i want to know about eligibility criteria for education loan for an MBA program in UK (London)?

Aliyawar Khan

IELTS is one of the most popular entrance exams to be considered when studying abroad. Millions of international students attempt this IELTS exam as it is a major requirement by abroad universities. A good IELTS result can determine a student’s application process. If you’re considering going abroad for further studies, you should get started with your IELTS preparation.

Collateral for Education Loan for MBA Abroad
Non-collateral loan is simply where you do not have to provide any security for getting a loan. If you didn’t know, collateral for education loans refers to any security that you offer to the bank against a loan to reduce the risk of non-repayment. Now, if you want to know what qualifies as collateral for an education loan, you can provide FD, bank deposits, bonds, property except agricultural land, gold, life insurance policies, shares, etc. Few points that you must take note of are:

-You can avail a loan of up to 4,00,000 INR without any collateral.
-For loans up to 7,50,000 INR, there is no need of a collateral but instead your parents will be made joint borrowers with a third party guarantor.
-Education loans above 7,50,000 INR require collateral.
-As you might know, students can avail loans up to 1,50,00,000 INR in India.
-The interest rates for collateral loans from public loans is between 7.6-9% and 10.5% for private banks.

Eligibility Criteria for Education Loan to Study Abroad
Thinking about whether you are eligible to get an education loan for MBA abroad? Take a look at the eligibility criteria to apply for education loans:

You must be a citizen of India.
-You must be at least 18 years at the time of application.
-You must have completed graduation with at least 60%.
-At the time of application, you must have an admission offer from a foreign institution.