Tuesday, November 24, 2009

Financing your MBA

Recession or no recession, a MBA degree from USA or UK remains the number one priority for many undergraduate/ graduates in countries across the world. The only constraint for many students is the huge fee.

Public sector banks in India for instance offer loans up-to INR 20 lakhs, interest rates vary from 10-13%.Banks abroad provide similar funding. In fact there is a concession ranging from 50 – 100 basis points for female students.

Banks insist on students depositing 15% of the total loan if the overseas loan size exceeds Rs.4lakhs. No collateral is required for loans up-to Rs.4lakh. For loans beyond INR 4lakhs it is required to furnish suitable tangible collateral security like fixed deposits, NSS etc.

Repayment of loans begins immediately after student secures employment or six months, post completion of the course. Repayment tenure is 5 years to 7 years.
It is also possible to get loans from banks based in the US. Several B-schools have tie up with banks, it is advisable to apply to those colleges which offers loan cum admission.

To get scholarships in the UK visit www.ukba.homeoffice.gov.uk and check whether your educational provider is registered with UK border agency.

Cost of MBA program in the US : $25000-$70000 per annum*
Cost of MBA program in the UK : 10000- 40000Pounds per annum*
*inclusive of tuition fee and living expense.

Source- The Economic Times

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