Getting an education loan for BDS abroad is easier for aspirants. It provides essential financial assistance and covers all the related expenses in the country you plan to pursue BDS. A degree in Bachelor’s in Dental Surgery (BDS) can cost you around INR 20 lakhs to 50 lakhs annually. Thus, a loan can help you cover the required tuition fees and accommodation expenses abroad. Banks and NBFCs can help with the desired funds to pursue BDS abroad at competitive interest rates. To know more about loan amounts and features, continue reading further.
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Overview of Education Loan for BDS Abroad
An education loan for BDS can be taken based on your needs and requirements. However, make sure that the amount should cover your tuition fees and living expenses abroad. You can apply for two types of loans- secured and unsecured loans.
- A secured education loan for BDS abroad means you must pledge security (collateral/ asset) with the lender. It offers need-based financing with no upper limit on the maximum loan amount.
- The interest rates offered on secured loans are lesser as the risk associated with the bank is low.
- An unsecured education loan for BDS abroad means you don’t have you pledge an asset with the lender. Many banks offer education loans without collateral. ICICI Bank and Axis Bank offer up to INR 1 crore of unsecured loans.
- Interest rates on unsecured loans are usually high compared to secured loans.
- The loan for BDS abroad will cover multiple expenses. These include study costs (tuition fees, exam fees, laboratory fees, etc), living expenses (accommodation and food), and other related expenses (insurance).
- The loan can be repaid in up to 15 years. Most lenders offer the option to start repayment after a moratorium period which starts 6 months after the course completion.
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Best Banks for Education Loans for BDS Abroad
Securing an education loan is essential for many aspiring dentists. Several banks and NBFCs in India offer competitive options and personalised education loans for BDS abroad. Some of the top lenders are SBI, Central Bank of India, Bank of Baroda, ICICI Bank, and HDFC Bank. NBFCs like Prodigy Finance and Avanse also offer education loans for BDS abroad at competitive interest rates and higher loan amounts.
| Bank/ NBFC | Features |
| State Bank of India | -Loans up to INR 1.5 crore under the SBI Global Ed-vantage Scheme to study BDS abroad -Interest rates at 11.15% p.a onwards -Quicker approvals before Visa -Easy application process -No hidden costs |
| Bank of Baroda | -Loans up to INR 1 crore under its Baroda Scholar loan scheme -Interest rates at 10.20% p.a onwards -No documentation charges -Interest concession for admission to premier institutes -Provides BoB Forex Card for students to manage money abroad |
| Central Bank of India | -Loans up to INR 2 crores under its Cent Vidyarthi loan scheme -Interest rates at 8.10% p.a onwards -Covers multiple expenses -Interest concession for females |
| ICICI Bank | -Loans up to INR 2 crores with security and INR 1 crores without collateral at 14.10% p.a onwards -Offers additional benefits to experienced and government employees –ICICI Bank education loan disbursement process is quick and transparent |
| HDFC Bank | -Need-based financing at 12.50% p.a onwards -Minimal documentation and online application process -Offers HDFC loan transfer services at competitive rates- No hidden costs -Unsecured loans up to INR 45 lakhs |
| Prodigy Finance | -Covers 100% cost at 11.15% p.a onwards -Easy application process online -Start payments 6 months after course completion |
| Avanse | -Need-based financing at 14.25% p.a onwards -Pre-admission and pre-visa loans are offered -Unsecured loans up to INR 75 lakhs can be availed |
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Eligibility Criteria
Securing an education loan to pursue a BDS (Bachelor of Dental Surgery) abroad requires fulfilling specific criteria and providing essential documents. You must be an Indian citizen to avail of an education loan from Indian banks or NBFCs.
- Most lenders have an age limit, typically between 18 and 35 years.
- A strong academic background, including NEET or equivalent entrance exam scores, is often required.
- You must have secured admission to a recognized dental school abroad.
- A co-applicant with a stable income might be necessary, depending on the loan amount.
Documents Required for Education Loan for BDS Abroad
Applicants are required to submit various documents when filling out the loan application form. The documents must be self-attested
- Passport, Aadhaar card, PAN card
- Class X and XII mark sheet
- Income proof of co-applicant, bank statements.
- Admission letter, fee structure, and other relevant documents from the university.
How to Apply for Education Loan for BDS?
The government has directed the applications for education loans via the Vidya Lakshmi Portal to streamline the application process. This platform allows you to compare different loan options and apply to multiple lenders simultaneously. Check more details below:
- You can register on Vidya Lakshmi Portal
- Search for the lender and click on ‘Apply Now’.
- Fill out the Common Loan Application Form and attach the required documents.
- You can also visit the bank’s official website or the nearest bank branch to apply for an education loan for BDS abroad.
FAQs
Yes, you can get an education loan for BDS abroad easily. Secured loans offer need-based financing and unsecured loans are offered up to INR 1 crore. It provides essential financial assistance and covers all the related expenses in the country you plan to pursue BDS.
Yes. A degree in Bachelor’s in Dental Surgery (BDS) can cost you around INR 5 lakhs to 20 lakhs. Thus, a loan can help you cover the required tuition fees and accommodation expenses abroad at competitive rates and flexible repayment options.
Some of the top lenders are SBI, Central Bank of India, Bank of Baroda, ICICI Bank, and HDFC Bank. NBFCs like Prodigy Finance and Avanse also offer education loans for BDS abroad at competitive interest rates and higher loan amounts.
Some banks provide up to 100% financing based on the student’s requirements, while others offer loans up to INR 1.5 crores. Interest rates on education loans for studying BDS abroad range from 8.25% to 14% p.a.
You can register on Vidya Lakshmi Portal, search for the lender and click on ‘Apply Now’. Fill out the Common Loan Application Form and attach the required documents. You can also visit the bank’s official website or the nearest bank branch to apply for an education loan for BDS abroad.
Some common documents required for an education loan for BDS abroad include KYC documents like a PAN Card and Aadhaar Card, academic transcripts, financial statements, and admission confirmation.
