In the 2007-08 academic year, IIM-B had disbursed Rs 91 lakh towards assistance for needy students. "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 crore," it said in a statement. The financial assistance by IIM-B is in addition to bank loans what the students can also avail. "The objective of IIM-B's Financial Aid Policy is to ensure that no student is deprived of education at the institute for financial reasons," it added.
The eligibility criteria to avail financial assistance in the ongoing year has been revised to include those students with an annual household income of Rs 300,000 (from previous year's Rs 200,000). A student seeking for this assistance, needs to fill in a form detailing information like annual household income, savings, assets and outstanding loans.
The quantum of the financial assistance to be awarded to a candidate is decided, based his/her financial needs which is determined during an interview with a panel comprising two faculty members. In case a student is facing difficulty in making the initial payment to secure admission, he/she can send the application ahead of time, according to IIM-B.
Many leading banks including SBI, SBM, Andhra Bank and Allhabad Bank also provide loans to students for getting admission into IIM-B. The students who want a loan up to a limit of Rs 10 lakh, do not require providing any collateral. Credila Financial Services, an educational loan services company, also provides educational loans under similar terms.