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Loans and Scholarships
Getting in to a top B school is tough but not so arranging the money required for it. Gone are the days when one had to borrow money from family members and relatives to peruse MBA. Different kinds of financial aid are available, but the most common amongst MBA aspirants is loan after scholarship.
You'll probably want to look carefully at all of the options listed below. Though getting a loan is not that time consuming but it is always better to be clear about the resource from where you will be taking your money to pay the high fees of b school.
Grants and Scholarships
This is free money, money you don't have to pay back but its not that easy to get. There are many private organizations and charitable foundations which offers scholarship t for MBA education in India. All the top B schools provide some sort of scholarship or prize money to its students. IIMs never forget to mention in their bulletin â€œIt is the endeavour of the Institute that no student be denied opportunity to pursue the post-graduate programmes in Management at IIM for want of adequate financial resources â€œ. ICFAI also provides a good amount of money as scholarship to its students.. The most notable one is IIFM. All the students get a monthly scholarship of Rs. 1600.
Banks are coming out with innovative loans products to cater this emerging segment of customers. Almost all nationalized banks offer educational loans to students for perusing MBA. These loans are quite easy to get, as they do not require any guarantee. The best part of taking a loan from a bank is that you donâ€™t have to repay the loan until you start working. And the amount of money you take as loan is also considered for Tax relaxation which might not be so important for you right now but it will make a difference once you start earning.
Always go for Nationalized Bank while considering for an education loan. Check out the following links to know more about the terms and condition for applying loan in different nationalized banks.
This is more common for executive, part time and distance learning MBA courses, but some employers will sponsor or part-sponsor full time programs.
In India none of the top notch companies are not so generous in sponsoring full time MBA courses though they donâ€™t hesitate to sponsor for Mtech and Phd This is understandable as they know there is always a good chance of the employee to leave the company after fulfilling the bond tenure. The company you work for might fund your MBA program for a reasonable bond but students who make into top B schools never avail this facility as it might prevent them from finding a better job after completing MBA.