Education Loan for MBA in the USA through GoStudy

To fund your career aspirations, GoStudy partnered education loans for MBA in the USA with GoStudy can work wonders.

MBA is a postgraduate course bringing impressive opportunities for professionals. An education loan for an MBA in the USA through GoStudy can get you admitted to the best universities like Boston University, Haas School of Business, Harvard University, etc. GoStudy, with offices in Mumbai, Chennai, Coimbatore, Delhi, Hyderabad, and Bangalore, can help you get the best education loan for MBA in the USA for Indian Students through GoStudy.


9

Factors That Can Get You An Education Loan to Study in the USA through GoStudy

1

Excellent Academic Profile

You need to have an excellent profile in terms of academic background with proven credentials to procure an education loan to study in the USA through GoStudy.

2

University Choice

Your choice of university can directly impact the education loan to study in the USA through GoStudy, and we help with that.

3

Future Focused Programmes

GoStudy has covered 90% of USA universities' most intriguing and popular programs regarding your future job prospects.

4

Extensive Opportunities in the USA

Immense opportunities in the USA wait for you, and we help with this by fetching you an education loan for the USA in India through GoStudy.

5

No Income Proof is Required!

Simply based on your KYC, you can easily avail of compelling education loans for study in the USA through GoStudy.

6

Easy Sanction & Disbursement

You do not need to go through hectic loan processes and legalities as we help you with faster sanction and easy disbursement of the loan.

7

Comprehensive Education Loan Product

GoStudy offers a comprehensive list of popular education loans for study in the USA through GoStudy to help you save money and pursue your dreams.

8

Loan Processing on Priority

We have the fastest loan processing times as we process 1000s of loans and our dedicated credit managers help you with every intricate detail.

9

Lowest Interest Rates In The Market

With GoStudy, you get access to the lowest interest rates, usually 0.5% - 1% lower than the market rates!


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Education Loan for MBA in the USA through GoStudy

The massive cost associated with studying professional courses like MBA in the USA and living expenditures is the most important reason behind the inclination of students to pursue education loans. Education loans for MBA in the USA through GoStudy help you complete your career goals easily and in the most hassle-free and convenient way. Education loans for MBA in the USA for Indian Students through GoStudy come with a host of government-backed advantages and money-saving opportunities where all your expenses are met, and your studies are funded well without any interruptions. Education loan in India for MBA in the USA through GoStudy is made super easy and convenient with GoStudy due to the immense cooperation from our financial lenders or partners.

Students can pick between two secured and unsecured loans when they are looking for an education loan for MBA in the USA through GoStudy. The higher demands of students approaching the best education loan for MBA in the USA through GoStudy and rising numbers of students wanting to study in the USA have paved the way for many NBFCs and banks to come up with new modified schemes on the loans. These loans cover all your expenses right from the Tuition Fee, Accommodation Costs, Travel, Food, Shopping, etc., while you are focusing on your dream career in the USA. An education loan in India for MBA in the USA through GoStudy can meet your financial obligations and assist in taking your career to a whole new level.

When a student goes to the USA to study for an MBA, there are many expenses alongside the necessary university and other academic expenses. GoStudy can immensely help you acquire the best education loans for MBA in the USA, which helps in maintaining other expenses such as the purchase of electronic gadgets and books prior to traveling & other necessary traveling expenses for making it to the USA for study.

Education Loan for MBA in USA
Education Loan for MBA in USA

Interest Rate For Education Loan To MBA in the USA through GoStudy

A certain interest rate is always levied on the loan repayment amount whenever you take a loan from any financial lending institution. The same happens with education loans for MBA in the USA for Indian students through GoStudy; wherein the lender places a certain rate of interest on the entire loan amount sanctioned depending on certain factors. This rate is decided by the creditworthiness, financial background, tenure, assets pledges, and income of the MBA pursuing students or professionals. The better your portfolio is, the better your chances of securing higher loan limits for education loans in India for MBA in the USA through GoStudy. Unsecured education loans, however, may come with higher interest rates than pledged or collateral loans. At GoStudy, you are backed with the best interest rates so that your dream of pursuing an MBA from the USA is not hampered at all. Our team of experts ensures that you get all of your queries cleared regarding the Education Loan for MBA in the USA for Indian students through GoStudy.

