Education Loan for IIMs

Go through special education loan schemes from different lenders for IIM

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Table of content

Top Education Loan Schemes for IIMs
Top Courses to study in IIMs
Cost of studying in IIMs
Education Loan through WeMakeScholars
Documentation required for Education Loan
How to apply for an Education Loan for IIMs?
Benefits of WeMakeScholars
FAQ's
Need Help? Ask Here!

Students planning to pursue their MBA degree program from top IIMs in the country can take an education loan of up to Rs 1.5 Cr or sometimes, even more, to arrange funds for their expenses during study. The funding is offered by various public banks, private banks, and NBFCs at attractive interest rates starting from 8.35%

Taking an education loan for IIM without collateral is also available for students. In secured and unsecured education loans, the loan amount covers the full cost of tuition fees, living expenses, travelling costs, and other education-related expenses of students.

WeMakeScholars is partnered with 14+ banks(Public/Pvt) to offer you different education loan schemes!

Top Education Loan Schemes for IIMs

This section highlights the top education loan options, including schemes from:

SBI
Bank of Baroda
Union Bank of India
HDFC Bank
Canara Bank.

Each scheme covers essential expenses like tuition, accommodation, and travel, with varying loan limits, interest rates, and collateral requirements. Understanding these options, including repayment terms and eligibility criteria, will help you make an informed decision and ensure that you have the financial support needed for your IIM journey.

SBI Scholar Scheme

Parameter	Details
Loan Limit	Unsecured SBI Education loan - Rs 50 lacs Collateralized loan - Upto 100% value of the collateral A higher amount can also be offered, depending on the student’s profile
Expenses Covered	Tuition or course fees Accommodation charges Travel Expenses Cost of instruments and study equipment Cautionary deposits Fees of Examination
Accepted co-applicant	Parents, Parents in law, Siblings, Spouse
SBI education loan interest rate/rate of interest	Starts from 8.35%
Loan Margin	Up to Rs. 4 lacs - 0% Above Rs. 4 lacs - 5%
Moratorium Period	Duration of Course + 12 months
Repayment Duration	Up to 15 years post-moratorium duration
Repayment Policy	Students have the option to pay simple interest in the moratorium period.
Eligibility Criteria	Students should have secured admission to the university abroad through an entrance exam
Acceptable Collaterals	Immovable property - House, Building, Non-agricultural land, flat Liquid security - Fixed deposits, Govt. bonds, LIC policies
Value of Collateral (only if it is a collateralized education loan)	In the case of immovable property - The minimum value should be 1.25 times the asked education loan In the case of liquid security - The minimum value should be equal to the asked loan amount

Baroda Scholars Scheme

Parameter	Details
Loan Limit	Without collateral up to Rs 40 lacs With collateral up to Rs 80 lacs
Expenses Covered	College tuition fees Hostel and mess charges Cost of books, uniforms, and instruments Cost of Examination Library and lab fees Cost of laptop or computer if necessary for the course
Accepted Co-applicant	Parents, Parents-in-law, Siblings, Parent’s siblings, Spouse, First cousins
Baroda Bank Education loan interest rate/rate of interest	Starts from 8.85%
Moratorium Period	Course duration + 6 months
Repayment Duration	10-15 years
Repayment Policies	The student is liable to pay simple interest in the moratorium period
Eligibility Criteria	Applicant must be a citizen of India If the student is an NRI need to be enrolled in a course in India

Union Bank of India education loan for IIM

Parameter	Details
Loan Limit	Without collateral - to 40 lacs With collateral - Uptill the need of the student
Expenses Covered	Tuition fees for the course Hostel & mess fees Expenses of instruments, uniforms and types of equipment Expenses of study thesis, project work, and tours Purchase of computer or laptop Purchase of books & stationeries Travel Expenses
Accepted Co-applicant	Parents or Spouse
Union Bank of India Bank Education loan interest rate/rate of interest	Starts from 9.05%
Moratorium Period	Course duration + 12 months
Repayment Duration	Up to 15 years
Eligibility Criteria	The student should have been admitted to IIM college
Acceptable Collaterals	Immovable property - House, Flat, Non-agricultural land Liquid security - FD, Government bond, LIC Policy
Loan Margin	10% of the loan amount

