Millions of students around the world, like you, aspire to study abroad, but without proper financial guidance and support, their dreams do not come true. GoStudyLoans helps you by becoming your financial partner and providing the most competitive market rates under one roof. Your journey towards taking an education loan for an MBA in the USA through GoStudyLoans without collateral is made easy.
With a good academic record, getting an unsecured education loan for MBA in the USA through GoStudy becomes easy.
The future prospects of a program are extremely crucial for any student.
GoStudyLoans provides a list of the best universities for an MBA so that you can choose the best institution before taking an education loan.
After completing an MBA from the USA, you will get various opportunities to build a remarkable career.
With GoStudyLoans, you can get an education loan for an MBA in the United States without putting up any collateral.
The process of sanction and disbursement is very convenient and hassle-free with GoStudyLoans.
GoStudyLoans checks your potential based on your future prospects.
GoStudyLoans serves millions of students, and therefore, the time required to process your education loan is very fast compared to other financial institutions.
The representatives of GoStudyLoans will provide you with the best services customized to your needs and requirements.
Various students around the globe have an aspiration to study abroad for their further studies as it provides them with a solid background and quality education. The post-graduate courses offered by institutes in other countries are excellent and provide students with in-depth knowledge that will shape their future in management and business.
To gain such knowledge, one has to also bear the expenses that come along with studying abroad, and hence students take hefty loan amounts to pursue further education. The biggest barrier that comes along with education loans is collateral. To solve this problem, GoStudyLoans helps you take an unsecured education loan for an MBA in the USA through GoStudy. With the help of such unsecured loans, you can easily cover all your expenses, including travel, academics, and many others, without keeping any immovable property or cash deposits as collateral.
The interest rates provided by various institutions differ from each other. As a common person, it becomes difficult to understand the technicalities of such processes, and it becomes even more difficult to compare the top financial institutions and select the best among the lot. GoStudyLoans helps you by providing detailed information about various financial institutions at your convenience, so you don't have to search for each and every bank or institution. Another advantage when you take an unsecured education loan for MBA in the USA through GoStudy is the lowest interest rate compared to the market. The education loan for MBA in the USA through GoStudyLoans without collateral is provided based on the profile of the student, applicant, co-applicant, income proof, credit score, etc.
Hence, we have provided a table where you can compare the interest rates of various financial institutions and get a clear picture of what suits you best in the long run. These interest rates are derived by using a mathematical formula. Please find the table of interest rates provided by various banks compared with the market rates offered by GoStudyLoans:
Type of Education Loan
Education Loan Rate of Interest As Per Market
Education Loan Rate of Interest Through GoStudy
|Secured Education Loan (USA)||9.5%||9.25%|
|Unsecured Education Loan (USA)||10.25%||10.00%|
|Secured Education Loan (Others)||9.5%||9.5%|
|Unsecured Education Loan (Others)||11.75%||11.50%|
As mentioned above in the article, the interest rate for an education loan without collateral for MBA in the USA through GoStudy is calculated by the following formula:
[Principal Amount x Interest Rate multiplied by (1 + Interest Rate)]The EMI calculation is done. Tenure*-1 = [(1 + Interest Rate) Tenure*-1]= [((1 + Interest Rate)/Tenure*-1)]
(Tenure is calculated in months and not years)
The non-collateral education loan for an MBA in the USA through GoStudy will cover all your expenses, starting from the expenses that you will incur when you shift from your country to abroad. The list given below is the list of all the expenses that will be covered while you take an education loan for an MBA in the USA through GoStudyLoans without collateral:
