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Do banks give loan to IPM students of IIM Indore?
Yes, banks like the State Bank of India and Canara Bank do offer loans. Due to the fact that these loans are primarily for education, you only have to pay interest at a floating rate for the duration of the course. Several other private banks also offer student loans.
After the course is over, you begin making principal payments. Also, there is a 6-month restriction on student loan payments. This means that until you complete the course plus six months after the course, neither you nor your parents or guardians are required to make payments on the loan. After the moratorium period, you must begin making monthly loan payments or risk losing your home.
Is it worth taking a loan in order to attend the Goa Institute of Management?
Taking a loan is a wise decision only if you are confident that you can risk the high fees and excel. You should be determined to achieve your goal while putting a hefty amount at stake. Once you are ready to go for MBA make a list of your most preferred institutes. Target the best B schools.
Goa Institute of Management is indeed a reputed B School and is rated amongst the best. Don’t be too hesitant to choose this one. The placements are the best not only in terms of average packages but also in the kind of roles offered and the kind of companies visited. Other factors on which GIM excels are its industry exposure, permanent and visiting faculty, and elaborate alumni network.
To be more certain contact alumni and enquire about the B Schools details. Having clarity of goals is a big step before making a big decision like taking a loan.
Should I join Ibs Hyderabad by taking a loan of 15lacs, is it really worth it?
Whether taking a loan is a wise decision or not depends on an individual's situation. For instance, you take a loan and even get a package that is enough to repay the loan but you are placed at a remote location. Then the additional expenses become a hindrance. So one cannot say with certainty if it’s worth taking a loan or not as it’s a subjective issue.
Another thing that often strikes me is that if you get an admission after taking a huge loan you are under a certain pressure to land a high-paying job. Your entire energy and efforts are focused on getting placed at a good firm rather than acquiring the essential knowledge that will improve your profile and help you in the long run. Throughout the two years, your agenda is not to learn management skills and concepts but to score better so as to get placed. With placement being the only goal, you often fail to make the best use of the available opportunities.
Once the placement season starts your desperation is at its peak. In case you don’t get placed in the initial month your mental and physical health is affected. So the pressures stemming from a single loan is long-lasting and can devalue the experience of your MBA.
So either you need to learn to survive under extreme pressure or not join IBS Hyderabad after taking a loan.
How long does it take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad/Mohali? Is it worth it?
To calculate the approximate time it will take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad or Mohali, let’s assume some numbers. That will make the calculation easy to understand.
Rate of Interest: 9.50%
Term of the moratorium: Duration of the course where you just pay the interest.
Loan repayment tenure: 7 years post moratorium period
EMI: Rs. 57,203.93
An EMI of INR 57,203.93 means a monthly salary of around INR 150000 or an annual package of INR 27 Lakhs is required. If you are confident that you will get placed with a similar package and can repay the loan easily go for it. One relevant thing you should consider is whether the knowledge you gained throughout the course is worth it afterward or not. I think only 35-40% of one’s salary should be used in repaying the loan. But that does not seem to be the case here. So in my opinion pursuing a higher education course won’t necessarily benefit you. In contrast, it may become a major issue due to the repayment of loans.
How difficult is it to get a loan for IMT Ghaziabad, MDI, IMI Delhi, or TAPMI?
IMT Ghaziabad offers financial assistance through various Educational loans. Many Nationalized banks have decent loan schemes for students of such prestigious B Schools.
One such Central Government scheme is the Vidhyadhanush wherein, students from IMT, MDI, IMI, Depts of IITs, and other elite B Schools are offered unsecured education loans with interest rates as low as 8.3-8.5. The maximum loan amount one can get is around 20 Lakhs. You can compare the schemes of different banks on the basis of interest rates, eligibility of your B Schools, and collateral schemes. It’s best to avail of the Central Government scheme to get the advantage of zero interest rate till the moratorium period. You can save as much as 1.5 Lakhs through this scheme.
The procedure to secure an education loan is very simple and quick. All one needs to do is study and compare various schemes and choose the best for themselves. Right after induction, many branches of banks put forward their loan schemes in front of the batches.
Is it possible to get an education loan before admission in IIM Bodh Gaya? Is a co-borrower necessary as my parents income is 1 lakhs per year?
Getting educational loans for admission at an IIM is fairly easy due to their high credibility. You should present the required documents like a copy of your admission offer letter along with the receipt of the amount paid by you as the offer acceptance fee to the bank and they will start your loan process. Also, this amount will be reimbursed by the bank if you want it to be included in your loan amount.
As far as co-browser is concerned, it’s completely unnecessary as you don’t need to have your family member as your co-browser. Also there isn’t need of any collateral as well and your family’s income has no relation with the loan whatsoever.
The best part of getting an education loan for joining any IIM is that you don’t have to contact the banks. They themselves will contact you as they know their investment will be worth the return. The entire procedure is unexpectedly smooth. Just visit your nearest branch to get your documents verified and you can proceed with the rest of the process online.
What are the chances of getting loan in IIM Trichy? Does it need collateral?
The chances of getting an Education loan at IIM Trichy are high. There is an SBI Branch inside the campus of Trichy. The process is very easy and can be completed within a day.
The best part is you don't need collateral and the interest rates are very low. All you need to do is make sure there is no clause for availing insurance, or else you have to pay extra charges.
How do I afford IPM IIM Rohtak fees?
Every IIM is considered an Institute of National Importance and its students are therefore offered excellent educational loans without any collateral and very low-interest rates.
Moreover, a scheme in SBI - SBI Scholar Loan, offers a collateral-free loan of about 2,000,000 Rupees. Apart from this many banks readily offer loans as soon as you enter the PGP program at an IIM. This is because they are sure of the credibility of these institutes and have no doubts regarding their students. They know they are investing in people who will be paying them back tenfold. You can easily avail this benefit of being a part of a reputed institute and IIMs brand value.
How long does it take to pay off the loan for IIM Lucknow for an average student?
The time it will take to pay off the loan for an average student depends on the kind of job you have landed and your personal expenditures and commitments. The other factors that might affect are your lifestyle, dependencies, loan amount, cost of living in your city, etc.
For a high-paying job, (around 20+ LPA), it will take 2 years maximum if you have no commitments, while 3-4 years if you are supporting your family.
For a less-paying job, it will take 3-5 years if you don’t have any commitments, while 5-7 years if you are supporting your family.
So the maximum time taken to pay off the loan is 7 years. Also, there are many EMI calculators available online. You can use them to calculate the exact figures.
Should freshers take a 15 lakh bank loan, and study for a MBA in TAPMI or KJ SOMAIYA?
I will answer your question by estimating the salary you will earn after completing MBA and comparing it with the loan you have to pay.
Loan Amount - 15 Lakhs.
Interest rate - 12%
Repayment period - 5 years
EMI - 33,367
Total Interest Paid in 5 years - 502000
Tax Saved in 5 years (considering 20% tax slab) - 100400
Net amount to be paid in 5 years - 1500000+502000–100400 = 19,01,600
Average package in TAPMI - 10.06 LPA
Monthly salary in hand - Approx 65 to 70K
From the above calculation we can infer that you will have 30000-40000 salary in hand every month which is more than enough for you to settle in any state or city in India. So taking loans for an MBA is very beneficial as it will pay you back in the long run.
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