Next Step towards MBA – Applying for Loan

Even before the MBA applications started, I had started thinking about (at least created a spreadsheet listing all assets and liabilities) the investment I would be making for the MBA.

Here is how the Math looks like :

Cranfield Tuition Fees : 31000 GBP

Living and Other Expenses : 10000 GBP

Amount to be kept in Liquid/otherwise (contingency plan) : 10000GBP

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Total amount : 51000 GBP

Total Loan needed : 37000 GBP

Total amount to be paid from personal expenses and kept for later : 14000 GBP

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The good thing about getting an admit at Cranfield is that you can get a loan from HSBC, UK without a cosigner.Many fellow admits have started applying for the loan and a bunch of them have got the approval as well, some within 15 days. So good news.

So need apply for that. Looking at the list of documents to be submitted along with the loan application, it will take atleast a week to get them all.

Need to show some assets in liquid form or otherwise to convince HSBC that I would be able to repay them. It is believed that about 30-50% of the total loan applied needs to be shown somehow.

Here is the list of documents that are needed for loan application.  I gathered this from people who have already applied.

1    Loan Application Form
2    Copy of Cranfield's offer letter
3    CV
4    Copy of Driving License (Address Proof) - Any paid bill like credit card or bank statement will also do.
5    Copy of Passport - ID Proof. (Passport wont work as address proof as well)
6    Copy of degree certificates and transcripts
7    Copy of investment documents (LIC ,ULIPs, PPF)
8    Copy of Provident Fund statement
9    Bank account Detail over the period of last 3 months
10    Payslips for last 3 months
11    Income Tax Return of last 3 years
13    Wife's Bank Statement
14    Wife's Current Income Statement
15    Wife's other investments
16    MF Statement
17    PF Statements
18    Superannuation statement
19    Wife's FD Statements

On top of this one can provide parents income statements and assets as well.