HDFC Bank education loan scheme

Parameter	Details
Loan Limit	Without Collateral up to 50 loans With collateral up to the requirement of the applicant
Expenses Covered	Course fees Purchase of books, instruments, uniforms Travelling cost Accommodation expenses
Accepted Co-applicant	Parents, Parents in law, Siblings and Spouse
HDFC Bank Education loan interest rate/rate of interest	In between 9-14%
Moratorium Period	Course duration + 1 year or 6 months after getting a job (whichever is earlier)
Repayment Duration	Up to 15 years
Eligibility Criteria	Applicants and their co-applicants must comply with HDFC Credila's credit and underwriting standards. They must be Indian residents, aged between 16 and 35 Students must have been admitted to higher education institutions in India through competitive exams.
Acceptable Collaterals	Immovable Property- Residential Property, house, flat, non-agricultural land Liquid securities- Insurance Policies, Debt Mutual Funds, HDFC Bank Fixed Deposit, NSC / KVP

Canara Bank education loan for IIM students

Parameter	Details
Loan Limit	Without collateral up to Rs 40 lacs With collateral up to - 100% value of the collateral
Expenses Covered	Insurance Premium Course fee payment Purchase of uniforms, books & stationery, Cost of study instruments & equipment Travel cost Purchase of a Laptop or computer Examination fees Cautionary deposit
Accepted Co-applicant	Parents, Parents-in-law, siblings, spouse
Canara Bank education loan interest rate/rate of interest	Starts from 9.15%
Loan Margin	Up to Rs. 4 lacs - NIL Above Rs 4 lacs - 5%
Moratorium Period	Course duration + one year
Repayment Duration	Up to 15 years after the moratorium period
Eligibility Criteria	The student should be an Indian national
Acceptable Collaterals	Liquid security - Fixed deposits, government bonds, LIC policies Immovable property - Non-agricultural land, Flat, House

Apart from these public and private banks, other banks are also running dedicated schemes like Central Bank of India education loans for IIM students and PnB education loans for IIM students to provide education loans for IIM Ahmedabad, Bangalore, Kozhikode, etc.

Take advantage of selecting IIMs for your education by getting education loans at a lower rate of interest!

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Top Courses to study in IIMs

In this segment, we intend to identify and discuss the most popular programs available through the IIMs for management and related courses for students and working professionals. These are the MBA, which is the flagship program, offering a general management education; the Executive MBA, which is for practicing managers and executives; the PGDM which focuses on practical management education; the PGPX for middle-aged managers and executives seeking to advance their careers; and the FPM, a PhD program for academics. Every course provides different prospects in the advancement of the field of management. Keep reading to know more.

MBA (Master of Business Administration):

A full-time, two-year MBA program that covers various aspects of business management, including finance, marketing, operations, strategy, and leadership.

Executive MBA (EMBA):

A part-time, weekend program designed for working professionals to pursue a master's degree while continuing their careers.

PGDM (Post Graduate Diploma in Management):

Similar to MBA, but with a focus on practical, hands-on experience and case studies, as opposed to theoretical coursework.

PGPX (Post Graduate Program in Management for Executives):

A one-year, full-time program specifically designed for experienced professionals looking to fast-track their careers.

FPM (Fellow Program in Management):

A doctoral-level program for students interested in pursuing academic research and teaching careers in management.

Note: The course offerings may vary among different IIMs, and students are advised to check the specific programs available at the IIM of their choice.

Cost of studying in IIMs

Here is a table summarizing the cost of studying in IIMs:

Institute	Average Cost of Program (in INR)
IIM Ahmedabad	20-25 Lakhs
IIM Bangalore	20-25 Lakhs
IIM Calcutta	20-25 Lakhs
IIM Lucknow	15-20 Lakhs
IIM Kozhikode	15-20 Lakhs
IIM Indore	15-20 Lakhs
IIM Shillong	10-15 Lakhs
IIM Udaipur	10-15 Lakhs

Note: The cost of the program includes tuition fees, living expenses, and other related expenses. The actual cost may vary depending on the program and the institute.

IIMs offer great ROI and so do not worry about the expenses. Manage them through an education loan!

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Education Loan through WeMakeScholars

WeMakeScholars is a student-friendly funding platform, which is supported by the Ministry of Electronics and Information Technology under the Digital India Campaign. We are well-equipped with advanced technology and are ready to empower you with all the perks of digitalization throughout your education loan application process.

