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Is it worth to take education loan for IIM?
In the past two years, 7 IIMs have hiked their fees between 5\% and 29.6\%. The average fee structure of the IIMs range between 15 – 20 lakhs. Thus, it’s not usually possible for students to cover such huge tuition fees, for which availing an education loan is a better financial choice.
Can you get 100 Education Loan MBA?
Yes, you can! Depending on the amount of MBA admission Education Loan and the category of the school, banks can finance up to 100 percent of the loan. Most banks do not need any margin money for an MBA education loan up to Rs. 4 lakh.
Is education loan available for MBA?
MBA Education Loan Options Education loans for MBA in India are offered by Public Sector banks like State Bank of India, Punjab National bank, Central Bank of India, Punjab & Sind Bank, Dena Bank, Canara Bank among others.
Is it good to pay education loan early?
An education loan usually attracts an interest rate ranging from 11 per cent to 15.5 per cent. With that, if the EMI outgo amounts to 50 per cent of one’s current monthly salary, then according to experts one should definitely consider paying off the loan at the earliest.
Is it possible to get an education loan to study at IIM?
Thus, it’s not usually possible for students to cover such huge tuition fees, for which availing an education loan is a better financial choice. An IIM student can opt for a maximum loan amount ranging from Rs.20 lakh to Rs.30 lakh. The margin money for students in IIM is either very low or nil at times. The repayment period lasts for 15 years.
How much is the margin money for students in IIM?
The margin money for students in IIM is either very low or nil at times. The repayment period lasts for 15 years. No collateral is required if you’re looking for a loan in one of the IIMs but parents are required to become a guarantor/co-borrower in most cases.
What are the benefits of getting admission in IIM?
Getting admitted into a reputed institution like IIM has its own benefits. The students can opt for a pre-admission loan as well as an unsecured loan at low-interest rates. Usually, banks and other financial institutions offer education loans to students who have a good academic record.
What is the interest rate offered to an IIM aspirant for student loan?
The interest rate offered to an IIM aspirant for a student loan varies for different banks & financial institutions. Although, you can avail an education loan at an attractive rate of interest between 8.5\% to 10\%. Subsequently, you can avail a maximum loan amount upto Rs. 30 lakh.