Non-collateral Education Loans by Non-Banks/Specialized institutes
Since the market crash in 2008 when banks stopped offering non-collateral loans so easily, many financial companies saw the opportunity to invest in providing education loans.
Here is a list of non-banking institutions which provide non-collateral education loans for MBA:
Avanse provides unsecured loans up to INR 50 lakhs. The rate of interest that Avanse typically charges for education loans is 12.75%; this rate might be higher in some scenarios.
For more information, see http://www.avanse.com/start-smart
The Paras Education Foundation
In general, there is no maximum limit on the amount that can be availed under the Paras Education Loan. Loan can be availed for the full amount covering your tuition fees and living expenses after deducting any scholarships and financial aid.
Paras Education Loans are available at an interest rate of 3.5% to 6.5%, linked to the Wall Street Journal Prime Lending Rate (PLR).
In general, there is no collateral, physical mortgage, security, or margin money required for the Paras Education Loan. A valid and credit worthy co-signer may be required but the co-signer is also not required to provide any collateral, physical mortgage, security, or margin money.
For more information, see: https://www.isloan.org/
For MBA Students, Prodigy Finance provides up to 80% Cost of Attendance (as provided by the school) with a minimum loan size of Rs 15,000.
The interest rate varies from 5.0% to 7.5% (fixed) over the three month GBP Libor or USD Libor base rate (variable). Rates are dependent on individual applicant profiles.
Know more: https://prodigyfinance.com/
Currently, the maximum an individual can borrow from MPOWER is $50,000.00. This is limited to $25,000.00 for each academic period.
Their fixed interest rates range between 7.99% (8.85%APR) and 13.99% (14.87% APR). You can receive a 0.25% rate discount by repaying your loan through automatic withdrawal, and an additional 0.25% discount for making 24 consecutive on-time payments while repaying your loan through automatic withdrawal.
Please note that each application is reviewed independently of the other.
Know more: https://www.mpowerfinancing.com/
Candidates can apply for a loan up to a sum of $25,000 from Stilt. Their interest rate varies from 10% to 15.99%
For more information, see: https://www.stilt.co/
Credila provides a Maximum loan amount of up to INR 20 lakhs for higher education abroad and INR 10 lakhs for India. Their interest rates starts from 9.33%.
GyanDhan provides loans up to INR 30 lakhs. For collateral loans, the interest rate starts from 9.1% while for non-collateral loans, the interest starts at 11.5%.
Know more: https://www.gyandhan.com/