Hi nisha There are plenty of options available for you today if you want to take an education loan for your MBA. Many financial lenders are there that provide education loan without collateral. If you can check there are around 4 NBFCs ( Non banking Financial Institutions), in India that provide education loan without collateral . RBI has mention in there guidelines that all banks have provisions to provide education loan without collateral up to INR 7.5 lakes with certain criteria. If you want more than the desired stipulated amount then you can consider private and NBFCs ( provide up to 50 lakhs)
But it depends that which college you are opting for.
SBI has categorized colzs under list A B and C.
If your colz falls under list A and B then you are eligible to take loan upto 30 lakhs without any collateral.
Interest rates are as follows:
List A colzs : 8.5%
List B colzs : 9.5%
List C colzs :10.5%
P.S. Girls will have benifit of 1% in interest rates.
Also the colz list in SBI may vary year to year
The problem you are facing has been faced previously by many of the students in India. The lack of proper knowledge about loan schemes in India has always led people to believe that collateral is the only option they have to get loan from any bank.
So here's the answer for you and many others who are looking for the same.
It is regulatory duty for a bank in India to sanction a collateral-free loan for amount upto Rs. 7.5 Lacs. If you are in need of loan for even more than Rs.Seven and Half Lakhs, only then you can approach some of the Non Banking Finance Corporations, also known as NBFC. NBFCs provide loans without taking any kind of collaterals up to Rs. 50 lacs. But there is one downside too, as the interest rates that of NBFCs are a little bit higher comparing them to public as well as private banks. The lowest interest rates are found in the public banks only.
I had previously approached an NBFC when I needed to give fee for my MBA. They assisted me with a good quality of service during the full procedure. Many NBFCs provides education loans as well as grants and scholarships too.
So, don't worry if you are in need of money for continuing your further education. There are still many choices open for you. Just go and do your best