Can You Get an Education Loan for MBBS Abroad in 2025?

Are you looking for funds to fulfill your childhood dream of becoming a doctor? Many of us have once said during our childhood that we wanted to be doctors when we grew up. However, we now realize that pursuing an MBBS course is quite expensive, not to mention the challenges of securing a medical seat in some of the prestigious medical colleges abroad.

An education loan can help students pursue their MBBS degrees at their dream colleges. For many students who wish to study medicine abroad, an education loan is the primary funding option, considering the total duration of a typical MBBS course and the associated expenses.

This article can help you understand the key details of the education loan process for MBBS abroad, cost of an MBBS degree, including the types, issues,  eligibility, and best countries to do MBBS in. This helps you in making a well-informed decision for your medical studies plan abroad.

Can you get an Education loan for MBBS abroad?

The answer is yes; you can get an education loan to fund your MBBS (Bachelor of Medicine and Bachelor of Surgery) studies. Most public and private banks in India can offer education loans for MBBS. They can offer student loans for medical studies abroad and in India. The Terms of Education Loans for MBBS vary by bank.

The maximum loan amount for a student loan for MBBS can vary based on various factors, including whether the loan is secured or unsecured, Student profile, the bank, etc. 

Why you should take an Education Loan for MBBS?

The cost of MBBS in private institutes is significantly increasing due to the high demand and limited seats in government colleges. The average cost of an MBBS in India can go up to 1 Crore rupees or more. An education loan can help you bear the huge expenses for medical study so that you can fulfill your dream of studying MBBS.

• This is why you should take an education loan for your medical studies. An education loan can provide the financial support that is required by many students who couldn’t afford to pursue an MBBS.
• MBBS loans cover all the expenses of the medical course, including tuition fees, living expenses, and the purchase of books and course-relevant equipment.
• This reduces the financial burden on students so that they can pursue their academic objectives stress-free. 

What is the Cost of doing MBBS? 

Before knowing about education loans for MBBS, let’s first understand the cost of doing an MBBS degree in India and abroad. And also, understand why many students prefer to study MBBS in foreign countries so that you can make a well-informed decision.

Cost of MBBS in India

With a firm medical education system and a great number of public and private institutes offering MBBS programs, India is one of the best places to pursue an MBBS degree. However, due to the rising demand and limited seats in government colleges, it can be very expensive to pursue an MBBS in India.

• Securing an MBBS seat in a government college is very challenging as the competition is very high due to the limited seats and large number of applicants.
• As a result, the average cost of an MBBS degree from a private medical college in India can go up to 1 Crore rupees or more. 

Cost of MBBS Abroad

The high cost and limited seats in Indian medical colleges are why most indian students prefer to do their MBBS in abroad. 

• The average annual cost of MBBS in countries like Germany, Russia, Ukraine, France, and Kazakhstan can be less than 5 to 10 lakhs. This makes the overall education cost significantly lower than the cost of doing MBBS in India.
• This is how pursuing MBBS from abroad can be affordable than an MBBS in India.
• Apart from affordability, students also study medicine abroad as an MBBS degree from an international university can also offer global exposure that can provide them with more opportunities.

Also, many foreign medical institutes have an easy admission process compared to Indian medical colleges. A medical degree from a well-reputed international university is recognized globally. 

Type of Education Loans for MBBS

Secured MBBS Loan

To get a secured education loan for MBBS, you have to pledge a collateral as security, according to your bank. You can get a secured loan for your medical studies from both public and private banks. However, public banks are more suitable for collateral loans.

• You can secure an education loan of up to 3 crores from public and private banks by pledging collateral as security for MBBS abroad.
• For MBBS in India, you can get a secured education loan of up to 1.5 crore rupees.

Unsecured MBBS Loan

You can get an unsecured education loan for MBBS without pledging any collateral as security. However, lenders offer these loans by assessing the income and creditworthiness of your co-appliacnt. It is typically not possible to get a non-collateral education loan for medical studies abroad without a financial co-applicant.

