Education loan for MBBS in Russia lets you secure funds for higher education in the field of medicine. You must secure admission to a recognised medical university in Russia to avail financial assistance. Several banks and NBFCs offer need-based financing and higher unsecured loan amounts up to INR 1 crore. To know more about the top lenders, loan schemes, and applicable interest rates on education loans to study MBBS in Russia, continue reading further.
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Overview of Education Loan for MBBS in Russia
The cost of pursuing an MBBS in Russia ranges from INR 2.5 lakhs to 6 lakhs annually. Besides, living expenses range from INR 2.5 lakhs to 4 lakhs annually depending on the city and accommodation. Considering 6 years of full-time MBBS from Russia, securing an education loan is essential for many students.
Many banks like SBI, Bank of Baroda, Central Bank of India, Axis Bank, ICICI Bank, HDFC Bank and NBFCs like Avanse, Prodigy Finance, Auxilo, etc. offer education loans for MBBS in Russia.
- Secured loans (with collateral) can be taken based on the needs of the applicant.
- Unsecured loans can be taken up to INR 1 crore with ICICI and Axis Bank.
- Interest rates usually range from 8% to 14% p.a based on the lender, credit score, and university chosen by the applicant.
- The loan can be repaid for up to 15 years.
- The repayment usually starts 6 months after the course completion.
Also Read: Planning to pursue higher education in Russia? Know all the details on how much balance is required for a Russian student visa.
Benefits of Education Loan for MBBS in Russia
There are several compelling reasons as to why you should take an education loan to study MBBS in Russia. Check some major benefits below:
- It covers tuition fees, living expenses, and other associated costs, allowing you to focus on your studies.
- It lets you pursue your dream of becoming a doctor without immediate financial constraints.
- MBBS in Russia offers quality job prospects within the country or appear for exams like FMGE/ NEXT to practice in India. This lets you earn a decent salary and repay the education loan effectively.
- Interest paid on education loans to study medicine in Russia is eligible for income tax rebate under Section 80E of the Income Tax Act, offering financial advantages.
Top Banks for Education Loans for MBBS in Russia
Numerous banks and NBFCs in India offer a wide range of education loan schemes to pursue MBBS in Russia. Public and private banks are known for offering loans at competitive rates and additional interest rate concessions for females. On the other hand, NBFCs stand out for providing higher loan amounts, pre-admission loan sanctions, and minimal documentation. Check out the major banks offering education loans for MBBS in Russia:
State Bank of India
SBI’s Global Ed-vantage education loan scheme lets students get the desired financial assistance for pursuing an MBBS in Russia. You can get a loan of up to INR 1.5 crores, which can cover tuition fees, living expenses, and other related costs. The current interest rate is 11.15% (floating).
You have up to 15 years to repay the loan. A processing fee of INR 10,000 is applicable per application. The loan is typically disbursed directly to the university. You have a moratorium period of the course duration plus one year to start repaying the loan. Alternatively, you can start repaying six months after securing a job.
Punjab National Bank
Under its PNB Udaan scheme, PNB overseas education loan supports students pursuing higher education abroad, including MBBS in Russia. The minimum loan amount starts from INR 40 lakhs, which can be increased based on the location of the branch and specific requirements.
The interest rate is competitive, with two tiers: 9.55% for non-listed colleges and 8.80% for listed colleges. A 15% margin is required, meaning you need to contribute 15% of the total loan amount as your investment. A 1% processing fee applies to the total loan amount.
Central Bank of India
Central Bank of India provides education loans for MBBS in Russia up to INR 2 crores under its Cent Vidyarthi loan scheme. The scheme offers preferential interest rates for female students starting at 8.10% p.a. The loan can be repaid in equated monthly instalments (EMIs) over a maximum period of 10 years for loans up to INR 7.5 lakhs and 15 years for loans above this amount.
Bank of Baroda
Bank of Baroda offers the Baroda Scholar education loan scheme to support students pursuing higher studies, including MBBS in Russia. You can avail a loan of up to INR 1 crore to cover tuition fees, living expenses, and other related costs. The Bank of India education loan interest rate starts at a competitive 10.20% per annum.
One of the standout features is the absence of documentation charges, making the process smoother for students. Students securing admission to premier institutes might be eligible for interest concessions.
Axis Bank
Axis Bank education loans support students pursuing MBBS in Russia. You can avail a loan of up to INR 1 crore without collateral and up to INR 2 crore with collateral. The interest rate ranges from 13.70% to 15.20% p.a.
A margin of 15% for loans above INR 4 lakhs for studies abroad is required. The maximum repayment period is 15 years. A moratorium period is offered after course completion or securing a job.
Eligibility Criteria
To be eligible for an education loan to study medicine in Russia with Indian lenders, you must be an Indian citizen. The specific criteria based on minimum family income requirements for loans and credit scores depend on the lender. However, the basic eligibility criteria remain unchanged. Make sure to check the loan eligibility before applying-
- You must be an Indian citizen to avail of an education loan from Indian banks or NBFCs.
- You should be between 18 and 35 years old.
- You must secure admission to a recognized medical university in Russia.
- A good academic background, including a minimum of 50% marks in the Science stream.
- A financially stable co-applicant is often required.
- You must submit the collateral for higher loan amounts.
Documents Required for Education Loan for MBBS in Russia
Once you fulfil the eligibility requirements, you must proceed with filling out the loan application form. However, you are required to attach supporting documents for an education loan for MBBS in Russia. These enable them to verify your background and proceed with education loan sanctions. The following are the documents required-
- KYC documents like PAN Card and Aadhaar Card
- Passport and Visa
- Academic transcripts of Class X, XII
- Financial documents of the co-applicant, including Form 16, ITR and bank statements
- Admission letter from the university
- Fee structure breakdown
- Collateral documents
- Loan application form
Also Read: A Master’s degree is a great choice. Check out the details on education loans for a Master’s in the UK to cover the study abroad expenses.
How to Apply for Education Loan for MBBS in Russia?
You can apply online for an education loan MBBS in Russia. Visit the bank’s official website and navigate to the education loan section. After selecting the desired loan scheme (usually the one that states education loan for abroad studies), click on ‘Apply Now’. You can also visit the nearest bank branch along with the required documents. Fill out the application form and submit once done.
Another way to apply is by visiting the Vidya Lakshmi Portal. You must register yourself and log in. This is a secured government-backed portal that allows you to easily fill out the common education loan application form and apply with multiple lenders at the same time.
This was all about the education loan to study MBBS in Russia. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes. You can easily get an education loan to study MBBS in Russia. Several banks including NBFCs offer need-based financing and higher unsecured loan amounts up to INR 1 crore.
Absolutely. An education loan for MBBS in Russia covers tuition fees, living expenses, and other associated costs. It lets you pursue your dream of becoming a doctor without immediate financial constraints.
Some of the best banks like SBI, Bank of Baroda, Central Bank of India, Axis Bank, ICICI Bank, HDFC Bank and NBFCs like Avanse, Prodigy Finance, Auxilo, etc. offer education loans for MBBS in Russia.
You can get an education loan with no upper limit. It means, based on your needs and requirements, banks and NBFCs offer need-based financing on secured loans with collateral. Without collateral, you can get up to INR 1 crore of loan with ICICI and Axis Bank.
You can apply online for an education loan to study MBBS in Russia. Visit the bank’s official website and navigate to the education loan section. You can also visit the nearest bank branch along with the required documents. Another way to apply is by visiting the Vidya Lakshmi Portal.
You must attach identity and address proof documents for an education loan for MBBS in Russia. Besides these, you need to submit academic documents, financial and collateral documents, and an admission letter from the university.
