No second thought is required to reckon management education as the top choice of most students. In fact, there are many aspirants whose ultimate dream is to become a management graduate of a recognized business school in India or if possible, abroad. Now given such situation, it is most likely that to fulfill this dream, every aspiring candidate would want to get admission in the top business schools at earliest. But, some must be flinching at the very thought of high cost of fee that needs to be paid for this single course. For them and others also, there is some good news. Though the seats of the premier institutes are filled, management admissions at other reputed management schools are still going on.
You must be wondering about the course fee. Well, it’s quite obvious to get this question first in mind given the trend and everything. For admission in a good b-school in India, you need to pay about Rs. 6 lakh to Rs. 12 lakh for full-time programs. This is definitely a huge amount, but you shouldn’t be tensed. There is a solution. Nowadays, many banks in India are providing education loans at competitive interest rates. Whether it’s a private, nationalized, foreign bank or a financial firm, they all are ready to finance your MBA course. Some of these banks are – Bank of India, State Bank of India, Punjab National Bank, Axis Bank, Central Bank of India, Union Bank of India, HDFC Bank, etc. These financial organizations offer loans at attractive rates.
For instance, if you apply for a loan from Axis Bank for up to Rs 4 lakh, your interest rate would be around 15.75%. For a loan amount of Rs 4 to 10 lakh, you will be charged somewhere around 14.75 to 16.75%. Bank of Baroda gives up to Rs 4 lakh at the rate of 11.50% and Rs 4 to 10 lakh at the rate of 13.50%. Further, if you go to IDBI bank, you are most likely to pay an interest rate of 12.75% for up to Rs 4 lakh and 13.00% for Rs 4 to 10 lakh. State Bank of India and Punjab National Bank are also offering education loans at similar interest rates. The interest rates of Bank of India and Union Bank usually vary between 13 to 13.75%.
Not only this, female candidates can expect a concession of 0.50% in interest rates from some banks including State Bank of India, Union Bank of India and Punjab National Bank among others. Those who belong to Economically Weaker Sections (EWS) with family earnings of around Rs. 4.50 lakh a year can ask for interest subsidy from the government for their education in India. It is now known that getting finances for a Management course is not a Herculean task any more. But, there are certain areas that need some serious attention and one of them is regarding loan repayment.
After the course is complete, you need to pay back the amount of loan you had taken. Usually, repayment starts after six months if you land up a job or after one year on the completion of management program. For this, you need to make proper calculations beforehand regarding Equated Monthly Installments (EMIs) and other such things. You are recommended to check official websites of the concerned banks to make your loan plans with the help of online EMI Calculator. It will require you to provide following details – Loan Amount, Interest Rate and Length of Time/ Duration. Once all the details are furnished, you will get to know the amount you need to pay as a part of EMI and interest rates.
Since the repayment amount may vary from Rs. 10,000 to Rs. 30, 000 per month, you must try to secure a good job which can take care of your EMIs. For this, you really need to work hard and complete your two year management program with good grades.
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