Education Loans for IITM BS Students: Can You Get One?

Yes, there is an official loan route. Both IITM BS student handbooks describe an SBI education loan process. Interest starts from 8.10%, no collateral is needed, and simple interest applies until the course is completed. The public FAQ, though, still says bank loans are being worked on. Since you pay per course each term, check how much you really need before you borrow.

What the official FAQ says

Two FAQ answers deal with loans:

• "Will I get a scholarship / loan for this programme?" This appears on both the DS and ES FAQ pages. The answer says the programme is trying to see if this is possible, and asks you to watch for announcements.
• "Is it possible to get an educational loan for this Program?" The DS FAQ says the programme is working on getting bank loans approved. It asks you to look out for updates.

Neither answer names a bank or gives any terms. Some FAQ answers on fees also still use "January 2021" as an example term, which suggests parts of the FAQ are old. The handbooks carry the more detailed loan information.

What the handbooks say: the SBI loan process

Both handbooks have a section called "SBI Loan Process" in the fee section, near the fee waiver table. The DS handbook was last updated on 2 July 2026.

How to apply, as the handbook describes it

1. Get the application form from the programme. You fill it in digitally.
2. Print it in colour and sign wherever needed.
3. Attach the documents from the list the programme gives you.
4. Send the print and documents by India Post to the IIT Madras campus address given in the handbook.

The handbook also lists two phone numbers for help with this process. It does not state the loan amount, when repayment starts, the repayment period or the full document list. Ask for these before you apply.

How much would you need to borrow?

You never pay the whole programme fee at once. Each term you pay only for the courses you register for. These are full fees before any waiver, from the official fee tables:

A 50% or 75% fee waiver cuts these amounts a lot. The full DS and ES tables are in the Data Science fee breakdown and the Electronic Systems fee breakdown.

Before you take a loan

• Check free help first. See who gets the fee waiver and scholarships and fee-free seats.
• Count the costs outside course fees. Exam travel, a laptop and, for ES, the lab kit are not in the fee table. See extra IITM BS costs.
• Ask what "course completion" means. The handbook links simple interest to course completion. IITM BS has several exit points and allows up to 8 years for the BS, so ask the bank how it will treat your plan.
• Keep your documents in order. If you need a bonafide certificate for any application, the handbook says these are issued every Thursday. Since September 2025, students who have not submitted the required medical certificate cannot get a bonafide certificate or other official letters from the programme.

Common questions

Is SBI the only bank?

The handbooks name only SBI. The official pages do not mention any other bank or lender, so we cannot say whether others will lend for this programme.

Does IIT Madras give the loan itself?

No. By the handbook's description, the lender is SBI. The programme says it will give you the application form, and your printed papers go by post to an address on the IIT Madras campus.

Can I get a loan just for the qualifier fee?

The handbooks do not say. The qualifier fee is Rs 4,000 for general category, is paid before you join, and is not refunded.

Do I have to take the loan for the whole degree at once?

The handbook does not say how the loan amount is set. Since fees are paid per term, ask the programme whether the loan can match the term-wise payments.