Is it worth taking a loan of 20 lakhs to pursue an MBA from a tier 2 college in India like GIM, TAPMI, KJS etc.?

I think that you should try to get into IIMs first. Getting a loan for IIMs will be worth it. Still, if the return on investment is good, you can get a loan for 20 lakhs and go to one of the b schools between GIM, TAPMI, KJ Somaiya. You can talk to seniors from the above-mentioned schools to find out the usual academic, placement rate, and college life. If you think it's important, you should do it.