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Should freshers take a 15 lakh bank loan, and study for a MBA in TAPMI or KJ SOMAIYA?
I will answer your question by estimating the salary you will earn after completing MBA and comparing it with the loan you have to pay.
Loan Amount - 15 Lakhs.
Interest rate - 12%
Repayment period - 5 years
EMI - 33,367
Total Interest Paid in 5 years - 502000
Tax Saved in 5 years (considering 20% tax slab) - 100400
Net amount to be paid in 5 years - 1500000+502000–100400 = 19,01,600
Average package in TAPMI - 10.06 LPA
Monthly salary in hand - Approx 65 to 70K
From the above calculation we can infer that you will have 30000-40000 salary in hand every month which is more than enough for you to settle in any state or city in India. So taking loans for an MBA is very beneficial as it will pay you back in the long run.
How can I get an education loan (I have got admission in NIT Durgapur)?
You can avail these reliefs from the college/ banks to pursue your education at NIT Durgapur-
The tuition fee of NIT Durgapur is INR 62,500 per semester for B.Tech students. But if your family income is less than 1 Lakh or you belong to SC/ST category, your tuition fee will be 100% waived. If your family income is between 1 Lakh- 5 Lakh per annum, your tuition fee will be 2/3rd waived.
To get a waiver on your fee, you have to submit an income certificate from competent authorities.
You can take an educational loan from a bank. When you visit the campus during admissions, you will spot people with pamphlets of their banks. Approach them and they will guide you through the entire process. I know some people who teach tuition to local students. This is a great way of earning some money on the side.
I hope this answer helped you and provided some useful guidance.
Is ITM Navi Mumbai worth a loan?
No, I don't think ITM Mumbai is worth taking a loan. The high fees do not do justice to the meager packages received by the students. Despite recording 100% placements, the average is as low as INR 8.5 LPA. It’s better to go for an average institute with low fees. The low packages you will receive will be worth the low fees you invested.
IMT Navi Mumbai placement cell ensures placements but does not guarantee a good ROI. So the best way is to look for an institute that charges low fees and gives enough ROI. Only then it will be worth a loan.
Is education loan provided by NICMAR?
No institute provides education loans by itself, but these institutions have banking partners who provide education loans. There is a huge number of banks that provides education loan, like SBI, Canara Bank, Bank of Baroda, and many more.
The interest rates vary according to the bank. The interest rates start from 6-7% and go up to 11-12%. Every bank has a rating system for institutes, and according to those ratings, they decide the interest rate. For IIMs, Canara Bank provides education loans at 7% per annum. IIMs are listed in category 1 for Canara Bank. Similarly, you can check your institute on its website.
Should freshers take out an education loan to study an MBA from TAPMI/BIM/GIM/GLIM?
Taking a student loan is always a better option. After graduating from college, Education loans help you save taxes during the job career. Go through the interest percentage at which the loan will be disbursed and take calculated steps while taking a loan.
How difficult is it to get a loan for IMT Ghaziabad, MDI, IMI Delhi, or TAPMI?
IMT Ghaziabad offers financial assistance through various Educational loans. Many Nationalized banks have decent loan schemes for students of such prestigious B Schools.
One such Central Government scheme is the Vidhyadhanush wherein, students from IMT, MDI, IMI, Depts of IITs, and other elite B Schools are offered unsecured education loans with interest rates as low as 8.3-8.5. The maximum loan amount one can get is around 20 Lakhs. You can compare the schemes of different banks on the basis of interest rates, eligibility of your B Schools, and collateral schemes. It’s best to avail of the Central Government scheme to get the advantage of zero interest rate till the moratorium period. You can save as much as 1.5 Lakhs through this scheme.
The procedure to secure an education loan is very simple and quick. All one needs to do is study and compare various schemes and choose the best for themselves. Right after induction, many branches of banks put forward their loan schemes in front of the batches.
How much education loan can I get for FMS Delhi?
You can obtain the loan quantity that you genuinely require.
You will require about Rs. 200,000 for course fees, Rs. 300,000 for lodging and food for two years, Rs. 75,000 for a laptop, and an additional Rs. 125,000 for other costs. You may be approved for a 700,000 rupee study/education loan, but you are to only take out what is necessary. For the portion of the loan that was not used, interest is not due.
The bank will send the money for course fees and other college expenses/fees online to the college, while the money for personal needs will be credited to your savings account at that specific bank.
Should I join Ibs Hyderabad by taking a loan of 15lacs, is it really worth it?
Whether taking a loan is a wise decision or not depends on an individual's situation. For instance, you take a loan and even get a package that is enough to repay the loan but you are placed at a remote location. Then the additional expenses become a hindrance. So one cannot say with certainty if it’s worth taking a loan or not as it’s a subjective issue.
Another thing that often strikes me is that if you get an admission after taking a huge loan you are under a certain pressure to land a high-paying job. Your entire energy and efforts are focused on getting placed at a good firm rather than acquiring the essential knowledge that will improve your profile and help you in the long run. Throughout the two years, your agenda is not to learn management skills and concepts but to score better so as to get placed. With placement being the only goal, you often fail to make the best use of the available opportunities.
Once the placement season starts your desperation is at its peak. In case you don’t get placed in the initial month your mental and physical health is affected. So the pressures stemming from a single loan is long-lasting and can devalue the experience of your MBA.
So either you need to learn to survive under extreme pressure or not join IBS Hyderabad after taking a loan.
Is it worth taking a loan in order to attend the Goa Institute of Management?
Taking a loan is a wise decision only if you are confident that you can risk the high fees and excel. You should be determined to achieve your goal while putting a hefty amount at stake. Once you are ready to go for MBA make a list of your most preferred institutes. Target the best B schools.
Goa Institute of Management is indeed a reputed B School and is rated amongst the best. Don’t be too hesitant to choose this one. The placements are the best not only in terms of average packages but also in the kind of roles offered and the kind of companies visited. Other factors on which GIM excels are its industry exposure, permanent and visiting faculty, and elaborate alumni network.
To be more certain contact alumni and enquire about the B Schools details. Having clarity of goals is a big step before making a big decision like taking a loan.
How long does it take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad/Mohali? Is it worth it?
To calculate the approximate time it will take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad or Mohali, let’s assume some numbers. That will make the calculation easy to understand.
Rate of Interest: 9.50%
Term of the moratorium: Duration of the course where you just pay the interest.
Loan repayment tenure: 7 years post moratorium period
EMI: Rs. 57,203.93
An EMI of INR 57,203.93 means a monthly salary of around INR 150000 or an annual package of INR 27 Lakhs is required. If you are confident that you will get placed with a similar package and can repay the loan easily go for it. One relevant thing you should consider is whether the knowledge you gained throughout the course is worth it afterward or not. I think only 35-40% of one’s salary should be used in repaying the loan. But that does not seem to be the case here. So in my opinion pursuing a higher education course won’t necessarily benefit you. In contrast, it may become a major issue due to the repayment of loans.
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