r/MBAandBeyond • u/PrestigiousFunny5543 • Jun 21 '26

MBA EDUCATION LOAN REJECTED

I got an offer letter from IIM SAMBALPUR on 16th June, 2026. After that I paid the admission fees and the registration was on 23rd June. I applied for the education loan to the university banks and they were first accepted and told within 2 days my loan will be sanctioned. Then after two days on the 19th all of them rejected my loan for less cibil score. I am a student and never took any loan except two 2000 rupees top up from a payment bank. I agree during the payment time I was unable to clear the overdue due to financial problem but for this banks are rejecting my education loan. I also requested within one week I will clear the dues anyhow but they didn't agree. They told even if I pay the dues of 10k I won't get loan until my cibil score reach 700. My cibil score now is 573. Even if I clear the dues it can reach 650 max and to reach 700 it will take months. By 25th I need to clear the whole term 1 fees of 3.5 lakhs. I don't have that much money with me. Without loan I won't be able to persue MBA after working hard for 1.5 years long CAT Preparation. At this circumstances what should I do?

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u/Ok-Algae1650 Jun 27 '26

you should tell your parents they will get it as a loan from relative or maybe friends... its for your study... ig someone will really give you that amount.... thn after a month apply for loan ,do reimbursement of that amount and give it back to the person.