The Hindu : Karnataka / Bangalore News : IIM-B offers new funding schemes to students

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Saturday, May 10, 2008
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IIM-B offers new funding schemes to students

Staff Reporter

Eligibility criteria for financial assistance has been revised

The institute provides financial assistance to needy students
Rs. 1.5 crore is the budgeted amount for financial aid this year

Bangalore: The Indian Institute of Management, Bangalore (IIM-B) has come out with a revised financial scheme to help prospective students to fund the course.

Loans for students at IIM-B are readily available from several banks, including State Bank of India, State Bank of Mysore, Andhra Bank and Allahabad Bank.

Banks are extending a collateral-free loan of up to Rs. 10 lakh, according to a press release.

Loans above require a collateral, the release said. Credila Financial Services, an educational loan services company, also provides educational loans under similar terms.

Needy students

In addition to bank loans, IIM-B provides financial assistance to needy students, in keeping with its policy that no student is deprived of an education at the institute for financial reasons.

The eligibility criteria for financial assistance this year has also been revised to include those with an annual household income up to Rs. 3,00,000 (Rs. 2,00,000 in previous years).

As in the past, students with severe financial difficulties can also apply for financial assistance extended by IIM-B.

To apply, students need to fill up a form that seeks information on annual household income, savings, assets, outstanding loans and so on.

Thereafter, applicants are interviewed by a panel comprising two faculty members and students are granted financial assistance based on the assessment of their financial need.

Students usually apply for financial assistance once they arrive at IIM-B. In case the student faces difficulty in making the initial payment, he/she can send in the application ahead of time. The application is reprocessed to assess and confirm grant of financial assistance.

In 2007-2008 IIM-B disbursed Rs. 91 lakh towards financial assistance.

Keeping in mind the increase in fees for the new batch, the amount budgeted for financial aid this year has been revised to Rs. 1.5 crore.

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