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Is it worth taking a loan in order to attend the Goa Institute of Management?
Taking a loan is a wise decision only if you are confident that you can risk the high fees and excel. You should be determined to achieve your goal while putting a hefty amount at stake. Once you are ready to go for MBA make a list of your most preferred institutes. Target the best B schools.
Goa Institute of Management is indeed a reputed B School and is rated amongst the best. Don’t be too hesitant to choose this one. The placements are the best not only in terms of average packages but also in the kind of roles offered and the kind of companies visited. Other factors on which GIM excels are its industry exposure, permanent and visiting faculty, and elaborate alumni network.
To be more certain contact alumni and enquire about the B Schools details. Having clarity of goals is a big step before making a big decision like taking a loan.
How long does it take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad/Mohali? Is it worth it?
To calculate the approximate time it will take to repay a loan of around 35 lakhs after doing a PGP from ISB Hyderabad or Mohali, let’s assume some numbers. That will make the calculation easy to understand.
Rate of Interest: 9.50%
Term of the moratorium: Duration of the course where you just pay the interest.
Loan repayment tenure: 7 years post moratorium period
EMI: Rs. 57,203.93
An EMI of INR 57,203.93 means a monthly salary of around INR 150000 or an annual package of INR 27 Lakhs is required. If you are confident that you will get placed with a similar package and can repay the loan easily go for it. One relevant thing you should consider is whether the knowledge you gained throughout the course is worth it afterward or not. I think only 35-40% of one’s salary should be used in repaying the loan. But that does not seem to be the case here. So in my opinion pursuing a higher education course won’t necessarily benefit you. In contrast, it may become a major issue due to the repayment of loans.
Is it possible to get an education loan before admission in IIM Bodh Gaya? Is a co-borrower necessary as my parents income is 1 lakhs per year?
Getting educational loans for admission at an IIM is fairly easy due to their high credibility. You should present the required documents like a copy of your admission offer letter along with the receipt of the amount paid by you as the offer acceptance fee to the bank and they will start your loan process. Also, this amount will be reimbursed by the bank if you want it to be included in your loan amount.
As far as co-browser is concerned, it’s completely unnecessary as you don’t need to have your family member as your co-browser. Also there isn’t need of any collateral as well and your family’s income has no relation with the loan whatsoever.
The best part of getting an education loan for joining any IIM is that you don’t have to contact the banks. They themselves will contact you as they know their investment will be worth the return. The entire procedure is unexpectedly smooth. Just visit your nearest branch to get your documents verified and you can proceed with the rest of the process online.
How long does it take to pay off the loan for IIM Lucknow for an average student?
The time it will take to pay off the loan for an average student depends on the kind of job you have landed and your personal expenditures and commitments. The other factors that might affect are your lifestyle, dependencies, loan amount, cost of living in your city, etc.
For a high-paying job, (around 20+ LPA), it will take 2 years maximum if you have no commitments, while 3-4 years if you are supporting your family.
For a less-paying job, it will take 3-5 years if you don’t have any commitments, while 5-7 years if you are supporting your family.
So the maximum time taken to pay off the loan is 7 years. Also, there are many EMI calculators available online. You can use them to calculate the exact figures.
What are the chances of getting loan in IIM Trichy? Does it need collateral?
The chances of getting an Education loan at IIM Trichy are high. There is an SBI Branch inside the campus of Trichy. The process is very easy and can be completed within a day.
The best part is you don't need collateral and the interest rates are very low. All you need to do is make sure there is no clause for availing insurance, or else you have to pay extra charges.
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