If you take an education loan without collateral for an MBA in the USA through GoStudy, then you will get an education loan of up to Rs. 50 lakhs depending on the choice of your institute. An unsecured education loan for an MBA in the USA through GoStudy covers all expenses such as travel, medical, academic, tuition fees, electronic gadgets, and so on. There are many banks that provide education loans without collateral for MBAs in the USA. You can contact their representatives or customer service team directly, and they will walk you through the entire process of obtaining an education loan for an MBA in the United States without collateral:
Things covered under Education Loan through GoStudy
Costs Covered by Education Loan through GoStudy
|Tuition Fees||0 - 65 Lakhs (Approx)|
|Living Cost||6 Lakhs - 15 Lakhs (Approx)|
|Travel Expenses||20,000 - 40,000 Rupees (Approx)|
|Others (Books/Uniforms/Computers)||80,000 - 1,50,000 Rupees (Approx)|
If you are wondering about the requirements for an unsecured education loan for MBA in the USA through GoStudy, then we are here to guide you through your doubts and queries. For sanction of an education loan for MBA in the USA through GoStudyLoans without security, you should have a brilliant financial profile and a confirmed offer letter of admission from a prestigious Mba institution in the USA. Although these are the eligibility criteria, other factors like your chances of getting placed through a Mba and interpersonal skills are also considered while granting a non-collateral education loan for MBA in the USA through GoStudy. If you have all the above-mentioned factors strongly included in your profile, then you can easily get an education loan to study MBA in the USA through GoStudyLoans without collateral sanctioned up to Rs. 50 lakhs. For your convenience, a list of documents required for an education loan to study MBA in the USA through GoStudyLoans without collateral is mentioned below:
Non-collateral education loans for MBA in the USA through GoStudy are an excellent option for students who want to study abroad, as education loans that require collateral necessitate extensive documentation and paperwork. Along with that, you have to arrange for an immovable property that could financially amount to the education loan taken from the borrower's end.
Collateral is any property or cash kept on the mortgage against your education loan. These assets are kept on mortgages and are found in almost all banks. The credit scores of the applicant and co-applicant are checked, and accordingly, the loans are granted. If the banks find the profile and credit score of the applicant inappropriate for an unsecured education loan for an MBA in the USA through GoStudy, then, in that case, you can also opt for secured loans. Below is a list of collateral that is commonly accepted by banks:
There are several universities that offer unsecured education loans for MBAs in the USA. Even in the COVID era, approximately 62,000 students applied for visas to pursue their education, and we have observed that the US is the choice of many Indian students when it comes to education. When the demand is this high for an education loan to study MBA in the USA through GoStudyLoans without collateral, there are many institutions that offer postgraduate courses and provide premium-quality education. Hence, there are many financial institutions that will provide you with an education loan for an MBA in the USA through GoStudyLoans without collateral.
For your reference, we have provided a list of universities that will provide you with an unsecured education loan for an MBA in the USA through GoStudy.
List of Universities accepted by Education Loan through GoStudy
GoStudy’s Pre Approved Education Loan Amount
|Syracuse University||60 Lakhs|
|George Washington University||65 Lakhs|
|New Jersey Institute of Technology||65 Lakhs|
|University of Florida||65 Lakhs|
If you are applying for an education loan for an MBA in the USA through GoStudyLoans without collateral, it is crucial that you arrange a co-applicant, even if you belong to a financially strong family, because when the student moves abroad for further studies, there should be one co-applicant who will be responsible for the repayment. The presence of a co-applicant fosters trust in the eyes of the lender when granting the loan, and it facilitates the sanction and disbursement of your education loan without collateral for MBA in the USA through GoStudyLoans. It is important to note that the economic capacity of a co-applicant also plays a crucial role in the sanction of your education loan.
If the financial state of the co-applicant is strong, then your chances of loan sanction are higher. The income proofs, assets, and properties of the co-applicant are verified before the loan sanction. Make sure your co-applicant is available with all the documents and income proof that are required for applying for an unsecured education loan for an MBA in the USA through GoStudy.
