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How to avail loans and scholarship for IPM at IIMs?

Written by Ashish Ranjan, BBA 22-25 @ IIM Ranchi. PGP 25-27 @ IIM Shillong. Updated June 2025.

Table of Contents

If you are here, you have probably secured an offer letter from a premiere institute (IIMs at Indore, Shillong, Ranchi, Rohtak, Bodh Gaya, Jammu, Amritsar, Sirmaur, Sambalpur; NALSAR; IIFT Kakinada) to pursue UG or an Integrated MBA. Congratulations! Now, these 5 years will be expensive. It is important to figure out your plan responsibly and early. 

What are you options? Without family wealth, you can finance them through easily-available education loans and harder-to-get scholarships. 

This blog aims to reduce the information asymmetry around both.

I have been fairly comprehensive, detailing everything you need to know before approaching the banks for a loan. Much of this article is based on my experience and research, though I have also talked to many of my batchmates and seniors across IPMs. Hence, it is indicative. Expect some differences when you go through the same process.

My qualification: I spent half a term at IIM Rohtak before withdrawing to go to IIM Ranchi (IPM 2022-27). I wrote CAT and have now switched to IIM Shillong for PGP (2025-27). Hence, I spent a bit more time exploring the dark, dark world of IPM financing than is advisable. I hope my experience helps make the process a little smoother and less stressful.

If you have a question not covered in this blog, reach out at [email protected] or find me on LinkedIn – we would love to hear from you! Also reach out if you spot any outdated information or inadvertent error. We would like to keep this blog relevant to future IPMers.

Bank Loans

Collateral-free loans up to ₹7,50,000 can be availed for any institute in India. But most banks offer an amount beyond that for premiere colleges, like the IIMs.

Which bank should you approach? Private bank loans are too expensive (high-interest rates, unfavourable terms). Only public sector banks are sensible options. More on that later.

First, few key terms that you should be aware of as a future IPM student:

  1. Quantum: the principal amount for which the loan is availed.
  2. Repayment Period: period within which the loan has to be repaid once the degree is completed (up to 15 years after moratorium period).
  3. Moratorium Period: the time during a loan term when the borrower is not required to make any repayment (12 months after completion of the course or 6 months after securing a job, whichever is earlier. Banks have the discretion to extend this period to 2 year for those who choose to build a startup.)

SBI Scholar Loan

Under the new Select Premier Institutions list, updated in April 2025, all IIMs (including Indore, Shillong, Rohtak, Ranchi, Jammu, Amritsar, Sirmaur, Sambalpur, and Bodh Gaya) are in the AA category. Hence, SBI can sanction loans of up to ₹50 lakhs without any tangible collateral security for IPM students.

 

Current Interest Rate = 7.05% (AA)*

*Revised June 6, 2025, after repo rate cut

 

Rate refresh time (in case repo rate changes): 3-10 days

On the other hand, IIFT Kakinada has been put in list A (as of 2025). NALSAR comes under List B, which allows loans of up to ₹30 lakhs without tangible collateral security. 

Current Interest Rate = Marginally higher than AA

 

CBI Cent PM Vidyalaxmi Loan for IIMs

Central Bank of India offers collateral-free loans of up to ₹50 lakhs. Under this scheme’s special provision for premier management institutes, any major academic program at any IIM (including all IPMs and IPL at IIM Rohtak) is recognised under the AAA category.

Current Interest rate = 7.00% (AAA)*

*Revised June 6, 2025, after repo rate cut

Rate refresh time (in case repo rate changes): Quarterly

Note that CBI covers fewer institutes (non-IIMs) under its scheme.

Other Banks

Union Bank of India

Punjab National Bank

Special Loan Refinancing for PwD, ST, SC, etc.

Some government undertakings offer to refinance loans at subsidized/concessional rates as low as 3.5-4%. If these can help you, insist at the bank that they find out their process to avail.

