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 loan for medical students with an interest rate of 8.30% 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, as they often have features such as a moratorium period, low documentation requirements, and a convenient online application process.

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

Top Banks That Offer Unsecured Education Loans For MBBS 

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

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 applicant must be 18 years or older 
• The applicant must be a citizen of India 
• The applicant must have received admission into the preferred university/ course.

SBI Education Loan For MBBS Students
SBI provides secured education loans to students wanting to pursue higher education in India or abroad of up to 1.5 cr for abroad and at an interest rate of 10.90% depending on the applicant’s profile and the college the student is applying for. They can get education loan for mbbs in private college as well as public colleges. 

Bank Of Baroda Education Loan For MBBS
Bank Of Baroda provides an education loan of up to 1.25 cr at an interest rate of 11.10% with a loan margin of 5% of the total loan amount. 

SBI Education Loan For MBBS Abroad
SBI offers collateralized education loans for individuals seeking higher education abroad, with a maximum loan amount of 1.5 cr, and an interest rate of 10.90% that is based on the applicant's background and the college they are applying to.

Canara Bank Education Loan For MBBS
Canara Bank provides an IBA Model Education Loan Scheme for pursuing higher studies in India & abroad. They provide need-based financing at an interest rate of 10.30%. Women borrowers can avail of a discount of 0.50%

HDFC Education Loan For MBBS
HDFC covers the complete tuition required to complete the course with a 0% loan margin. They provide education loans at an interest rate ranging from 9.5% to 11.5%. They also offer longer tenure in order to reduce the burden of repayment for the students. 

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 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.

Axis Bank Education Loan For MBBS
Axis Bank provides an education loan of up to 50 lacs unsecured and has set no upper limit on secured education loans. They offer education loans at an interest rate starting from 11.5%. The education loan aims to finance the tuition fee, accommodation charges, and cost of books. 

PnB Education Loan For MBBS
Punjab National Bank provides an education loan scheme called PnB Saraswati which aims to provide financing to students pursuing graduation or post-graduation in recognized institutions. They can give a loan amount on the basis of need at an interest rate of 11% with a discount of 0.5% being offered to female students.  

SBI Education Loan For MBBS In Ukraine
The approved list of countries SBI provides education loans for includes the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe. Hence it might be difficult to obtain a student loan for MBBS in Ukraine. However, students can still try for it by going for a secured education loan.

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.

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

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 on the basis of specific characteristics such as nationality, ethnicity, or area of study.    

• Ambedkar Overseas Vidya Nidhi Scholarships for SC students 2023
• Hull York Medical School Bursary 2022
• The John Abernethy (Barts) Scholarships 2022
• KCL Kenshole Family Scholarship 2022
• Foundation For Excellence Scholarships 2022
• Drs Man & Kang Wong Memorial Prize, King's College London
• Dr. Donald Dean Medical Bursary
• QMUL Malta/QMUL VGH Malta, Medicine Scholarships, 2017

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 rateto 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 to attain 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.

Step 1: You can start 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 in a timely manner 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.