There are many scholarships available which is given on merit basis. One common scholarship is for everyone having parents income less than certain income.
I was awarded couple of scholarship based on my academic performance. I was offered Sir Ratan Tata Scholarship (1 lakh), which is given to top 5 students after first year. Then I was awarded P C Rath scholarship (1 lakhs), which is given to the institute rank 1 for the second year.
Andhra Bank offered the least interest rate. SBI usually charges a premium and is best avoided. However, SBI has the convenience of being within campus.
Loans are available from banks easily since IIM A has a good brand name. IIM A also provides a lot of scholarships to economically weak students after proper verification. Many of the students also get scholarships before convocation as a reward of their performance in 2 years in various fields like Entrepreneurship, Academics, Sports, Art, etc.
There are merit cum means scholarships freely available to students who cannot afford to pay the high fees. Depending on the ability to pay the entire fee could be waived off. In addition there are various scholarships funded by corporates which provide scholarships to the students.
There are few scholorships available for international students. ITEC, and other european scholorships have been availed in the past. MOst of the students fund the education with the loans anyway which is very easy to get for IIMA students. SO this is not a big factor here.