How Do Loan Facilities Work for IIM Students?

1. Understand IIM Tie-ups

Most IIMs have tie-ups with nationalized & private banks for collateral-free loans.

Loans usually cover tuition fees, hostel, mess, laptop, and other expenses.

2. Check Eligibility

An admission offer letter from IIM is the primary requirement.

A good academic record and a co-borrower (parent/ guardian) are often needed.

3. Compare Bank Options

Compare interest rates, moratorium periods, and repayment tenure across banks.

SBI Scholar Loan, Axis Bank, ICICI, HDFC Credila, and Canara Bank are popular choices.

4. Loan Amount & Coverage

Up to 100% of the course fee + expenses may be financed.

Some banks offer collateral-free loans up to ₹40 lakhs for IIMs.

5. Documentation

Admission letter, KYC, income proof of co-borrower, and fee structure from IIM.

Collateral documents are required if the loan exceeds the unsecured limit.

6. Apply Through the IIM’s Facilitation Desk

Banks set up helpdesks at IIM campuses during admission.

Quick processing and relaxed documentation for IIM students.

7. Loan Sanction & Disbursement

Loan sanctioned after verification; disbursed directly to the institute.

Living expenses may be credited to the student’s account.

8. Moratorium & Repayment

Moratorium usually course duration + 6–12 months.

Repayment period ranges from 7–15 years.

9. Additional Benefits

Lower interest rates for women candidates, tax benefits under Sec 80E.

Part-payment & prepayment allowed in most banks without penalty.

IIM Ahmedabad

IIMA Special Need-Based Scholarships

For economically weak students who wish to pursue PGP or PGP-ABM. This is a fee waiver scheme offered on the basis of the family income of the student.

Depends on the annual gross family income

Family Income Linked Tuition Fee Waiver Scheme

Students whose total family income is less than INR 6 lakhs in the previous financial year.

NA

IIMA Special Scholarships (need-based)

Students who have a total family income of less than INR 200,000 as of the last financial year. The salaries of parents/ guardians and spouses are considered for this, and the income of the student or their siblings is not considered.

NA

Industry Scholarships (need-based)

Students who are not registered for the IIMA special scholarships can apply

NA

SC/ST Scholarships

Only SC/ST category students having valid certificates can apply for this scholarship.

INR 150 per month for 10 months

GOI Merit-cum-Means Scholarships

At least 25% of students belonging to the non-sponsored student body from both the first and second years are awarded this scholarship.

INR 2,200 per year

Aditya Birla Group Scholarships

Candidates are shortlisted by ABG on the basis of merit. Around six students are shortlisted.

INR 1.25 lakh per student per annum

OP Jindal Engineering and Management Scholars

Two students are shortlisted for this scholarship based on their academic performance of the students and an online test, along with a personal interview.

NA

Dunia Scholarships for scholastic excellence

Two students are shortlisted for this scholarship on the basis of merit.

INR 100,000 per student

Ocwen Scholarship for Competence in Academics

The scholarship is given to a first-year student who is shortlisted through a research paper and a PI.

NA

ONGC SC/ST Merit-cum-Means Scholarships

A few of the SC/ST students are shortlisted for this scholarship.

NA

State Scholarship

State Governments sometimes fund the education of some of the best students from those states.

NA

IIM Bangalore

Aditya Birla Scholarship

A few students from both first and second year are shortlisted who belong to the top 25% of students of their respective batches in terms of performance.

INR 175,000 per student

Uday Nayak Scholarship

A second-year student is shortlisted for this scholarship.

INR 10,000

T Thomas Scholarship

A second-year student is shortlisted for this scholarship based on merit.

INR 100,000

OPJEMS Scholarship

Two students are shortlisted for this scholarship, one each from the first and second year.

INR 125,000 per student

Rajesh Kaushik Memorial Scholarship

Selection is strictly merit-based.

INR 150,000 per annum

Ocwen Financial Solutions Private Limited

One of the students is shortlisted on the basis of a research paper submitted by the student.

INR 180,000

Cognizant Technology Solutions - B’izard Scholar

Three students are shortlisted on the basis of academic excellence, leadership qualities, and willingness to serve the community and study further in the same field.

Winner: INR 3 lakhs, 1st Runner-up: INR 2 lakhs, and 2nd Runner-up: INR 1 lakh

Societe Generale Global Solution Centre India Scholarship

Students in need are nominated by the institute and are shortlisted on the basis of interviews.

Full tuition fee waiver

IIM Lucknow

Need-Based IIML Scholarships

15% of students from a batch are offered scholarships on the basis of family income and previous academic performance. Students having a family income of less than INR150,000 can apply.

NA

Industry Sponsored Scholarships

Students are shortlisted every year based on their academic performance

Varies from INR6,000 to INR 100,000 p.a.

Merit-cum-Means Scholarships

25% of the students subject to specified norms are shortlisted for this scholarship

INR 2200 per student p.a.

Bharti Scholarship

Students whose annual income is less than INR 1.08 lakhs from both first and second years are eligible to apply.

INR 50,000 per annum

SC/ST Scholarships

All SC/ST students are eligible to apply

INR 1500 per annum

Other Scholarships

Students are shortlisted based on family income, and their fees and maintenance charges are covered by the government of the state to which the candidate belongs.

NA

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