Which Indian banks provide education loan for CA students and CMA USA courses?

To begin with, it is pretty strange to know that most banks, both public and private, in India do not provide any loans for the courses mentioned above, including CA, CMA, and CFA since they do not meet the definition criteria based on which banks provide educational loans.

It is also surprising that banks provide loans for courses such as B.Tech, MBA, etc. but not for professional courses, which provide pretty much a job guarantee.

The only reason that I may think is probably the success rate in these courses. We all know that the passing percentage in these courses is pretty low. Banks are possibly concerned about the probability of repayment in case the students don't pass these exams.

The education loan scheme offered by the institute allows students to borrow a loan amount sufficient to cover their studies in India. To qualify for the loan scheme, a student must provide collateral security and meet the eligibility criteria set by the reputed educational institution.

Key Takeaways

• It's Time To Think Differently About Educational Loan Facilities

• Education loan for CA and CMA courses | NorthStar academy

Education loan for CA and CMA courses | NorthStar academy

Students deciding between pursuing higher education in India or abroad should consider factors such as loan options, repayment of the loan, and financial support available. Institutions in India offer various courses like CA and CMA, which are also available through institutions abroad. Student loan options include applying for a loan through traditional banks or financial companies, with terms such as equated monthly installments and repayment of the loan.

However, there are quite a few NBFCs that provide loans for these courses, but most of them are tied up with private institutions. One such institution that provides education loans for CMA USA is NorthStar Academy, which is tied up with Propelled, which is a financial institution that provides loans to all students who are enrolled with NorthStar Academy for the CMA USA course.

The following are the formalities and list of documents required for obtaining loans for CMA (USA).

1. Student Registration: You need to register as a student of NorthStar Academy for any of the mentioned courses. Unfortunately, as of now, loans are provided only for ACCA and CMA (USA).
2. Documents: Following is the list do documents required to be submitted with NorthStar Academy(NSA) for processing of the loans. These documents shall be uploaded by NSA to the Propelld partner portal, to which they would have exclusive access.
3. Approval: It is that simple. Upon approval of the education loan, the loan shall be directly transferred to the NSA's account by Propelld and the student need not do anything. The loan shall be repayable in 12 to 18 monthly installments, as agreed with you at the time of processing of the education loan.

Setting the mood with incense

The following is the list of documents required for obtaining the education loan.
For a working applicant:

PAN Card
Aadhar Card
Last three months' bank statement
Last three-month salary slip
Six post-dated checks
For a student applicant (or non-working)
The same list of documents is mentioned for the working applicant and the co-applicant.
The co-applicant/co-guarantor could be a spouse, father, mother, or sibling.

I hope your financials do not come in the way of your aspirations. You are born to fly high.