Yes, you can take a loan and study at NICMAR as it is worth the risk. But it is entirely your decision. People who come to the university and work hard do receive decent opportunities.
One of my friends joined the institute a few years back. He took a 10.5 lakh education loan from CREDILA. He was also uncertain about his decision. But after completing his course he is certain, he made the right choice. He made the most of his time at the institute and scored 6.92 CPI. Which provided him with a lot of decent opportunities.