MBA-Prep (Loan Approved)

JBS has an arrangement with HSBC to help students finance their MBA. The current interest rate on this loan stands at 8.25%. Even international students can apply for this loan and there is no need of a co-signer. The other alternative I had was to borrow from a bank in India @ 13.75% (with a co-signer).

I received a postal mail today from HSBC stating that my loan application has been approved. The whole process of the loan application and approval was quite easy and simple. Let me outline the process I had gone through

1) I completed the Loan Application Form and submitted it to the Admissions office. Information required on the form include listing of Assets, Liablities, (monthly) Income and (monthly) Expenditure. It took me just over 10 minutes to complete the form. I also had to provide my latest bank statements.

2) The admission office, then forwarded my Loan Application to the bank (HSBC). Not sure if the admission office added any additional documents (e.g., covering letter, resume) before forwarding it to the bank.

3) The bank then got back to me stating that my Loan has been approved. I now need to go to the HSBC branch in Cambridge (in September), to complete the paper work.

There were no interviews or anything of that nature. The whole process (from application to approval), was completed in about a month's time.

I'm quite pleased with the school's admissions office for establishing a tie-up with the bank and HSBC for providing a wonderful (and affordable) service.