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Tata Capital > Blog > Loan for Education > Education Loan for M.Tech Students

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Education Loan for M.Tech Students

Education Loan for M.Tech Students

Higher education can help you achieve bigger dreams and greater career growth. If you are looking to deepen your expertise and specialise in a specific area of engineering, an M.Tech or Master of Technology can be the way to go.

An M.Tech degree opens many doors for you. You could go into an academia career, join R&D teams or aim for higher-level industry positions. Many B.Tech graduates view this as the next logical step in their education.

The ambition to pursue an M.Tech degree can be realised only with the right financing. Expenses can be high when you combine tuition fees, living expenses, books and food. If you are passionate about advancing your career but need resources to do so, an education loan may be the right solution.

In this article, we explore the costs related to an M.Tech degree and the steps to apply for an education loan.

What is a Master of Technology (M.Tech) degree?

A Master of Technology is a two-year postgraduate degree usually pursued after completing a four-year B.Tech undergraduate program. You can do M.Tech degrees in various specialisations, including:

1. Core engineering specialisations in traditional branches of engineering like Mechanical, Electrical or Civil.

2. Computer science and IT specialisations.

3. Communications and Networking specialisation focuses on optical networks, signal processing, and communication systems.

4. Robotics and Automation, which integrates mechanical systems with artificial intelligence.

5. Energy and environmental engineering with a focus on sustainable technologies and renewable energy.

In every specialisation, the M.Tech program aims to provide you with advanced technical knowledge, equip you with the skills for research and innovation, instil abilities for complex problem solving and critical thinking and most importantly hands-on projects to help you put theoretical knowledge into practice.

Where to study M.Tech?

In India, you can pursue M.Tech full-time, part-time and in online courses. Various top-tier universities and colleges offer M.Tech programs.

Top public universities offering M.Tech are:

1. Indian Institute of Technology (IITs)

2. National Institute of Technology (NITs)

3. Delhi Technological University

Top private universities offering M.Tech are:

1. Amity University Noida

2. BITS Pilani

3. Vellore Institute of Technology(VIT)

You can also pursue online M.Tech courses from:

1. Indira Gandhi National Open University

2. Indian Institute of Technology (IITs)

3. National Institute of Technology (NITs)

Admission for M.Tech courses in India is through entrance examinations. The most common centralised exam is the GATE (Graduate Aptitude Test in Engineering). Some states conduct entrance tests for entry into State-operated universities. Private institutions also have their own entrance exams.

Also, read – Courses Eligible for Education Loan in India

Career prospects after M.Tech

After completing an M.Tech degree, you will be eligible for highly specialised roles. Some paths you can pursue include:

1. Research and Development (R&D): An M.Tech specialisation, you can work in R&D departments for tech companies and government labs. You’ll focus on innovation, solving problems and creating new technologies.

2. Academia: If teaching and mentoring appeal to you, academia could be a rewarding career. Many M.Tech graduates choose to become lecturers or professors in engineering colleges.

3. Industry specialist roles: Companies across industries look for M.Tech graduates to fill specialised roles like system architects, project managers, or product designers.

How much does an M.Tech degree cost?

The cost of pursuing an M.Tech degree in India depends on the type of institution, specialisation, and location in which you choose.

1. At government institutions, you may pay anywhere between ₹50,000 to ₹2.5 lakhs per year.

2. At private institutes, the tuition fee may be from ₹1 lakh to ₹5 lakhs a year.

Apart from tuition fees, you may also incur other expenses such as hostel, mess and other fees, which may range between ₹40,000 to ₹1.5 lakhs a year. You would also have to pay for books, research materials and other personal expenses.

Also, read – Education Loan Eligibility: Know Student Loan Eligibility Criteria

Education loan for M.Tech

While an M.Tech degree can propel your career forward, to pursue it, you would need ongoing funding. An education loan can help you cover the cost of your education when scholarships and savings fall short. This way, you can focus on your studies without worrying about finances.

An education loan for engineering students is essentially an investment in your career. It allows you to tap into a higher earning potential without burning through your savings or experiencing financial strain.

To apply for an education loan:

1. Select a financial institution that offers education loans for M.Tech courses.

2. Collect documents like admission proof, fee structure, ID proof, income details, and academic records.

3. FIll out your loan application online and submit it.

4. Once approved, your loan amount will be disbursed to the institution directly.

Education Loan for M.Tech Interest Rate

If you’re planning an education loan for M.Tech in India, understanding the interest rate is crucial because it directly affects your repayment amount and monthly EMIs. Generally, education loans for postgraduate technical courses like M.Tech carry interest rates that vary widely based on the lender you choose and your credit profile. 

When you opt for an education loan for M.Tech with Tata Capital, interest is competitive and tailored for higher studies. Tata Capital’s competitive education loan interest rates start at 9.50%.

