The University of Chicago Booth School of Business and Credila, a subsidiary of HDFC, are offering a loan assistance program for working professionals in India who want to pursue a full- time or executive MBA. The loan program aims to meet the challenges of working professionals.
Under the agreement, the programme provides educational loans without collateral for up to Rs 25 lakh for an executive MBA and up to Rs 30 lakh for a full-time MBA.
Loans of up to 100% of the cost of education for both the programs will be available against relevant collateral. With interest rates of 11.95% for Executive MBA and 13.25% for full-time MBA, the programme offers flexible payment terms of up to ten to 14 years and 12 years respectively.
"We have observed that the number of professionals opting for an Executive Management Course is gaining popularity in India. However, the fact remains - studying abroad comes with a lot of challenges. After being admitted to a top university, the next big hurdle is getting a higher studies loan. The solution we offer will help bridge a gap in student lending. We are excited to extend our expertise with Credila in graduate and professional education financing to this innovative loan program," says Bill Kooser, Associate Dean for Global Outreach at University of Chicago Booth School of Business.
"Credila understands the need to customize student loan products to help students materialize their dreams. The unique partnership signifies Chicago Booth's India focus and also signifies Credila's commitment to the cause of quality education for Indian students," said Ajay Bohora, co-founder and CEO of Credila.
Chicago Booth's EMBA curriculum is a 21-month, part-time program that exposes executives to the intellectual intensity and world-changing ideas. Booth's Full-Time MBA Program is a two-year programme.