Determining Interest Rate

  • The interest rate on education loans is floating – i.e., it will change depending on the repo rate (set by the RBI).
  • Spread/premium component gets FIXED at the rate which you sign in your agreement. It varies from bank to bank. In other words, the overall rate is tied to the MCLR (bank’s spread/premium). Consider the rates at CBI and SBI in June 2025 (after repo rate cut).
  • CBI (AAA category) consists of two components: 
    • Repo Rate (5.50% now, floating) + Credit Risk Premium (1.50%, fixed) = Starting 7.00% presently.
  • SBI rates (List AA) are made up differently: 
    • External Benchmark Rate (8.15%) + Credit Risk Premium (0.05%) – Business Strategy Discount (1.15%) = 7.05% onwards presently.
    • External Benchmark Rate = Repo Rate (5.50%) + Spread (2.65%)
  • When Repo changes, the interest for that period is affected. But if bank updates its spread later, there is NO impact on your interest.
  • Note that these rates are low for public sector banks (6-9%) and high for private banks (10-14%). Therefore, CBI, SBI, and UBI are the most sensible options.
  • Other banks with similar provisions: Punjab National Bank, Canara Bank, Axis Bank.

Loan Process

  1. Initiating the Process:
    After receiving the offer letter, approach a bank branch (ideally CBI) near you. Alternatively, IIMs provide contact details of nearby branches. Phone communication can be tricky for nuanced queries.

  2. Role of the Manager:
    Your branch manager is key—they have discretion over the speed of the process. A cooperative manager can get it done faster. 

  3. Bank Account Setup:
    If you don’t already have an account with the bank, you’ll need to open one. This typically takes less than a day.

  4. Documentation:
    Keep these ready:

    • Student: PAN, Aadhaar, mark sheets, offer letter

    • Parents: Aadhar (possibly)

  5. Vidya Lakshmi Portal (VLP):
    Start the loan application here. Not every field must be filled, but ensure accuracy.

    • Important: Use the maximum eligible amount (e.g., ₹50,00,000) rather than just the official fee amount. Talk to the manager about this beforehand.

    • Incorrect structuring may lead to delays and duplication of effort (e.g., filling physical forms).

  6. Agreement & Verification:
    Sign loan documents, which may include:

    • Loan terms (e.g., repayment from salary)

    • Stamp paper agreements

    • CSIS Scheme documentation (if eligible)

    • Residential verification (done selectively; a bank rep may visit your home)

    Sanctioning typically takes about a day, depending on your branch.

  7. Loan Disbursal:

    • Use NEFT/RTGS via the institution’s payment gateway to generate a Challan.

    • Send it to the bank (email or in person).

    • Bank transfers funds and provides proof (signed/stamped Challan with UTR No.)

    • If you’ve already paid the Offer Acceptance Amount (OAA) or any instalment, request reimbursement.

Personal Experience

  • Public sector banks should be preferred over Private sector banks because of the lower interest rate.
  • If your parents are already associated with a bank, the manager might make an effort to be more helpful, since they already know your financial history.
  • I went with CBI over SBI because of a marginally lower interest rate (0.05%). Visit your nearest branches of both CBI and SBI + talk to the campus-city branches and get all the information.

Processing Time

The process has become much quicker than it was a few years ago. Application, sanction, and disbursal often happen within 1 day, and a maximum of 2-3 days. Some branches say they’ll do it in 2 hours. 50L loan by quick commerce.

 Keep in Mind

Collateral Security, Margin, etc.

NOT Required

Co-applicant, Co-borrower, Guarantor

NOT Required

One-time life insurance premium

Not mandatory, but advisable

  • SBI: Completely optional
  • CBI: Waived on May 16
  • UBI: Mandatory (20-40K)

Charges on foreclosure/prepayment or non-usage of full sanctioned amount

None; can foreclose by prepaying the actual disbursed amount at any time.

Vidya Lakshmi Portal

Crucial part of the process, though many banks now offer to do it on your behalf to make the process ‘seamless.’

Consider doing it on your own, or at least being present there so that you know exactly what information is being processed.

 Quick Bank Comparison

Provision

CBI

SBI

UBI

Rate (as of June 6)

7.00%

7.05%

7.00%

Ceiling

50 lakh

50 lakh

None; based on expected expenses

One-time insurance Premium

Optional (waived on May 16)

Optional

Mandatory (on average ~20K)

Limits within sanction*

*These are NOT ‘hard’ limits; most branches are empowered to disburse a higher amount upon producing a RECEIPT

Pocket Expense: 2.4 lakh/year

Phone/Laptop: 2 lakh 

2-wheeler: NA

Pocket Expense: 1.8 lakh/year (flexible till 2.4 lakh/year)

Phone/Laptop: 1 lakh

2-wheeler: NA

Pocket Expense: 1.8 lakh/year (flexible)

