Public sector banks like State Bank of India, Punjab National Bank, and Bank of Baroda are top lenders of education loan for MBBS abroad. These banks provide these loans at a lesser interest rate than private banks. The interest rate of the nationalised banks’ education loans ranges between 8% to 10%.
To avail of these loans, a student must be an Indian national. Additionally, the applicant must have been admitted to a recognised university in a foreign land. Furthermore, the candidate must have a good academic record and have collateral security papers. Finally, a good CIBIL score of the applicant and co-applicant is a requisite for availing of study abroad loans for MBBS.
After checking out the eligibility criteria, study abroad students can get approvals from their respective lenders. Nationalised banks in India always verify the documents and approve loans accordingly.
Top Education Loan for MBBS Abroad
An Indian student aspiring to study medicine abroad can reach out to Fly Finance to avail of an education loan for MBBS. They can calculate monthly payments via the Fly education loan EMI calculator and apply to top banks like SBI and PNB.
SBI Global Ed-Vantage Scheme
This scheme enables individuals aspiring to pursue higher education overseas to avail of loans through SBI. The scheme encompasses a wide range of courses in fields such as science, technology, education, mathematics, management, and medicine. Students can seek financial assistance for studies in renowned institutions located in the United States of America, United Kingdom, Australia, Canada, Europe, Japan, Singapore, and Hong Kong.
PNB Udaan
It is a specialized loan scheme offered by Punjab National Bank (PNB) in India to support students pursuing higher education. The scheme provides financial assistance for various educational courses, including professional, technical, and vocational programs, both in India and abroad. With competitive interest rates and flexible repayment options, the PNB Udaan Education Loan aims to make quality education accessible to deserving students, enabling them to achieve their academic aspirations and build a successful future.
Types of Collateral Security for Education Loan for MBBS Abroad
There are two primary categories of collateral securities: tangible security and intangible security. A student has to furnish these to avail of an education loan for MBBS.
- Tangible Collateral Security: This refers to collaterals consisting of physical properties like land, houses, apartments, shops, etc.
- Intangible Collateral Security: This refers to collateral securities involving liquid assets such as fixed deposits, life insurance policies, and government bonds.
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