Up to ₹ 40 Lakhs	Up to 10 years
Axis Bank	Axis Bank Education Loan	13.70% – 15.20%	Course period + 1 year	Up to ₹ 40 Lakhs	Up to 10 years
Avanse Financial Services	Avanse Study Loan	12.75% – 14.50%	Course period + 1 year	Up to ₹ 50 Lakhs	Up to 10 years

 

3. Government Loans:

Some government schemes offer loans at subsidized interest These are worth exploring for eligible students.

Bank	Loan	Interest Rate	Moratorium Period	Loan Amount	Repayment Period
Central Sector Interest Subsidy Scheme (CSIS)	CSIS Loan	Subsidized	Course period + 6 Months	Need-based	As Per Scheme
Dr. Ambedkar Central Sector Scheme	Dr. Ambedkar Loan	Subsidized	Course period + 6 Months	Need-based	As Per Scheme
Padho Pardesh Scheme	Padho Pardesh Loan	Subsidized	Course period + 6 Months	Need-based	As Per Scheme

These tables provide clear information on the various education loan options available for Indian students planning to pursue an MBA abroad.

Managing the Costs

While the figures might seem daunting, education loans make it possible for many students to manage these costs. It is crucial to plan carefully, considering both the expenses and potential returns. Here are a few tips to make the process smoother:

• Research Scholarships: Many affordable universities offer scholarships to international students. Applying for these can significantly reduce your financial burden.
• Budget Wisely: Plan your budget to include all expenses, from tuition to living costs. Sticking to a budget can help you avoid unnecessary debt.
• Seek Advice: Talk to financial advisors or alumni who have studied abroad. They can provide valuable insights and tips on managing finances.

In conclusion, while studying for an MBA abroad might seem challenging, the availability of education loans has made it more accessible for Indian students. With careful planning and the right financial support, your dream of earning an MBA from a top international school is within reach. So, why wait? Start exploring your options today and take the first step towards an exciting and rewarding career.

Consider consulting a financial advisor to understand the best education loan interest rates and repayment plans. They can provide personalized advice to match your financial situation. Additionally, always read the fine print of any loan agreement and compare multiple loan offers to ensure you are getting the best deal possible.