How much loan can be availed for MFA studies? Know the easiest way to repay it.

MFA i.e. Master of Fine Arts is a postgraduate course, that opens the way to becoming a professional in fields like painting, graphic design, sculpture, photography, theater, film, or creative writing.

If you are dreaming of making a career in the field of art and want to enroll in creative courses like MFA (Master of Fine Arts), then you should not worry about money now. In today's time, big banks and finance companies of the country are also offering great education loans for such creative courses. The matter is not limited to the loan only, but there are also easy and smart ways to repay it, so that repaying the loan after studies becomes a manageable responsibility rather than a burden.

What is MFA

MFA i.e. Master of Fine Arts is a postgraduate course, which opens the way to become a professional in fields like painting, graphic design, sculpture, photography, theater, film or creative writing. From the famous art colleges of India to the top universities of foreign countries, there is a lot of craze among the students about MFA. But the fees and expenses of this course sometimes exceed the financial capacity of the family. In such a situation, education loan comes out as a great option.

Who gives loan

In such a situation, students can easily get an education loan of Rs 4 lakh to 10-20 lakh for MFA studies in India. On the other hand, if you are dreaming of doing MFA in countries like America, UK or Europe, then the loan amount can go up to Rs 20 lakh to 40 lakh. Banks like SBI, PNB, ICICI, HDFC give loans for this, while education loan companies like Credila, Avanse, InCred provide the facility of collateral-free loan, provided the university is recognized and the student's profile is good.

After taking a loan for a course like MFA, the most important question is how to repay it easily? There are some easy but effective ways for this.

Use the moratorium period smartly: You don't have to pay EMIs for 6 to 12 months during your studies and after the completion of the course. During this time, you can start paying interest from part-time income or internships to reduce the loan burden.

Earning from freelance artwork: Many MFA students can start paying EMIs by earning from digital art, portraits, designing or online tuitions along with their studies.

Choose a longer tenure by reducing the EMI: Banks often offer the facility of paying EMIs for a period of 5 to 10 years. This reduces the monthly installment.

Keep the option of refinancing: If another bank is offering loans at a lower interest rate, then it would be wise to transfer there.