If a candidate is not able to afford education there are a lot of banks which offer education loans for such students. Since the fee of IIM is as high as 12-18 lakh, majority of the students end up taking education loan for the same.

Banks generally have a list of colleges segregated as AAA, AA, A, B etc. All IIMs and top B schools mostly fall under the highest category. In this scenario we get 100% education loan. Added to this, many banks also give a collateral free loan I.e your admission in IIM itself will make you eligible for a loan provided you give address and ID proofs. The signature of your parents or relative or any asset as a collateral will not be needed. The banks also give no interest loan during the 2years of education which is also called the interest free period. So you can start paying or clearing the loan once you join the Job after MBA.

If the candidate is not able to afford the expenses then they can apply for loan in Bank.