Do you have any plans to apply for your MBA education loans soon? If so, we are sure you are facing the same dilemma we all went through while applying for them. MBA education loans from abroad? What's that? What are the eligibility criteria? What documents do you need to submit with your application? These are the questions we think about when thinking about further studies.

Taking an education loan for MBA abroad is a sound idea, but you have to make sure that you are not making any big mistakes along the way.

Eligibility Criteria to get MBA abroad Loan

Education loans are loans that help students finance the study of their choice. Student loans are provided to students by the government or private educational institutions. The education loan eligibility criteria and the documents required depend on the type of education program you are going for.

Here's the basic education loan eligibility.

1.The applicant and the corresponding guarantor should be an Indian national 

2. The age of the candidate must range between 18 to 35 years

3. Applicants or the co-applicants must have the capability to afford collateral in some cases so they need to have a good income source.

4. Students must have confirmed admission to a recognized institution abroad

5. Candidates must be good in studies and have a great academic background.

Significant Documents to secure Education Loan for MBA abroad

If you are planning to pursue an MBA abroad and are willing to apply for an education loan, you need to fill up the online application form and submit it. You will have to provide the details about the course and the duration of the course.

 If you are wondering what document you will be going to upload. Below is a list of all the documents that you or your co-applicant need to upload.

For Education Loan Applicants

1.Personal identity proof (like PAN or Aadhar Card)

2. Marksheet of 10th and 12th as an educational record

3. Proof of residence address

4. Graduation degree/ provisional mark sheet/semester-wise mark sheets (if applicable)

5. Admission confirmation letter from the institution in which you are willing to pursue your MBA program

6. Provide the previous 1 year's bank statements or salary certificate

7. At least two passport-size photos of the applicant.

For Co-Applicants/ Guardians

1.Personal identity proof

2. Proof of residence address

3. Passport size photo

4. Previous year's bank statements

If you are wondering, how to apply Student loan for an MBA abroad. Here it is:

 Applying for an education loan to pursue an MBA abroad can be a tricky matter because of the requirements that need to be fulfilled such as your bank account statement, passport and other documents. Below is the entire process of how you can apply for a loan for MBA abroad.

1.Check out whether your desired course is perceived by the banks or not.

2. Sort out how much advance sum you require and the amount you will orchestrate all alone.

3. Compare the education loans from various sources and pick the one that suits best your requirements.

4. Now fill up carefully and submit the student loan application form and talk to your bank.

5. Once your application is approved, you will be receiving a loan document.

6. Now, you just need to sign it and the bank will pay off the fees in portion or as demanded by the Institution

Is it worth applying for an MBA abroad loan?

The answer to this relies upon a ton of elements. Like Do you have enough funds? What are your backup plans or substitutes (if not this)? What do you intend to do after the MBA? For answering all these questions, let's dive a little deeper into this section.

 1. Do you have enough funds?

Now if you have enough funds or if you can arrange the fund by taking education loans then just go for it. Regardless of whether you expand 10 to 15 lacs pursuing a master's degree from a decent institution. You are gonna recover from your job.

 2. What is your backup plan?

Your choices are the decisions that matter. So before anything else just think if this is really what you want and if not then what are your backup plans or alternative?

 3. What do you intend to do after the MBA?

If you have already decided to do a job abroad then it's good to take an education loan for an MBA. But if you are willing to return to India after doing your undergraduate or postgraduate program then think twice before applying.

Wrapping Up

As an international MBA applicant, you will be well served to get on your student loan application early. The sooner you do that, the more likely it is that you will be able to maximize the financing available to you.

 You are probably wondering how you can finance your MBA abroad. It's Simple. Apply now with Klassfin where you can easily connect with many lenders at the place with more flexibility, regardless of personal visiting different banks and learning about their education loan conditions.

KlassFin- an amazing platform to plan your MBA abroad loans

KlassFin is a perfect platform to compare the different education loan benefits at a place. We can help you choose the loan as per your needs. Connect with us to learn about the interest rates, loan tenures and many more stress-free processes for your education loan for MBA abroad.