In today’s competitive world, where things change in a matter of seconds, people need to keep up with the latest trends by upgrading their skills and knowledge. Although technology can replace humans in numerous tasks through AI and automation, there is still no replacement for management skills. They are dependent on perception, negotiation, and other subtle skills that machines can’t replicate. Hence, working professionals plan to pursue an Executive MBA that can help them build their management skills and resume.
However, Student Loans for Education are not usually provided for such degrees. But there is no need to push the panic button as new-age lending institutions like Clix Capital offer Personal Loan for Education, which professionals can utilise to pay their fees and other expenses and complete their Executive MBA course in a hassle-free manner. Let’s discuss how to avail of Personal Loan offers to pursue an Executive MBA.
5 Steps to fetch a Personal loan for education to pursue an Executive MBA
Following are the steps to get a Personal Loan for Education to pursue an Executive MBA.
- Assess Your Funding Needs
You must calculate the required funds based on your current financial condition and course expenses, including tuition and exam fees. Typically, an Executive MBA in India costs at least ₹4 Lakh, which is a substantial investment and hence needs good Personal Loan offers to cover the expense. Assess your current savings and how much you can fund through a Personal Loan for Education. This approach will help you decide the exact loan amount you should borrow so that it’s neither less nor a surplus.
- Check the Eligibility Criteria for Personal Loan for Education
Once you decide on the loan amount needed to cover your Executive MBA course expenses, you should check the eligibility criteria. Some of the criteria set by top lending institutions that give Personal Loan offers include:
- The applicant must be getting a minimum salary of ₹20,000/ month
- The applicant must hold Indian citizenship
- The applicant should have an Experian credit score of 630 and above
- The total work experience of the applicant must be at least 12 months
- The applicant must be working in the current organisation for at least six months
- Calculate Your EMIs and Loan Tenure
You can use an online Personal Loan Calculator and determine the EMI amount you can repay without any complications. You can also choose a loan tenure ranging from 12 to 48 months as per your repayment capacity. It is vital to choose the appropriate term for a Personal Loan for Education; otherwise, it can negatively impact your finances. A shorter tenure will increase your EMI, but you save on interest and having a long tenure will increase the cost of borrowing.
- Approach an Online Lending Institution
Once you are thorough with all the three steps discussed above, it’s time to approach a lending institution and apply for a Personal Loan for Education. Several financial institutions also offer credit score checker online to know your credit score and maintain a good cibil/experian as much as possible, because sometimes a bad credit score also poses some problems in loan processing . But it is advised to opt for reliable lending institutions like Clix Capital, which have seamless loan approval and disbursal process. Also, the loan amount, flexibility and interest rates offered have pushed young Indians closer to financial independence.
- Apply for a Personal Loan for Education
Now you are ready to apply for a Personal Loan for Education. Here are the steps usually followed by most lending institutions to provide Personal Loans for an Executive MBA.
- Go to the lending institution’s website and select Personal Loan.
- Register with your mobile number and receive an OTP.
- Fill out your personal and professional details online.
- Submit the form along with the OTP received.
- Wait for instant verification and approval.
- Once approved, you will receive a loan offer.
- Accept the loan offer and get the amount into your account.
A Personal Loan for Education will act as the catalyst to help you pursue an Executive MBA. Just follow the steps discussed above diligently to increase your chances of getting the best Personal Loan offers in terms of amount, tenure and interest rate.