A student from my college has been selected in IIM Jammu for an MBA program. He can't afford the fee. What are his options?

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Harshvardhan Posted On - Jun 27, 2023

Studied at Jammu City, Jammu and Kashmir, India

There are various options available for students who get selected in top Indian institutions like IITs and IIMs. IIMs offer scholarships, cash prizes during competitions, and other financial benefits to the students. I can tell you about the student loan that I secured from the bank to complete my education at IIM Indore.

Banks willingly provide education loans at low-interest rates to meritorious students of IIMs because of the credibility of IIMs and the good earning prospect of the students. There are a few requirements for securing the loan-

The student must produce their original passport before the bank to prove their Indian citizenship. This is because banks, and particularly public sector banks do not fund the education of foreign students.
The banks also check the Cibil score of all loan applicants. This needs to be a minimum of 700 if not 750 or more.
Other than the applicant, there must be a co-applicant. The co-applicant must be in service or must run a business. They must earn a minimum specified amount acceptable to the bank.

For other options like scholarships and financial assistance, the student should consider contacting the IIM Jammu office and explaining his situation. Even philanthropic institutions can be of help to him.

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Shubham Singh Posted On - Jan 2, 2023

Digital Coordinator at Indian Institute of Management Rohtak (2017–present)

All the IITs and IIMs offer extensive financial support owing to their high fees. So financially weak need not worry about the fees part. That problem can be tackled through

Student loans - This is the most commonly adopted method by the students of all IIMs. Education loans are offered at extremely low-interest rates. The banks trust the institute's reputation and the students' assurance of earning a lot after passing out from IIM.

Merit-based-scholarships: These scholarships not only help tackle the financial burden but also instill healthy competition among students.

Means-based-scholarships: Students who are in dire need of financial assistance can present income/asset proofs. Some of these scholarships may or may not require you to maintain a certain academic performance.

Competitions: A lot of competitions at IIMs offer cash prizes.

These are in fact not the only ways to avail of financial assistance. There are many other ways so don’t let your financial situation come in the way of your opportunities and bright future.