• You can generally obtain an unsecured education loan of up to 75 lakh rupees from private and public banks for your MBBS in India and abroad.
• Acquiring a non-collateral education loan from private lenders can be quite challenging since the duration of the course can go over 5 years.
• However, public banks do not have such issues.

Education Loan Issues for MBBS from Private Lenders

• Private lenders like private banks and NBFCs are generally hesitant to offer non-collateral loans to courses that take longer duration for students to complete.
• Now, MBBS courses can take over 5 years to complete, and during the course duration, as per RBI norms, these lenders can not start EMIs.
• So, they are hesitant to approve unsecured education loans for MBBS.
• Another reason is that MBBS courses, in general, are very expensive in countries such as the USA, Canada, etc., so students prefer countries like China, the Phillippines, and Ukraine for MBBS, which are comparatively very cost-effective, but getting an education loan from private lenders for these these countries is unlikely. 
  

Now, Government banks have no issue with the course you choose or the country you opt to study in. They pretty much fund all courses and countries with a reputable education system.

Eligibility for Education Loans for MBBS Abroad

To get an MBBS loan, other than being an Indian citizen, you also need to meet certain eligibility criteria laid by the lenders. The various requirements to get a student loan for MBBS include:

1. Admission status:

   You should secure an admission to a recognized institute to get an education loan for your medical studies.

2. The Medical Institute:

   To get a student loan for MBBS, the medical institute that you're going to should be recognized by the regulatory bodies in India, like the National Medical Commision, and come under the designated list of universities of your respective lender.

3. Academics:

   You should have a strong academic history with a minimum of 50% of marks in your previous academic records.

4. Entrance Test Scores:

   You should get a valid score on the relevant entrance exams like NEET for an abroad MBBS education loan.

5. Collateral Requirements:

   There are two types of collaterals accepted for education loans: immovable property and liquid assets. When getting a secured education loan, you would need to pledge collateral that is accepted by your lender.

6. The co-applicant's profile:

   The Co-applicant's financial status, like their Income and CIBIL score, has to meet the requirements of the lender when you are planning to get a non-collateral education loan to study MBBS.

7. The preferred country:

   Major overseas destinations like the UK, US, Canada, and Germany can have higher approval rates for education loans for MBBS. 

   Countries like China, Ukraine, and the Phillippines do not have the same approval rates. For students who need an education loan abroad to fund their MBBS in countries like China and Ukraine, there are special rules and regulations. For eg, the SBI education loan, which is considered to be the best bank for education loans in India, requires students to take a country deviation to be able to fund their MBBS courses in such countries.

8. Age:

   To get an education loan for MBBS, your age should be between 16 to 35. However, these criteria differ from bank to bank.

   Also, private banks typically don’t accept co-applicants aged more than 60 years or nearing their retirement age.

What are the best Countries to do MBBS?

Now that you’ve understood the cost, types, and eligibility of an education loan for MBBS abroad, the next question you could have is, ‘What is the best Country to do MBBS?’

Well, the answer isn’t the same for every individual. The best country for you to do MBBS in depends on various factors, including the tuition fees, cost of living, quality of education, etc. But don’t worry; here is the information on some of the best countries for Indian students to study MBBS in so that you can choose the best one according to your needs and preferences:

1. United Kingdon(UK)

   With many renowned medical institutes and world-class medical education programs, the United Kingdom (UK) is one of the most preferred places for international students who are planning to do MBBS. The UK holds a high reputation for its prestigious medical study programs. Medical colleges in the UK primarily offer undergraduate MBBS programs. General features of an MBBS program from a medical institute in the UK include:

   • The course duration of a medical program from a UK medical institute is typically 5 to 6 years.
   • The tuition fees in the UK are usually lower compared to the United States.
   • To get qualified to study in the UK, you have to take certain test exams other than NEET, such as UCAT, BMAT, or GAMSAT.
   • Medical degrees from well-reputed medical institutes in the UK offer international recognition and job opportunities.

