Financing your MBA in India – Part 3 (ISB)

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Made it to a One year MBA in India and wondering on how to manage the fee? Or are you sitting on the sidelines, dissuaded from applying by the substantial fees for One year MBA programmes in India? Worry not. You would be glad to know that most banks in India offer loans at special discounted interest rates for candidates accepted to One year full time MBA courses at premier business schools in India. Best of all, the loans are collateral free, so you can kiss goodbye to the hassles of offering security and finding a guarantor. This series will cover loans and scholarships available for select business schools in each article. In the third article in the series we cover loan options for applicants to Indian School of Business, Hyderabad and Mohali (ISB)

Shared below are select loan options from banks that ISB has ongoing agreements with for financing the education of students selected to its One year full time MBA (PGP). A host of other banks also have standard loan policies for One year MBA students – we will cover these in the subsequent articles.

ALSO READ: Financing your MBA in India – Part 1 (IIM B EPGP)

ALSO READ: Financing your MBA in India – Part 2 (IIM A PGPX)

BANK LOANS

ANDHRA BANK
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount23 Lakhs or 95% of the cost whichever is lower
(inclusive of insurance cover on the loan amount)
Interest rateThe interest rate to be changed to 10.25% (Floating)
Repayment period10 years (Option to remit only interest during the first 2 years. Principal payment for these two years will be included and EMI calculated and to be remitted in the balance 8 years period.
Moratorium18 Months or soon after placement, whichever is earlier
EMI OptionOption-1: Standard
Option-2: Remittance of only interest during the first two years and balance interest and principal to be adjusted and collected within the remaining period.
Security1) Co-applicant OR
2) Personal Guarantor (preferably parent or spouse)
Acceptable by the bank 
Payment of InterestWill be collected as a part of the EMI after the moratorium, whenever the repayment commences.
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact point
Hyderabad:
Mr. S.S. R Murthy, Chief Manager
Mob: 09985400570
Ms. Uma Maheswari
Mob: 0-9959045322
[email protected]Address: 
Hi-tec City, Cyber Towers, Madhapur
Hyderabad 500 034
Ph: 040 2342 1106/1107
Mohali:
Mr. Narendra Kumar Ghai, Manager
Mob: 0-9988345184; LL 0172-5044676 / 2220676
[email protected]Address:
SCF 93, PHASE 7, SAS NAGAR, MOHALI, Punjab
Ph: 1800-425-2905
FAX: 91-22-22153969,+91-22-22151774
Loan Application | Document Required

 

AXIS BANK
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount95% of the total course fees
Interest rate11.50% (floating rate i.e, linked to base rate)
Repayment period15 years
MoratoriumCourse period plus one year or 6 months after securing a job, whichever is earlier
EMI OptionStandard
SecurityLoans upto Rs. 7.5 lakhs – No security
Loans above Rs. 7.5 lakhs – Acceptable security covering at least 100% of the loan amount.
Payment of InterestTo be paid during the moratorium period
Pre-payment ChargesNil
Insurance CoverOn the loan amount availed. Insurance amount can be included in the loan amount.
Contact pointSales Manager (Hyderabad location) – Mr. Sumanth Kumar
M : 9866135000  e-mail id : [email protected]

 

AVANSE
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount25 lacs without security
upto full cost of attendance with security
Margin Money Required (Yes/No)No
Repayment Period120 months
Moratorium period12 months course + 6 months grace period ( Simple Interest to be paid during moratorium)
Rate of Interest11.95% for Unsecured loans (floating)
11.75% for Secured loans (floating)
EMI Option1. Standard
2. Step-Up EMI
Processing Fee Amount3990 + tax
Insurance CoverRequired
Security1. Co-applicant
2. Collateral to be property or FD, if applicable
Pre-payment Chargeswaived after 1yr of disbursement
Contact PointVenkata Rao, Manager Sales
Contact No: 08142400094
Email id: [email protected]
Office Address: 3rd Floor, G S Plaza, Road No 1, Banjara Hills, Opp to Karachi Bakers, Hyderabad.