Phone/Laptop: 2 lakh

2-wheeler: 1.5 lakh

CSIS Scheme

Yes

Yes

Yes

1% concession upon servicing loan (IBA left this on banks’ discretion)

Check with branch

Yes

No

NDFDC (Loan @ 4% for PwD) – See ‘Special Loan Refinancing’ under Bank Loans

Yes

No

Yes

NSFDC (Loan @ 5.5-6% for SC)

Note: Can claim either NDFDC/NSFDC or CSIS

Yes

Check with branch

Yes

Perks

Some branches offer additional perks based on their capacity & partnerships

RuPay Select Debit Card

Elite (life-time free)

For SBI loanees: SBI Wealth, RuPay Select Debit Card, Forex Card (for exchange)

RuPay Select Debit Card

Annual health checkup/UBI Wealth, Forex Card

Rate refresh (if repo rate changes)

Quarterly

3-10 days

 

Financial Aid

IIM Indore

NBFA

IIM Indore provides Need-Based Financial Assistance based on family income and assets. The aid is divided into two categories:

  • If the family income is up to ₹4,50,000 and other assets criteria are met: The institute reimburses 100% of the interest accrued on the sum of money borrowed from the bank + concession in mess charges.
  • If the family income is between ₹4,50,001 and ₹12,00,000 and other assets criteria are met: The institute reimburses 50% of the interest accrued on the sum of money borrowed from the bank. 

See the assets criteria and other details (the detailed policy is hyperlinked as “NBFA Scheme”): https://www.iimidr.ac.in/academic-programmes/post-graduate-program-in-management/need-based-financial-assistance-nbfa/

Merit Award

If you receive the NBFA and your CGPA is in top 30% of the batch, you might also be eligible for a merit award. These awards are limited – typically only one seat for each year of IPM (UG). They are given during your convocation.

The amount is your entire annual tuition fees.

Some other scholarships and awards have been instituted or sponsored at Indore. But they are not yet available to IPM students during undergrad years.

IIM Rohtak

SC/ ST need-based scholarship

This scholarship is awarded by Ministry of HRD, Govt. of India, to the SC/ST students, based on the income declared by the student. Currently, there are 12 scholarships. The scholarship amount can go up to the amount of Tuition and certain other Fees. The selection is based on specific criteria and assessment by a committee.

Merit scholarships

IIM Rohtak offers some form of scholarship to “top 5 rank holders“ based on CGPA annually. This is usually a cash prize of ₹1,00,000 each to the top rankers of each batch.

IIM Ranchi

The newly-instituted Means-cum-Merit Scholarship sanctions ₹4 crores a year for 25 students across IIM Ranchi, including 9 seats for IPM (3 from each undergrad batch). SC, ST, and PwD candidates will get extra consideration in the application process.

The student needs to have a minimum of 7.50 CGPA and a maximum of 8 lakhs annual family income to be eligible for the same. 

3 IPM students from each batch are selected per term, and they receive a refund of ₹40,000 for that term (out of the total fees of ~₹1,80,000 per term). Effectively making it a 22% scholarship.

IIM Jammu

IIM Jammu offers up to 100% tuition fee waiver. The terms of this Merit-cum-Need Scholarship include:

  • Academic criteria: Minimum CGPA of 7.0 at the end of each term, without any D or F grade.
  • Economic criteria: Based on your gross annual family income (parents, self, and spouse)
    • below ₹3 lakh — 100% waiver
    • ₹3 lakh to ₹4 lakh — 50% waiver
    • ₹4 lakh to ₹5 lakh — 25% waiver
  • Up to 10% of the students in a batch can get this scholarship.

IIM Bodh Gaya

The Need-Based Financial Assistance (NBA) scheme allows up to a 100% waiver of tuition fees based on family income. Each case application is assessed individually in a two-step process. From the IPM Manual (p 29) of IIM Bodh Gaya:

In the first stage, the participant’s financial need will be assessed by evaluating the application submitted by the participants. In the second stage, based on stage I assessment, participants may be called for a personal interaction with the NBA Committee. Based on the evaluation at stages I and II, applicants will be provided financial aid.

NALSAR University of Law

A means-based scholarship at NALSAR offers the same provisions to IPM as NALSAR’s flagship BA-LLB. You can get a concession of 20% (annual family income between ₹7-8 lakh) to 100% (income below ₹3 lakh).

