Do you see yourself interacting with people and creating memorable experiences? If so, hotel management might be a field you’ll shine in. This field offers a fast-paced environment where you’ll solve problems on the go, manage events, and use your organisational skills to handle every detail with precision.
Hotel management is a popular course that can lead to a dynamic and rewarding career. The role involves multitasking, providing exceptional customer service, and managing a team. Studying hotel management can be exciting, but there are also costs to consider.
You can commit to your career without stressing about the expenses with the help of an education loan. In this article, we explore the hotel management program and how an education loan eases your financial strain as you work towards your dreams.
What is a hotel management degree?
A Bachelor of Hotel Management(BHM) is a three-year undergraduate that prepares you for a career in the hospitality industry. This degree focuses on hotel operations, food and beverage services, and event management and gives you the chance to work in hotels, resorts, and restaurants or start your own hospitality business.
Some of the best universities that offer this course include:
1. Institute of Hotel Management (IHM), Delhi
2. Welcomgroup Graduate School of Hotel Administration, Manipal
3. Christ University, Bangalore.
To be eligible for a hotel management degree, you need to have completed 10+2 with a minimum of 50% marks. You might also need to clear university entrance exams to be eligible for admission.
Cost of studying hotel management
When pursuing a hotel management degree in India, tuition fees differs depending on the type of institution. The hotel management course fee in India is between Rs 5,000 – 80,000 a year in government universities. On the other hand, the tuition fees are between Rs 70,000 – 1,40,000 per year in private universities.
Beyond tuition, you would need to account for other costs like study materials, exam fees, and uniforms. Living expenses are another factor to consider, especially if you are living away from home. Hostel fees, food, and transportation costs must also be factored into your expenses.
Education loan for hotel management
Hotel management courses can be expensive. If you want to pursue your studies without immediate financial strain, applying for an education loan might be a smart move.
Here are some things to consider before applying for a loan:
1. Course fees and expenses: Calculate your total tuition fee, hostel expenses and other costs. You would need a loan that covers these expenses.
2. Interest rates: A lower interest rate means you’ll pay less overall during the loan’s duration. Compare interest rates from different offers by various lenders and select the option with the most competitive interest rate.
3. Repayment terms: Some loans offer flexible repayment options, including grace periods where you don’t need to repay immediately after graduation. Check how long you’ll have before repayment begins and how it fits your financial plans.
4. Collateral and guarantees: If you’re looking for a loan to cover a larger amount, you may need to provide strong collateral security. Verify the terms and conditions related to this before committing to your loan.
An education loan gives you flexibility with your finances, allowing you to pay your tuition fees and manage your education without losing focus on your career goals. To apply for an education loan for hotel management:
1. Visit the lender’s website and fill in your basic details. This helps the lender determine your initial eligibility for the loan.
2. Once your basic eligibility has been confirmed, submit the necessary documents. These include identity proof, income details, and course-related papers.
3. The lender will then verify your application and the documents you provided.
4. After successful verification, the loan gets approved, and you’ll receive an official sanction letter.
5. Once approved, your loan amount will be transferred directly to your bank account. You can then use it to fund your education without stress.
Final thoughts
Hotel management education opens doors to a variety of opportunities in the hospitality industry. Starting from travel and tourism to food and beverage and event management, pursuing a Bachelor of Hotel Management can be a stepping stone to a fruitful and successful career. However, studying hotel management at a reputed university can be expensive, and an education loan may be the right solution.
Apply for an instant student loan with Tata Capital and pursue your dream career in hospitality. Tata Capital offers loans that cater to various educational needs, with competitive interest rates, high loan amounts and flexible repayment terms. With our education loans, you enjoy pre-admission sanction and based on your eligibility, your loan may cover the entire cost of your education.
05 November 2024
4 mins read
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