Alternative ways of financing an MCA course in 2022

In 2022, doing an MCA will open up a plethora of opportunities for you. Especially with the digital turn after Covid 19, MCA has become a top professional course for fresh graduates. 

The usage of computers and the internet has become ubiquitous today, as has the requirement for professionals with the right skill sets to handle computer operations. 

Not only big businesses but also small and micro enterprises have started taking their businesses online. Along with operations, there is also an emphasis on digital marketing in most businesses 

What is MCA & how to finance it

An MCA course will deal with computer applications- from the very basics to the advanced level. Any graduate with a background in Mathematics will be eligible for an MCA course today. 

However, due to the high demand for the course, the cost of doing an MCA can be high. So, the key question for many students is how to afford an MCA in the current education market. 

Well, we have tried to answer those questions in this article. You don’t always have to pay the course fee upfront to an MCA today. 

There are alternative options as well and we will talk about them in detail here. 

Alternative ways of financing your MCA

  • Education loans

Education loan is a common way of financing an MCA course and many top banks in India would gladly help you out. However, you need some collateral in order to secure an education which can be difficult for some. 

Interest rates for education loans in India range between 7-12 %. Over the period of repayment, you will end up paying close to 30 to 35% more than the total amount you have taken as education loans. 

We won’t advise you to go for an education loan unless you absolutely have to. Your financial independence will be curbed significantly and you will have to live with the burden of the loan throughout. 

  • Pay After Placement

Pay After Placement is a great alternative to bank loans. However, this scheme is offered by only a few colleges and you don’t get to explore a lot of options as a result. It’s a great way to stay financially independent during MCA. 

When you go for the Pay After Placement option, you have to pay an initial registration fee to start the course. After that, you don’t need to pay anything till the time you actually secure a placement. 

Once you secure a placement, you will start paying back the course fee in monthly installments. It will be moderated according to the salary you receive and will be a flexible amount. If you don’t secure a placement, you don’t pay anything. 

  • Student Credit Card

Student credit card is a scheme started by the West Bengal government for students from the states. Unfortunately, students from other Indian states cannot avail the benefits of this scheme. 

In this scheme, you can get an education loan at a simple interest rate of 4% per annum. The repayment period for the loan is 15 years, which means you will have enough time to settle down with a job before you pay it back. 

The loan scheme is available for courses all over India as well as abroad. You can go to the official website of the Student Credit Card to know more about this scheme and the procedure for applying to it. 


As you have seen, there are a lot of alternative options for financing your MCA. We won’t advise you to go for a bank loan. Pay After Placement is actually a good choice as it takes care of financial independence as well as placement after graduation. In spite of the limited options available, many good colleges today are offering this scheme to MCA students. 

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