About my loan journey, I tried exploring loan options in the UK due to a markedly lower rate of interest here. Unfortunately, there are not many options here. As far as I know. only Natwest offers an MBA loan, and that too if you have been in the UK for at least 3 years (even 2.5 years,as in my case, does not qualify). Additionally, the repayment term must end within the time period of your visa. This may not be a big problem for EU citizens, but for me it meant that I would have to repay the loan within 2 years at most, a ridiculous option at best.
I think Oxford is one of the few top-tier schools with no loan arrangements, and I have no idea why. I also think that MBA students from top-tier institutes pose a much lower risk than all students in general, but the UK Banking establishment does not seem to be in any mood to give as they perhaps bracket MBA graduates from top B-Schools with the rest (this article further explains why I say that). They, however, do have "Graduate Loans", loans that you can take after you pass out from the college and get a job. Grrrrrrrrrrr.
I finally managed to get a loan from back home (India) and it is going almost fine. Almost fine as at the last moment the central bank decided to raise base interest rates. This not only pushed up the interest rate that I would pay but also increased the amount of margin money required to secure the loan. Which brings home another lesson: don't wait till the last moment to transfer the money. I think a 4-week gap will allow me to recover from this delay gracefully, though a lesser gap could have been potentially suicidal. So, here I am waiting for the loan to actually come through: fingers crossed!
I think Oxford is one of the few top-tier schools with no loan arrangements, and I have no idea why. I also think that MBA students from top-tier institutes pose a much lower risk than all students in general, but the UK Banking establishment does not seem to be in any mood to give as they perhaps bracket MBA graduates from top B-Schools with the rest (this article further explains why I say that). They, however, do have "Graduate Loans", loans that you can take after you pass out from the college and get a job. Grrrrrrrrrrr.
I finally managed to get a loan from back home (India) and it is going almost fine. Almost fine as at the last moment the central bank decided to raise base interest rates. This not only pushed up the interest rate that I would pay but also increased the amount of margin money required to secure the loan. Which brings home another lesson: don't wait till the last moment to transfer the money. I think a 4-week gap will allow me to recover from this delay gracefully, though a lesser gap could have been potentially suicidal. So, here I am waiting for the loan to actually come through: fingers crossed!
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