Author
LoansJagat Team
Read Time
10 Min
16 May 2025
"Papa, MBA toh karna hai... par ₹30,00,000 ka loan kaise chukayenge?"
Meera, a 22-year-old from Ujjain, had been offered admission into a leading business school in Mumbai.
The course fee? A whopping ₹30,00,000.
Her father, a school teacher earning ₹40,000 per month, looked at her proudly—but the worry on his face was hard to miss. A
student loan of that size meant years of EMI pressure for the whole family.
But Meera wasn't about to let money destroy her ambitions—or bury herself in debt.
So she did what many wouldn't: she found an alternative path. Within one year, Meera was able to finance almost half of her costs with a combination of side jobs and scholarships.
On top of that, she applied for 10 scholarships and won 2, which covered ₹8,00,000 of her tuition fee.
By the end of the year, she had saved about ₹3,36,000 on her own and had not taken a full loan. Her journey was not easy, but it was debt-free, and that is what made all the difference.
And that leads us to the big question…
Debt-free journey? Zindagi ka real "paisa vasool" moment.
The latest RBI report exposed that education loan defaults have increased by 9% in 2024.
The reason? Graduates often face years of heavy repayments after finishing their degrees. (BSFI)
Now consider this: You complete your degree with zero loans, no EMIs, and no constant calls from recovery agents.
Like a dream, right?
While the majority of students dive headfirst into student loans, Meera chose to take the road less travelled. Rather than opting for a ₹30,00,000 loan, she got creative—side hustles, tutoring, a weekend snack business, and yes, cracking a major scholarship.
Her goal? Cut down the loan as much as possible and not end up in an EMI trap for 10 years.
Factor | Traditional Loan | Meera's Approach |
Loan Amount | ₹20,00,000 to ₹30,00,000 | ₹18,64,000 (after savings) |
Interest Rate | 10% to 14% | Minimal (on reduced amount) |
Repayment Period | 7–15 years | 5 years |
Total Repayment | ₹30,00,000 to ₹40,00,000 (with interest) | ~₹20,00,000 (with interest) |
Stress Factor | High (EMIs, recovery calls) | Low (more control) |
Total self-funded: ₹11,36,000
Avoiding a massive loan, Meera borrowed merely ₹18,64,000 that she can pay within 5 years rather than 10 and save herself ₹15,00,000 to ₹20,00,000 in interest.
Planning isn't rocket science. It's just dividing the giant figures into manageable targets. Meera, who secured admission into a top business institute in Mumbai, knew that the fees wouldn't be cheap. But instead of panicking, she flipped open her notebook, drew a plan (business instincts, duh), and got to work.
Step | Meera’s Plan |
List All Expenses | Tuition: ₹3,80,000/year Study material and tools: ₹40,000/year Living (PG + Food): ₹1,20,000/year Miscellaneous: ₹30,000/year |
Break It Semester-Wise | Total = ₹5,70,000/year, ₹2,85,000 per semester |
Monthly Saving Goal | Target: ₹12,000/month × 12 = ₹1,44,000 |
Tools Used | Money Manager app + a DIY planner |
Consistency Trick | Sold handmade digital artwork on Instagram (₹3,000/month avg.) |
Meera planned her funding a year in advance. She set a goal to save ₹1,44,000 before her course started.
Instead of asking for ₹5,70,000 upfront from her parents or a loan, Meera brought ₹1,44,000 to the table herself. That meant less dependency, stronger control, and the satisfaction of funding her dream, one sketch at a time.
Scholarships = free ka paisa. And in 2025, there's plenty of it around—if you know where to find it and apply it strategically. Meera didn't wait for opportunities to land in her lap. She treated scholarship hunting like exam prep—strategic, consistent, and deadline driven.
Instead of playing it safe with one or two, she applied to 10 scholarships. Zyada apply karo, chance badhao was her mantra.
To cover her ₹30,00,000 total course cost for a prestigious business school in Mumbai, Meera aimed to reduce her loan burden. And she did it by winning scholarships worth ₹8,00,000 in total.
Scholarship Name | Amount Received | Eligibility |
Inspire Scholarship (DST) | ₹80,000/year × 3 = ₹2,40,000 | For students pursuing management/business degrees (85%+ in 12th) |
Sitaram Jindal Foundation | ₹2,500/month × 36 = ₹90,000 | Low family income bracket |
College Merit Scholarship | ₹40,000/year × 3 = ₹1,20,000 | Top 5% rank in the business school entrance exam |
TechGirls NGO Business Award | ₹50,000 one-time grant | Women pursuing business courses |
Private Funds via Buddy4Study | ₹3,40,000 (combined from 5 wins) | Merit-cum-Means for business students |
Total Scholarships Won = ₹8,00,000
Scholarships Applied = 10
Out-of-pocket cost reduced = Big win
Thanks to her focused scholarship hustle, Meera reduced her dependency on loans massively and walked into business school with confidence and cash in hand.
Internships aren’t just for padding your resume—they're serious cash and career boosters. In 2025, Meera discovered this firsthand. While juggling business school prep, she landed a paid internship that not only paid her ₹10,000/month but also taught her invaluable skills for her future career in management.
Here’s how it worked:
Startups: ₹5,000 to ₹15,000/month
Meera worked at a startup that paid her ₹10,000/month for part-time market research.
Research Projects: ₹8,000+
She did a business research project with a local university for ₹8,000/month.