 

BANK OF INDIA
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount20 Lakhs
(inclusive of insurance cover on the loan amount)
Interest rate10.75% (Floating) and 0.50% special concession for female students
Repayment period10 years upto Rs. 7.5 Lakhs
15 Years above Rs. 7.5 Lakhs
MoratoriumCourse period +1 Year or 6 months or soon after placement, whichever is earlier
EMI OptionStandard
Security1) Co-applicant OR
2) Personal Guarantor (preferably parent or spouse)
Acceptable by the bank
Payment of InterestIncluded in the EMI
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact pointHyderabad:
Ms. Khushboo Vaishnav
Marketing Manager
[email protected]
[email protected]
Loan Application | Checklist
CANARA BANK
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Application typeOnline / offline application
EligibilityResident students of ISB Hyderabad / Mohali
Quantum of loanUpto rs. 30 lacs
Rate of interest10.20% (base rate)
Processing feeNIL
MarginFor loans above rs. 4 lacs  :-   5%
Security1. assignment of future income of the student
2. Parent / guardian has to join as co- borrower
Repayment tenure10 years – for loans upto rs. 7.50 lacs​15 years – for loans above rs. 7.50 lacs to rs. 30 lacs
Maximum processing time48 hours
Contact pointCanara Bank, MadhapurPlot no: 20 & 21, Behind Bata Showroom
Megha hills,  Madhapur,
Hyderabad 500081.
Phone: 040-23110210
Mobile: 7382932209, 9885547310.
DocumentsCanara Loan Application | Checklist

 

CREDILA
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount25 Lakhs (Above 25 lakhs with suitable collateral)
Interest rate11.95% (floating) with full moratorium during course
11.75% (floating) with interest repayment during course
Repayment period10 years
EMI OptionStandard
Moratorium18 Months from the commencement of the programme or placement whichever is earlier
SecurityCo-borrower is required as Father, Mother, Brother, Sister, Spouse, Brother-in-LawPaternal Uncle as acceptable by Credila
CollateralNone up to 25 Lakhs
Pre-payment ChargesNone after 2 years from the first date of disbursement
Insurance CoverOn the loan amount availed (Required) from HDFC Ergo General Insurance.
Processing FeesRs.5000/- Flat Inclusive of Taxes
Contact pointVicky Francis 
Mob: 9823736643
[email protected]
Landline: 0253 3249276
Toll Free: 1-800-209-3636, or [email protected]
http://messenger.providesupport.com/messenger/credila.html
Loan Application Form

 

ORIENTAL BANK OF COMMERCE
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount25 Lakhs or 95% of the cost whichever is lower
(inclusive of insurance cover on the loan amount)
Interest rate10.25 % (Floating)
Repayment period10 years for loans up to INR 7.50 lakhs / 15 years for loans above INR 7.5 lakhs
Moratorium18 Months or soon after placement, whichever is earlier
EMIStandard
Security1) Co-applicant (Parents / Spouse / Parents-in-law) OR
2) Personal Guarantor (preferably parent or spouse) Acceptable by the bank
Payment of InterestWill be collected as a part of the EMI.
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact pointHyderabadMrs. Rekha Rao (Mob: 9000512346); Mr. Bhaskara Ram (9959975029)
Address: Madhapur Branch, 1/98/2/11/13, Ground Floor, Shrishti Towers, Arunodaya Colony, Madhapur, Hyderabad 500 081
Ph: 040 2310 0400 / 2311 0989
FAX: 040 23110988
E-mail: [email protected]
Mohali:Mr. Sohan Sharma,
Branch Incumbent ,B/O Phase 1,Mohali
Ph: 08725030249Ms. Surabhi Arora,
Manager-Marketing ,Regional Office Chandigarh
Ph: 08054826860 Mr. S.B. Negi, Mob. 9417750668
Insurance CoverOn the loan amount availed (Required)

 

UNION BANK OF INDIA
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount25 Lakhs or 95% of the cost whichever is lower (inclusive of insurance cover on the loan amount)
Interest rate10.25% floating
Repayment period10 years for loans up to INR 7.50 lakhs / 15 years for loans above INR 7.5 lakhsEMI calculation @ Standard as well as Ballooning/Step-up method.
MoratoriumCourse period +1 Year or 6 months or soon after placement, whichever is earlier
Security1) Co-applicant OR
2) Personal Guarantor (preferably parent or spouse)
Acceptable by the bank 
Payment of InterestWill be collected as a part of the EMI after the moratorium
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact pointGaurav Kumar    –  +91-8008705187
Sandip Deo          – +91-9618944411
Asst, Managers, Marketing
Union Loan Point, Saifabad Branch, Hyderabad 500 004
Ph: 040 23420624;T Jagan Rao
Chief Manager,
Union Loan Point Branch, at Saifabad, Hyderabad
Ph: 040-23420623; 9959988133
E-mail: [email protected]
Loan Application Form   |   Check-list Highlights of the scheme   |   Credit Info sheet