Unsecured Education Loan for MBA in the USA for Indian students through GoStudy have flexible rates and change depending on the course tenure remaining and credit dues. A simple interest formula with monthly rest is being improvised to calculate the interest rate on the education loans for MBA in the USA through GoStudy.

Below are the interest rates they are offered on education loan for MBA in the USA through GoStudy without Collateral:

Type of Education Loan

USA Education Loan Rate of Interest As Per Market

USA Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 9.5% 9.25%
Unsecured Education Loan (USA) 10.25% 10.00%
Secured Education Loan (Others) 9.5% 9.25%
Unsecured Education Loan (Others) 11.75% 11.50%

To add to that, the simple mathematical formula used to calculate the EMI based on the interest rate for Education Loan in India for MBA in the USA through GoStudy:

EMI = [Principal Amount x Rate of Interest x (1 + Rate of Interest) Tenure*] / [(1 + Rate of Interest ) Tenure* - 1]

*Please note that the tenure is calculated in months.

What are the costs that are covered in an education loan to study in Australia through GoStudy?

Education loans for MBA in the USA through GoStudy can cover almost 90% - 100% of the expenses in most cases, including education, traveling, and shopping budgets. The expenses include your tuition fee, accommodation, food, travel & other expenses. GoStudy’s financial partners are experienced and utter professionals who have been helping with education loans for a long time and oversee that the funds are remitted to the account without any interruptions. Below is the list of the cost covered in an Education Loan for an MBA in the USA through GoStudy:

  • Tuition Fee
  • Living Expenses
  • Books
  • Laptops
  • Travel Tickets
  • Health Insurance
  • Other Electronic Gadgets
  • Any Application Expenses
  • Competitive Exam Fee
  • Visa Application Fee

Education loans for MBA in the USA for Indian students through GoStudy can bring you the best loan deals that can get as high as 50 lakhs or even more depending on the profile of the candidate. Some additional factors that decide the loan amount are the university choice, course choice, and post-completion job prospects. Following are the lists of the Costs Covered by USA Education Loan through GoStudy:

Things covered under USA Education Loan through GoStudy

Costs Covered by USA Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupees (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Unsecured Education Loans for MBA in the USA Through GoStudy

Students procuring an admission offer letter from one of the best universities in the USA have a good chance of securing an unsecured Education Loan for an MBA in the USA through GoStudy. A few other parameters that are directly proportional to the eligibility for an education loan for an MBA in the USA for Indian students through GoStudy without collateral are the attended courses and the future employability prospects. The sanction quantum and disbursal of the non-collateral Education Loan for MBA in the USA through GoStudy are judged by the candidate’s and co-applicant’s creditworthiness. A better credit score will always land better deals for you.

Below listed documents are required to initiate the process of obtaining a Non-Collateral Education Loan for MBA in the USA through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • A co-applicants whose Income Proof is also not required in many cases
  • PAN Card
  • Academic Documents
  • IELTS/TOEFL/PTE/English Language Scorecard, if any
  • Valid Passport

Nevertheless, certain parameters for education loans for MBA in the USA through GoStudy may vary based on the candidate’s profile.

Collateral For Education Loan In the USA through GoStudy

With GoStudy beside you for support in getting the best education loan for MBA in the USA, you never need to worry about any loan legalities and complicated, hectic approval process. As mentioned before, among the two different kinds of education loan for MBA in the USA for Indian students through GoStudy, which are secured and unsecured- let us discuss the secured or collateral loan process first.

