Does the world of business fascinate you? Have you ever wondered what goes into running a successful business? If yes, then a bachelor’s degree in business studies might be perfect for you.
A bachelor in business studies is a three-year undergraduate program that aims to develop a comprehensive understanding of the theory and practice of business in the modern world. Graduates in business studies are always in high demand, especially for entry-level jobs at finance behemoths like Goldman Sachs, McKinsey and Deloitte.
However, financing this course can be daunting if you plan to pay out of your savings. Education loans can help you finance the entire course by providing sufficient funds without draining your savings. In this article, we discuss all about study loans for bachelor of business studies and how your education journey can benefit from it.
Education Loan for Bachelor of Business Studies: Benefits
Being a business course with high market demand, a bachelor of business studies can be expensive. Education loans can help you pay for the course without worrying about denting your savings. Some benefits of an education loan are:
1. Saves your savings: Multi-year university degrees require substantial funding for various purposes. An education loan for your bachelor of business studies will help you keep your savings intact for a rainy day while making your education funding hassle-free.
2. Helps in future financial planning: With an education loan, you do not need to worry about EMI payments while studying. You are required to repay the loan only after your studies are complete. In this way, an education loan can help you prepare and plan financially for repayment when you’re ready.
3. Covers all expenses: Education expenses are not limited to college fees but include other costs such as food, accommodation, books, travel, etc. Education loans provide extensive coverage for all education-related expenses so you can focus on learning in a comfortable environment.
4. Builds financial independence: The extensive coverage and flexible repayment benefits of education loans also make you financially independent as you become in charge of your finances and loan repayment. This ensures you and your parents don’t needlessly sacrifice for your education.
Education Loan for Bachelor of Business Studies: Eligibility
Before applying for a loan for business studies, you need to determine your eligibility for an education loan with the lender. In India, to be eligible for an education loan:
1. You must be an Indian citizen.
2. You must be under 35 years of age.
3. You must have admission confirmation from a recognized university.
4. You must have passed senior secondary (10+2) or a diploma from a recognized board or institution.
5. You must have a parent, father, sibling, grandparent, maternal uncle or paternal uncle as a co-borrower.
Education Loan for Bachelor of Business Studies: Documents Required
You will need the following documents to apply for a study loan for bachelor of business studies:
1. Applicant and co-applicant identity proof: The valid identity proof documents are applicant and co-applicant PAN card/passport.
2. Applicant academic documents: As part of academic documents, you might be required to provide 10th and 12th-grade mark sheets, semester mark sheets (if available), and entrance exam scores (CUET, NPAT, etc. for bachelor of business studies) to the lender.
3. Applicant’s financial documents: The lender can also ask you to furnish salary slips for the last three months, Form 16 for the last two years, income tax returns for the previous three years and bank statements for the last several months.
Education Loan for Bachelor of Business Studies: How to Apply?
Different lenders can have different application procedures. However, some common steps you can follow when applying for an education loan are:
1. Choose a lender
Evaluate eligibility interest rates, repayment terms and other facilities associated with multiple lenders and choose a lender of your choice.
2. Obtain the application form
You can obtain the application form online or by visiting the lender’s office physically.
3. Collect all the necessary documents
Collect and prepare all the documents the lender requires before you start the application process.
4. Fill the application form
Once you have all the documents, complete the application form online or offline.
5. Submit the application form
Once completed, submit the application form either online or physically.
Once your loan is approved, the lender will inform you and ask you to sign the loan agreement.
A study loan for a bachelor of business studies ensures that your education does not burden your finances. However, choosing the right lender is paramount to reaping maximum financial benefits. Consider Tata Capital’s education loan, which has a proven track record of helping generations of students achieve their dreams.
Tata Capital provides zero-margin education loans at competitive interest rates. Apply for Tata Capital’s student loan for education and embrace a hassle-free education journey now!
05 November 2024
4 mins read
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