How to Get an Education Loan for MBA

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How to Get an Education Loan for MBA

How to get an Education Loan for MBA

MBA (Masters of Business Administration) is considered one of India’s most expensive and popular courses. Every year in India, a vast number of students appear for the entrance exam of this course. Though the number of students appearing for this course is enormous, only a few students can secure their admissions to top universities. 

Top MBA colleges such as the IIM (Indian Institute of Management) charge a premium for their high-quality MBA Courses from their students. The fees in these colleges can range from 5-23 lakhs. The fee for an MBA program from a reputed college/university can be expected around 10 lakhs with an additional cost of books, lodging, etc.

Therefore it becomes essential to take up a loan from a recognised financial institution to ease your burden.

How to get Education Loan for MBA

Why Take an MBA Education Loan?

An MBA Education Loan is a financial tool that students can use to continue their education. These loans are offered to students who have secured admission to recognized colleges. Here are a few points on why should one opt for an education loan for MBA:-

  • Provides almost 100% coverage:– MBA loans generally cover nearly all the expenses incurred by you on your education.
  • Prevents missed opportunities:- Sometimes, many students may not be able to afford the fees of an MBA education loan. So, it is a significant investment that can help you to boost your career and open up new avenues for growth.
  • Eases your pocket:- MBA Education loans give considerable comfort/ help to your finances. And with this, you can quickly complete your education which you would not have been able to do in lack of finances.

Top colleges for MBA and PGDM

  • Indian Institute of Management, Ahemdabad
  • Indian Institute of Management, Bangalore
  • Indian Institute of Management, Calcutta
  • Indian Institute of Management, Lucknow
  • Indian Institute of Management, Kozhikode
  • Indian Institute of Management, Indore
  • Department of Management Studies, Indian Institute of Technology, Delhi
  • Department of Management Studies, Indian Institute of Technology, Madras
  • Indian Institute of Technology, Roorkee
  • Faculty of Management Studies, Delhi
  • XLRI – Xavier School of Management, Jamshedpur

List of top colleges for MBA / PGDM in the USA

  • Harvard University
  • Stanford University
  • University of Pennsylvania
  • University of Chicago
  • Massachusetts Institute of Technology
  • Columbia University
  • Northwestern University
  • Princeton University
  • University of California
  • New York University
  • Yale University
  • Duke University
  • University of Michigan

MBA course fees for IIMs and Top MBA colleges in India


College  Fees in Rupees
Indian Institute of Management IIM, Ahemdabad 23 lakhs
Amity University, Manesar 3.16 – 12.76 lakhs
Indian Institute of Management, Calcutta 21 – 27 lakhs
Narsee Monjee Institute of Management Studies, Mumbai 20 lakhs
Acharya Bangalore B School, Bangalore 8.10 – 11.02 lakhs
Management Development Institute, Bangalore 8.77 – 23.96 lakhs
SP Jain Institute of Management Studies and Research, Mumbai 17.87 lakhs
Universal Business School, Mumbai 22 lakhs
Indian Institute of Management, Bangalore 21 lakhs
Lovely Professional University, Phagwara 5.8 – 8 lakhs


MBA course fees of Top 10 MBA colleges in the USA


College Ranking Fees in Dollars[For 1st-year total course fees] Fees in Rupees[For 1st-year total course fees]
Harvard University


1 111614.27 dollars Rs 82.2 Lakhs
Stanford University

Master of Business Administration

2 99257.94 dollars Rs 73.1 Lakhs
The University of Chicago

Full-Time MBA

3 87308.97 dollars Rs 64.3 Lakhs
University of Pennsylvania

Master of Business Administration

4 102245.18 dollars Rs 75.3 Lakhs
Massachusetts Institute of Technology


5 106454.48 dollars Rs 78.4 Lakhs
Northwestern University

One Year MBA

6 135783.78 dollars Rs 1.0 Crore
Columbia University


7 112157.40 dollars Rs 82.6 Lakhs
Princeton University

Master in Finance

8 76446.27 dollars Rs 56.3 Lakhs
University of California – Berkeley Campus


Full-Time MBA

9 97085.40 dollars Rs 71.5 Lakhs
University of Michigan

Full-Time MBA

10 92332.97 dollars Rs 68.0 Lakhs
New York University


11 111206.91 dollars Rs 81.9 Lakhs
Duke University

Global Executive MBA

12 100480.00 dollars Rs 74.0 Lakhs
University of California – Los Angeles Campus

Full-Time MBA

13 92468.75 dollars Rs 68.1 Lakhs
Yale University


14 101430.48 dollars Rs 74.7 Lakhs
Dartmouth College


15 114329.94 dollars Rs 84.2 Lakhs
Carnegie Mellon University

Master of Business Administration

16 96270.70 dollars Rs 70.9 Lakhs
Cornell University

Two-Year MBA

17 94369.73 dollars Rs 69.5 Lakhs
The University of North Carolina at Chapel Hill


18 97356.97 dollars Rs 71.7 Lakhs
The University of Texas

Full-Time MBA

19 75224.21 dollars Rs 55.4 Lakhs

Banks Offering Education Loans for Pursuing MBA Courses 

Bank Max. Loan Amount ( in Rs.lakhs ) Rate of Interest (in p.a. %) Repayment Tenure
State Bank of India SBI 40 7.15-9.55 7-12 years
Punjab National Bank 15 7.20-9.80 10-15 years
Canara Bank 20 9.95-10.70 10-15 years
Allahabad Bank 20 8-10 7 years
ICICI Bank 50 11.50 and above 10 years
Avanse No limit 11.50 10 years
HDFC Bank 20 9.55 – 13.25 15 years
Central Bank of India 20 8.90-10.40 15 years
IDBI Bank 20 9.70 10-15 years
Axis Bank 75 13.70-15.20 20 years


Eligibility criteria for an MBA Education Loan

The eligibility criteria for MBA loan are as follows

  • The candidate must be a citizen of India.
  • Should have secured admission to a recognized college.

These are some of the basic requirements to apply for an education loan, whereas there are other criteria also that influence the decision of bank such as:-

  • Academic merit of the student.
  • The reputation of an MBA college in which the child has secured admission.
  • Collateral offered
  • Age of the student:- Some banks may have restrictions on the age i.e. a max. of 35 years of age.

How to Get an Education Loan for MBA

How to take an MBA Education Loan

Nowadays students can apply and compare for loans online. Most of the banks allow students to apply for education loans online. Here are a few steps that a student must follow while applying for an education loan.

  1. Compare different loan Schemes online.
  2. Fill the form online or visit the bank.
  3. Students may usually receive a phone call from a bank representative. Where students can enquire about the bank scheme and tell about their requirements etc.
  4. An executive will visit from the bank at the student’s home and assist in filling the application form. The application form with the required documents will be collected by the bank executive and will be submitted to the bank for further process.
  5. Now the application form will be reviewed by the bank.
  6. Once the necessary procedure is completed, the student’s loan application will be approved.
  7. The education loan is generally deposited in the institute’s account, However, in some cases, it may be deposited in the student’s bank account also.
  8. The student has to provide required bills and receipts for any cost incurred during the study to justify the usage of the loan amount.

FAQs on MBA education loan

Is an education loan available for MBA?

Banks may finance up to 100% of the loan depending on the loan amount of MBA and the category of the institute.

Can I get a 50000 education loan?

Yes, you can get a minimum loan amount of Rs. 50,000 along with various other benefits offered by the bank.

Should I take a loan for MBA?

Considering the rising MBA fees in top b-schools, it is clear that one should surely opt for an education loan to ease their pockets.