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Indian Institute of Management Bangalore (IIM-B) has announced that it will offer more help to PGP students who face financial difficulties in meeting their education costs.
In 2007-2008 IIM-B disbursed Rs. 91 lakhs towards financial assistance. Keeping in mind the increase in fees for the entering batch, the amount budgeted for financial aid this year has been revised to Rs. 1.5 crores.
Says IIM-B, “IIMB provides financial assistance to needy students. The objective of the Financial Aid Policy at IIM-B is to ensure that no student is deprived of an education at the institute for financial reasons. The eligibility criteria for this year has also been revised to include those with an annual household income of rupees three lakhs.” This assistance amount has been increased from Rs. Two lakhs in the previous years.
Talking about the procedure for seeking financial assistance, IIM-B says, “The application procedure is simple. The students need to complete a form that seeks information like annual household income, savings, assets, outstanding loans, etc. Thereafter, the applicants are interviewed by a panel comprising 2 faculty members. The students are granted financial assistance based on the assessment of their financial need.”
Students can apply for financial assistance once they arrive at IIM-B.
In case a student is facing difficulty making the initial payment to secure admission, he or she can send the application ahead of time. The application is re-processed to assess and confirm granting of financial assistance, says IIM-B.
Loans for students at IIM-B are also available from several banks, including SBI, SBM, Andhra Bank and Allahbad Bank. Banks extend a collateral free loan of up to Rs. 10 lakhs. For loans of amounts above Rs. 10 lakhs the students need to provide collateral. Credila Financial Services, an educational loan services company, also provides educational loans under similar terms.
Source : mbauniverse.com
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