Is wearing a white coat and saving lives your dream? Finding difficulty in managing the MBBS fees? Many times students have the right skills to pursue their dream careers but managing the college fees and other educational expenses pull them down. Why not take an education loan and go ahead with making your dream career a reality? A majority of banks in the country have now started to offer exclusive education loans through which candidates can freely take part in any course of their choice like MBBS, MD and other medical courses. For all those who are looking out for options related to education loan for MBBS, read through the blog as it aims to guide you about the same.
This Blog Includes:
HDFC Bank Education Loan
The famous HDFC bank offers a loan of up to INR 10 lakh for the students you have successfully secured a seat in MBBS course. To help more and more students with their dream of becoming a doctor, HDFC does not require any collateral for loans up to 7.5 lakh but for the loans above this amount there are many collateral options like KVP policy, NSC, HDFC fixed deposit, etc. Students will get 15 years as the maximum period in which they can repay the entire loan amount. The bank also offers special interest rates for a bunch of top listed academic institutions. Some of the complementary features that you will get from HDFC Bank are flexible repayment options, doorstep service, a wide range of collateral options, etc.
State Bank of India Education Loan
One of the most popular banks of the nation, SBI, offers loan variants for the students willing to pursue MBBS or MD. The first education loan for MBBS is named as student loan while the other is known as scholar loan. The maximum amount of INR 10 lakh can be availed through this education loan and for alone equivalent or less than INR 7.5 lakh, there is no necessity for collateral security or third party guarantee. A period of 10 years can be termed as the tenure in which candidates must complete the entire repayment. This loan can be utilised to bear the expenses related to examination fees, laboratory charges, cost of equipment and books, etc.
Candidates must note that only the students who have secured admission in any of the top 105 institutions listed by SBI, can avail a loan up to INR 30 lakh. In this scheme, no processing fee will be charged from the candidates.
Bank of Baroda Study Loan
The education loan for MBBS at the Bank of Baroda is named as Vidya Lakshmi. It aims to assist the merit students willing to pursue MBBS studies. Only the native residents of India can apply for this loan at the Bank of Baroda. Charges like tuition fee, cost of books and equipment, examination fee, caution deposit, etc. can be covered under this loan. Owing to the hardships that girl students face in securing admissions in higher studies, the bank offers relaxation of 0.5% in its interest rate only to the female candidates. Apart from this, 1% concession in the interest rate will be offered to the students who secure seats in leading Institutions like AIIMS and AFMC.
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Bank of India Education Loan
The students who have secured a seat in MBBS course either through merit-based selection for entrance exams, can ok to avail this student loan for better fluidity of funds. Just as the aforementioned loans, this one also covers all the types of expenses that one may bear during the course of study. The maximum amount for a loan is INR 10 lakh that can be repaid as per the selected amount of time period. For the loans that are below or equal to INR 4 Lakh, there is no security or margin required from the candidates.
IDBI Bank Loan
The students who have managed to secure loans under the management quota can avail the IDBI education loan provided that they have decent marks above the cut-off levels. The maximum amount for the loan offered by IDBI is INR 10 lakh whereas for loans that are up to INR 4 Lakh there is no security or collateral required. The candidates who have been selected as potential students in paramount institutions, can avail loan amount UP to INR 30 Lakh or the 95% of the tuition fee will be covered. Tuition fees, charges for books, laboratory charges and other likely expenses will be covered. Students who have managed to secure admission in leading universities of India and female candidates can avail relaxation in the interest rate of the loan.
Latest Update – NEET Not Necessary to Study MBBS Abroad, MCI Orders
Thus, we hope that through this blog on education loans for MBBS, we have helped you in getting familiar with the bunch of advantageous loans. To know about the best scholarship as per your course, get in touch with our Leverage Edu experts and they will help you with the same. Book your free e-meeting today!