Category Archives: Canada MBA

How to finance your MBA education – Part 2 (Bank Loan)

How to finance your MBA education – Part 2 (Bank Loan)

 One of the frequently visited source of funds is a bank loan.  Although many banks offer lucrative student loans to Indian citizen, I am going to focus on student loans for NRI ( Non-Resident Indians). If you don’t have permanent residency of India ( because of being in NRI status) and the United States ( because you didn’t get your green card), you have many options that require due diligence and considerable leg work, but nonetheless you can avail bank loan.

I have reached out to three banks and 1 private institute.

Credila – is a private financial arm of HDFC Bank that offers bank loan to students. They need co-signer from India and any property or insurance policy or investment as collateral. One important thing is that you can title your siblings or relative as co-signer. Link

Andra Bank – provides the similar loan. You need to cognizant of the interest rate and loan amount. Check out the NRI Education Loans section. Link.

State Bank of Hyderabad (SBH) – If you have an account with SBH, it will come handy. Again, they offer same loan scheme. Check out the Education Loans to NRIs for more information. Link.

Federal Bank – offers a more lucrative loan like others. They call it Vidya Loan. Check it out. Link

While I can’t solicit advice on the selection of bank, here are few things to remember -

1. Check out the interest rate of each bank. If you are not an NRI, it’s even better. You have more banks that can offer great interest rates. Also, remember that interest rate is negotiable. If you are heading to the top business schools from Europe, United States, China, Hong Kong, Singapore,etc, you can potentially dig more heels during your negotiation. After all, you are expected to get a better pay after MBA and can repay the loan soon enough. Why shouldn’t you?

2. If you can offer property or investment to be used as collateral, your chances of getting loan will considerably increase.

3. Select co-signer who is below 60 years of age.

4. Apply early as this process will take a lot of time.

Any questions or comments!!Most welcome!!

How to finance your MBA education – Part 1

How to finance your MBA education – Part 1

After the excitment of the admit, the reality is actually settling in. To better manage my finance, I need to take a close view of my expenses and to find avenues to fund my education. Some of the expenses can be curtailed by changing the lifestyle and making informed choices; however, I am preparing my mental psyche to work towards the permanent expenses such as annual premium of life insurences, family care expense, and other payments. And then I have to also think about the MBA education. Good college such as HKUST demands stable fund availability. Everything from tuition, living expense, books, field trips, and exchange programs cost green bucks…or is it red and green in HK?

Just for the sake of discussion, what is your source of funding? You can use the poll or comment…..If you haven’t thought about it, it is not too late to at least mentally outline the source….

As I continue to research for suitable and stable sources of funding, I will share my experience….

But before I take you to this journey, let me tell you one thing – I am not a typical candidate. I have lived in both India and the United States. Now the kicker for me is that I can’t get any bank loan because I don’t hold the permanent residency in either country. So it is much more difficult to go to bank and ask for regular student loan.

In my next post, I will talk about the student loan for NRI….Stay tuned.

Which college I am “not” applying to?

Which college I am “not” applying to?

It’s official for me. I am not applying to Rotman, Ivey and National University of Singapore. I am laying out the criteria for my decision. It’s  my personal opinion. Shoot me, but you could not kill me!!

1. Ranking – Don’t get me wrong. Ranking doesn’t fairly and unequivocally characterize the marked individuality of the college. A college is a conflation of academic excellence, powered knowledge, resourcefulness, interactive human minds, research-based learning, etc. However, for an average prospective student, it is nearly impossible to gather all the focal points to make an informed decision in a short “college-research” period. So a ranking could be used as a guideline to start with the college -research. I must admit that some rankings are deficient because of their brazen attitude to ignore the obvious and widely-known facts. One such fact is that there are few colleges that are unparalleled in their approach, that are a force in influencing the global thinking, that are leaders in diversified research, and that challenge a status quo in their endeavors. For instance, Wharton MBA is globally known for its prowess in an academic community. Still it is considered one of the top colleges, not “The College”. The other fact is that the past of the college should not be treated as the ghost of the present. For example, Cornell University is one of the Ivy League college. Oxford and Cambridge gave global thinkers, who changed the world as we know it. But when it comes to MBA program, it seems that the self-proclaimed ranking institute treats Cornell, Oxford or Cambridge as one of the 101 Dalmatian dogs. Those colleges should be, and must be, in the top of the ranking regardless. Unfortunately, these factors are treated equally for every college in the name of “leveling the academic playground for MBA”. Nonetheless, here are my thoughts on some colleges that slipped my list.

