Business News/ Money / Personal Finance/  How to get a loan with an easy interest rate for an international marketing course?

The carrying out, and management of marketing initiatives across several nations or areas of the world from one domestic country is referred to as international marketing. With the purpose of containing inflation, the Reserve Bank of India (RBI) has been hiking benchmark rates since May 2022. During its most recent policy meeting in February, the RBI increased the policy rate, or repo, by 25 basis points to 6.50 per cent. The rate of interest was increased by 250 basis points by the RBI between May 2022 and February 2023. Obtaining a loan to carry out the same and, in light of rising loan interest rates, how individuals can obtain a loan with a low-interest rate for an international marketing course are some of the major challenges of international marketing. Let's hear viewpoints from various experts in the field.

S. Ravi- Former Chairman, BSE

There are several ways to get a loan with a low-interest rate for an international marketing course;

Research and compare lenders: There are many offline and online lenders and banks that specialize in education loans or personal loans. One can compare their interest rates, fees, and repayment terms to make the apt choice.

Improve your credit score: A good credit score can help you qualify for a lower interest rate. Check your credit report for errors and pay down any high balances on your credit cards.

Consider a cosigner: If you don't have a strong credit history or income, a cosigner can help you qualify for a lower interest rate. A cosigner is someone who agrees to be responsible for the loan if you can't make the payments.

Apply for financial aid: If you're attending a university or college, you may be eligible for financial aid, including scholarships, grants, and loans. Contact the financial aid office at your institute for more information.

Negotiate with lenders: Once you've chosen a lender, don't be afraid to negotiate for a lower interest rate or better repayment terms. Explain your financial situation and why you need the loan, and provide documentation to support your case.

It's important to note that interest rates can vary depending on your credit score, income, and other factors, so it's always a good idea to shop around and compare offers from multiple financial institutions before making a decision. You may also want to consult with a personal finance expert or financial advisor for guidance on managing your finances and making the most of your education loan.

"Gain a Global Edge: Why an International Marketing Course is Crucial for Success?"

Neha Wadhawan Associate Professor- Marketing School of Management Studies, Manav Rachna International Institute of Research and Studies

In today's interconnected world, businesses face fierce competition from all corners of the globe. To succeed, companies must have a profound understanding of the complexities of global markets. Studying a course which focuses on marketing to international audiences can give a student a crucial advantage over others. 

Studying international marketing allows students to gain an understanding of global marketing strategies and exposes students to the diversity of cultures helping them to develop a better understanding of how cultural differences impact consumer behavior and marketing strategies. It gives a broader perspective on global business, which can help them understand how different economic, social, and political factors impact business operations around the world. This can enhance analytical and strategic thinking skills and also develop marketing expertise that is applicable in different industries and countries.

International marketing offers several professional benefits like wide range of career opportunities, builds global business networks, develops language skills and cultural sensitivity and also enhances creativity required for global marketing strategies. These benefits can help professionals succeed in the global business environment and advance their career. 

To get a loan on an easy interest rate for pursuing a career in international marketing, one can consider the following options:

• Research and compare different lenders to find those offering the lowest interest rates and favourable repayment terms.

• Consider securing a loan with collateral or co-signing with a creditworthy individual to increase the chances of approval and better rates.

• Build and maintain a good credit score to qualify for better loan options with lower interest rates.

• Explore government-backed loans and programs, such as Small Business Administration (SBA) loans or federal student loans, which often offer competitive interest rates and flexible repayment options.

It's important to thoroughly research and understand the terms and conditions of any loan before accepting it, including any potential fees, penalties, and requirements. 

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Updated: 27 Mar 2023, 09:01 PM IST
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