2. United States of America(USA)

   Unlike the UK, the United States of America is primarily known for its post-graduate medical program, i.e., MD(Doctor of Medicine). Studying medicine in the USA for international students can be quite expensive due to the country’s prestigious medical institutes, cost of living, high operating costs, and advanced medical technologies.

   However, securing an admission into an MD program in the US can be quite challenging as the competition is very high.

   • The course duration of an MD program from the USA is generally 4 years.
   • The cost of  MD programs of the US medical schools tend to be quite expensive.
   • The medical institutes are more focused on clinical training.
   • International students are required to take the MCAT to pursue medical studies in the US.
   • Medical graduates from the US can have a huge range of career opportunities.

3. Canada

   Similar to the USA, the medical schools in Canada predominantly offer MD(Doctor of Medicine) programs. Canada is a top medical study destination for international students because of its high-quality medical education and medical research programs. Pursuing your medical studies in Canada can be expensive due to the cost of living and the specialized medical programs in the country. However, it can be affordable than in countries like the USA and the UK.

   Getting into a medical school in Canada can be very competitive because of the relatively low number of medical schools.

   • The course duration of an MD program from Canada is generally 4 years.
   • The cost of medical programs of the Canadian medical schools can be expensive. But can be affordable than medical programs in the US or the UK.
   • The medical institutes are more focused on clinical training and medical research.
   • International students are generally required to take the MCAT and CASPer to study medicine in Canada.
   • A Canadian medical degree can have global recognition and offer a diverse experience to international students.

4. Germany 

   With some of the world’s best ranking universities to study medicine, Germany remains a top destination abroad for students who want to pursue MBBS. However, you won’t find the term MBBS in Germany, instead, the equivalent of MBBS is “Staatsexamen”, a comprehensive medical program leading to a license to practice medicine. Germany offers both undergraduate and post-graduate medical studies.

   German medical institutes are renowned for their high-quality medical education programs. Pursuing your medical studies in Germany can be very affordable as the tuition fees can be very low, and also, the public universities in Germany typically don’t charge any tuition fees.

   • The course duration of medical studies in Germany can typically go up to 6 years.

   • The cost of medical programs from German universities can be very affordable. Public universities in Germany typically don’t charge tuition fees.

   • The German medical institutes primarily focus on medical research and practical clinical training.

   • International students can be required to take the Test for Medical Studies (TMS) and a language proficiency test to study medicine in Germany.

   • With a high demand for doctors, a medical degree from Germany can offer good career opportunities in other EU countries as well.

If you are still worried about whether you can get an education loan for your MBBS studies abroad, get in touch with WeMakeScholars, an organization funded and supported by the Ministry of IT, Government of India. Our team of expert financial officers is dedicated to supporting students in their abroad education loans for their higher studies without any hassles. 

How to apply for student loans

Most of the episodes of the Loanflix web series tell you all about the abroad education loan process. If you are looking for an explanation regarding the education loan process for different countries, the WeMakeScholars team has developed a series of Loanflix episodes that give you the complete details of the education loan process specific to certain countries.

All in all, it may be concluded that getting an abroad education loan for MBBS courses may seem like a long and never-ending process. However, collecting sufficient knowledge about the entire process significantly helps in making the whole procedure an easy one.

At WeMakeScholars, we have a team of financial officers who are dedicated to ensuring that our students get to avail their abroad education loans without any hassles. To apply for an abroad education loan for an MBBS course abroad, request a callback today.

Conclusion

Students planning to pursue an MBBS degree often face financial constraints, as an MBBS program can be quite expensive. This is why you should get an education loan to bridge the financial gap between you and your dream of becoming a doctor. However, without the right information, securing an education loan for an MBBS abroad may seem like a long and difficult process. 

Therefore, this article provides you essential information about the process of obtaining an abroad education loan for MBBS, including types of MBBS loans, cost of MBBS, issues, eligibility, and the best countries, which will significantly assist you in making a well-informed decision. 

To apply for an abroad education loan for an MBBS course, request a callback today. This will help you get a stress-free education loan for your medical studies so that you can fulfill your dream of becoming a doctor without any hurdles.