ROTMAN – I have looked last 7 years of FT ranking. My criterion is simple. Consistency.  A consistent behavior shows that the academic institutions are not afraid about the market’s opinion, recruiter’s prejudice, student’s selectivity, and teaching faculty’s eccentricity. Rotman dared to challenge the status quo but failed to lift its standard in its attempt. There are many factors against its stature. And the great recession definitely tested its strength. Due to its inconsistency and wobbly ranking in 7 years, I am not sure if I would want to be associated with this academia. I am sure future holds great things for this college as the defined path has promising results. But I will wait at the shore for awhile.

IVEY – Ivey is a recognized college. But it has not been able to establish its dominance in the ranking. Ivey is widely-known for its fast-paced curriculum ( since it changed its format to one year MBA) and its connection to some distinct industry. However, I could not see Ivey racking up the ranking in near future. The reason being – there are many such good colleges and not just in Canada but in Spain, France, India, China, etc. So for now, adios Ivey.

NUS ( National University of Singapore) – Like some other Asian MBA college, NUS is seeing a resounding success in climbing up the ladders of the prestigious ranking. I did my research. And I come to the conclusion that the inherent reason for its climbing the bandwagon is its recently changed policy, which is not suitable for its future growth. NUS focuses more on younger applicants, who join with lower pre-MBA salary. And NUS caters to the consulting industry, which commands high caliber recruits and more salary. Not surprisingly, the average GMAT score of Indians ( with consists of 40% or more of the class) is well beyond 700 to 720. NUS’s commodity approach is one of the deciding factors for me to take the banner down from my list. Of course, NUS will remain the best MBA College in Singapore. And for the same reason, top consulting firms recruit from its BBA class.

2. Location – Whether we are talking about the real estate or job prospect, location is the key ingredient in shaping the future.  A vibrant location attracts good companies, great people and diversified culture. So here is my take on it.

ROTMAN – The location is great for the finance enthusiastic. But my ambitions lie on the consulting front. Also, Canada has the dearth of good locations. If I could not get a job in Toronto, God help me with my job search. Also, the neighboring giant sometimes overshadows the great Toronto.

IVEY – Same reason as mentioned above. Also, my targeted companies are not located in the near vicinity of the college campus.

NUS – While the location is stated as one of the best place to live and work, I am not that crazy about Singapore, per se. I need a wide access to Asian market, and Singapore could not provide me that.

3. Diversity – For me, the diversity is as important as the reputation of college. And I defined diversity beyond the sheer numbers provided by the university. I keen to see diversity in faculty and students. So here is my take on it.

ROTMAN & IVEY – Although, you can find ample examples of diversity, it is not enough to entice my attention. I am not impressed with the faculty diversity. And I was wishing to see more geographical and professional diversity.

NUS – The lack of distinct diversity is the prime reason I dropped NUS from my list. NUS’s diversity is more inclined towards the Asian students. When it comes to European and American students, it seriously fails to appeal the majority developed country.

4. Faculty – The selective criteria in this category are Phd Holder, Research Center, Business Experience, Company’s tie-up, and Teaching Methods. Well, HKUST, LBS, and Cambridge top my list; On the other hand, Rotman, Ivey, and NUS could not garner enough credibility.