 

VIJAYA BANK
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amountMaximum up to 20.00 lakhs
(inclusive of insurance cover on the loan amount)
Interest rate11.75% (fixed rate)
Repayment period7 years
Moratorium18 Months or soon after placement, whichever is earlier
EMIStandard
Security1) Co-applicant OR
2) Personal Guarantor (preferably parent or spouse)
Acceptable by the bank
Payment of InterestWill be collected as a part of the EMI after the moratorium, whenever the repayment commences.
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact Details1) RACPC –Hyderabad: Contact No. 040-23220940,8885164916 (Mr. Shaswata Das, Asst. Manager)
Email : [email protected]
2) Basheerbagh Branch: Contact No. 040-23211427Email : [email protected]
3) Kukatpally Branch: Contact No. 040- 23893086
Email : [email protected]

 

STATE BANK OF INDIA
LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount20 Lakhs without Collateral
Up to 30 Lakhs with Collateral
Interest rate10.25% floating
Repayment period12 Years
Moratorium18 Months or soon after placement, whichever is earlier
SecurityUp to INR 20 lakhs – no guarantee or collateral needed
Above INR 20 lakhs – Tangible collateral (as acceptable by the bank) required.
Payment of InterestWill be collected as a part of the EMI after the moratorium
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact pointKey Branches for Loan ProcessingHyderabadChief Manager
State Bank of India, HUC Branch, Gachibowli, Hyderabad
Ph: 040 23011301; Mob: 99490 31301
Relationship Manager – 9177866933
Manager(PBD) – 8790733229
Email: [email protected]V.vidyasagar-8790511771
Reetagupta- 9177866933
Ramana – 9666681076
Biswaranjan sahu- 9701295552,
T surendranath-9704234502
Email :[email protected],[email protected],[email protected]
MohaliSuresh Shrama
Chief Manager
Mohali
Mob: 9888866626
e-mail [email protected]
Loan Application FormCheck List & FAQsAffidavit (Borrower);Affidavit (Guarantor)Assets/Liabilities reportPre-sanction report
Application Process

 

INDIAN BANK (2013-14)

Educational loans for PGP 2013-14 (To be updated as an when information is received)

LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount22.5 Lakhs
Interest rate10.20%(Floating)
Repayment periodUp to 10 years (including moratorium)
EMI OptionOption-1: Standard
Option-2: Ballooning EMI of Fixed INR 20,833 for first three years and balance interest/principal to be adjusted and collected within the remaining period.
Moratorium18 Months from the commencement of the programme or placement whichever is earlier.
SecurityCo-borrower is required as Father, Mother, Brother, Sister, Spouse
CollateralNone up to 22.5 Lakhs
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Processing FeesNIL
Contact pointK.V.S. Subrahmanyam
Chief Manager, 
Indian Bank
Plot # 12 – 15, Cyber Apartments
Indira Nagar, Gachibowli, Hyderabad 500 032
Ph: 040-2300 2820, 0889
Mob: 98481 72875
Email: [email protected]

 

IDBI BANK (2013-14)

Educational loans for PGP 2013-14 (To be updated as an when information is received)

LogoIndian School of Business ISB One year MBA PGP 1yr executive MBA Hyderabad Mohali loans cheapest best low interest rate pre-approved without security no collateral no guarantor low EMI financing education loan scholarships
Maximum loan amount20 Lakhs or 95% of the cost whichever is lower (inclusive of insurance cover on the loan amount)
Interest rateFLOATING RATE OF INTEREST
10.25% (concession of 50 BPS for female students)
Repayment period10 years
Moratorium18 Months or soon after placement, whichever is earlier
Security
  • Loans upto Rs.4 lakhs: A Personal guarantor.
  • Loans exceeding Rs. 4 lakhs upto Rs. 10 lakhs: Third Party Guarantee.
  • Loans sbove Rs. 10 lakhs: Tangible collateral security in the form of Land/Building (minimum value shall be 1.33 times of the loan amount sanctioned), LIC, Fixed Deposit, etc.(minimum value shall be 1.1 times of the loan amount sanctioned). The Land offered as collateral security should not be an agricultural land.
Payment of InterestWill be collected as a part of the EMI after the moratorium
Pre-payment ChargesNIL
Insurance CoverOn the loan amount availed (Required)
Contact pointP.Naveen Kumar, Relationship Manager
IDBI Bank Ltd, Gachibowli Branch
Branch Address – Plot num – 81, Diamond park,
Vinayakanagar colony, Gachibowli stadium road
Gachibowli, Hyderabad – 500032
Mob: 09247710547
Loan Application Form   |   Check-list

 

SCHOLARSHIPS

Scholarships are both need and merit based. Recipients are selected on the basis of exceptional academic and professional performance, as well as personal qualities such as leadership and community service.

