Should freshers take a 15 lakh bank loan, and study for a MBA in TAPMI or KJ SOMAIYA?

I will answer your question by estimating the salary you will earn after completing MBA and comparing it with the loan you have to pay.

Loan Amount - 15 Lakhs.

Interest rate - 12%

Repayment period - 5 years

EMI - 33,367

Total Interest Paid in 5 years - 502000

Tax Saved in 5 years (considering 20% tax slab) - 100400

Net amount to be paid in 5 years - 1500000+502000–100400 = 19,01,600

Average package in TAPMI - 10.06 LPA

Monthly salary in hand - Approx 65 to 70K

From the above calculation we can infer that you will have 30000-40000 salary in hand every month which is more than enough for you to settle in any state or city in India. So taking loans for an MBA is very beneficial as it will pay you back in the long run.