I am 23 yr old I m appearing for my T Y B. com course this year . due to some finanacil reason I was not able to completemy graduation within my age limit of 20 or 21 however I am planning to pusue an mba after my graduation in India, could u pls guide me ,how to pursue an mba while working ?and what are the procedure for loan for higher education ?I have two options MBA in banking and finance or in mass media, currently i am working for a domestic bpo. pls guide me sir........

Asked by Tushar kelkar on 20 August 2008 at 1:03 PM.

Answered by Studyplaces Counsellor India

You can pursue the MBA degree along with job but you have to do it through distance education, or Part-time. Both MBA in Banking and finance and in Mass media are good courses but for you MBA in Banking and finance will be better option. Education Loan: Study in India You can borrow up to Rs 4 Lakhs without providing any security or margin. You can get a loan amount of Rs 4 Lakhs to Rs 7.5 Lakhs against a third-party guarantee. This loan comes with a five percent margin. The loan amount disbursed is 5 % lesser than the sanctioned amount. You need to arrange for the rest of the money. The third-party guarantee can come from any relation, neighbour or friend standing guarantee for the full amount. Education Loan: Study Abroad Amount of loan sanctioned may vary but usually Rs 7 Lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount and a margin amount of 15 percent. This loan comes with a five percent margin. The loan amount disbursed is 15 % lesser than the sanctioned amount. You need to arrange for the rest of the money. Also, if a loan below Rs 4 Lakhs comes at x rate of interest, the loan over Rs 4 Lakhs is usually charged one percent higher interest that is x+1. Note: The Reserve Bank of India prescribes the specifics (amount, rate, repayment period) of education loans and the government provides a two per cent subsidy on these loans to the banks. Documents required for education loan Mark sheets of the last qualifying examination for school and graduate study Proof of admission to the course Schedule of expenses for the course Copies of the letter confirming scholarship, if any Copies of foreign exchange permit, if applicable Two passport size photographs Statement of borrower's bank account for the last six months Income tax assessment order not more than two years old Brief statement of the assets and liabilities of the borrower Residence proof. For more information log on: MBA Colleges. For more information log on: Education Loan.