Economics as a field of study is a unique blend of commerce and science. Due to its interdisciplinary nature, a bachelor of economics is a gateway to a world of opportunities in the modern world. It not only significantly expands your knowledge but also transforms you as a person.
A bachelor of economics from a reputed university can be expensive. An education loan is the most convenient way to finance your bachelor of economics degree. However, the education loan process can initially seem daunting without a proper financial plan.
To develop an effective plan, read further to learn more about what’s involved in obtaining an education loan for bachelor of economics.
What is a bachelor of economics?
A bachelor of economics is a three-year undergraduate course that provides you with a solid background in the theories and practices of economics. Some key subjects you study during a bachelor of economics degree are microeconomics, macroeconomics, statistics, and economic theory. Economics is one of the most popular bachelor’s degrees.
The top reputed institutes for a bachelor of economics degree are Jawaharlal Nehru University (JNU), Delhi University, Presidency College, and Ashoka University. You can get admitted to these colleges based on your senior secondary (10+2) marks or by clearing the cutoff in one of the following exams:
1. Common university entrance test (CUET): CUET is a nationwide objective entrance exam that provides admission to the various central universities in the country. This exam is usually conducted every year in May/June. By clearing this exam, you can get admitted to JNU or Delhi University for a bachelor of economics.
2. Presidency University bachelor’s degree entrance test (PUBDET): This exam is for admission to various colleges in West Bengal, like the Presidency College. It is usually conducted every year in July.
3. National test for programs after twelfth (NPAT): NPAT is a university-level entrance exam. By clearing NPAT, you can get admitted to a bachelor of economics at Narsee Monjee Institute of Management Studies (NMIMS), Mumbai.
What are the eligibility criteria for a bachelor of economics?
To be eligible for admission to a bachelor of economics program at a reputed university, you should meet the following eligibility criteria:
- You must have completed your senior secondary education (12th) from a recognized board in science, arts or commerce.
- You must have more than 50% marks in your senior secondary board examinations.
How much does a bachelor of economics degree cost?
The average cost of a bachelor of economics degree ranges from Rs. 15000-70000 for three years, based on the university. The critical cost components include tuition, accommodation, books and stationery.
Tuition at public universities like JNU and Delhi University is usually low, while at private universities like NMIMS and Ashoka University can be higher. The accommodation cost depends upon the city and the university. In reputed universities, you can save on the cost of books by taking advantage of the library facilities.
What is the scope of a bachelor of economics?
A bachelor of economics degree is a fundamental requirement for entering the world of finance at the entry-level. After finishing your studies, you can choose from various career paths, such as an economist, a statistician, an auditor, a financial analyst, a financial planner, and more.
Finance behemoths like Morgan Stanley, Deloitte and American Express are some of the top recruiters in economics. The expected salary after a bachelor’s degree in economics ranges from 6-9 LPA with an immense scope of growth and prestige.
Who is eligible for an education loan for bachelor of economics?
To be eligible for an education loan for a bachelor’s in economics, you must:
- Be an Indian national citizen
- Be 18-35 years of age
- Have completed the senior secondary examination with good grades (>50%)
- Have cleared one of the university-level entrance tests and been accepted into an accredited university
What are the documents required for an education loan for BSc economics?
To apply for an education loan for bachelor of economics, some standard essential documents required are as follows:
- Identity proof (Aadhaar or PAN card)
- Academic documents (10th and 12th mark sheets, entrance exam transcript and university admission confirmation letter)
- Financial documents as required
Concluding thoughts
A bachelor of economics is the foundation for a bright and prestigious career in finance and banking. After deciding on the course and the university, you must tackle the critical question of funding. While you can finance your education from your savings, it is a good idea to apply for a student loan for the increased financial convenience.
Tata Capital provides student loans with pre-admission sanction and competitive interest rates. With Tata Capital’s zero-margin education loan, you can focus on your education without worrying about depleting your savings.
09 October 2024
4 mins read
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