Education Loan for MBBS in India
Education Loan

Education Loan for MBBS in India

Education Loan for MBBS in India

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Explore options for securing an MBBS education loan in India, compare lenders, grasp eligibility criteria, and simplify the loan process for aspiring doctors.

GyanDhan
Rohit Gidwani
Updated on:  03 Jun 2024  | Reviewed By:  Aman  | 2.03K | 14  min read

Dreaming of studying MBBS in India but concerned about the cost? You are not alone. The key issue on every prospective doctor's mind is, "Can I get an education loan for MBBS in India?" This blog is meant to clear up any misconceptions and provide a basic approach to obtaining the financial support you require. We'll go over the fundamentals of school loans, from secured vs unsecured choices to selecting the correct lender and understanding eligibility requirements. With this helpful guide, you'll learn how to easily handle the loan procedure and make your ambition of becoming a doctor more affordable. Let's get started on making your medical education goals a reality with minimal financial stress.

Check Your Education Loan Eligibility

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Cost of Studying MBBS in India

Many people dream of studying MBBS in India, and they wonder if they can receive an education loan to do so. The financial component of this pursuit is a critical issue for potential students and their families. The average cost of studying MBBS in India varies greatly depending on whether the institution is government-funded or private.


Government institutions have yearly fees ranging from INR 5,000 to INR 50,000, making them an inexpensive alternative for many. Private universities, on the other hand, need a larger financial commitment, with annual tuition ranging from INR 2 lakh to more than INR 20 lakh. These estimates demonstrate the significant financial preparation necessary to engage on this professional route, including extra expenditures such as dorm fees and mess.

Below is a table of the top universities in India to pursue an MBBS, along with their respective per annum tuition fee costs:

University Name Type Average Annual Tuition Fee 

All India Institute of Medical Sciences (AIIMS)

Government

INR 1,628

Christian Medical College, Vellore

Private

INR 48,330

Armed Forces Medical College (AFMC), Pune

Government

INR 64,400

Maulana Azad Medical College, New Delhi

Government

INR 15,450

Jawaharlal Institute of Postgraduate Medical Education and Research (JIPMER)

Government

INR 5,000

Kasturba Medical College, Manipal

Private

INR 14,40,000

Amrita Vishwa Vidyapeetham, Coimbatore

Private

INR 18,00,000

DY Patil Medical College, Pune

Private

INR 20,00,000

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Types of Education Loan for MBBS

Choosing the correct education loan for MBBS courses in India is critical for those wondering: can I receive an education loan for MBBS in India? includes recognizing the basic differences between secured and unsecured loans.

  • list items Secured education loans need collateral, resulting in lower interest rates and greater loan amounts, which is useful for funding the high expenditures of MBBS courses. However, the approval procedure may take longer owing to collateral evaluation.
  • list items Unsecured education loans do not require collateral, allowing them to be approved and issued more rapidly, but typically have higher interest rates and stricter repayment conditions due to the increased risk to lenders.

 

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Read More About: Consequences of Not Repaying Education Loans in India

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Lenders Offering Education Loans for MBBS

Now, let's look at the different lenders accessible for acquiring an education loan to pursue an MBBS in India. It is critical to recognize that obtaining unsecured loans with a complete moratorium might be challenging owing to the average length of the MBBS program, which is around 5 years. When you get an unsecured school loan, your repayment options may include half simple interest, full simple interest, or even immediate EMI installments. Here's how to receive an education loan for MBBS courses in India, including a list of lenders who offer such loans.

Lender Name Max Loan Amount (INR) Interest Rate Range

SBI 

7.5 Lakh - 1.5 Cr. 

8.30% - 11.15%

UBI

40 Lakh - 2 Cr. 

9.25% - 9.75%

BOB

40 Lakh - 1 Cr.

8.50% - 10.10%

HDFC Bank

Up to 30 Lakh 

9.55% - 13.25%

Axis Bank

Up to 40 Lakh

10.00% - 12.00%

Canara Bank 

Up to 25 Lakh 

8.65% - 10.50%

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How to Get Education Loan for MBBS in India?

