Education Loan For MBBS

Pursuing medicine in India, whether at the graduate or postgraduate level, can be quite expensive. To help with this, many banks in India offer education loans for medical students with an interest rate starting from 8.65% per year and a maximum repayment period of 15 years. These loans are a great way to finance higher education in the field of medicine in India or abroad, as they often have features such as a moratorium period, low documentation requirements, and a convenient online application process.

Education loans are one of the most common ways for students to fund their MBBS studies in India. India has a great number of public and private institutes offering MBBS programs. 

The average cost of pursuing an MBBS degree from a private medical institute in India can go over ₹1 crore. And getting admitted into a public medical institute for MBBS is very challenging due to their limited number of seats and high competition. This is why many students rely on education loans for studying MBBS in India. A student loan for MBBS in India enables aspiring students to pursue higher studies in the field of medicine. These loans help students cover various expenses associated with pursuing an MBBS degree in India. Below are the common terms of an education loan for studying MBBS in India.

Below are some of the top universities, which include public and private medical colleges to pursue MBBS in India, and their Tuition fees per year.

Pursuing MBBS abroad comes with various expenses such as tuition fees, living expenses, travel expenses, and other miscellaneous expenses. An education loan for MBBS abroad helps students pursue medical studies at recognized medical institutes in foreign countries. Banks offer both secured and unsecured education loans for MBBS abroad. The following table contains the loan amounts, interest rates, and repayment terms of a student loan in India for MBBS abroad. 

Education Loans Policies for MBBS in Different Countries

Education loan for MBBS in Russia

With affordable tuition fees, high-quality education, and globally recognized medical universities, Russia is a popular country for pursuing an MBBS. The cost of pursuing MBBS in Russia is relatively lower than that of popular countries like the US and the UK. Many public and private banks offer both secured and unsecured education loans for MBBS in Russia.

Education Loan for MBBS in the Philippines

The Philippines is another popular country to study MBBS for Indian students. Many universities in the country offer a US-based curriculum for MBBS, benefitting students planning to practice medicine in Western  countries. An MBBS degree from the Philippines is known its affordable fees and global recognition. Obtaining an unsecured education loan from private lenders to study MBBS in the Philippines can be challenging. Consider opting for a secured education loan for studying MBBS in the Philippines.

Education Loan For MBBS In China

It is generally not suggested to apply for an MBBS in China as banks generally do not accept countries such as China as a destination for MBBS due to various factors, such as the quality of education and the reduced ability to secure employment after graduation. Hence, students may need help with applying for an education loan. Applicants can still try going for a secured education loan from a public bank.

Education loan for MBBS in Nepal

The list of countries accepted by Indian Banks for education loans to pursue MBBS includes the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe. As a result, securing a student loan to pursue an MBBS in Nepal might pose a challenge. Nevertheless, students have the option of attempting to obtain a secured education loan from Indian public banks.

Which country are you planning to pursue your MBBS degree from? Comment it down.  

Unlike secured loans, an unsecured student loan for MBBS doesn’t require any collateral as security for the loan. Both public and private banks in India offer an education loan for MBBS without collateral for studies in India and abroad. The co-applicant’s income and creditworthiness play a crucial role in the unsecured education loan process for MBBS studies. The table below contains the loan amounts, interest rate, and other important terms of an education loan for MBBS without collateral.

Top Banks That Offer Unsecured Education Loans For MBBS 

• ICICI Bank
• Axis Bank
• IDFC Bank
• Incred
• Avanse
• Auxilo 
• HDFC Credila 

A secured education loan for MBBS requires applicants to pledge their property or assets as collateral security for the loan. Involving collateral in a student loan for MBBS offers higher loan amounts and lower interest rates. While both public and private banks offer education loans for studying MBBS, public banks are suitable for secured loans. Here are the important terms of a secured student loan for MBBS.

Top Banks That Offer Secured Education Loans For MBBS

• State Bank of India 
• Bank of Baroda 
• Karur Vysya Bank 
• IDFC Bank 
• Axis Bank
• ICICI Bank
• HDFC Credila 
• Incred 
• Avanse 
• Auxilo

In order to avail of a secured student loan you need to have all the applicant and co-applicant documents mentioned above in the documents required for unsecured loans along with the following property documents.

1. Property Title Deed
2. Registered Sale Agreement / Gift Deed / Will
3. The original receipt of registration for the above-mentioned agreement
4. If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc. 
5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required. (If you own the property for more than 30 years, then the previous sale deed is enough.)
6. The newest property tax bill and latest electricity bill bearing the same address
7. A copy of the municipality-approved building plan or plot layout.

Comment - Still having doubt about the documents requirement for your MBBS journey? Raise your query by commenting below.

The eligibility criteria for an education loan for MBBS vary by bank. However, the following are the common eligibility criteria to get a student loan for MBBS.  

1. Citizenship: The applicant and the co-applicant must be citizens of India 
2. Admission Status: The applicant must have received admission into the preferred university/ course.
3. Academic: The student should have a strong academic history with a minimum of 50% of marks in their previous academic records and get a valid score on the relevant entrance exams, such as NEET.
4. Collateral: To get a secured education loan for MBBS, applicants should pledge collateral that is accepted by their lender. Banks accept two types of collateral for education loans: immovable property and liquid assets. 
5. Co-applicant: A co-applicant is generally mandatory for an education loan. The co-applicant's income and CIBIL score should meet the bank's minimum requirements, especially for an unsecured education loan. 
6. Age: The applicant should be aged between 16 to 35. 

• Step 1: You can start your education loan process for MBBS by reaching out to WeMakeScholars by either requesting a callback or by filling out a common application form. 
• Step 2: Provide all the required information to your assigned financial officer, who will recommend and connect you with suitable lenders that meet your financial requirements. 
• Step 3: After reviewing and comparing the offers from the lenders, you can choose the one that is best for you and inform your financial officer of your selection.
• Step 4: Once you have chosen a lender, your financial officer will give you a list of documents that are specific to your profile. You will need to gather and submit all the necessary documents to the bank or lender on time to facilitate a smooth loan application process. 
• Step 5: The lender typically takes around 7 working days to approve and sanction the loan. Once your loan is approved, you will receive a loan sanction letter which will include all the details of the loan, such as the loan amount, interest rate, repayment period, and other terms & conditions.

• Lack of knowledge: Students may not have adequate knowledge about the different loan options available to them and may not be aware of the requirements and procedures for applying for a loan.
• Credit history: Students may not have a good credit history, which may make it difficult for them to secure a loan from traditional financial institutions.
• High-interest rates: Students may find the MBBS education loan interest rate to be high, which can make it difficult for them to repay the loan.
• Limited loan amount: Students may not be able to secure the full amount they need to cover the cost of their education, which can make it difficult for them to afford their studies.

Students have always faced difficulty in attaining an education loan to fund their MBBS. In India, the competition for medical school spots is extremely high due to the limited number of seats available compared to the number of students who apply. This is because there are a limited number of medical colleges in India, and the seats in these colleges are highly sought after. This increases the cost of education, and because of this, students end up needing to take an education loan to fund their education 

Because of this, it becomes harder to get an education loan to pursue MBBS in India. 

Here at WeMakeScholars, we handle thousands of cases every day, which might seem impossible to do. So going through with WeMakeScholars can make the whole process a lot easier for you! 

Here are a few more benefits of going through WeMakeScholars: 

• Direct engagement with lenders - You can reach out to the lender directly by obtaining the contact number of the executive handling your case from the lender's team.
• Technologically advanced - WeMakeScholars allows you to easily apply for, track, and manage your education loan from the convenience of your own home throughout the entire process.
• The cashback offered -  When you apply for your study abroad education loan through WeMakeScholars, you will receive a cashback of up to INR 3000 for multiple disbursements.
• Negotiation - The WMS team will strive to secure the best rate of interest for you by negotiating with lenders on your behalf, while also ensuring that you are charged a fair price for the entire process, including legal fees and other expenses.
• No service charges -  As we are an organization funded and supported by the Ministry of IT, govt of India, all the services we provide are free of cost. Moreover, the support will be continued until the loan is fully repaid, which means that the students will have the support of the organization throughout the loan repayment period.

There are several scholarships available for studying MBBS abroad, which are offered by a variety of organizations, including governments, universities, and private organizations. These scholarships can help cover the cost of tuition, living expenses, and other associated costs of studying abroad.  These scholarships may be based on academic merit, financial need, or a combination of both. These scholarships may also be awarded based on specific characteristics such as nationality, ethnicity, or area of study.    

• Ambedkar Overseas Vidya Nidhi Scholarships for SC students
• Hull York Medical School Bursary
• The John Abernethy (Barts) Scholarships
• KCL Kenshole Family Scholarship
• Drs Man & Kang Wong Memorial Prize, King's College London