Education loans for IIMs are widely available with preferential rates from SBI, Canara, and HDFC Credila specifically for tier 1 colleges. The FMS AMA host didn't need a loan due to Rs 2.43L fees, but confirmed SBI provides preferential rates for IIM/FMS/XLRI admits.
For IIM Ahmedabad (Rs 27.5L fees) and Calcutta (Rs 27L fees), most students take loans in the Rs 20-28L range at 9.5-10.
5% interest. Loan details: no collateral for IIM ABC admits (premier institute list), 5-7 year repayment term, moratorium during MBA and 6 months after placement. Co-applicant (usually parent) income matters but even families with Rs 5-10L annual income can secure full loans for IIM ABC due to expected post-MBA salary.
SBI Scholar Loan is the most student-friendly option. For EWS/low-income backgrounds without tax returns (like the AMA commenter whose parents were tuition teachers filing nil returns), banks still approve loans based on the IIM admit letter - the brand is the collateral. HDFC Credila, Avanse, and Propelld offer quicker processing but slightly higher rates.
Practical advice: apply to 2-3 banks in parallel for best rates, budget 10% of your loan for living expenses during MBA, start repayment immediately post-placement since MBB/IB starting salaries clear loans in 2-3 years comfortably. Don't pick a college based on scholarship alone - loan is almost universally available for IIM A/B/C/L/K/I admits. Check your eligibility at collvera.