An MBA isn’t for everyone, but if you’ve decided it’s the right path to your future, one of the first questions you’ll have is how to pay for it.
That’s doubly true when considering an MBA abroad as you’ll need proof of full funding before your course begins to secure your international study visa.
If you’re planning to study abroad, it’s never too early to begin looking at your finances.
Study abroad MBA funding options
You might have to dig a little deeper than MBA candidates studying in their home country, but you have several options to pay for your degree.
Like any other student, you’ll begin piecing together funding by looking at your savings - and, potentially, any savings your family can offer. You might also consider family loans if these are better options for your relatives.
International students also have a wealth of scholarship and fellowships options available. Business schools know the worth of their programmes and go out of their way to:
- Assist with the development of school-specific scholarships.
- Promote scholarship opportunities to their applicants.
- Link admitted MBAs with the scholarship programmes they might qualify for.
In many cases, you’ll actually receive scholarship or fellowship options along with your admission letter. Although it’s not common, some schools may even offer grants.
However, many students find they still need more money to provide proof of funding to their university and immigration officials. If that’s you, it’s time to consider MBA loans.
MBA loans from local banks and NBFCs
Even though you’re planning to study abroad, the first place you’ll probably look for a loan is your local bank.
Depending on the lending regulations and norms in your country, you may find loans from both local banks and non-banking financial companies (NBFCs). Even if you choose another loan option, it’s worth getting more information, if only to compare loan products with one another.
In some countries, like India, lenders may require collateral or co-signers to avail loans. Students sometimes experience difficulties providing one or both and look elsewhere for financing.
Want to learn more about local banks and NBFC loans?
Loans from banks in your host country
International MBA applicants, especially those studying in the USA, may be able to secure a student loan with their school’s support. This option isn’t available at all universities or to all students, but some schools will act as a co-signer for international applicants.
If your school doesn’t offer this type of service, you’ll need a co-signer in your country of study to secure a bank loan.
Banks in the USA and the UK use Annual Percentage Rate (APR) rather than interest rates alone to show the cost of their loans. APR is a more complete representation of the cost of your loan as it includes fees as well as interest. If banks in your country don’t use APR, it’s worth learning more so you can compare your MBA loan options.
International student lenders
Another loan option exists for MBAs that want to study abroad. International lenders - like Prodigy Finance - ensure international students have access to funding. These options are especially helpful when other funding sources aren’t available or accessible. However, many international MBAs have chosen to work with Prodigy Finance even when they have other options available.
How to avail a Prodigy Finance loan
Applying for a Prodigy Finance loan is super easy. It takes about 30 minutes to complete the online application. If you qualify, you’ll receive your provisional loan offer almost instantly. After accepting your offer, you’ll be a part of our international student community and be able to take advantage of our borrower benefits.
Want to know more about Prodigy Finance loans?
These guides explain Prodigy Finance loan benefits and what to expect at each step of the application process.
Ready to get a Prodigy Finance loan?
Prodigy Finance provides collateral-free loans to international masters students. Find out what offer you can get.
Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority.
Post updated for accuracy and freshness on February 13, 2020. Originally published on November 18, 2015.