Loan options to fund a US MBA

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Hi, I am trying to process a loan to fund my MBA in the US, and here are some of my experiences. Feel free to post more information to the thread which can help make the loan processing easier. 1. Most US banks require a US cosigner ...
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Hi, 


My name is Sharva Ahuja. I have been working for the last 3 years in Mumbai. I am keen to apply for an MBA in US for Fall 2018. While I'm studying for GMAT, I am also contemplating whether to quit my job or work and study simulatenously. As for the finances, I do not want to rely completely on my parents and hence, I am looking for a suitable education loan. Can any of you please suggest good education loan options in India for up to 15 lakh or more?


Thanks in advance!


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Informant
@Informant  ·  23 karma

@ruik do share your profile here : https://www.pagalguy.com/discussions/mba-in-usa-25110470. Join the discussion and get guidance from experts. 

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Send an executive summary of the loan you need. Immediate Loan is specialized in providing loans from the range of{$1000 to $90,000,000.00} at 3.0% interest rate Our loans are well insured and maximum security is our priority, RTC LOANS COMPANY is a legitimate and well known British approved loan lending company based in London, England.& USA

We offer loans to individuals as well as organizations who have intentions of renovating houses and institutions, debt consolidation, re-financing and also establishment of business outfits. We give out our Loan in USD($). rateecatletloanfirm01@gmail.com or Phone:( +1 ) 605-609-2525  / 44-745-224-6592

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MBA in USA -2017 Intake 

Please join following thread to discuss Profile evaluation, B school shortlisting, application process and other admissions related queries –  https://www.pagalguy.com/discussions/mba-in-usa-25110470  

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rateecatlet
@rateecatlet  ·  0 karma


Send an executive summary of the loan you need. Immediate Loan is specialized in providing loans from the range of{$1000 to $90,000,000.00} at 3.0% interest rate Our loans are well insured and maximum security is our priority, RTC LOANS COMPANY is a legitimate and well known British approved loan lending company based in London, England.& USA We offer loans to individuals as well as organizations who have intentions of renovating houses and institutions, debt consolidation, re-financing and also establishment of business outfits. We give out our Loan in USD($). rateecatletloanfirm01@gmail.com or Phone:( +1 ) 605-609-2525  / 44-745-224-6592

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Hello folks,

I am planning to pursue my MBA in Wharton School of Business,PA,USA.While the fees is too high and scholarship is competitive to get I looked over internet for study abroad loans and too happy to have found The Paras Education Foundation through www.isloan.org. They provide Soft Term Loans for study abroad @ interest rate 3% to 5% p.a. ,without any collateral security.  I am applying through them as they also claim to process loan Within 2 to 4 weeks.Thought it might help you guys too!

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Hi,

I am trying to process a loan to fund my MBA in the US, and here are some of my experiences. Feel free to post more information to the thread which can help make the loan processing easier.

  1. Most US banks require a US cosigner (US citizen or permanent resident i.e. Green Card holder)
  2. Some banks insist on having a Social Security Number to process the application. This is not possible if you are not in the US already
  3. There is now a mandatory application disclosure clause for all US banks that provide loans, and this disclosure document comes with a standard format.
  4. Global Student Loan Corporation has a tie-up with HSBC to offer loans to international students. No U.S. cosigner is required, but a cosigner required is needed from your country of origin. More information: Global Student Loan Corporation - international student loan, education loans for international students, no U.S. cosigner required, student loan program, student loan services
  5. Credila is another lender that specializes in student loans. HDFC is a stakeholder in this organization, and but they have an upper limit of Rs. 20,00,000 (apparently, this is now raised to Rs.40,00,000 . They respond pretty quickly to the online form. More information: :: Credilas Education Loan India Web Site ::.
  6. There is some interesting advice on student loans in general from Citibank's website: https://www.studentloan.com/pay_for_college/studentloans101.htm

My experiences with some US banks (with a US cosigner):

  1. Wells Fargo has an upper limit of 35K per year max. for international students, and also requires an SSN number
  2. Chase Student Loans too require an SSN number
  3. Citizen's bank does process a loan, by generating a temporary admin. SSN no. (You can talk to the agent on the phone to help you generate this no.) Then, you need to complete a paper application, which you can request to be emailed to you. If the agent does not appear to be ready to email and insists on postal mail, you can push the request further to their manager. More info from their website (Private College Loans: Get a Private Education Loan from Citizens Bank | Citizens Bank)
  4. Citibank does process the loan online. You need to use your co-signor's information in the address field, and they assign a temporary number in place of the SSN #. You can mention that you have lived for 0 months in the US address, and then enter your India address in the form.
    The only catch though is that they have a higher interest and loan processing fee rate.


Hi there,

you say , "...Credila is another lender that specializes in student loans. HDFC is a stakeholder in this organization, and but they have an upper limit of Rs. 20,00,000 (apparently, this is now raised to Rs.40,00,000 ..."

How did you come to know that Credilla has raised the upper cap to INR 4M? Credilla's site still says that the upper cap is INR 2M..

Finally, where did you arrange your finances from (assuming you did join the b-school you got admission in)?

-Manish
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soumitag Says
But does it affect Visa decisions in case we take loans from USA banks? Any idea?


Not that I've heard of. Visa officers are concerned with the fact that you have the ability to pay your fees, whether loan from India or US is irrelevant. However, unless the school is sponsoring it, getting a personal loan from US bank is kinda tough if you don't have anybody there.
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But does it affect Visa decisions in case we take loans from USA banks? Any idea?

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A little clarification on the SSN-- it is only given when you get paid i.e. if you have a proper job. As a student, you won't get one, but you can still apply and get a rejection letter. This doc will suffice in place of an SSN. Also, the SSN is used to check your credit-worthiness which is a big thing in America.

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Thats an interesting article.. Thanks!!

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