Collateral loans are when you pledge any form of assets or immovable property to the bank as a security against the loan sanctioned. The lender offering education loan in India for MBA in the USA through GoStudy should accept them as security in the first place. This form of loan can save you plenty of money with lesser interest rates, better schemes and longer tenures. Education loan for an MBA in the USA through GoStudy has a simple and transparent process that is convenient for most students to follow up with. You can easily apply for a loan if you have a good financial portfolio. Those who cannot qualify for an unsecured education loan for MBA in the USA through GoStudy are also recommended to go with the collateral education loans. Let us check out a few basic documents that lenders accept as collateral security:

  • House/Flat/Apartment - A personal residential property that has no dues/any standing loan on it
  • Any other legal residential property with no dues or repayments
  • Fixed Deposit by a registered NBFC or a nationalized bank, with a letter of affirmation from the end manager of the institution assigning it in favor of an education loan for MBA in the USA.
  • Surrender Value Certifications of Life Insurance that are equal to the amount that is required for sanction
  • A non-agricultural land within legal parameters

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University-wise pre-approved amount for Education loan for MBA in the USA through GoStudy

Most Indian banks and NBFCs offering education loans for MBA in the USA through GoStudy have brought up massive government-aided backed schemes to make it more convenient for students. The USA boasts of a dynamic economy and houses some of the most prestigious universities, such as Cambridge, Harvard, and Massachusetts, which brings more confidence among the lenders in granting you education loans for MBA in the USA through GoStudy with ease. The whopping numbers of lenders ready to offer education loans for MBA in the USA through GoStudy is due to the massive numbers of students, as many as 50,000+ approaching the USA for study every year. Below is the list of universities that have been pre-approved by the banks for an unsecured education loan for MBA in the USA through GoStudy

List of Universities accepted by USA Education Loan through GoStudy

GoStudy’s Pre Approved Education Loan Amount for USA

Syracuse University 60 Lakhs
George Washington University 65 Lakhs
New Jersey Institute of Technology 65 Lakhs
University of Florida 65 Lakhs

Co-applicant for the USA Education Loan in India through GoStudy

Keeping a co-applicant in place ensures that your chances of qualifying for secured and unsecured loans are doubled. Surplus assets, wealth, and a strong credit score is not just enough, and you would still require a co-applicant to qualify for an education loan for MBA in the USA through GoStudy. This is because when the student goes to study, whether they were a professional before would now have no income source, and hence a co-applicant secures the loan amount. The co-applicant's creditworthiness is determined in accordance with their age, relation with the applicant, income, credit score, assets value, and financial portfolio.

If under any circumstances, the candidate fails to repay the loan back, the co-applicant can come forward and repay the education loan for the USA in India through GoStudy. This is the sole reason why banks or lenders are asking to keep a co-applicant in place before granting you the loan finally.

Below is the list of co-applicants for Education Loan for MBA in the USA in India through GoStudy that are accepted:

  • Parents
  • Parents-in-law
  • Spouse
  • Siblings
  • Maternal Uncles & Aunts
  • Paternal Uncles & Aunts

Eligibility Criteria For Education Loan for MBA in the USA for Indian Students through GoStudy

With GoStudy, just like every phase, the documentation phase for an education loan in India for MBA in the USA through GoStudy is very transparent and very convenient to follow. You just need a firm-confirmed admission offer letter without any condition from any prestigious American university to be eligible for the best education loan for MBA in the USA through GoStudy. This is to make sure that you have successfully completed all the eligibility and admission criteria and that this admission offer will not be revoked at any point in time. Some other criteria which are basic and similar for all students wanting to pursue MBA in the USA are as follows:

  • A citizen of India who is at least 18 years old.
  • Has a valid co-applicant or a co-borrower, working in India or anywhere in the world, or self-employed in India. The person should be either Parent, Parent-in-law, Spouse, Siblings, Maternal & Paternal Uncles & Aunt.
  • The minimum CIBIL score for an education loan for MBA in the USA must be met.

