u/Ok-Painting-8066

So I am getting a loan of 20lakhs for my education from a new IIM. The first installment was of 3.8lakhs which I paid out of my pocket and I dont need it as such.

I can get the 3.8 lakhs reimbursed from the loan which is at 6.7% (repo rate +1.45%).

The first two years will be simple interest so the interest component would be around 51k for that time.

Should I get the loan reimbursed and invest it in equity / bonds which yield 9-10%?

Would it be a good thing to do?

Any suggestions on which fund to choose or how to allocate that amount?