As an admitted student to ISB, you will be automatically considered for these awards and will be notified of any decision at the time of admission. This year, the ISB will award scholarships of either INR 5,00,000 or INR 10,00,000 to 110 deserving candidates.

Additionally, the ISB also partners with several corporates to provide scholarships during the course of the academic year. Citibank and Novartis Group offer scholarships up to INR 6,00,000. Application criteria and selection procedures vary for each of these.

India Global Scholarship
Ten scholarships will be offered to applicants from ten different international geographic areas.

Details of the scholarship:

  • The scholarship amount ranges from USD 6,000 and USD 30,000 depending on the merit of the application. This would cover approximately 15% – 80% of the total programme cost
  • There are specific scholarships for North America, Latin America, Western Europe, Eastern Europe, China, South East Asia, Far East Asia, Australia, SAARC countries and Africa.
  • To apply for the India Global Scholarship from a particular geographic area, the applicant should have a passport issued by a country from that geographic area
  • To apply for the India Global Scholarship, the applicant should submit an essay on the topic: “The India growth story and why I want to ink my career growth in India”

 

School, Company and external scholarships
Below is a summary of the School, Company and external scholarships that are available to students.

NAME OF SCHOLARSHIPAMOUNTNO.CRITERIASELECTION PROCESSAPPLICATION DATES
ISB Tuition Waiver (Merit)ISB Tuition Waiver (Need)INR 5  – 10 LakhsINR 5 Lakhs50 to 6040 to 50Merit based. All those who meet the merit criteria as decided by the Admissions Committee will receive it.Need based.  Applicants with a total family (including applicant’s) income of less than INR 10 lakhs of CTC per annum will be considered.No need for submitting any application.  Based on merit in selection and will be announced along with the offer.Application available online as a part of the admission application. Will be announced along with the offer.NA15 Sep / 30 Nov
AIESEC-ISB ScholarshipINR 5 Lakhs3Merit based. Only AISEC alumni are eligibleApplication, shortlist and personal interviewMay-June
PGPMAX Class of 2012 ScholarshipINR 4,00,0001Applicable for PGP 2014 -15.Need based. Only those with a family income of < INR 10 lakhs per annum will be eligible.Application, Shortlist and Personal InterviewMay, 2014
Societe GenaraleFull Tuition2Need based. Only those with a family income of < INR 5 lakhs per annum will be eligible.Application, Shortlist and Personal InterviewMay
Alumni Endowment fund Diversity scholarship4 lakhs1Need based. Only those with a CTC < INR 10 lakhs per annum will be eligible. Open to students from the following sectors and academic background:
Humanities
Literature
Medical/Health Care
Architecture
Advertising /Media /Entertainment
Economics
Application, Shortlist and Personal InterviewAdmission deadlines
Class of 2011 Scholarship4 lakhs1Need and Merit based. Only those with a family income of < INR 10 lakhs per annum will be eligible.Application, Shortlist and Personal InterviewMay
NovartisINR 4,00,0003

Merit and need based.**
(For women who have completed their schooling from non ‘A’ class towns only. No interview included as a part of the process).

Eligible profiles to be forwarded by the Admissions Office to Novartis and they will in turn choose the candidates. No interview involved.Not applicable
The Phoenix Fund – Nurture India ScholarshipINR 500,0001Need Based – Awarded along with the Admission OfferGranted to an admitted applicant who is the sole bread earner of his/her family and has dependant parent /siblings without any or little income.Not applicable

 

GMAT Test Centre Scholarships

NAME OF SCHOLARSHIPAMOUNTNO.CRITERIASELECTION PROCESSAPPLICATION DATES
Manhattan Review ScholarshipINR 1,00,0005GMAT Student of Manhattan ReviewApplications need to be made to Manhattan in Hyderabad /Bangalore along with a copy of the formal ISB offer, Manhattan Review Receipt and the ISB ID card.Not Applicable
MANYA – ISB ScholarshipsINR 1,00,000
INR 50,000
1
1
GMAT Student of MEPLApplications need to be made to MEPL along with a copy of the formal ISB offer, Fee Receipt and the ISB ID card.Not Applicable
Jamboree India-Talent Promotion AwardINR
1,00,000
1 to 5Need and merit based – awarded to students of Jamboree Education Pvt LtdA formal application with proof of income (ITR receipts of applicant and applicant’s and Jamboree India receipt, followed by a shortlisting / selection processAlong with admission application