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Documents required for Education Loan to MBA in the USA through GoStudy

The primary document submission process for an education loan for MBA in the USA through GoStudy is the same for most, with a few exceptions depending on the individual candidate’s file at any point in time. At GoStudy, our experts make sure to explain the process to you in a disciplined way, so it seems flawless. The list of documents that are required for an Education Loan for MBA in the USA through GoStudy are as follows:

  • Student’s KYC
  • Student’s Educational Documents
  • University Course Details & Fee Structure
  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s KYC
  • Co-Applicant’s Proof of Income
  • Income Tax Returns of Student - 3 Years (If Applicable)
  • Income Tax Returns of Co-Applicant - 3 Years
  • Proof of Birth Documents
  • Proof of Relationship with Co-Applicant
  • Bank Statement for Months of Co-Applicant

There might be additional documents required depending on the sole discretion of the lender offering Education Loan for MBA in the USA for Indian students through GoStudy.

Process & Procedures For Education Loan for MBA in the USA through GoStudy

The procedure for an education loan for MBA in the USA through GoStudy is very simple, with tons of schemes being brought up by lenders on a regular basis. The student starts the process by submitting the required loan amount info along with personal details, university details, co-applicant details, course, tenure, and other relevant information. Co-applicant information should be checked twice since it is an integral part.

Post the first round of checks and verification; the loan is sanctioned and approved for the student with a loan offer letter comprising the next proceedings. The loan processing time takes from 5-7 days for an Education Loan for MBA in the USA through GoStudy. Post details review and agreement signing, the loan amount is transferred through a DD, Cheque, or Electronic Transfer.

Sanction & Disbursement of Education Loan for MBA in the USA through GoStudy

After sanctioning the loan, a formal sanction letter with the applicant name, co-applicant name, guarantor info, loan amount, tenure, EMI, ROI, university and course name, and other information is sent. This letter has to be a comprehensive sanction letter and not an in-principle letter with all terms and conditions mentioned since most universities reject an in-principle letter. In-principle letter only confirms that the loan is yet to be sanctioned to the student.

After the successful sanction of an Education Loan for MBA in the USA through GoStudy, the funds are released to the university as tuition fees or to the applicant or co-applicant, whatever was decided while signing the agreement. The disbursement is made in INR in part or full payments depending on the needs and protocols set between both parties.

Moratorium Period For Education Loan for Studying MBA in the USA through GoStudy

Moratorium periods are relaxing periods set after loan sanction when the student is not required to pay any EMI. It starts from the course commencement until securing employment post-completion. Most banks that offer education loans for MBA in the USA for Indian students through GoStudy come with a flexible moratorium period. During this period, you just can pay a fraction of simple interest, which may be as low as just 2,000 INR, until the completion of the course and till the time you secure employment. Hence, carefully inquire about the moratorium period before you sign up for the loan.

Repayment for Education Loans for MBA in the USA Through GoStudy

You can choose your own repayment options depending on your convenience, as the repayment tenure of education loans for MBA in the USA through GoStudy is very flexible. Anything between the timeline from 12 months to 180 months on average, depending on your ability and convenience, works perfectly fine. In most cases, students are able to choose their repayment period. However, lending institutions may recommend the best repayment plans for students with weaker financial portfolios. The various categories of repayment options for Education Loan for studying MBA in the USA:

  • Partial Simple Interest
  • Simple Interest
  • EMI
  • Full Moratorium period is not offered by Avanse

Tax Benefit For Unsecured Education Loan for MBA in the USA through GoStudy under Section 80E of IT Act

Section 80E of the IT Act lets you enjoy tax exemptions on the overall EMI to be paid for the financial year in case of an Education Loan for MBA in the USA through GoStudy. Spouses, children, or any legal guardian who has taken the responsibility for the loan are eligible for the tax benefits. The deduction is applicable to all the courses for which the education loan is granted for your education abroad. The rule does not state how much tax benefit can be claimed, but it is advised to ensure the loan repayment is made within eight years of interest repayment. If you ensure the repayment is within this tenure, you are eligible to claim all the benefits under this section.


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