NGOs: Modest stipend + certificates
Meera volunteered at an NGO that offered ₹5,000/month + certificates, boosting her profile.
During the summer, Meera secured a 3-month internship at a startup that paid her ₹12,000/month. Here’s how that added up:
Internship | Duration | Duration | Total Earnings |
Startup Internship | 3 months | ₹12,000 | ₹36,000 |
Research Project | 2 months | ₹8,000 | ₹16,000 |
Total Earnings from Internships = ₹52,000
Meera’s earnings covered almost half of her semester fees!
By securing these internships, Meera earned significant cash and boosted her career profile.
The icing on the cake? Her practical experience in the business world made her more confident as she began her studies at the business school in Mumbai.
Micro-Investing: Sip-by-Sip Financial Growth
You don’t need ₹50,000 to start investing anymore. In 2025, micro-investing is the game's name—start small, grow steadily. Think of it like sipping chai daily. It adds up.
That’s exactly what Meera did. During her gap year before business school, she started a SIP (Systematic Investment Plan) with just ₹2,500/month. No fancy apps or risky trading—just slow, steady, smart investing.
Details | Investment 1 | Investment 2 | Investment 3 |
Platform Used | Zerodha Coin | Groww | Paytm Money |
Monthly SIP Amount | ₹500 | ₹1,000 | ₹1,000 |
Investment Type | Nifty 50 Index Fund | Large-cap Mutual Fund | Balanced Advantage Fund |
Duration | 12 months | 10 months | 6 months |
Total Invested | ₹6,000 | ₹10,000 | ₹6,000 |
Approx. Returns (12%) | ₹6,750 | ₹11,100 | ₹6,360 |
Total Invested: ₹22,000
Total Portfolio Worth by Admission Time: ₹24,210
By sipping her way to savings, Meera built a mini corpus of over ₹24,000—all without feeling the pinch. It wasn’t just about money—it was about creating the habit of financial discipline early on.
Gone are the days of paying ₹1,50,000 upfront for a single certification. In 2025, learning on credit is the new jugad. Thanks to pay-as-you-learn models, students like Meera can access premium education now and pay later, either in easy EMIs or only after landing a job!
For example, while preparing for business school, Meera enrolled in a Product Management Nano Degree on a leading platform that offered a "pay after placement" plan. Here’s what her journey looked like:
Platform | UpGrad |
Course | Product Management Nano Degree |
Duration | 6 months |
Upfront Cost | ₹0 |
Total Cost (Post-placement) | ₹1,20,000 |
EMI Plan (After Job) | ₹5,000/month for 24 months |
Instead of draining her savings, Meera used modern learning hacks to skill up, earn, and pay later. She stayed debt-light and career-ready!
In every Indian household, there's always that one dadi who hides emergency cash in her steel dabba, a mama who believes in gold, and a cousin who just got their first IT job.
Welcome to Family Fund 2.0. It’s not about asking for money; it’s about building a community goal.
At a Sunday brunch, Meera casually laid out her B-school plan to her family. Instead of just requesting funds, she shared:
Family Member | Why They Contributed | Amount |
Nani (Grandmother) | Wanted to support her “ladli” without a loan | ₹40,000 |
Elder Sister | Inspired by Meera’s clarity | ₹30,000 |
Masi (Aunt in Gurgaon) | Helped instead of gifting gold jewellery | ₹50,000 |
Cousin Brother (IT job) | Sent the first bonus as a surprise | ₹30,000 |
Total | - | ₹1,50,000 |
Don’t underestimate your inner circle. When you’re transparent and show effort, people want to be a part of your success story.
Managing multiple EMIs is like being stuck in an endless maze—confusing, stressful, and never-ending. That’s exactly where Meera found herself after taking on small loans: a ₹50,000 personal loan for her laptop, a ₹25,000 education EMI for an online course, and ₹10,000/month credit card bills.
Enter Debt Consolidation: It combines your several outstanding debts into a new loan with a single monthly payment and a reduced interest rate to help you lower your financial stress.
Loan Type | Monthly EMI | Interest Rate | Tenure |
Personal Loan | ₹2,500 | 14% | 24 months |
Online Course EMI | ₹2,083 | 12% | 12 months |
Credit Card Payment | ₹10,000 | 36% APR approx. | Ongoing |
Total Monthly Load | ₹14,583 | - | - |
Meera applied for a debt consolidation loan of ₹1,50,000 at 11% interest for 3 years.
New Loan (Consolidated) | Monthly EMI | Interest Rate | Tenure |
One Single Loan | ₹4,900 | 11% | 36 months |
Meera went from juggling 3 different bills to one neat EMI.
Mental peace restored. EMI chakravyuh broken. Financial focus regained!
In conclusion, Meera’s journey shows that with creativity, determination, and strategic planning, it’s possible to self-finance your education without falling into the student loan trap.
By exploring side hustles, winning scholarships, budgeting wisely, and leveraging alternative funding methods like pay-as-you-learn platforms, Meera managed to fund her dreams while keeping debt at bay.
This approach not only relieved her family of financial burden but also empowered her with financial independence, proving that with the right mindset, education doesn’t have to come with a lifelong EMI.
Yes, through side jobs, freelancing, scholarships, and micro-investing.
Freelancing, tutoring, internships, and small businesses are great options.
Apply for multiple scholarships to cover tuition and minimise loan dependency.
Small, regular investments in mutual funds or SIPs that grow over time.
About the Author
LoansJagat Team
We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?
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