Education Loan for B.Pharmacy: Complete Guide

Students interested in pursuing B.Pharmacy from India or abroad, have plenty of options to finance their studies, including the prospect of securing an education loan. But how does an education loan for B. Pharmacy work? Well, B.Pharmacy is a four-year under degree that prepares students in the field of medicine, involving some of the most prominent in-demand studies of the time. Learn all about the education loan for B.Pharmacy, in India and abroad, and more in this blog. It shall help you not only finance your education but also cover a range of your expenses such as stationary costs etc. Read below to know more about the same. 

Education Loan for B.Pharmacy in Abroad

Starting with the study of a B.Pharamcy from abroad, let’s dive into the details of securing an education loan for the same. The table below highlights the most prominent details of the same. 

The maximum amount of loan	Secured Loans: Up to INR 1.5 crore Unsecured Loans: Up to INR 1 crore
Moratorium Period	Course durations + 1 year
Repayment Period	15 years
Processing Fees	INR 10,000 + GST; 1% to 2% of the loan amount

Eligibility Criteria 

The below eligibility criteria must be checked by students for education loans for studying abroad. 

1. The applicant must be an Indian citizen
2. Co-applicant must have a bank account in Indian banks 
3. The applicant must have an admission confirmation letter from the abroad university that they must admit attaining the education loan 
4. The financial situation of the co-applicant should be reliable 
5. If it is a secured loan, collateral details must be provided and verified 

Education Loan for B.Pharmacy in India 

Now that we have covered education loans for B.Pharmacy abroad, it’s time to jump to the same in terms of Indian studies. Similar to the preceding information, the prominent details, in this case, are highlighted in the table below. 

The maximum amount of loan	Secured Loans: Up to INR 2 crore Unsecured Loans: Up to INR 40 lakh
Moratorium Period	Course durations + 6 months to 1 year
Repayment Period	10 to 15 years
Processing Fees	INR 10,000 + GST; 1% to 2% of the loan amount

Eligibility Criteria 

The eligibility criteria for an education loan for B. Pharmacy in India are mentioned below. 

1. The applicant must be a citizen of India 
2. The applicant must have completed their education at 10 + 2 level at the least, from a recognised board, with an aggregate percentage of 55 to 65. 
3. The applicant must have admission proof to a recognised university 
4. For students belonging to economically disadvantaged sections, there are plenty of different education loans available, which provide subsidised loans given the annual income of the parents. 

Expenses Covered Under Education Loan for B. Pharmacy

What does the education loan for B. Pharmacy abroad cover? As long as expenses are covered, these are mentioned below. 

• Tuition Fees 
• Admission fees 
• Library and Lab expenses 
• Stationary and Books costs 
• Accommodation costs
• Insurance expenses 
• Miscellaneous fees 

Documents Required 

1. Application form to the bank about the education loan 
2. The Admission offer letter to the university
3. Aadhar, Passport, etc
4. Academic transcripts 
5. Fee structure of the course 
6. Address proof in the form of an Aadhar Card, Voter ID card etc
7. If the co-applicant is earning a salary, then documents such as Form 16 of the latest 2 years, the last 3 months’ salary slips, ITR etc are required
8. If the co-applicant is self-employed then their proof of business address, balance sheet and ITR of the last three years is required
9. A statement of assets & liabilities of parent/guardian/co-applicant 
10. 2 – passport size photographs of the applicant
11. Photograph of co-applicant or guarantor or parent 
12. Proof of income of co-applicant or guardian or parent 
13. Joint affidavit with co-applicant in the form of the format preferred by the bank 

Application Process 

The education loan for B.Pharamcy can be applied for at a public bank, private bank or NBFC. Depending on the same the application process can slightly differ. You can choose the online mode or offline mode to send in an education loan application to the lender.

The online way involves the steps of visiting the bank’s website, looking for the particular education loan scheme, filling in the required details, looking for the application form, attaching the necessary documents, and submitting the same.

You can then visit the nearest branch of the bank for further processing and guidance. If the applicant wants to directly apply for the education loan for B. Pharmacy without online measures, then they can directly contact the bank. You can also reach out to the team of Fly.Finance, which analyses the student’s profile and helps them attain their education loans. 

Top Banks for Education Loan for B.Pharmacy

As an applicant looking for banks to apply for an education loan for B.Pharmcy, the below-listed banks are some of the best. 

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

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