Bank chasing IIMB students with loans

Loans for students at the Indian Institute of Management Bangalore are readily available from several banks, including the SBI, SBM, Andhra Bank and Allahabad Bank.

The banks extend a collateral free loan of up to Rs 10 lakh.

For loans of amounts above Rs 10 lakh, the students need to provide collateral, IIMB said in a statement. Credila Financial Services, an educational loan services company, also provides education loans under similar terms.

In addition to bank loans, IIMB provides financial assistance to needy students. The objective of the Financial Aid Policy at IIMB is to ensure that no student is deprived of an education at the institute for financial reasons, it was stated.

The eligibility criteria for this year has also been revised to include those with an annual household income of Rs three lakh (Rs two lakh in the previous years). As in the past, students with severe financial difficulties can also apply for financial assistance extended by IIMB.

The students are granted financial assistance based on the assessment of their financial need.

Students apply for financial assistance once they arrive at IIMB. In case a student is facing difficulty in making the initial payment to secure admission, he or she can send the application ahead of time. The application is re-processed to assess and confirm granting of financial assistance.

In 2007-2008, IIMB disbursed Rs 91 lakh towards financial assistance. Keeping in mind the increase in fees for the entering batch, the amount budgeted for financial aid this year has been revised to Rs 1.5 crore, it said.

Advertisements

One Response to “Bank chasing IIMB students with loans”

  1. Hi,
    I really envy these students ! One has to run from pillar-to-post to secure these loans but they have them served on a platter

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: