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Financing Your Management Education
Fee at Management Institutes
The fees charged by management institutes in India differ widely. The University departments that offer post-graduation in management often charge as little as Rs.10, 000 to Rs.20, 000 for a two year post-graduate programme. Most of the premier institutes in the country charge about Rs. 2 to 13.5 lacs for their two-year programme. Some private institutes charge as much as Rs. 5 to 15 lacs for the course.
In many cases, the institute provides a merit-cum-means scholarship to deserving students. The institute will, of course, require details of the students' family income, etc. Often, the institute's application form has queries regarding the manner in which the student intends to finance his studies. Such questions should be answered very carefully and truthfully. The scholarship-giving body of the institute will consider all these responses very carefully before arriving at a decision on the suitability of the candidate to receive the scholarship.
Financing your studies
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These days, it is also relatively easy to get a bank loan at concessional rates of interest for those studying at top-notch management institutes. A number of banks, both in the public and private sector, are more than willing to provide educational loans to those who have gained admission to the "A+" category of management institutes in the country. Loans are also available to students of a fair number of schools in the "A" category of management institutes. In many cases, banks extend loans that cover not only the cost of tuition but also some of the other costs such as computer fees, library fees and hostel fees. In most cases these loans are available without the necessity of providing for collateral security. All that would be needed is a bond and a guarantor.
In some cases, the bank does not 'recognize' the management institute to which the student has secured admission.
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In such cases too, the banks may provide loans to students if they are able to furnish adequate collateral security. In short, students should remember that these days financing one's management education is much simpler than in the past. No deserving student should give up on pursuing his management studies merely because financing it is a problem. If the right kind of effort is made, securing a scholarship or a loan should definitely be possible.
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