A helping hand to climb up the ladder of success

Education is the most profitable investment one can ever make in his or her life. A quality education will always help you reap the benefits at regular intervals in life leading to successful and secure future. When we become a working professional mere a basic education just doesn’t help us to get promoted or appreciated to fulfill our ever aspiring needs.  At this time pursuing executive studies will enhance your growth prospects

For pursuing such executive studies you got two options which that would be either perform brilliantly and avail a scholarship or grant or take an education loan. However, because of the growing inflation rates, costly education fees structure, ultra amenities offered by global universities and institutes etc. getting a scholarship will also prove insufficient to cover up your study needs. Therefore it becomes imperative for such professionals to opt for an education loan as it will lend you a helping hand while climbing up the ladder of success.

Today, various leading private finance firms or banks offer education loan for such needy professional who wish to excel their career in Mid-career management programmes, Professional or Technical programs, Online and Correspondence Courses such as MBA, MCA, technical programs than can give much needed breakthrough in life.

The article deals with the topic of getting an executive education loan. The primary criterion for all postgraduate courses eligible for study loan in India is that they should be recognized by UGC, AICTE, AIBMS, ICMR or the Government. Besides there may be also be cut off marks for last qualifying exam for the student as well (A good academic record improves chances of the loan and the amount). Education loans are then disbursed by various banks and leading private finance firms for MS, Technical graduation programs, MCA, MBA programs for such approved or accredited courses

Student Eligibility

A student must be a citizen of India who has taken admission to approved courses. And students qualifying for top ranking Institutes in India will get the added advantage of 1.00% as a concession for qualifying for IIM, IIT, AIIMS, AFMC, IIFT, ISB, NIT, XLRI, SPJIMR, IISC, SPJIM, MDI and so on.

Expenses Covered

Ideally the education loan amount would be covering expenses for 100% Admission fees/ annual fees for the Colleges and Institutions, Examination fee, Library fee and Laboratory fee, Hostel or mess charges, Charges for acquiring equipment, books and instruments, Purchase of laptops or personal computers (if required), Caution deposit, refundable deposit, building fund after procuring original receipts and any other expenses those are required for completing the program like educational tours, projects and thesis. Some aspects that will not be covered by the loan would be GMAT fee, Business School application fees, (Incase of foreign studies) Visa fee, airline tickets, commuting tickets, living expenses and so on. However, there are some finance firms who provide students with travel expense or passage money upto Rs 75000 for ones travelling abroad.

Repayment tenure for most of the banks or leading finance firms is 10 years for the amount upto Rs. 7.5 Lacs and 15 years for more than Rs. 7.5 Lacs. The repayment is (for all) done by Equated monthly Installments starting one year after completion of course or 6 months after procurement of the job.

Some aspects to tally

Well, the rate of Interest is of course the primary co-ordinate but you must also look into the terms for repayment, collateral requirement, prepayment penalty and so on. Today, leading private finance firms are lending loan at interest rate as low as 11.5% with no margin money contribution. Even the processing fee is mere 1-2% of the loan amount being calculated on a case-to-case basis. They designed Executive education loan to provide 100% coverage of the cost of education, making such young talents of India free from unnecessary burdens and leaving them freely pursue their higher education and thereby carve the path of their successes in life.