Pursuing an MBBS abroad is a dream for many aspiring doctors. However, the associated costs, including tuition fees, accommodation, and living expenses, can be substantial. To ease the financial burden, education loans provide a viable solution. One can avail of need-based financial aid and cover the entire cost of studying MBBS abroad. Many banks offer exceptionally higher loan amounts up to INR 3 crores for those who pledge collateral and have an excellent credit history. Let’s explore the details in the blog-
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How Much Education Loan You Can Get for MBBS Abroad?
The amount of education loan for MBBS depends on the lender and factors such as collateral, the co-applicant’s financial profile, and the university’s ranking. Here’s an overview of loan amounts offered by major lenders:
- ICICI Bank: Offers loans up to INR 3 crore for international MBBS studies.
- SBI Global Ed-Vantage Scheme: Provides loans up to INR 1.5 crore with a repayment tenure of 15 years.
- Axis Bank Education Loan: Grants up to INR 75 lakh for MBBS students in India and abroad.
- HDFC Credila Education Loan: Offers need-based loans to cover 100% of MBBS expenses, customized to the applicant’s requirements.
- Bank of Baroda Scholar Loan Scheme: Provides up to INR 80 lakh with a 15-year repayment period for recognized institutions.
- Canara Bank’s Loan Scheme: Offers up to INR 75 lakh, with interest rate concessions for female MBBS students.
Lenders usually cover tuition fees, accommodation, living expenses, travel, and other academic costs. Secured loans generally allow higher loan amounts compared to unsecured loans, making them ideal for covering significant expenses for MBBS abroad.
Also Read: Get detailed information about the cost of studying MBBS in Canada. Make informed decisions about your medical career in top Canadian universities for MBBS.
Secured Loan Amount
Secured education loans for MBBS abroad are offered against collateral like property, fixed deposits, or insurance policies. Such loans allow higher loan amounts up to INR 3 crores with banks like ICICI Bank. Such loans help you cover all the costs of an education loan for MBBS in Russia or any other country.
Most private banks and NBFCs will offer need-based financing. This will cover 100% costs of studies abroad, including tuition, living, laboratory, examination, and other related expenses.
Unsecured Loan Amount
Scheduled Commercial Banks offer education loans for MBBS without collateral ranging from INR 4 lakhs to 7.5 lakhs as per RBI guidelines on education loans. However, many private banks offer higher loan amounts considering your creditworthiness.
ICICI Bank offers the highest unsecured loan amount for higher studies abroad, including MBBS. Check out the list of other banks offering higher education loans for MBBS abroad without collateral-
- Axis Bank: Up to INR 75 lakh
- HDFC Bank: Up to INR 50 lakh
- IDFC First Bank: Up to INR 50 lakh
- Union Bank of India: Up to INR 40 lakh
- YES Bank: Up to INR 40 lakh
Tips to Get Higher Education Loan for MBBS Abroad
Securing a higher education loan for MBBS abroad requires strategic planning and preparation. Lenders evaluate various factors, such as your financial stability, academic credentials, and the university’s reputation. Follow these tips to improve your chances of getting a higher loan amount:
- Provide High-Value Collateral: Pledge valuable assets like property or fixed deposits to secure larger loans.
- Improve Your Creditworthiness: Maintain a good credit score and involve a financially stable co-applicant.
- Choose a Recognized University: Admission to top-ranked or reputed institutions increases lender confidence in your profile.
- Opt for Comprehensive Coverage: Include tuition fees, living expenses, travel costs, and other relevant charges in your loan application.
Also Read: Check here all the details and understand how much does it costs to study MBBS in Australia. Know the estimated costs for tuition and living.
Steps to Apply for MBBS Education Loan to Study Abroad
If you are wondering about how to get an education loan for MBBS abroad, the process is simple. The process includes selecting the right lender, ensuring eligibility, and submitting comprehensive documentation.
- Firstly, you should compare different lenders like ICICI, SBI, HDFC Credila, and Axis Bank. Evaluate loan limits, interest rates, repayment terms, and collateral requirements.
- Ensure you meet key criteria, such as securing admission to a recognized MBBS institution, having a co-applicant with stable finances, and maintaining a good academic record.
- Prepare necessary documents like an admission letter confirming enrollment in a medical program, an official fee structure for the MBBS course, KYC documents, co-applicants income proof, and collateral documents.
- Apply through the lender’s website or visit their branch. Ensure all required documents are accurate and complete to avoid delays.
- The lender will evaluate your application, verifying details like university credibility, collateral value, and credit history. Loan approval can take 1 to 3 weeks, depending on the lender.
- After approval, the loan amount is disbursed directly to the medical institution or your account in instalments aligned with the university’s fee schedule.
Securing an education loan for MBBS abroad is a structured process. With the right preparation, you can secure loans covering the entire cost of your education. You can pursue your dreams stress-free. Research lenders, prepare the required documents, and ensure timely repayments to build a solid financial foundation for your medical career.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs on Education Loans for MBBS Abroad
You can secure up to INR 1.5 crore from lenders like SBI. The loan amount depends on the collateral value and your eligibility.
Unsecured loans of up to INR 1 crore are offered by banks like ICICI and NBFCs like HDFC Credila, based on creditworthiness and admission to a reputed university.
Interest rates for MBBS loans range between 8% and 13% annually, depending on the lender, loan type, and applicant profile.
Pledge high-value collateral and improve your co-applicant’s financial stability. Admission to top medical institutions increases your chances of approval.
You need an admission letter, fee structure, KYC documents, co-applicants’ income proof, and collateral documents (for secured loans).
The loan processing takes 1–3 weeks, depending on the lender. Submit complete documentation to avoid delays.
Yes, most lenders provide loans that cover tuition fees, accommodation, travel, and living expenses for MBBS abroad.
Repayment tenures can go up to 15 years, including the moratorium period, which starts after course completion.
Some banks, like Canara Bank, offer interest concessions for female students pursuing MBBS. Always check with the lender for such benefits.
Yes, most lenders require a financially stable co-applicant to guarantee repayment. Their income and creditworthiness influence loan approval.
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