IILM Institute offers scholarships to students who secure above certain academic thresholds. Students achieving an 80 percentile receive a scholarship of 100,000 rupees. Additionally, those scoring more than a 95 percentile in their graduation and MAT exams are also eligible for scholarships. The institute provides a 'Merit Means Scholarship Program', which selects students based on academic excellence and financial need.
Study loans are available through the college, requiring a security deposit, and are also offered by State Bank of India and Punjab National Bank.
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