11th January 2013, 05:44 PM
Join Date: Jan 2013
Posts: 1

Can I get a loan if I get a seat in IIM?

i dont have any property to keep as assurance for bank loan, can i get a loan if i get the seat in iim??

1st July 2014, 04:22 PM
Senior Member++++
Join Date: Dec 2013
Posts: 2,098
Default Re: Can I get a loan if I get a seat in IIM?

Education loan is granted by various banks for pursuing professional courses like MBA, MBBS, MD, Engineering etc. Bank interest varies between 12 to 13 per cent annually. Incase of India, you can get a loan of Rs 10 lakh approximately while for abroad studies, Rs 20 lakh can be granted. Some banks can provide loans amounting Rs 1 crore against residential property like land. For the loan amount upto Rs. 4 Lakhs, you donít need any security. For any amount between Rs 4 lakh and 7.10 lakh, a third party guarantee is needed. For any amount upto Rs 20 lakh, bank will need guarantee in the form of property / NSC / Units of UTI / LIC policy / RBI Bonds or any government securities.
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