Pursuing MBA at top institutes like IIMs(Indian Institute of Management) is a long-term goal for many MBA aspirants. To get into IIMs, taking the CAT exam is the only option, as the IIMs will accept only the CAT scores for the admission process. However, the cost of education in IIM colleges is notably higher than in other MBA institutions in India, with tuition fees ranging from 20 Lakhs to 24 Lakhs. So, it is essential to know about the fee details of all the IIMs in India.
Every aspirant must know that there is no need to worry about expenses. There is an option to claim an education loan for merit students who got an admission offer in IIMs. In this article, we will provide you with detailed information regarding the fee structure for all the IIMs in India, and also we will discuss some important things to consider before taking an education loan for IIM students.
Firstly, let us look at the MBA fee structure of all the 20 IIMs in India.
| Institute | MBA Program | Fee |
| IIM Ahmedabad | PGP | 24.61 Lakhs |
| IIM Bangalore | PGP | 24.7 Lakhs |
| IIM Calcutta | MBA | 24 Lakhs |
| IIM Lucknow | PGP | 20.75 Lakhs |
| IIM Kozhikode | PGP | 20.50 Lakhs |
| IIM Indore | PGP | 21.17 Lakhs |
| IIM Shillong | PGP | 18.7 Lakhs |
| IIM Ranchi | MBA | 17.50 Lakhs |
| IIM Trichy | PGPM | 19.5 Lakhs |
| IIM Raipur | PGP | 15.92 Lakhs |
| IIM Rohtak | PGP | 18 Lakhs |
| IIM Udaipur | MBA | 20.43 Lakhs |
| IIM Kashipur | MBA | 17.30 Lakhs |
| IIM Jammu | MBA | 17.15 Lakhs |
| IIM Nagpur | MBA | 18.90 Lakhs |
| IIM Visakhapatnam | PGP | 18.25 Lakhs |
| IIM Bodh Gaya | MBA | 17 Lakhs |
| IIM Amritsar | MBA | 17.30 Lakhs |
| IIM Sambalpur | MBA | 13.08 Lakhs |
| IIM Sirmaur | MBA | 16 Lakhs |
Scholarships For Old IIMs (A, B, C, L, K, & I)
Opting for an education loan to pursue an MBA in IIM b-schools in India is a worthwhile decision. With the rising tuition fees of top-tier institutions such as IIM Ahmedabad, IIM Bangalore, and IIM Calcutta, among others, taking an education loan for MBA at IIM is the most viable option. In addition to the tuition fee, there are various other expenses, including student accommodation, transportation, and miscellaneous expenses, which can be financially overwhelming for individuals from middle-class or lower-middle-class backgrounds.
Let us look at various scholarships that are offered in all the IIMs.
IIM Ahmedabad MBA Scholarships
- IIMA Special Need-Based Scholarships
- SC/ST Scholarships
- Minority Welfare Scholarship (Merit-cum-Means)
- Scholarships for Students with Disabilities {Central Sector Scheme for Top Class Education (Merit-cum-Means)
- Aditya Birla Group Scholarships
- Dunia Scholarships for scholastic excellence
- OP Jindal Engineering and Management Scholarship
- T. Thomas Scholarship
One can also check out more details of all the scholarships that are offered at IIM Ahmedabad on its official website.
IIM Bangalore MBA Scholarships
- Aditya Birla Scholarship
- OPJEMS Scholarship
- Citi Women’s Leader Award
- Societe Generale Global Solution Centre India Scholarship
- Siddhartha Padam Award
- IIMB PGP Alumni First Batch (1976) Scholarship
- Runwal Education Trust Scholarship
- Hindustan Unilever / T Thomas Scholarship
- Yes Bank Scholarship
- NTPC Scholarship Scheme
- Employment in Social Sector Scholarship
- Ministry of Tribal Affairs Scholarship (ST)
- Ministry of Social Justice and Empowerment Scholarship (SC)
- Ministry of Social Justice and Empowerment Department of Persons with Disabilities (PwD)
IIM Calcutta MBA Scholarships
- Aditya Birla Group
- Ratan Tata Trust
- T. Thomas Scholarship sponsored by HUL
- OP Jindal Engineering & Management Scholarship
- Government of India Scholarships for SC/ST/MCM students
IIM Lucknow MBA Scholarships
- Need-Based IIML Scholarships
- Other Scholarships: Students can avail of various other scholarships instituted by various Central Governments, State Governments and other bodies for higher studies. Details regarding the same are available on The National Scholarship Portal or NSP and the respective State Government portals etc.
