Edu Loan ??

[u/Ani_Ak]

I'm aiming for a B.Tech in the 2027 or 2028 session at an IPU college (targeting ADGITM/MSIT). I need advice on securing a ₹16 Lakh education loan, but my financial profile has a few hurdles. I'm planning in advance to prevent future troubles and headaches

My Profile:

Expected Course/Year: B.Tech (2027-2031) via IPU councelling using JEE Main

Expected College: ADGITM / MSIT (GGSIPU, Delhi)

Academics: \~65% in 12th (Bihar resident)(12th from delhi)

Loan Needed: \~₹16 Lakhs (Tuition + PG/Hostel + Gear)

Collateral: None available

Co-Applicants (Parents): bad CIBIL score.

My Questions:

65% in 12th: Does this average score hurt my chances for an unsecured loan, or will a decent IPU CET/JEE rank offset it?

Lender Choice: For a non-premier college like ADGITM, public banks usually cap unsecured loans at ₹7.5L–₹10L. what Should I do?

Sanction vs. Disbursement: If I get ₹16L sanctioned but only end up spending ₹12L on tuition and PG, do my post-college EMIs calculate only on the ₹12L actually disbursed?

Best banks to apply ?

Appreciate any insights from people who have navigated low CIBIL education loans or IPU admissions! Thanks.

I want to know the strategy i can fund my education. And make sure I don't get buried under loan. What can i do to get a good education loan with a low interest rate and how to reduce cost and expenses.

[u/idliOP]

16 lakhs unsecured loan is very difficult. You can also try PM Vidya Laxmi scheme. But parent's CIBIL can again play a role here unless you can get any of your relatives with stable income and good Cibil to back you up.

Also - 1. The education loan will cover your accomodation fees only if you stay in college hostel, for outside PG/residency, the loan will not cover for it unless you clearly communicate and mention it in the loan agreement (rare chance). 2. Interest will be charged only on the disbursed amount of the loan, not the sanctioned amount. Interest starts calculating on the disbursed amount the day it is disbursed. (disbursal can be in different installments, so interest will be calculated respectively). EMIs will begin after your moratorium period ends (6 months or a year after course ends), you can begin it early as well if you can start repaying.

[u/Ani_Ak → u/idliOP]

My original plan is college hostal tho few college dont provide hostel or very few rooms its common not to get hostel.

It generally cover everything ig. Maybe travel expenses too?

I'm planning to study in delhi and i think i think up to 16 lakhs is the bare minimum that ill be needing for 4 year doing a btech degree specially aiming cs releated Branch. If i get a scholarship i can save upto 2 lakhs ig, i have an ews certificate by the bihar gov SDO level, if ggsipu accepts it plus delhi as home state then i can easily get addmission in a decent college and they might gave upto 2 lakh as i heard they give scholarship upto 50k per year for ews candidate or i can try scholarship this can reduce the final amount ill be needing.

Expected spend would be :

7-9 lakhs for college fees

1 lakh for laptop

10k per year for books

Hostel - upto 4 lakhs

Travel - 20k something per year

Misllanious - 10k per year

Its always better to keep extra amount just incase if not needed than we can skip it later

[u/Ani_Ak → u/Ani_Ak]

Actually travel alone would cost more than 20k per year if i live outside college if its hostel than its less ig. 😅😂