How To Apply For Education Loan For Mbbs?

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How To Apply For Education Loan For Mbbs
Expenses incurred by a student for MBBS course in India – Medical schools/colleges are affiliated and accredited by National Medical Commision (NMC) and Government Authorities of India. They inspect medical colleges/institutes and lay down policies which are necessary to maintain high quality and standards in medical education.

The MBBS course duration is around five-and-a-half years including 1 year Compulsory Rotating Residential Internship (CRRI). There are around 542 medical colleges in India in which 64 are PG institutes recognized by the NMC. Later MBBS is followed by MS which is a post graduation course in certain specialities, MS/MD/DNB or others.

Students can opt for their own choice of specialization. PG in the field of medical are usually for three years duration and diploma courses are for two years duration. The cost for an MBBS course in India may vary from institution to institution. Government institutions are comparatively cheaper than Private institutions.

  • Most of the students look for multiple options to fund their MBBS course in India.
  • One of the best ways is by availing a student loan for MBBS in India.
  • Students can apply for unsecured education loans for upto 7.5 lakhs from Government banks through Vidyaloans.
  • Vidyaloans will help you apply through various Government banks and will assist you throughout the loan process.

One of the biggest advantages of applying through VidyaLoans is that our team shares a professional affinity with sanctioning officers and manages to keep a close check on your loan application status. So, connect with our team to seek professional guidance from the experts.
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Which bank is best for education loan for MBBS?

Comparison of Top 5 Medical Students Education Loan Offers 2022

Education Loan Schemes Interest Rate Maximum Tenure
Bank of Baroda 7.95% p.a. onwards 15 years
Canara Bank 8.30% p.a. onwards 15 years
Federal Bank 11.45% p.a. onwards 15 years
HDFC Bank 9.55% p.a. onwards 15 years

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How much loan can a MBBS student get?

Expenses incurred by a student for MBBS course in India – Medical schools/colleges are affiliated and accredited by National Medical Commision (NMC) and Government Authorities of India. They inspect medical colleges/institutes and lay down policies which are necessary to maintain high quality and standards in medical education.

  • The MBBS course duration is around five-and-a-half years including 1 year Compulsory Rotating Residential Internship (CRRI).
  • There are around 542 medical colleges in India in which 64 are PG institutes recognized by the NMC.
  • Later MBBS is followed by MS which is a post graduation course in certain specialities, MS/MD/DNB or others.
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Students can opt for their own choice of specialization. PG in the field of medical are usually for three years duration and diploma courses are for two years duration. The cost for an MBBS course in India may vary from institution to institution. Government institutions are comparatively cheaper than Private institutions.

  1. Most of the students look for multiple options to fund their MBBS course in India.
  2. One of the best ways is by availing a student loan for MBBS in India.
  3. Students can apply for unsecured education loans for upto 7.5 lakhs from Government banks through Vidyaloans.
  4. Vidyaloans will help you apply through various Government banks and will assist you throughout the loan process.

One of the biggest advantages of applying through VidyaLoans is that our team shares a professional affinity with sanctioning officers and manages to keep a close check on your loan application status. So, connect with our team to seek professional guidance from the experts.
View complete answer

How to get student loan without parents?

A Word on Private Student Loans – You can get a private student loan without a parent, as well, but there’s a pretty big catch. Private student loans generally require a creditworthy cosigner, but the cosigner does not need to be your parents. Someone else with a good or excellent credit score can cosign the loan.

However, convincing a non-parent to co-sign a private student loan is hard. If you have a mentor, grandparent, or trusted friend with sterling credit who will cosign your loan, you may be able to qualify for a private student loan without getting your parents involved. A few private lenders and products, like Ascent’s Non-Cosigned Outcomes-Based Loan, use criteria other than credit and income, such as GPA or major, to establish eligibility.

Keep in mind that private loans do not offer the same repayment options and benefits as federal loans. These include income-driven repayment plans, a chance for subsidized loans, opportunities for deferment or forbearance if you lose your job, the potential for student loan forgiveness, and much more.
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Is it wise to take education loan for MBBS?

