Education Loan for IIMs

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.

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

Baroda Scholars Scheme

Union Bank of India education loan for IIM

HDFC Bank education loan scheme 

Canara Bank education loan for IIM students 

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.

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.

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

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.

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.

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.

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.

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.