The current pandemic situation has given rise to severe health conditions. It has brought the role of healthcare and doctors in prominence, where they are combating COVID-19 pandemic in the forefront. But are you aware of the cost of medical studies in India? Do you know where the journey of a doctor starts? Yes, the journey of the doctors starts after the completion of the MBBS degree.
MBBS is a top-grade medical course and India is one of the most preferred destinations from medical aspirants worldwide. With top-notch education and facilities, it has paved the path of success for many. But for this, students are required to secure admission for MBBS courses in one of the eminent colleges in India. MBBS in India is not a cheap affair as it may cost an arm and a leg to fund the medical course. This is when the study loan for MBBS in India comes into the picture.
Students usually finance their medical course by availing a student loan for MBBS in India. But if you were to ask anyone who has gone through the process of getting an education loan for an MBBS course, they will tell you how difficult the whole process is and most of the time there is not much support from any financial institutions. Does that mean, students will not get a study loan for MBBS in India?
If you are willing to know the answer for the same, read this article till the end as it aims to shed light on the education loan details of lenders who offer an education loan for MBBS in India.
As education loan is one of the major sources of funding for education, it is further classified into two categories.
These are the two types of education loans in India. If you happen to look for an education loan for MBBS in India, connect with our team at Vidyaloans to seek professional guidance for education loans in India.
Medical schools/colleges are affiliated and accredited by National Medical Commision (NMC) and Government Authorities of India. They inspect medical colleges/institutes and lay down policies which are necessary to maintain high quality and standards in medical education. The MBBS course duration is around five-and-a-half years including 1 year Compulsory Rotating Residential Internship (CRRI). There are around 542 medical colleges in India in which 64 are PG institutes recognized by the NMC.
Later MBBS is followed by MS which is a post graduation course in certain specialities, MS/MD/DNB or others. Students can opt for their own choice of specialization. PG in the field of medical are usually for three years duration and diploma courses are for two years duration.
The cost for an MBBS course in India may vary from institution to institution. Government institutions are comparatively cheaper than Private institutions. Most of the students look for multiple options to fund their MBBS course in India. One of the best ways is by availing a student loan for MBBS in India. Students can apply for unsecured education loans for upto 7.5 lakhs from Government banks through Vidyaloans. Vidyaloans will help you apply through various Government banks and will assist you throughout the loan process. One of the biggest advantages of applying through VidyaLoans is that our team shares a professional affinity with sanctioning officers and manages to keep a close check on your loan application status. So, connect with our team to seek professional guidance from the experts.
In order to secure an admission for MBBS course, students are required to qualify the below mentioned eligibility:
As we know there are two types of education loan, now let’s discuss what type of education loan is recommended for MBBS study in India.
Unsecured education loans are provided by NBFCs and Private banks. The chances to get an education loan for MBBS students in India through them is very bleak. Generally financial institutions do not grant education loans for MBBS courses in India or abroad. The reason for this will be explained further in this article.
Therefore, in this case Government banks are the only source who are offering secured study loan for MBBS in India. However, students must not rely on this completely as government bank education loans come with its own set of terms and conditions. To know the eligibility laid down by different banks, read this article - Education Loan Eligibility Criteria and Documents Required
Type of Education Loan Recommended for MBBS course in India: Secured education loans
Maximum loan amount granted as student loan for MBBS: Upto 1.5 Cr
If you are looking for an education loan to fund your MBBS course in India, get in touch with our team at Vidyaloans. Our processing officer will assist you with the entire education loan process in India.
Secured education loans require students to accommodate a collateral in order to be eligible for one. There are different types of collateral security required for education loans which involve house, flat, fixed deposits, government bonds, etc. Government banks also accept third party collateral i.e. collateral belonging to your friends, relatives, uncle, aunt etc. In most cases when students approach banks directly to get an education loan on third party collateral, bank officials generally do not put such cases on priority. This overall leads to delay in the education loan application. Therefore, we recommend students to start their education loan process via Vidyaloans as our processing officer helps you with the entire education loan process.
Benefits of taking a secured education loan
There are many other benefits which a student can avail while taking a secured education loan for MBBS in India. You can get in touch with our processing officer at Vidyaloans to know all the advantages of taking a secured education loan.
There are majorly two reasons why NBFCs do not provide education loans for MBBS students in India. They are:
If you are looking for an unsecured education loan to fund your MBBS course upto 7.5 lakhs, then we recommend you to connect with our team at Vidyaloans. Our processing officer will assist you with the entire education loan process.
Therefore, it can be concluded that getting an education loan for MBBS students in India may seem like a never-ending process. But, if you acquire sufficient knowledge about the entire process, it will make your whole education loan procedure an easy one.
About the organization: VidyaLoans is an organization which helps Indian students in India to secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.