We are partnered with 14+ public and private banks in India to assist students in getting education loans to study in India or abroad.

Documentation required for Education Loan

Section 1: Application and Photographs

A completely filled-out education loan application form with two passport-sized photos is mandatory. Hard copies of the form filled out online through the WeMakeScholars website are also accepted.

Section 2: Applicant and Guarantor Information

Identification Proof:
- PAN card
- Aadhar card
Address Proof (if present and permanent addresses are the same, two separate residence proof documents are required):
- Ration card
- Electricity bill
- Voter ID card
- Telephone bill
- Aadhaar card
- Bank passbook statement
Co-Applicant Documents:
- If a co-applicant is salaried, they must provide the last 6 months of bank statements.
- If a co-applicant is self-employed, they must show their business transactions from the last 1 year.
- Asset and Liabilities Statement approved by bank employees.

Section 3: Student's Academic Documents

Proof of admission to an eligible university or course
Written total course fee with payment deadlines
Academic transcripts of class 10th, 12th and last completed degree (if any)

Section 4: Co-Applicant's Income Proof

If Salaried:
- Last 3 months' salary slips
- The last 2 years' ITRs
- Last 2 years' Form 16 details
- Applicant's office ID card
If Self-employed:
- Last 3 years Income Tax Returns
- Last 3 years' balance sheet with profit and loss statements
- Proof of business address

Section 5: Other Documents

A declaration from the co-borrower regarding responsibility for expenses not covered by the education loan.
A joint affidavit from the student and co-applicant to the bank in their prescribed format.

Section 6: Additional Documents (if applicable)

Payment receipts for payments made to the university
Pending loan statement from the last 1 year
Student gap certificate on a 100 Rupee stamp paper explaining the reason for an academic gap.

Get complete list of documents that you will require to process your education loan for IIMs today!

How to apply for an Education Loan for IIMs?

To digitally apply for education loan through WeMakeScholars follow the below given steps:

Step 1: Through the website request a callback or fill out the loan form to register your request for a loan application.

Step 2: Upon receiving a callback provide your loan details. Your financial officer will analyze your profile and get your loan file logged in.

Step 3: Ask for the documents checklist from your financial officer and arrange your documents as per the checklist.

Step 4: Upload your documents on WeMakeScholars Documents Portal or submit them to the bank to start loan processing from the bank's end.

Step 5: Visit the bank once to complete the document formalities and collect your loan sanction letter after 2-4 days of submission of documents in case of private banks or NBFCs and within 15-20 days in case of public banks.

Benefits of WeMakeScholars

We offer you the following benefits of processing your loan application with WeMakeScholars:

Free of Charges - Services offered by WeMakeScholars are free of charge, in alignment with the Digital India Campaign.

Reduced Rate of Interest - As a partner of multiple public and private banks in India, students can receive lower interest rates (0.5-2% off) when obtaining an education loan through WeMakeScholars.

Professional Guidance - The company provides expert guidance through a financial officer who will match the student with the best lender and support them through the loan process.

Less Processing Time - WeMakeScholars can expedite loan processing time to 15-20 days with public banks and 5-7 days with private banks or NBFCs, compared to the typical 1-2 month processing time at banks.

Digitized loan processing - Students can easily apply for an education loan online from any location.

End-to-end assistance - A financial officer will provide ongoing support for post-sanction issues and ensure a smooth loan disbursement.

Student Cashback - Students may receive a cashback of up to Rs 3000 on loan disbursement.

Tax Exemption Benefits - WeMakeScholars informs students about tax savings opportunities and initiatives, such as Section 80E, 80C, and TCS, to help them save money.

To enjoy the above benefits apply for your education loan through WeMakeScholars. We have experience of sanctioning 1000s of loan files everyday from all major banks in India. Moreover, our best-in-class loan sanctioning process reduces the hassle for students and makes their loan sanctioning process smooth.

Get professional guidance for an education loan from WeMakeScholars financial officer!

Apply today

FAQs:

What is an Education Loan for IIMs?

An Education Loan for IIMs is a loan taken by students for financing their higher education at the Indian Institutes of Management (IIMs). The loan is meant to cover the cost of tuition fees, living expenses, and other related expenses.
Who is eligible for an Education Loan for IIMs?

