You might want to go ahead and apply for the top programs and see what happens. Many schools will provide reduced tuition or scholarships if you apply early and/or have strong credentials. There are also third party scholarship opportunities which could help to pay for the cost of a good MBA program if you have time to apply for them. You can always turn down a school if you cannot afford to go. You should go for a program that you are happy with and not settle for a tier 2 (in your perception) school or else you will always wonder if you could have done better.

Krongkiert,

you probably know that the two only accredited MBA programs in Madrid are IE and Carlos III. EAE and UEM are not accredited. With that budget, I would apply to IE and Carlos III. I would tell you to apply to an accredited MBA in some other city rather than apply to non-accredited programs in Madrid. The marketing at Carlos III is not great but they are very well reputed.

Look at IE Business School, a very good option !

I agree with the others: Apply to IE and try to get a scholarship or fellowship. I applied and received a fellowship for 13,000 euros, which brought the total price down to 34,000. It's still out of your budget, but you might be able to get more scholarship than I did. It seems like many people who applied for a fellowship got at least a small amount. I don't know if you're male or female, but female candidates seem to be especially successful.

I also agree that Carlos III is a strong second choice. And the price is great since it is a public school. Several of the professors at IE have business degrees from Carlos III, so I think that speaks to its quality.

The other schools you mentioned are good choices as well. However, only UEM is in Madrid! EAE and EADA are in Barcelona.

Out of those three, EADA is the only one that is internationally accredited. And they actually show up on some of the rankings.

I got call from EAE school on may 6, 2014. They told me to pay about 20% fee within 12 may 2014. That costs nearly 3 lakhs in Indian rupees. I am planning to get loans from bank to study this course. So if it is accredited means only I could get a bank loan of about 20 lakhs amount. otherwise I cant get and If i pay now 3 lakhs in advance and cant pay remaining fee means 3lakhs is utter waste and can be received back. So i need a Suggestion whether I could pay 3 lakhs or not.
Note: Banks in India offer loans only to college that has accredition. Will I get loans in banks?
Is it a good college? I need uregent reply because I may put upon 25 lakhs in this course........
Need your urgent reply guys
thank you in advance

I suggest people reply to you at http://www.find-mba.com/board/12005/last/#last where you have asked the same question.