IIFT Kakinada

IIFT’s new Need-Based Scholarship Scheme (NBSS) is available this year onwards.

Up to 20% of the tuition fee will be refunded to selected students. If there are more applications than scholarships available, then lower income and higher CGPA will be prioritized.

  • Academic criteria: Minimum CGPA of 2.4/6.0 in the previous term.
  • Economic criteria: Based on your annual family income.
    • below ₹5 lakh —  20% refund (100% score)
    • ₹5 lakh to ₹6 lakh — 18% refund (90% score)
    • ₹6 lakh to ₹7 lakh — 16% refund (80% score)
    • ₹7 lakh to ₹8 lakh — 14% refund (70% score)
  • Up to 10% of the students in a batch can get this scholarship.
  • Must not have disciplinary action or scholarship from any other sources.

Government Schemes

National-level Schemes

Central govt. ministries sponsor many schemes for SC/ST, OBC categories, and other classes. The National Scholarship Portal (NSP) is a one-stop solution for government scholarships.

Eligible Group

Details

ST

– Ministry of Tribal Affairs

– Income < ₹6 lakh

– 100% tuition + expenses

– Apply: NSP

– More info

SC

– Ministry of Social Justice & Empowerment

– National Scholarship for Higher Education for SC (Top Class)

– Income < ₹8 lakh + 1st year

– 100% tuition + academic expenses

– Scheme brief

PwD

– Dept. of Empowerment of PwD (MoSJ&E)

– Central Sector Umbrella Scheme Scholarships for Students with Disabilities

– Income < ₹8 lakh

– ₹2.85L (1st year), ₹2.10L (2nd year)

– Scheme brief

OBC / EBC / DNT

– Ministry of Social Justice & Empowerment

– PM-YASASVI

– Income < ₹2.5 lakh

– ₹20,000 per year

– Scheme details, More

See more on NSP: scholarships.gov.in/All-Scholarships

State-level Schemes

Apart from this, different State Governments (most notably, MP’s MMVY scheme and Maharashtra) offer sizeable scholarships/student credit card schemes to eligible students. You can find details on this on the websites of governments of the state where you are domiciled. And talk to seniors with profiles similar to yours.

Find a brief of MP schemes here (compiled by Rahul Ohariya, IPM’26)
 
And the process is outlined here
 
  • MP has many schemes: Medhavi Vidyarthi (MMVY), Jankalyan Shiksha (MJSPY), Ladli Beti, etc. Get in touch with one of your seniors from MP to figure this out.
  • Under MMVY, you will have your entire tuition fees paid by the MP government, if you:
    • a) are domiciled in MP (your primary address on Aadhar and other documents),
    • b) have less than ₹6.5 lakh of annual income (as per self-declared tehsil income certificate),
    • and c) score above 70% in MP Board (or) 85% in CBSE/ICSE
  • This is applicable for any bachelor’s programme you join. If you get bachelor’s as well as master’s from the same place in an integrated programme (IPM, IPL, etc), the government will pay for all 5 years. 
  • Specific groups (such as women or ST candidates) have other schemes as well. Explore them if you are not eligible for MMVY.

Freeship for SC Candidates

Guruji Student Credit Card (GSCC) – Subsidized loan (@ 4%) up to Rs. 15 lakh.

gscc.jharkhand.gov.in

There are also two lesser-known loan-related provisions based on the Indian Banks’ Association’s (IBA) Model Education Loan Scheme, 2023, a guideline for all education loans.

IBA Interest Concession

*Offered at SBI, PNB

 

When any amount is disbursed, the bank starts charging a simple interest during the repayment holiday (5+1 years). You can do one of two things –– let this interest accrue (in which case it will be added to the principal amount, and you won’t need to pay anything for six years) OR keep servicing it. With the second option, one benefit is that the burden will be slightly lower when you repay the loan later. However, it may also make you eligible for 1% LESS interest rate for 5+1 years. Since the 2021 revision, the IBA has left this incentive to banks’ discretion. Check with your bank if they offer this.

Note that schemes like these have many nuances. Banks will try their best to earn as much as they can. It’s absolutely essential that you do your research. Know the provisions, have the manager double/triple-check everything. Find out every little caveat that I have missed, that your bank might not want to tell you. Be a nosey little rat when it comes to something so vital as your education.

