As you want to apply in IIM, here I will let you know more about Union Bank of India, Union Education loan so that you can go through it.

Eligibility
Indian citizen
Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any

Courses covered in India
Graduation / post-graduation / diploma courses from recongnized universities

Technical / professional / management courses

PhD courses

Courses covered outside India
Graduation / post-graduation degrees offered by recongnized universities
Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
PhD courses
Diploma courses abroad are not covered

Quantum of Loan
For studies in India - maximum upto Rs. 20 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.

For studies outside India- maximum Up to Rs. 30 Lakhs

Margin, I.E. Your Share
For loans upto Rs. 4 Lakhs, no margin is required

For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India

Scholarship / assistantship will be included in the margin

Security
The security required is as mentioned below.

Upto Rs 4 Lakh
No security is required.

Above Rs 4 Lakh & upto Rs 7.50 Lakh
Suitable third party guarantee acceptable to the bank to be taken.

Above Rs 7.50 Lakh
Tangible collateral security of minimum value equivalent to the loan amount and interest accumulation during course & moratorium period, acceptable to the bank.

In all the above cases, parent/spouse have to necessarily join in as co-applicant

Address:-
Union Bank of India
Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400 021, Maharashtra, India

Phone:-
022-22892000