A Master of Business Administration (MBA) degree is something which is being sought by many youngsters nowadays. After all, an MBA degree brings lucrative job opportunities. And thus, students don’t hesitate to avail an education loan or a personal loan for education for studying in a good MBA college. But in order to get admission in a reputed institute in India, it is of utmost importance that the MBA entrance examination is cleared. There are various examinations which are gateways to any good MBA college in the country. Let’s have a look at them.

1. Common Admission Test (CAT)

Abbreviation for the Common Admission Test, this is the single most important examination that holds the key to admission into the top-ranked B schools and institutions in the country, including the prestigious Indian Institute of Management (IIMs). Conducted by the IIMs, CAT is an online examination with a time period of three hours. The subjects for CAT include verbal ability and reading comprehension, quantitative ability, and data interpretation and logical reasoning. Conducted generally in the months of November and December for a long time now, CAT is the sole examination wherein a good score can instantly make you secure admission in the most-reputed business schools in the country. Students from the general category require a minimum of 50 per cent marks in graduation, while this limit is a bit relaxed for those falling in the reserved category. An education loan which you can avail post your results will take care of all your financial needs when you get a seat in your favoured college. Once you clear your CAT and are awarded a seat in the college of your choice, an education loan can take care of your finances. There are various ways you can apply for a personal loan from education. You can read about it here

2. Xavier Aptitude Test (XAT)

XAT is an entrance examination conducted by the prestigious Xavier School of Management and is often considered as the second best-rated entrance examination after CAT. This is because business schools around the country regard XAT scores valuable right after CAT scores. Therefore, over time this has become another test which students aspire to qualify with good marks. The three subjects in which the examination is conducted are quantitative ability, English language and logical reasoning, and decision making. A bachelor’s degree in any discipline is required for appearing in XAT.

3. Graduate Management Aptitude Test (GMAT)

The pattern of this examination differs from that of CAT and XAT because, in GMAT, the difficulty level of each question changes based on the student’s capability. If a candidate can answer a question, only then the difficulty level of the next question will be increased. On the failure of answering the question correctly, the difficulty level of the next question can also be decreased in this exam. There is a total of four sections in GMAT. The subjects for GMAT are analytical writing assessment, integrated reasoning, quantitative aptitude and verbal reasoning. GMAT is also in the league of one of the most popular examinations for MBA admissions in India. A graduate degree from a reputed university is required to appear in GMAT. Clearing GMAT allows aspiring MBA students to apply to foreign university. If you are among those who aspire to study abroad, applying for an education loan to fund your studies can be helpful if you do not wish to dip into your savings. Read more about the eligibility here.

4. Common Management Admission Test (CMAT)

CMAT is yet another popular examination for MBA entrance attempted by many students. It is an exam that lasts 3 hours; wherein, there is a total of 100 multiple choice type questions divided into four sections. Each section carries 25 marks. The subjects for CMAT are logical reasoning, language comprehension, data interpretation, general awareness and quantitative techniques. The exam is also open to final year students.

5. Management Aptitude Test (MAT)

Conducted by the All India Management Association (AIMA), this is one of the most popular avenues to get an entrance into MBA colleges in the country. This test involves examination in language comprehension, mathematical skills, data analysis, intelligence and critical reasoning, and Indian and global environment. Colleges prefer this examination. It is also one of the examinations where any graduate can apply irrespective of their percentage in their bachelor’s degree. This is one of the reasons why more people choose to opt for MAT.

While a good entrance examination score can make you eligible for admission in any of the reputable MBA colleges, you need adequate funds to confirm your place therein. But you need not worry as long lenders like Tata Capital offer personal loans for education. You can check Tata Capital’s flexible personal loan EMI options here.

These exams are just a stepping-stone that can open an array of options for you. Make sure you are funded properly so that you do not have to give up on your choice of college due to lack of funds. An education loan can be that solution.