MBA courses in the UK are affordable. They last for only a year, unlike the 2-year MBA courses prevalent in other parts of the world. So, pursuing an MBA degree in a prestigious UK university will open the doors of the world to you in half the time. An education loan will make getting your degree easier by covering your tuition, hostel fees, and other expenses.

Applying for an education loan is a systematic process. You need to fulfil some criteria to qualify and present the required documents. So, read on. Or, bookmark this article for future reading.

Estimate your loan amount

A good way to approximate your personal loan amount is to analyse your current income and expenses, repayment capacity, and financial needs. Start by adding up the costs you’ll bear, such as:

  • Tuition fee: If you are determined to pursue an MBA in the United Kingdom, the chances are that you have a few universities in mind. So, go through their brochure and estimate your course fee.
  • Cost of living: The cost of living depends on your college’s location and where you choose to live. The UK Border Agency (UKBA) required you to show the following amount to meet basic living costs for your first nine months, apart from your tuition fees:
    • 12,006 GBP if you are living in London
    • 9,207 GBP if you are living outside London
  • Visa: An MBA in the UK for Indian studentsrequires a Tier 4 General Visa. Currently, it costs 348 GBP, but ensure that you check the UKBA website to know the exact amount.

Additional Read: Planning for an MBA? An education loan can help you!

Plan your repayment

One benefit of taking an education loan for MBA is that you can start paying the EMIs after completing your course. This saves you from worrying about repayment during your studies.

But, when the time comes to repay your loan, make sure you do it smartly. Use a personal loan EMI calculator and estimate your EMI well in advance. Adjust the input values till you arrive at an EMI amount within your budget.

Keep your documents ready

While different lenders can have varying requirements, most will ask for the following list of documents. Keep them ready in advance.

  • Photo identity proof
  • Address proof
  • Marksheets and certificates
  • Proof of admission to the course.
  • Copies of letter confirming scholarship, if any
  • Foreign permit documents, if any
  • Your bank account statement and your co-applicant’s bank account statement for the last six months
  • Salaried individuals (and co-applicants) must submit income proof, like their ITR and the latest salary slips.

Additional Read: The Best Scholarships for Indian Students

Over to you

Once you have decided your loan amount and planned your repayment strategy, it is time to turn to a reliable lender, such as Tata Capital, for competitive personal loan interest rates.

We offer custom education loans with flexible EMI plans so you can build a fulfilling academic career.

So, visit our website today, and check your personal loan eligibility.

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