In the academic year 2007-08, IIM-B had disbursed Rs 91 lakh towards assistance for the 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 that the students can also avail of. "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 of financial assistance in the ongoing year has been revised to include those students with an annual household income of Rs 3,00,000 (from previous year's Rs 2,00,000).
A student seeking 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 on 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.
Banks including SBI, SBM, Andhra Bank, and Allahabad Bank also provide loans to students for getting admission into IIM-B.
The students who want a loan up to Rs 10 lakh do not require providing any collateral. Credila Financial Services, an educational loan services company, also provides educational loans under similar terms.
