Are you an aspiring MBA student worried about the funding options? Well, right from MBA scholarships, education loan in India for study abroad, fellowships and bursaries, paying for your MBA Degree is not that difficult. In this article, you are going to know about these options in detail.
Know the Five Ways of Funding an International MBA:
1. Scholarships
For a deserving candidate with an exceptional study record, there are literally ample of scholarships available for funding an MBA Degree. Renowned business schools in the countries like Australia, UK, USA, etc offer both full and partial scholarships to attract the best of talent. There are also country-specific scholarships for developing nations like India that students can apply for. These scholarships are entirely based on the academic record of the student and mainly covers the tuition fees.
2. MBA Student Education Loans:
One of the most preferred ways of funding an MBA Degree is by availing an overseas education loan. Both Nationalized and Private banks like SBI, BOB, Axis Bank, ICICI Bank offers an education loan to the students for funding their international MBA Degree. To apply study loan for abroad studies, students can either consider applying for a secured overseas education loan or an unsecured overseas education loans. Apart from the banks, there are other financial institutions like NBFCs and International Lenders that can also be considered.
3. Multinational Companies Sponsorship:
Several multinational companies offer tuition fees reimbursement programs as a part of their customary benefit structure. Top multinational in India like Tata and Reliance groups provide sponsorship for MBA courses for few selected universities. The sponsorship is offered to a limited number of students. Hence, students possessing exceptional academic record with few years of professional work experience in the relevant field are encouraged to apply.
4. MBA Government Scholarships:
If you do not meet the overseas education loan requirements but posses a decent academic track record, MBA Government scholarships are for you. Indian government has introduced various scholarship programs based on merit and the caste category of the students. These scholarships are introduced to encourage students belonging to the lower economic strata. In order to apply for the same, interested aspirants are recommended to visit the central and state government of India.
5. Crowdfunding:
With the advent of Internet services, peer-to-peer lending, and an ever-growing number of digital solutions, crowdfunding was bound to arrive in its current form. Crowdfunding sites like GoFundMe and Crowdfunder regularly hosts crowdfunding for the deserving candidates willing to pursue their MBA Degree from an overseas university. There are various success stories of the students who have managed to raise the funds in four or five digits for their MBA courses. Before taking up this option to fund your higher education, it is recommended to plan it in much detail as it is an investment of your time and efforts.
Before zeroing on one option for funding your international degree, consider the ranking and the location of the university. If you require any kind of support or assistance in your overseas education loan process, reach out to us at Elan Loans.