Here comes the big question: Can I receive an education loan for MBBS in India? The answer is yes, but you must understand that when looking for an education loan for MBBS in India, you have a variety of options available from both public and private sector banks, such as the State Bank of India, Punjab National Bank, and Canara Bank. 


To choose the most cost-effective way to finance your MBBS education, you must rigorously analyze the interest rates, repayment schedules, and any additional costs offered by each institution. Proper application preparation, including obtaining acceptance letters, academic records, and proof of financial stability, can help the loan approval process go more smoothly. Prioritizing interest rate comparisons amongst lenders will help to reduce the total financial burden of your school loan.

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Loan Eligibility for MBBS in India

Students interested in pursuing an MBBS degree in India may be asking whether they can obtain an education loan for MBBS in India. To be eligible for an education loan, applicants must fulfill specific criteria, which are identical to those for overseas courses. The loan application process requires satisfying the following particular eligibility conditions:

  • list items An admission letter from a reputable Indian institution for a full-time MBBS program is required.
  • list items Applicants must be at least 18 years old at the time of the loan application.
  • list items A track record of excellent academic success is essential.
  • list items Borrowers who take out secured loans must offer collateral as security.

 

Read More About6 Inspiring Indians Who Studied Abroad And Made It Big In India

 

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Education Loan Documents for MBBS in India

Securing an education loan for MBBS studies in India requires submitting a set of documents to ensure the loan process goes smoothly. Essential documents typically include:

  • list items Admission letter from the Indian University for the MBBS course.
  • list items A completely filled-out loan application form.
  • list items A comprehensive list of the study-related expenses.
  • list items Proof of identity and proof of residence.
  • list items PAN card details of the applicant.
  • list items Recent bank statements of the guarantor, co-borrower, or the student.
  • list items A statement detailing the assets of the guarantor, co-borrower, or the student.
  • list items Proof of income of the guarantor, co-borrower, or the student.

Calculate your Education Loan EMI

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How to Choose the Best Lender?

When considering education loans for an MBBS in India, it is recommended to compare the following key aspects among lenders and loan schemes to ensure a favorable decision:


To summarize, with the correct knowledge and resources, navigating the financial road to studying MBBS in India may be made less overwhelming. We've covered the stages for obtaining an education loan, which include understanding the many types of loans available, choosing the best lender, and preparing the appropriate documentation. Remember, whether you choose to attend a government or private institution, there is a loan choice to meet your requirements. For those wondering, "Can I get an education loan for MBBS in India?" the answer is an emphatic yes. And if your sights are set on studying overseas, don't forget to check your eligibility for an education loan through GyanDhan. Their tailored services could be the key to unlocking your medical education dreams, wherever they may lead.

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Frequently Asked Questions

Can I get an education loan for pursuing MBBS in India?
 

Yes, most banks and financial institutions in India offer education loans for students pursuing MBBS or other medical courses, covering tuition fees, hostel fees, books, equipment, and other related expenses.

What are the eligibility criteria for an education loan for MBBS?
 

Applicants must be Indian citizens, over 21 years old, and have secured admission in a recognized medical institution in India. The exact eligibility criteria can vary slightly between lenders.

How much loan amount can I get for an MBBS course?
 

The loan amount depends on the institution, fee structure, and the lender's policies, with some lenders like Finnable offering up to Rs. 10 lakhs for MBBS courses.

Do I need a co-signer or collateral for an education loan for MBBS?
 

Requirements vary among lenders. Some, like Finnable, require a co-applicant, which can be the guardian or parent of the applicant, but the need for collateral can differ.

When do I start repaying my education loan for MBBS?
 

Repayment typically begins after the completion of the course. Some lenders, such as Finnable, offer a repayment period extension up to five years after graduation.

Check Your Education Loan Eligibility


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