How difficult is it to get a loan for IMT Ghaziabad, MDI, MDI, IMI Delhi, or TAPMI?

All the mentioned institutes are prestigious B-Schools of India apart from IIMs. The admission process in these institutes might be competitive. But getting a loan from a Nationalized Bank, once you secure a seat in any of them, is pretty simple.

There is a scheme by the central government called “Vidhya Dhanush (Vidya Lakshmi)” under which IMI, MDI, TAPMI, and IMT are Elite B-Schools. The highlights of the scheme are below.

• The subsidized rate of interest on the loan is from 8.3% to 8.5% per annum.
• There is no requirement for collateral.
• It is an unsecured loan for a maximum of INR 3.5 crores.

My friend availed a loan from Canara Bank at a similar rate. You can consult with different banks to know more about their interest rates, special schemes, or eligibility based on your targeted B-School.

Another way to avail loan is through partnered banks of your institute. Usually, the nationalized banks nearby your institute have collaborations with it. All institutes do inform about the Education Loan scheme of the selected candidates. Here, the advantage is that the paperwork is fast and hassle-free.

In the end, it is the best idea to avail loan from the central government scheme. It is simpler to get an education loan, but you need to be vigilant while choosing among different options from multiple banks.