IIM Indore IPM loan issue

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sir, I have been provisionally selected to take admission in 5 year integrated program in management at IIM Indore. here is the link to the program : Indian Institute of Management Indore - IPM excluding hostel and mess, entire program ...
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invban Says
I would definitely recommend it 10/10 , an education at IIM will never go waste ..provided you put yr 100% in it :).......always remember this small lesson " money is not the end result of yr endeavors" , if you do well in whatever you do ....money will chase u ......so go ahead , u hv made a good decision and I hope to see you as a good, principled citizen 5 years from now who serves his country well ..

thank you sir... i hope to get in without any hassle..and all my doubts get cleared soon and i will always keep in mind your advice 😃
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I would definitely recommend it 10/10 , an education at IIM will never go waste ..provided you put yr 100% in it :).......always remember this small lesson " money is not the end result of yr endeavors" , if you do well in whatever you do ....money will chase u ......so go ahead , u hv made a good decision and I hope to see you as a good, principled citizen 5 years from now who serves his country well ..

The eternal seeker.....
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Rajan , it appears to me that you need to sort this out with IIMI itself , since its a big decision and you have sufficient time left , I would suggest you go to Indore asap and clear the stuff with them , the visit will also help you to liaison with the banks in the campus for student loan if u decide to take one . In the pdf it is not clear whether they would accept full 18 lacs at one go , though I see it as non issue , since any Institute would be more than happy to receive full fee in cash in advance (this is the first lesson of Management you have learned today - Present Value of Money :)) - Also I also have the following views on the loan

1) If u can take a loan from the banks , it generally is less costly than giving everything away in cash because u get some Income Tax rebates when u start earning and eases the burden of raising such a huge amount of cash at one go ........the flip side is Bank would require a guarantee like property etc to issue u a loan so u have to look at that aspect too......
2) If u go for installment plan , u have to show a FD for 5 years of 18 lpa , though it seems strange to me as a rule , just try to calculate what would be the EMI for that , I reckon that for a loan of 18 lacs for a period of 10 years @ 13 %pa , the EMI would be around 27,000 ,see if ur parents can squeeze this amount from their current salary , if yes than u can make a FD of 18 lacs for 5 years and show it to IIMI
3) Assuming 1&2 do not seem feasible in yr case , I am pretty much sure IIMI would gladly accept one time payment for the programme , u just need to have a face to face discussion with them , if u can ..

Last but not the least , you are entering a Management based programme , so son , be very chilled , do not take stress, work things out step by step , take yr decisions objectively and you will sail through

ATB


thank you so much for your reply sir...

i have planned to go to Indore and talk to them face to face...as they take lump sum in case of PGP i hope they take it in this case as well...

sir i have a last question. is it worth taking this course?? as this is new course and they will be providing integrated diploma certificate..and not degree?? shall i peruse my regular graduation (i am enrolled in an avg clg) or IPM will be better?? whats your suggestion sir??
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Rajan , it appears to me that you need to sort this out with IIMI itself , since its a big decision and you have sufficient time left , I would suggest you go to Indore asap and clear the stuff with them , the visit will also help you to liaison with the banks in the campus for student loan if u decide to take one . In the pdf it is not clear whether they would accept full 18 lacs at one go , though I see it as non issue , since any Institute would be more than happy to receive full fee in cash in advance (this is the first lesson of Management you have learned today - Present Value of Money :)) - Also I also have the following views on the loan

1) If u can take a loan from the banks , it generally is less costly than giving everything away in cash because u get some Income Tax rebates when u start earning and eases the burden of raising such a huge amount of cash at one go ........the flip side is Bank would require a guarantee like property etc to issue u a loan so u have to look at that aspect too......
2) If u go for installment plan , u have to show a FD for 5 years of 18 lpa , though it seems strange to me as a rule , just try to calculate what would be the EMI for that , I reckon that for a loan of 18 lacs for a period of 10 years @ 13 %pa , the EMI would be around 27,000 ,see if ur parents can squeeze this amount from their current salary , if yes than u can make a FD of 18 lacs for 5 years and show it to IIMI
3) Assuming 1&2 do not seem feasible in yr case , I am pretty much sure IIMI would gladly accept one time payment for the programme , u just need to have a face to face discussion with them , if u can ..

Last but not the least , you are entering a Management based programme , so son , be very chilled , do not take stress, work things out step by step , take yr decisions objectively and you will sail through

ATB

The eternal seeker.....
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I am not sure if I get what you are speaking abt the numbers
If I am correct u are required to pay Rs 18 lacs fees upfront by 12/11 and also show 18 lpa as 5 years FD in the bank ?


sir, if i show them 18 lakhs FD then i am free to pay my fees in installment...

but my question is , is it necessary to show them FD when I pay the entire fees at one go??

as i can not pay fees and also show FD at the same time (not even in installment) as the money which could be used for fee payment will be fixed deposited for 5 years...

i have attached a PDF file of the appendix that IIMI people mailed me...i will be grateful if you can have a look at it and help me out..
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I am not sure if I get what you are speaking abt the numbers
If I am correct u are required to pay Rs 18 lacs fees upfront by 12/11 and also show 18 lpa as 5 years FD in the bank ?

The eternal seeker.....
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Please seniors, reply...i need your urgent help !!

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sir,

I have been provisionally selected to take admission in 5 year integrated program in management at IIM Indore. here is the link to the program : Indian Institute of Management Indore - IPM

excluding hostel and mess, entire program is of Rs.19 Lakhs of which 1 lakh is to be paid by 24th oct and the rest on 12th nov. and along with this payment, they have asked for bank guarantee certificate worth Rs.18 Lakhs. this means that i will have to fix deposit 18 laks in bank for next 5 years to get the required certificate..which i can't...since we dont have that much cash..

I will be able to provide one of two demands..either the payment of Rs.18 lakhs as fees or Fixed deposit of 18 lakhs to get bank guarantee certificate

so my question is, are we supposed to provide bank guarantee certificate if we are paying fees for entire program at one go?? instead of fix depositing 18 lakhs to get bank guarantee certificate, can't i use that money to pay entire fees at one go??

and what is the procedure to get loan under scholar sceme provided by SBI bank?? do i nee to visit Indore bank to get the loan.. will they provide loan for this course??....please guide me..I am so tensed right now..

Thank you!!

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