How to arrange fees for IIMs or Harvard

 It is a quite crucial time for all management aspirants. There dream will face the real deal with the real world. Their hard work, luck as well as financial foothold will be evaluated. Because, several top management institutions have substantially hikes their fees.
Let's begin with Indian Institute of Management (IIM) Ahmedabad, It has increased approximately INR 100,000. For two -year management program, the institute is charging now INR 1.4 million (USD 31,500). Similarly, IIM Calcutta and IIM Bangalore are charging INR 1.35 million and 1.3 million respectively. However, only a small percentage of students qualify for breaks in fees at these schools. 

So what... there is no ray of hope. Luckily, we have and all we need to widen our awareness.
From banks' perspective, education loans are bitter-sweet due to the policy of Reserve Bank of India. It has instructed banks, not to accept any security or collateral for loans of up to INR 400,000. Hence, the risk for banks is literally higher and education loans are still a small portion of banks' overall loans portfolios. Many deserving students struggle to get loans because banks ask for a co-signor to the loan and for 100% collateral to cover the loan even when it contravenes government rules.
As per the current status, banks offer up to one million INR for the study within India and up to two million INR for offshore study. If students are asking for more than INR 400,000, they need to put in some money of their own. To be specific, it is 5% for domestic education and 15% if the student is going abroad. Many banks unofficially have listed institutes' name for the loan however they do not publish those names on the other hand, they publish a list of courses which qualify for loans. It means students have to visit to the nearest bank to know whether he or she qualifies for the loan or not.

At the moment, interest rates on these loans vary from 11.25% to 12.75% depending on the amount of loan. These rates can change during the term of the loan, in case the Reserve Bank of India raises broad interest rates. Union Bank of India, for instance, is charging only 10.5% to students. Women pay 0.50 percentage point less. Unlike banks, HDFC's Credila charges different rates depending on the school and the student's grades. Its interest rate ranges from 9.75% to 12.5% currently. One can find list of documents to claim the loan at its official website.

Some foreign colleges may require a proof of finances at the time of admission. But, most banks in India don't sanction a loan till the time students submit confirmed admission proof. HDFC-backed Credila has a solution to this. It provides a letter of credit on behalf of the student which typically satisfies the college, and then converts it to a real loan when the admission goes through.

Students are expected to start repaying their loans within six months of landing a job or after one year of graduation, whichever is sooner. Most banks require that students pay simple interest on the loan even as they are studying. The loan is extended for five years to seven years typically. Experts suggest that one should not rush into a program which may not result in a good salary and future. Many fraud institutions may cheat you because you're hungry for admission.