failed in GMAT 3 times miserably (580, 580, 530). Please help

MBA
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Dear friends, My name is Suman and I have a total of 6.8 years of ERP product dev exp at an MNC. My goal is to advance in same industry(software) with an MBA from ISB. I have an exp of 2 years in leading a team of 3 ppl. I have also filed 3 p…

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Dear friends,

My name is Suman and I have a total of 6.8 years of ERP product dev exp at an MNC. My goal is to advance in same industry(software) with an MBA from ISB. I have an exp of 2 years in leading a team of 3 ppl. I have also filed 3 patents in application dev area and submitted some thesis on Artificial Intelligence in IEEE. Have been performinig decently well in my current role.

Now my cons, i tried gmat 3 times now but failed miserably (580,580,530). But i am still very much interested in ISB-MBA and willing to retake my gmat correcting my mistakes.

But have two big qsns that scare me like crazy. Given above details -

1. Will ISB still consider my profile at all owing to such a bad gmat record ?
2. I have a home loan of 15 Lakh rupees. Will the associated banks still consider me eligible for loan ?

I posted the same question in ISB's pgb admission forum.

Any inputs on these questions will help me immensely in my descision. Kindly reply.

Regards.

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Any inputs please ?

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Dear Suman I cant help you with the first question, coz i am myself an aspirant.. Being a banker for the last 3 years I would like to answer the second part... First tell me whether the housing loan is in your name your there is a second party to it.. Also state what is the term left and the amount outstanding of the loan...If you have /your family has alternate sources of income make sure that the EMI from the home loan + your education loan for ex-MBA(in case of ISB, it is aorund 27 lakhs of which the bank can finance you a max of 10-12 lakhs) lies within 50-55 % of your monthly take home income...Generally we bankers dont extract the last penny from your earnings and hence sanction only that amount of loan , the repayment of which is feasible and practical for the applicant..

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Hi Sourabh,
Thanks for the reply.

1. The home loan amount is 15Lakh INR and it is only on my name. Total tenure taken is 10 years of which 6 years of repayment is pending. So im roughly an amount of 12-13L (principle) must be remaining.

2. Sorry i could not understand when you said Home loan EMI+mba_emi should be less than 50% . So does it mean that, given my situation, if i have for an MBA loan, i should be having my parents as a collateral and must show their income only based on which the loan will be santioned ? . Or were you giving me a picture of post mba i ensure that both my EMIs account for no more than half my salary ? . Could you please explain in little more detail ?

3. You said ISB is 27L . I thought the program costs 20L inclusive of everything . Am i missing something ?

Thanks once again.
- Suman

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Hi Suman,

1) The first thing that a banker would ask you is how would you expect your Housing loan EMI's to be paid for while you are off duty and not earning. There generally is no moratarium period in the remittance once the repayment is started, which means that once you have started paying for the loan you cant take a break in between(for more than 3 months, which will classify your account into an NPA, the most dangerous term in loans). So make sure you have adequate provisions for that

2) Sorry for confusing you by the 50-55 % eligibility criteria. You may please ignore that in this context.See a student loan is sanctioned on many factors. In actuality you can get 100 % of your tuition fees as loan and/or upto 40 % of lodging and other expenses as loan(depending upon your bank. Every bank has separate policy in this respect). You will however be required to mortgage a security, read property, and will need to have your parents as guarantors. The maximum loan amount that you can get, will in now way exceed 85% of your programme cost(tuition/lodging/books/travel/etc)

3) I have attended ISB seminar and workshops many times in the last few months. The tuition fees is approx 22 L. The other expenses-lodging, travel, books, library, blaah blaah add another 4-5 lakhs. So its a heavy investment of 25+ Lakhs.

Make sure Suman that you are ready for the challenges both financial and not to mention academic(believe me my friends say it is killing) before taking a final call.

P.S:- Go to ISB webpage and start applying now. A good application will take anywhere between 3-4 months for completion. The last date for submission is Sep 15th in cycle 1 and Nov 30th in Cycle 2.

I would personally advise you to book your GMAT slot for Aug end. Take that month off , prepare and trust me you will blaze through the exam. Its no rocket science as you might have discovered by now

Never ever ever ever ever wait for your GMAT score to come and then apply to ISB. The pressure of submission will peel you off like a boiled potato. :nono:

All the best buddy

Do us Proud :cheers:

Regards
Sourabh