Education loan is available for most of the good MBA/ PGDBA course at a very competitive rates now days .
You can get loan for following expense ( Will vary from bank to bank) :
* Fee payable to college/school and hostel.
* Examination/Library/Laboratory fee.
* Purchase of books/ equipment's/instruments/uniforms.
* Caution deposit/building fund/refundable deposit supported by Institution bills/ receipt.
* Travel expenses/ passage money for studies abroad.
* Purchase of Laptops/ computers-essential for completion of the course.
* Any other expenses required to complete the course- like study tours, project work, thesis etc.
* Cost of a two wheeler
Most of the bank offer repayment holiday of course duration + 6 months to 1 year and you can pay back loan in installments in around 5 to 10 years . The loan interest rate changes often , and will be around 10 %.
The documents required may vary depending upon the amount of loan you need. Following is list of some of the documents :
- Mark sheet of last qualifying examination
- Proof of admission to the course
- Schedule of expenses for the course
- Copies of letter confirming scholarship, etc.
- Identification support documentation like Passport , Voters card, PAN card etc
- Brief statement of assets and liabilities of borrower.
If you loan amount is high (usually if more than 8 Lakh ) the bank may ask for tangible Collateral
security of suitable value of loan . Some banks may ask for a third party guarantee .