To begin with, it is pretty strange to know that most banks both public sector and private banks in India does not provide any loans for the courses mentioned above including CA, CMA, and CFA since it does not meet the definition/ criteria on the basis of 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 provides 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 are pretty low. Banks are possibly concerned about the probability of repayment in case the students don’t pass these exams.
However, there are quite a few NBFC’s which provide loans for these courses but most of them are tied up with the private institutions. One such institution that provides education loan for CMA USA that is MI Classes which is tied up with Propelld which is a financial institution that provides loans to all students who are enrolled with MI Classes 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 are the list do documents required to be submitted with NorthStar Academy(NSA) for processing of the loans. These documents shall be uploaded by NSA on 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 NSA’s Account directly 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.
The following are 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 months salary slip
• Six post-dated cheques
For a student applicant (or non-working)
• The same list of documents as mentioned for the working applicant of the co-applicant.
• The co-applicant/co-guarantor could be Spouse, Father, Mother or Sibling.
Hope your financials do not come in the way of your aspirations. You are born to fly high.