Leading Lenders offering Educational Loans for MBBS –

Bank Interest Rate Maximum Loan Amount Maximum Tenure Processing Fees
13.70% per annum Rs 40 Lakhs Up to 20 years Up to Rs.10 Lakhs: Nil Above Rs.10 Lakhs: Rs.15,000 plus GST
Federal Bank Education loan From 10.05% per annum Rs.10 Lakhs in India and Rs.20 Lakhs abroad 15 years Nil
Bank of Baroda Education loan From 6.50% per annum Rs.80 Lakhs 15 years Nil
From 9.55% per annum Rs.30 Lakhs in India and Rs.45 Lakhs abroad 15 years Nil
Canara Bank Education loan From 8.50% per annum Need-based 15 years Nil
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Taking an Rs.25 lakh education loan depends on the costs of your studies as well as the amount you can pay out of pocket. If you have been accepted into a government medical college or university, the costs to complete the degree are likely to be lower than at certain private medical colleges and universities.
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Can MBBS earn in lakhs?

Mbbs Doctor salary in India ranges between ₹ 0.5 Lakhs to ₹ 12.0 Lakhs with an average annual salary of ₹ 6.0 Lakhs.
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Do doctors get loans easily?

Doctors are often at a disadvantage when applying for a regular mortgage early in their career because they usually have a large debt-to-income ratio (DTI) after medical school, and may not be able to provide proof of employment and income if they’ve just graduated or started their residency.
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How to get zero interest education loan?

FAQs. Can I get an education loan from the bank at zero rate of interest? No, it is not possible to get an education loan at zero rate of interest from the bank. However, you can apply for various scholarships or check for government subsidies to get an interest-free education loan.
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Is education loan available for MBBS?

Education Loan for Medical Studies (MBBS, MD & Other) | HDFC Credila Funding Solutions for Studying MBBS/MD Getting a medical degree needs finances to be planned much in advance due to the high cost of education. A private medical universities and colleges in India raise their tuition fees for MBBS admissions almost every year.

The facility to take an education loan covering the complete tuition fee (HDFC Credila does not have an upper cap on the education loan amount) and also covers the living costs. Covers the long duration 6 year long medical (MBBS) courses too. No margin money : Offers loan up to 100% of the collateral value. Offers flexible co-borrower norms too. Flexibility to choose a longer payback tenure also reduces the burden. Provided attractive Tax benefits on interest paid under SEC 80-E of Income tax Act 1961.

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Hence, funding your dream to fulfil your dreams to get a medical degree is not possible with our flexible, convenient and quick processes. : Education Loan for Medical Studies (MBBS, MD & Other) | HDFC Credila
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Which loans are best for medical school?

Federal Subsidized/Unsubsidized Loan Best first option for all student loan borrowers. More flexible repayment options for struggling borrowers than other lenders. Subsidized loans do not collect interest while in school or during deferment.
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Can I get 50 lakhs education loan for MBBS?

Posted In education loan On March 20, 2019 Growing costs of Medical Education in India demands finances to be planned much in advance. In India, the demand for securing a seat in medical colleges is ever increasing. Along with the growing demand for seats, course fees of medical colleges are also increasing substantially.

For admission into government medical colleges, banks provide loan amount up to 7.5 lakhs without collateral. For loan amounts above 7.5 lakhs, security collateral is a mandatory requirement. In case you have your confirmation of admission from a recognized medical college, banks provide a flexible rate of interest on the loan amount.

Public Sector Banks provide loan up to an amount of 50 lakhs for medical colleges. In case you want admission into a private medical college, higher loan amounts are required for the completion of course. In such cases, Private sector banks and NBFCs can provide loans to medical students.

  1. Providing tangible collateral is a must in such cases.
  2. Loans up to 90 lakhs can be sanctioned by NBFCs for medical courses.
  3. Although there is no upper limit for loans in India, banks may refuse to provide the entire amount in case you are unable to provide collateral.
  4. Check with the bank before issuing of the loan for repayment plans associated with those schemes.

To find more about the EMI rates and repayment methods associated with loan schemes, check out our EMI Calculation page,
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Which bank is best for doctors?

Best Credit Cards for Doctors in India – Given below is the list of best credit cards for doctors offered by top banks in India–

Credit Cards for Doctors Annual Fee Key Feature Income Eligibility
Doctor’s SBI Card Rs.1,499 Professional Indemnity Insurance Cover of Rs.20 Lakh Contact the bank
HDFC Doctor’s Superia Credit Card Rs.1,000 Welcome Benefit: 1,000 Reward Points Renewal Benefit: 1,000 reward points Contact the bank
Doctor’s SuperCard by RBL Bank & Bajaj Finserv Rs.999 4 Complimentary Domestic Lounge Access in a year Contact the bank

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