Central Sector Interest Subsidy (CSIS) Scheme, 2009*

The central government will fully or partly cover the simple interest accrued (ON a maximum of ₹10 lakh of the loan) during the moratorium period (five-year course + one year). 

Eligibility (as per Income Certificate)

  • Annual family income < Rs. 4.5 Lakh: Simple interest fully covered on up to Rs. 10 lakh for 5+1 years
  • Annual family income Rs. 4.5-8 Lakh: 3% rebate on the interest for 5+1 years (current rate: 7%)

If your income

* Make sure you discuss the agreement for CSISS during loan application process.

Private Scholarships

Some private charities (Sant Nirankari Mandal, Sikh Human Development Foundation, National Sikh Welfare Council, Swami Dayanand Education Foundation, Sitaram Jindal Foundation) and corporation trusts (IndusInd, Colgate, Tata, Reliance) also run monthly and annual cash scholarships. 

These are usually good for only small amounts (₹10,000-1,00,000 per annum, which is also rare) and can’t cover the humongous IPM fees entirely.

Further, most private sponsors stipulate that you cannot accept scholarships from any other parties if you take their money. Looking into foundations may also involve significant hassle and research. Even then, it isn’t easy to find worthwhile sponsors.

That said, if you can’t find any other means to finance your studies, do look into private scholarships so that, if nothing else, your loan burden is reduced and/or you have some money to spend during college years. 

There’s a lot of variety here, and many schemes are highly specific (like Sitaram Jindal Foundation Scholarship for Students in Bangalore).

Check out these websites and make a list of all schemes where you are eligible:

  1. https://vidyasaarathi.co.in/ (Government portal for CSR scholarships by corporates; most schemes are for first-years and have a ceiling for ₹10,000-50,000.)
  2. https://www.buddy4study.com/ (All major scholarships are listed here; you apply for almost all of them through B4S)
  3. https://www.vidhyaa.in/
  4. https://scholarshiparena.in

Some schemes worth checking out (compiled for the 2024 season; please keep a track by yourself for this year):

https://www.buddy4study.com/page/raman-kant-munjal-scholarships

https://rkmfoundation.org/Scholarships.aspx

  • Up to ₹5,50,000 per year
  • Duration: 3 years once selected!
  • Eligibility:
    • Enrolled in 1st year of BBA, BFIA, B.Com. (H, E), BMS, IPM, B.A. (Economics), BBS, BBI, BAF, B.Sc. (Statistics) or any other finance-related degree courses
    • Annual family income: <₹6 lakh (ITR needed, even if it is for ‘Nil’)
    • 10th & 12th — 80%+

Best possible scholarship for an IPMer. Their ceiling is set almost exactly to accommodate IPM fees.

https://www.buddy4study.com/page/the-tata-capital-pankh-scholarship-programme

  • Up to ₹12,000
  • Eligibility:
    • Enrolled in an undergraduate course
    • Previous class/year/semester — 60%+
    • Annual family income — <₹2.5 lakh

https://www.buddy4study.com/page/sbi-asha-scholarship-program

  • Up to ₹50,000
  • Duration: 1 year
  • Eligibility:
    • Any year of undergraduate at an NIRF Top 100 institute
    • 12th — 75%+
    • Annual family income — ₹6 lakh (preference to <₹3 lakh)
    • 50% reserved for women
  • The same foundation also offers up to ₹7.5 lakh a year to MBA students

https://scholarships.reliancefoundation.org/UG_Scholarship.aspx

  • Up to ₹2,00,00, total
  • Duration: Over the course of the programme
  • Aptitude Test is mandatory
  • Eligibility:
    • Enrolled in 1st year of any stream
    • 12th — 60%+
    • Annual household income — <₹15 lakh (preference to <₹2.5 lakh)