To be eligible for an Education Loan for IIMs, an applicant must be an Indian citizen who has secured admission to an IIM program. Students should also meet the minimum income criteria set by the lending institution or provide required collateral security, if raising funds through secured education loans.
What documents are required to apply for an Education Loan for IIMs?

To apply for an Education Loan for IIMs, the following documents are typically required, completed loan application form, proof of admission to an IIM program, identity and residence proof of the applicant and co-applicant (if applicable), income proof of the applicant and co-applicant and collateral security documents (if required)
How much can one borrow as an Education Loan for IIMs?

The amount of loan that can be borrowed as an Education Loan for IIMs varies from lender to lender and also depends on the applicant's income, repayment capacity, and other eligibility criteria. Typically, loans of up to 20-30 lakhs are available.
What is the interest rate for an Education Loan for IIMs?

The interest rate for an Education Loan for IIMs varies from lender to lender and also depends on the loan amount, repayment tenure, and other factors. Typically, the interest rate ranges from 8-14% p.a.
How is the interest calculated for an Education Loan for IIMs?

The interest for an Education Loan for IIMs is usually calculated on a reducing balance method, where interest is charged on the outstanding loan amount. Some lenders may offer a fixed or floating interest rate.
What is the repayment tenure for an Education Loan for IIMs?

The repayment tenure for an Education Loan for IIMs varies from lender to lender and also depends on the loan amount and repayment capacity of the borrower. Typically, the repayment tenure ranges from 5-15 years.
Are there any tax benefits available for an Education Loan for IIMs?

Yes, tax benefits are available for an Education Loan for IIMs under Section 80E of the Income Tax Act. The interest paid on the loan is eligible for a tax deduction, and there is no upper limit on the amount that can be claimed as a deduction.

NEWS

IIM Lucknow in collaboration with Imarticus Launch HR and Leadership Program

Indian Institute of Management (IIM) Lucknow, in collaboration with Imarticus Learning, has launched an 11-month Executive Management Program in People Leadership and Strategic HR Management. Geared towards experienced HR professionals and ambitious business managers, this program aims to enhance leadership skills essential for future roles.

The curriculum covers various HR competencies crucial for HR leaders, empowering learners to tackle evolving workforce challenges. To be eligible, candidates need a graduate degree with a minimum of 50% aggregate and at least five years of post-qualification work experience.

This program offers practical insights, including masterclasses by CXOs and real-world case studies. It combines IIM Lucknow's faculty expertise with live online lectures, totaling 150+ hours of immersive learning. Graduates receive an IIM Lucknow certificate.

Nishant Uppal, Chairperson of Management Development Programme at IIM Lucknow, said, "This program equips HR professionals and business managers with the skills to excel in their roles, showcasing our dedication to cutting-edge executive education."

Nikhil Barshikar, Founder and MD of Imarticus Learning, added, "We are committed to providing a holistic learning experience in every course we offer, ensuring world-class pedagogy"

Last updated - 25-08-2023

IIM Rohtak Focuses on Making Management Education Affordable and Job Ready

The Indian Institute of Management, Rohtak (IIM Rohtak) offers a unique array of programs, including the Integrated Programme in Management (IPM), which combines BBA and MBA, and the Integrated Programme in Law. They also provide a flagship Post Graduate Programme (MBA) and a full-time Doctoral Programme in Management.

What sets IIM Rohtak apart are its distinctive educational features. Every student masters a key analytical tool and develops practical problem-solving skills through mandatory case writing. They also emphasize a Rural Engagement Programme, maintaining a balance between academics and personal development.

The institute extends its expertise to executive education, offering programs like the Post Graduate Diploma in Sports Management and the Post Graduate Diploma in Management for Executives, with over 3,500 annual enrollments.

Regarding placements, they facilitate opportunities for MBA students, with 237 placements in the last year, averaging 18-19 lakhs and a 100% placement rate. To make management education affordable, IIM Rohtak offers scholarships to around 20% of students and partners with banks for student loans. In the age of digital transformation, the institute focuses on preparing students for future job demands through innovative courses.

Last Updated - 30/10/2023

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 24 Feb, 2023 | Updated: 09 Dec, 2024