 

International Scholarships

NAME OF SCHOLARSHIPAMOUNTNO.CRITERIASELECTION PROCESSAPPLICATION DATES
ISB – AIESEC ScholarshipINR 1 million2Non-Indian passport holders. Should be an Alumni of AIESEC. (Applicants of Indian origin are not eligible)Overall merit and an essay followed by short-listing/selection process.Essay topic for this scholarship is available in the application, to apply, please login here  To be submitted along with admission application
India Global ScholarshipINR 0.5 million to 1 million10Non-Indian passport holders. (Applicants of Indian origin are not eligible)Overall merit and EssayTo be submitted along with admission application
Bridge to India ScholarshipINR 0.5 to 1  million3Non-Indian passport holders of Indian origin (by birth, parentage or origin). Other criteria as decided by admissions committee.Overall merit and essayTo be submitted along with admission application
ISB Geographic ScholarshipINR 0.3 to 1.5 million10Specific to North America, Latin America, Western Europe, Eastern Europe, China, South East Asia, Far East Asia, Australia, SAARC countries and Africa. Non-Indian passport holders. (Applicants of Indian origin are not eligible)Merit and EssayTo be submitted along with admission application
La Caixa and Casa Asia ScholarshipTotal expenditurethree to fiveApplicant must be a Spanish Citizen and should have studied in any of the faculties or higher education institution of a Spanish University.The Bachelor’s degree must not be less than 4 years and should be in Management / Business Administration, Engineering or Architecture.Click hereTo be submitted by August 31, 2012
Talentia ScholarshipTotal expenditureVaries every yearNon-Indian passport holders. Alumni of AIESEC. Merit based. (Applicants of Indian origin are not eligible)Applicants should be of Andalusian origin in Spain and as decided by Becas Talentia. The awarded student should agree to continue further career for four years with Andalusia within 24 months from completing the ISB PGP.As prescribed by Sociedad Para El Impulso Del Talento, Talentia S.L.U
Click here
IBF Scholarship70% of the costVaries every yearApplicants for this scholarship must be supported and nominated by their respective companies, and the grant will then be disbursed to the company in support of its efforts to develop the company’s staff. Do note that successful applicants are bonded to work with for their respective companies for two years upon graduation and must undertake work related to the market where they have studied.The candidates are required to:• Be Singapore citizens
• Have outstanding academic records
• Have good Graduate Management Test (GMAT) score.
• Have at least 3 years of working experience
• Demonstrate strong leadership qualities through active participation in social or community service.
As prescribed by International Enterprise (IE), SingaporeTo be submitted by October 30.
Top Asia Business School(TABS) Scholarship15000 USD from ISB1Attendees of any of the TABS pre-fair panels in the fall WMBA Tour are eligible to apply.Those who are admitted into the MBA program offered by one of the schools, will be automatically considered for this scholarship.Each school will select one top admitted candidate from this group to be awarded with a merit-based scholarship worth USD 15,000

 

The ISB has introduced a tuition scholarship for international passport holders for the Post Graduate Programme in Management, Class of April 2010-2011. Scholarships ranging from USD 6,000 – USD 20,000 (the total cost of the programme is USD 42,255) will be awarded. A total of ten scholarships have been instituted. Candidates demonstrating merit, professionalism, and a valid reason for choosing India as a destination for education will be awarded with these scholarships. This scholarship is exclusively for applicants of non-Indian origin.

In addition to this, ISB has also instituted an ISB-AIESEC Scholarship, which includes two scholarships of 10,00,000 INR for AIESEC alumni. These scholarships will be based on merit and need for international AIESEC alumni of non Indian origin.

The scholarship and application deadline is January, 2012. Applications for scholarships will be reviewed and awarded by February, 2012. These scholarships are exclusively for applicants of non-Indian origin.

(* To be decided by the selection committee)

** Application process and interview(s) by the donor.

  • If a student receives a scholarship, the ISB/Banks (in case of student having taken an educational loan) will be the primary recipient of the funding awarded, until the course cost/loan is covered. Any scholarship amount above and beyond this will be passed on to the student.
  • In case you have been awarded a ISB tuition waiver at the time you were made an offer of admission, the amount you apply for educational loan with any of the banks should be reduced by that extent.

Cover image credit & copyright – Jeffrey Ahlquist

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