Baba Gurbachan Singh Scholarship Scheme 2024-25

  • Up to ₹50,000 per year
  • Deadline: November 30, 2024
  •  Eligibility
    • Pursuing BBA (or one of the other listed courses)
    • 12th — 60%+
    • Annual family income — <₹3.5 lakh

https://legrandscholarship.co.in/

  • General category: ₹60,000
  • Special category: ₹1,00,000
    • includes differently-abled, LGBTQ+, Covid-affected, and students with single parents or orphans across India
  • Eligibility:
    • 12th in 2023-24
    • Annual family income — <₹5 lakh
    • 10th % 12th:
      • General category: 70%+
      • Special category: 60%+

https://www.buddy4study.com/page/kotak-kanya-scholarship

  • Up to ₹1,50,000 per year
  • Duration: till completion of professional graduation course/degree
  • IMBA @ IIT Mandi students should also coonsider.
  • Eligibility:
    • Pursuing professional courses from institutes of repute
    • 12th — 75%+
    • Annual family income — ₹6 lakh

https://www.buddy4study.com/page/ugo-scholarship-program

  • Up to ₹60,000 a year
  • Duration: Up to the course of the programme
  • Eligibility:
    • Enrolled in any (except final) year of specified programs
    • IPM is listed in the application
    • 10th & 12th — 70%+
    • Annual household income — <₹5 lakh

https://www.buddy4study.com/page/bharti-airtel-scholarship

 * Students pursuing IMBA at IIT Mandi may be eligible for a full scholarship under ‘Data Sciences’ category of this scheme.

  • 100% of tuition, hostel & mess fees + one laptop
  • Duration: up to 5 years of the programme (if renewal criteria are met every year)
  • Once the Bharti Scholars graduate & are subsequently gainfully employed, they will undertake to voluntarily extend financial support to at least one student at a school or college level at any point in time, to the extent they can.
  • Girl students are encouraged to apply.
  • Eligibility:
    • Previous year or equivalent: 6 CGPA+
    • Attendance: 75%+
    • Annual family income: ₹8.5 lakh

 https://www.buddy4study.com/page/mirae-asset-foundation-scholarship-program

  • Up to ₹40,000
  • Eligibility:
    • Open to all years of undergraduate
    • Previous academic year — 60%+
    • Annual family income — <₹8 lakh

Make sure you go through the eligibility criteria (annual income and documents) and the deadline for each scheme before applying.

Note that most (but not all) of these schemes are open to only first-year students. Be active on Buddy4Study to know whenever a scholarship starts accepting applications. 

Must stay on top of the deadlines. Apply for the schemes currently open, especially RKM Foundation. Do it before you report on campus. It gets hectic when you’re finally there!

Additional FAQs

Many students exit with a bachelor’s and upgrade to other IIMs, ISB, XLRI, FMS, IIFT, IITs, and even go abroad for MBA. They face little to no issues with loan because banks are more than happy to have top IIM grads as their customers. 

Suppose you have spent 3 years (and ₹20 lakh) at IIM Indore. Now IIM Bangalore is calling you (hurray!) The typical process is:

  • Talk to your branch manager (if you can clarify before taking the loan now, even better). Tell them you have converted IIM-B.
  • They will help you get a new loan issued for IIM-B.
  • The old loan (IIM-I) will stay active. Simple interest will accrue till the end of 5+1 years. Any unused amount out of the sanctioned limit will be cancelled.
  • Eventually, after your MBA, EMIs for both loans will come together. This will not be an issue.

TL;DR – No tension, you can easily exit for a better opportunity. Hit me up in 3 years!

Both are fine. Bank branches near institutes process loans of many students, so they are already well-versed with the process

On the other hand, many home branches are more cooperative. Your family may also have existing relationships. Personally, I preferred my home branch because the manager was nice, cooperative, and efficient. They disburse my loan the same day whenever I ask.

If you can, definitely visit CBI and SBI branches near your home at least once to get all the information. If it seems like they are good at their job, go for it. That is the most important criteria – whether they are willing to find out the right information for you and whether they work fast.

Otherwise, your institute has probably sent a list of bank contacts in their city. Call and talk to them.

For SBI & CBI:

Collateral/margin: No.
Co-applicant: No.
Insurance premium: No (made optional by CBI in June 2025).

The schemes for IIMs have special provisions. They are completely exempt from all of these. (for loans up to 50 lakh for IIMs). 

No. Typically, you start building your credit report once you get a PAN Card, credit cards, EMIs, or loans (which is usually after turning 18). So almost no student has a credit/CIBIL score.

Banks are giving you this loan for going to a top-rated institute (such as an IIM). The basis for this is solely your employment prospects (“Very Good”). Hence, credit/CIBIL score will almost never affect your loan for IIMs.

Only if you have a horribly low credit score (due to a fraud/scam/past default), the process can be a little tricky. Banks will be happy to help you through it.

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