IIM Kozhikode MBA Scholarships
- IIMK Merit Scholarship
- IIMK Need-Based Financial Assistance (NBFA)
- Top Class Education Scheme for SC Students
- National Fellowship and Scholarship for Higher Education of ST Students
- Merit Cum Means Scholarship for Professional and Technical Courses CS
- Scholarships for Top Class Education for students with disabilities
- Prime Ministers Scholarship Scheme for the wards of Central Armed Police Forces, Assam Rifles & state police personnel Ministry of Home Affairs:
- Rajarshee Shahu Maharaj Merit Scholarship
- Scholarship Scheme for Govt. of Tamil Nadu
- IDFC First Bank MBA Scholarship
- Mirae Asset Foundation (MAF) Scholarship
- Aditya Birla Group Scholarship
- OP Jindal Engineering & Management Scholarship (OPJEMS)
IIM Indore MBA Scholarships
- Need-based Financial Assistance (NBFA)
- Central Sector Scholarship for SC/ST Students
- Minority Welfare Scholarship (Merit-cum-Means):
- Aditya Birla Scholarship
- OPJEMS Scholarship
- State Bank Of India Scholarship
- Eicher Scholarship
Features for availing of a student loan for IIM
- IIM students can obtain education loans of up to Rs.20 lakhs to Rs.30 lakhs, with some students having little to no margin money.
- The repayment period can be up to 15 years. While IIMs do not require collateral for loans, parents are typically asked to serve as guarantors/co-borrowers.
- Students can also avail of income tax benefits on the interest paid on educational loans under Section 80E of the Income Tax Act. This is an additional benefit to the Rs.150,000 deduction allowed under Section 80C.
- Moreover, banks such as SBI and Bank of Baroda offer a 0.5% rate reduction on loans to female students.
If you’re planning to study at a prestigious university such as IIM, you can avail of education loans with lower interest rates compared to Type B or C universities. In addition to the lower interest rates, many banks offer loan programs without any margin requirement, allowing you to cover expenses such as accommodation, travel, books, and equipment fees.
IIM Education Loan Interest Rate For Various Banks In India
| Bank/Loan | Max Amount | Rate of Interest | Security | Margin | Moratorium Period | Repayment Period |
| IDBI Bank Premier Education Loan | Rs.20 lakhs | Base rate = 9.65% | Rs.4 lakhs to Rs.10 lakhs – Third-party guarantor
Above Rs.10 lakhs – Tangible collateral |
5% above Rs.4 lakhs | Course duration + 1year/6 months of getting a job, whichever earlier | Below Rs.7.5 lakhs – 10 years
Above Rs. 7.5 lakhs – 15 years |
| OBC’s Customized Education Loan Scheme IIMs | Rs.15 lakhs | Up to 10.50% | Parents/Guardians as co-borrower | Nil | Course period + Grace period based on predefined conditions | Upto Rs.7.50 lakhs – 10 years
Above Rs.7.50 lakhs – 15 years |
| SBI’s Scholar Loan | Rs.40 lakhss | Up to 10.20% | Parents as co-borrower | Nil | Course period + 1 year | 15 years |
| CBI’s Special Education Loan Scheme to IIM Students (Cent Vidyarthi for IIM Students) | Rs.30 lakhs | MCLR = 12 Month | Assignment of future income | Nil | Course period + 1 year | 15 years |
| BOI’s Exclusive Education Loan Scheme for Students of Premier Educational Institutions | Rs.20 lakhs Rs. 30 lakhs with 100% tangible collateral | MCLR = 9.25% | Assignment of future income + parents as co-borrower | Nil | Course period + 1 year | 15 years |
| Union Bank’s Special Education Loan Scheme | Rs.30 lakhs | 8.10% | Parents as co-borrower | Nil | Course period + 1 year | 15 years |
| Axis Bank’s Education Loan | Rs.20 lakhs | 8.85% | Collateral or guarantor depending on a case-to-case basis | 5% above Rs.4 lakhs | Course period + 1 year | 15 years |
| UCO Bank’s Super Premier Educational Loan Scheme | Rs.30 lakhs | 8.40% | Nil | Nil | Course period + 1 year | 15 years |
Premier college loans actually have lower interest rates than Type B or C universities. Almost all banks offer zero-margin prime loans, making not just tuition but also housing and other requirements cheap.
Note: The values given in the above table may vary. Candidates are advised to check out the respective bank websites for more details about the education loan.
DO JOIN OUR TELEGRAM GROUP FOR MBA ASPIRANTS FOR REGULAR EXAMS AND MBA COLLEGE UPDATES. WE WILL UPDATE YOU AS SOON AS THE FORMS ARE RELEASED.