Tata Capital offers flexible loan tenures, up to 13 years, that give you time after your M.Tech course ends to begin repayments, while rates are designed to remain affordable for parents and students alike. 

In summary, interest on student loan for M.Tech in India can vary depending on the applicant’s profile and the lender’s policies.

Eligibility for Education Loan for M.Tech

To apply for an education loan for M.Tech in India through Tata Capital, you must meet basic eligibility requirements:

  • Indian Citizenship: You must be an Indian citizen. 
  • Age Limit: Applicants must be between 18 and 35 years of age. 
  • Educational Qualification: You should have completed 10+2 or equivalent/diploma before enrolling in a graduate/postgraduate programme like M.Tech. 
  • Admission to Recognised Institute: You must be enrolled (or have admission confirmed) in a recognised and accredited institute in India or abroad offering your M.Tech course. 
  • Co-applicant Requirement: A co-applicant such as a parent/guardian (with a stable financial profile) is usually required to support the loan, especially if you have no income. 

Also, read – Education Loan For MBBS

What are the Documents Required for an Education Loan for M.Tech?

Tata Capital has simple documentation requirements for education loan for M.Tech in India. When applying for an education loan with a co-applicant, both the student and the co-applicant must submit specific documents for verification and assessment.

Applicant

The student applying for the education loan must provide:

  • Proof of Identity: Copy of Voter ID / Passport / Driving Licence / Aadhaar Card
  • Proof of Address: Copy of Voter ID / Passport / Driving Licence / Aadhaar Card
  • Academic Documents: Copies of mark sheets, degree certificates, and entrance exam scorecards
  • Admission Proof: Admission confirmation or offer/acceptance letter
    (For overseas studies, documents such as I-20 for the USA may be required)

Co-Applicant

The co-applicant (usually a parent or guardian) must submit the following:

  • Proof of Identity and Address: Copy of Voter ID / Passport / Driving Licence / Aadhaar Card

Additional documents based on employment type:

  • For salaried co-applicant:
    • Form 16
    • Salary slips
    • Salary account bank statements
    • Income Tax Returns (ITR)
  • For self-employed co-applicant:
    • Business bank account statements
    • GST registration (if applicable)
    • Income Tax Returns (ITR)

Final thoughts

An M.Tech degree can place you at the forefront of advanced research and technological developments. If this is the career path you want to pursue, you can do so without hurting your finances with the help of an education loan.

Tata Capital offers comprehensive student loans to help students cover their educational expenses. Tata Capital’s education loans for M.Tech in India come with attractive interests and flexible repayment plans that allow you to complete your education without straining your budget.

Add wings to your dream. Apply for an Education loan!

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FAQs

Can I get 100% education loan?

Tata Capital offers 100% financing for education loans. This means the loan can cover the full cost of your education, making it easier to pursue studies, especially abroad.

Can I get a loan for MTech in IIT?

Tata Capital provides education loans for undergraduate, postgraduate, executive, and vocational courses. These loans are available for students aged 18 to 45 for recognised programs in India and abroad.

Can I apply for MTech in IIT without GATE?

Some IITs, like IIT Madras, IISc Bangalore, and IIT Hyderabad, offer M.Tech admissions without GATE for specific disciplines. In such cases, candidates must have consistently strong academic records.

Can I get a scholarship for MTech?

GATE-qualified students are eligible for scholarships or assistantships. These benefits are offered for pursuing M.Tech programmes at institutions like IITs, NITs, and other AICTE-approved engineering colleges.

Who is eligible for MTech?

To enrol in an M.Tech programme, you must hold a B.E./B.Tech or equivalent degree in a relevant engineering field from a recognised university.

Do education loans for M.Tech come with any prepayment or foreclosure charges?

 

In most cases, education loans do not attract prepayment or foreclosure charges, especially when repaid from your own sources. However, terms can vary by lender, so it is advisable to check the latest loan terms before planning early repayment.

Is it possible to get an education loan for M.Tech with a low credit score?

 

Yes, it can be possible. Education loans for M.Tech are often approved based on the co-applicant’s financial profile rather than the student’s credit score. A strong co-applicant improves approval chances even if the student has limited or no credit history.

Are there any dedicated or government-backed loan schemes available for M.Tech students?

 

Government-backed schemes like interest subsidy programmes may be available for eligible students pursuing technical courses such as M.Tech. These schemes usually depend on income criteria, institute recognition, and course eligibility.

What are the consequences if I am unable to repay my M.Tech education loan?

 

Non-repayment can lead to penalties, impact the co-applicant’s credit score, and affect your future borrowing ability. Lenders may also initiate recovery actions. If repayment issues arise, it is advisable to contact the lender early to explore restructuring or relief options.

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