EDUCATION LOAN TO STUDENTS FOR PURSUING MBA FROM IIMs & OTHER PREMIER MANAGEMENT INSTITUTES

EDUCATION LOAN TO STUDENTS FOR PURSUING MBA FROM IIMs & OTHER PREMIER MANAGEMENT INSTITUTES

Maximum Loan Amount :

Rs. 40.00 Lakhs

Borrower/ Joint Borrower:

Loan to be sanctioned in individual name of the student.

Parent(s)/guardian/ spouse/parents-in-law of the student may also be taken as joint-borrower.

Margin:

No Margin

Maximum Loan Amount:

Rs 40.00 Lakh.

Security:

No collateral Security’ No third party guarantee, Assignment of future income of the student.

Comprehensive life insurance policy for the student availing Educational Loan to the minimum of loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank.

One time premium based term policy for life of the student for entire tenure of loan to be considered for payment within the ceiling of sanctioned limit.

Rate of Interest:

REPO RATE (4.4%) + 2.30(Credit Risk Premium)= 6.70% presently

REPAYMENT PERIOD: 15 YEARS AFTER COMPLETION OF MORATORIUM PERIOD

MORATORIUM PERIOD: COURSE PERIOD + 1 YEAR

EXPENSES CONSIDERED FOR LOAN:

  • Fee payable to college/hostel. Reasonable lodging and boarding charge will be considered in case the student chooses / is required to opt for outside accommodation.
  • Examination/ Library/ Laboratory fee.
  • Travel expenses.
  • Insurance premium for student borrower.
  • Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • Purchase of books/ equipment/ instruments/ uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis work, etc.
  • Visit to foreign universities in Exchange Programme.
  • Living Expenses up to Rs.120000/- p.a. on declaration basis.
  • Membership & subscription to Alumni/professional organization.
  • Reimbursement of above expenses already incurred/loan taken from identified sources (to meet the contingencies) by the applicant on merits is allowed, subject to production of original receipts within three months from the date of payments of fees/expenses incurred

LIST IIMS & OTHER PREMIER MANAGEMENT INSTITUTES

Sr. No IIMs
1 Indian Institute of Management, Ahmedabad,Gujrat
2 Indian Institute of Management, Bangalore, Karnataka
3 Indian Institute of Management, Kolkata, West Bengal
4 Indian Institute of Management, Indore, Madhya Pradesh and Mumbai Campus of IIM Indore
5 Indian Institute of Management, Kashipur, Uttarakhand
6 Indian Institute of Management, Kozhikhode, Kerala
7 Indian Institute of Management, Lucknow, U.P
8 Indian Institute of Management, Raipur, Chattisgarh
9 Indian Institute of Management, Ranchi, Jharkhand
10 Indian Institute of Management, Rohtak, Haryana
11 Indian Institute of Management, Shillong, Meghalaya
12 Indian Institute of Management,  Trichhy, Tamil Nadu
13 Indian Institute of Management, Udaipur, Rajasthan
14 Indian Institute of Management, Indore for IPM Programme and other similar Integrated 5 year programmes of IIMs.
15 Indian Institute of Management, Nagpur, Maharastra
16 Xavier Labour Relation Institute (XLRI), Jamshedpur.
17 Xavier University for Bhubaneswar Campus (XIMB).
18 SP Jain Institute of Management and Research (SPJMR), Mumbai.
19 Management Development Institute (MDI), Gurgaon.
20 PGP/MBA Programme of IIT Delhi
21 PGP/MBA Programme of IIT Bombay
22 PGP/MBA Programme of IIT Roorkee
23 PGP/MBA Programme of IIT Madras
24 PGP/MBA Programme of IIT Kanpur
25 Indian Institute of Management, Amritsar , Punjab
26 Indian Institute of Management, Bodhgaya, Bihar
27 Indian Institute of Management, Sirmour
28 Indian Institute of Management, Visakhapatnam
29 Indian Institute of Management, Sambalpur
30 Indian Institute of Management, Jammu