Do banks give loan to IPM students of IIM Indore?

Yes, education loans are available from both public and private sector banks. Education loans, in fact, fall under the category of priority sector lending, and banks are required by the RBI to set aside funds for them.

I'd recommend approaching a public-sector bank, preferably one where your parents have accounts.

Please bring the following documents with you when you arrive:

• Senior Secondary (10th Grade) Mark Sheet.
• Higher Secondary (12th Std) mark sheet Provisional Admission letter and Fee Structure from IIM (any similar document issued by IIM).
• PAN card of parent or guardian.
• Aadhaar card of parent/guardian.

If you have all of these documents, Bank officials will be able to provide a preliminary analysis of your eligibility. Other important points you need to consider are:

• The entire fee will not be loaned; however, there is an upper limit (upper cap depends upon banks).
• When you submit the fee structure for that year, the loan for the following years will be disbursed.
• Interest will be calculated beginning with the date the loan is disbursed.
• After you complete your course, you have a 6-month moratorium period on your education loan. That means you or your parents/guardians are not obligated to repay the loan until you complete the course + 6 months after the course.
• After the moratorium period, you must either begin repaying the loan as EMIs or foreclose.
• Failure to pay will have an impact on your CIBIL score.
• Your parents may be eligible for a tax exemption on the interest component of an education loan.

Although it is not required to pay a loan while studying, I would advise your parents/guardians to pay a set amount each month (say Rs 5,000) if possible. Your interest burden will be reduced as a result of this.