The list given below is the list of commonly accepted co-applicants by most financial institutions:
While you apply for a non-collateral education loan for an MBA in the USA through GoStudy, there are certain eligibility criteria that have to be fulfilled if you want your education loan to be sanctioned and disbursed, like the CIBIL score, which is different for different banks, this score defines the eligibility of the co-applicant. There are certain criteria that are common among all banks. However, when you apply for an education loan without collateral for an MBA in the USA through GoStudy, there might be certain other requirements as per your bank of choice, financial profile, and your previous academic record.
If you want an education loan without collateral for an MBA in the USA through GoStudy, then make sure you have all the documents, including your government ID, for verification. Below is the list of documents that are required for an education loan for a MBA in the USA through GoStudyLoans without collateral:
These are the common lists of documents that are required by various banks from the side of borrowers. However, the list might differ from one financial institution to the next.
The process of applying for a MBA in the USA through GoStudyLoans without collateral starts by approaching the representatives at any financial institution. These representatives provide guidance and assistance on the steps that are required for the application of an unsecured education loan for MBA in the USA through GoStudy. After your consultation with the bank representatives, they will check your academic record and the financial profile of the applicant and co-applicant. Then, according to your requirements of whether you want a secured or unsecured education loan for an MBA in the USA through GoStudy, they will provide a list of documents that will be required for the processing of your education loan.
The verification of your documents is done within a week's time. After that, there are many other steps that are followed before the sanction of an education loan without collateral for an MBA in the USA through GoStudy, like verification, identification, sanction process, connecting with the institutions, and disbursement of the loan. All the processing takes place smoothly if you have provided them with the entire list of documents correctly.
The sanction letter is evidence of an official document that elaborates all the details of the unsecured education loan for an MBA in the USA through GoStudy, taken from the borrower's side. After the verification of all your documents, the bank approves the loan for sanction, which typically takes a week. The next step after your education loan for an MBA in the USA through GoStudyLoans without collateral is granted to mention all the details like the name of the applicant, co-applicant, guarantor's name, tenure of education loan, moratorium period, and rate of interest. These details act as Proof of the loan taken by the borrower from the lender, and they help to maintain an official record for both parties.
After the successful sanction of your non-collateral education loan for an MBA in the USA through GoStudy, the process of disbursement of your education loan starts. The loan amount is transferred directly from the bank's side to the bank account of your preferred University. This amount includes the academic fees of your MBA program. This is done to prevent the misuse of the provided education loan for an MBA in the USA through GoStudyLoans without collateral. Other expenses, like travel, accommodation, shopping, etc., are transferred to the personal account of the applicant. It varies from bank to bank, and it also depends on the mutual discussion of both parties.
A moratorium period is that time duration where you get a break from your repayment in the case of both secured and unsecured education loans for an MBA in the USA through GoStudy. During this duration, you can either pay a small amount of your EMI, or you can choose to pay only the interest of your entire collateral or non-collateral education loan for an MBA in the USA through GoStudy, as this will lower your load during the repayment period. The moratorium period differs from bank to bank. However, the common duration of the moratorium period is when the student is studying abroad and six months after the MBA course ends.
When your repayment duration of an education loan for MBA in the USA through GoStudyLoans without collateral starts, you can decide the tenure of your repayment. One year after completion of your MBA course or after beginning employment, the process of repayment starts. The maximum period to repay your loan is 15 years, which is a fair duration for the amount of education loan taken from the borrower's end.
You can make the repayment through various options given below:
If you take an education loan for an MBA in the USA through GoStudyLoans without collateral, then you are eligible for a deduction in your EMI according to section 80E of the IT act. However, it is crucial to remember that the deductions will be made on your interest and not on the principal amount. This claim can be made by the immediate family members of the applicant, like parents, spouse, etc. Please note that the claim has to be made within eight years from the date of repayment, but if you claim for a deduction after eight years, then you are not eligible for any deductions on your interest. However, the student must have sanctioned the loan for higher study purposes only, as Section 80 E of the IT Act will only apply to education loans to study MBA in the USA through GoStudyLoans without collateral.
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