Is it possible to get an education loan before admission in IIM Bodh Gaya? Is a co-borrower necessary as my parents income is 1 lakhs per year?

Getting educational loans for admission at an IIM is fairly easy due to their high credibility. You should present the required documents like a copy of your admission offer letter along with the receipt of the amount paid by you as the offer acceptance fee to the bank and they will start your loan process. Also, this amount will be reimbursed by the bank if you want it to be included in your loan amount.

As far as co-browser is concerned, it’s completely unnecessary as you don’t need to have your family member as your co-browser. Also there isn’t need of any collateral as well and your family’s income has no relation with the loan whatsoever.

The best part of getting an education loan for joining any IIM is that you don’t have to contact the banks. They themselves will contact you as they know their investment will be worth the return. The entire procedure is unexpectedly smooth. Just visit your nearest branch to get your documents verified and you can proceed with the rest of the process online.