An MBA from a foreign university such as the Harvard Business School or the Oxford can not only widen your horizons but also leads to a stellar career. However, getting a degree from a premium foreign management school can be a bit on the higher side, might even be unaffordable for the working class using their own savings. So, how can you fund your MBA degree from a good foreign university? The answer is by taking a loan. Yet, the important question is which loan to take?
While an education loan is a feasible option but the interest rates can be high. Hence, there is a need for a better alternative. Something which can help fund the cost of your MBA degree without turning into a debt burden eventually. Taking a cue from the same, a loan against property for higher education can be a conducive option for the mentioned purpose.
What are the perks of taking a loan against a property for funding your MBA?
A Higher Loan Amount: Every credit facility comes with a maximum loan limit, especially an unsecured scheme. Even a loan against property comes with a maximum limit but it is very high. You can borrow up to 3.5 crores given the present market value of the asset you are mortgaging is that high.
Lower Interest Rate: Loan against property falls under the secured loan category, and thus, the interest rates are generally lower.
Longer Repayment Tenor: Last but not the least, the repayment tenor is quite long. This to ensure the borrower gets enough time to repay the loan easily.
On a concluding note; draft a viable repayment plan before applying for a loan.