Education Loan for MDS in India: Loan for Medical Students to Study in India

Master in Dental Surgery (MDS) is advanced education in dentistry after BDS. If you choose to receive MDS through private facilities in India, you may have to pay between 5 and 10 lacs annually. For those who choose to pursue an MDS, this expense may be substantial. In India, loans for medical school have an annual interest rate of 7.95% and a maximum repayment period of 15 years. One of the best ways to pay for your higher education in the medical sector in India is with an education loan because many banks provide a moratorium period, require little in the way of documents, and have an easy online application process.

Must Read: What Is The Maximum Education Loan You Can Get In India?

Must Read: Here Are The Best Education Loans For MBBS Students!

Top 5 Medical School Loan Offers for 2023

Important information about several education loan programmes for medical students enrolled in Indian courses is provided below:

Education Loan Schemes	Interest Rate	Processing Fees	Maximum Loan Amount	Maximum Tenure
Axis Bank	13.70% p.a. onwards	2% of the loan amount	Rs.50 lakh	Up to 15 years
Bank of Baroda	9.15 % p.a. onwards	No processing charges up to Rs.7.50 lakh 1% of the loan amount up to Rs.10,000	Rs.1.50 crore	15 years
HDFC Bank	Preferential rates as per the college or the university	As per the criteria of the bank	Up to Rs.1.5 crore	15 years
Canara Bank	9.25% p.a. onwards	Refer to the bank’s website	Need-based	15 years
Federal Bank	12.55% p.a. onwards	Nil	In India – Rs.10 lakh Abroad – Rs.20 lakh	15 years

Also Read: Banks Giving Education Loan in India – Leverage Edu

Types of Education Loan

By taking out a student loan, one can cover the cost of studying an MDS in India. In India, you can choose between different types of education loans for MDS. Keeping your needs in mind, select the MDS school loans that best suit your needs.

Unsecured Education Loan

Students who want to study MDS in India may be eligible for an unsecured education loan of up to 40 lacs. Here are the top lenders for Education Loan for MDS in India:

• IDFC Bank
• ICICI Banks
• Bank of Baroda
• Auxilo
• Axis Bank
• IDFC Bank
• HDFC Credila
• Union Bank of India
• Incred 
• Avanse
• State Bank of India

The following are some additional characteristics of the unsecured education loan programs for Indian MDS students:

Loan Amount	40 Lacs
Moratorium period	Duration of the course plus 6 or 12 months
Interest rates	Starts from 9.55% P.A.
Repayment tenure	10 to 15 years
Processing fees	1 to 2% of the loan amount depending on the lender.
Expenses covered	Study Costs: The fee to be paid to the university Exam fee Cost of books Cost of any equipment required to complete education Living Expenses: Cost of accommodation  Fee for hostel Other Expenses: Life insurance premium Other miscellaneous expenses

Secured Education Loan

For up to 2 Cr in secured student loans, students can attend famous Indian colleges to study MDS. The lenders to go for a secured education loan for MDS in India are:

• SBI
• Karur Vysya Bank
• Avanse
• Union Bank of India
• Incred
• Axis Bank
• BOB
• ICICI Bank
• Incred
• Auxilo
• IDFC Bank
• Avanse
• HDFC Credila

The table below includes a list of the other characteristics of MDS education in India:

Loan Amount	2 crore
Moratorium period	Course period plus 6 to 12 months
Interest rates	Starts from 9.05% P.A.
Repayment tenure	15 years
Processing fees	10k + 1800 GST or a percentage of the loan amount(varies from lender to lender)
Expenses covered	Study Costs: Tuition fees for the university Fee of examinations Expenses for buying books Expenses to buy any equipment required to complete MDS Living Expenses: Expenses for accommodation Hostel fee Other Expenses: Premium of insurance Any other expenses to complete education

Must Read: Secured vs Unsecured Education Loans

Eligibility Criteria

The eligibility requirements that apply to loans for higher education from various banks are shown below:

• Indian nationality
• Obtained admission after 10+2 through a based-on-merit selection process or an entrance exam.
• Attained a grade point average of at least 50% in either the Higher Secondary Certificate (HSC) or graduate level.

Must Read: What are the Student Loan Eligibility Criteria for Studying Abroad?

Documents Required

You will need the following documents for an education loan for an MDS in India.

1. The application:

Fill out the application form, along with two photographs, and sign it.

2. Documents from co-applicants and co-borrowers

Identity Card:

• Aadhar card 
• PAN Card 

Residence evidence:

• The voter ID card
• Statement of bank account
• Ration card Electricity or telephone bill

If your present address and permanent address are different, you will need to prepare two residency papers.

Co-applicants supporting documentation (6-month bank statement)

• If you are salaried, you must include salary credits.
• If you work for yourself, your records must include commercial transactions.

3. Applicant’s academic documents

• Entrance exams scorecard
• 10th, 12th, and Graduation mark sheets
• Proof of admission reflecting the total duration of the course
• Breakdown of fee

4. Co- applicant’s income documents

Salaried:

• ID card of the employer
• Latest salary slips for 3 months
• Form 16 of the past 2 years
• Latest 2 years’ ITR

Self-employed:

• Latest 3 years of ITR
• Business address proof
• Profit and Loss account of 3 years

5. Other paperwork

• A letter stating that your co-applicant is responsible for paying any sum above the loan amount. 
• A joint affidavit notarized with the co-borrower in the format required by the bank 

6. Additional paperwork, if applicable

• Advance payment receipts for any payments made to the university. A statement of the pending loan account for the previous year.
• If you have had any gaps in your studies, please explain on a piece of paper with a Rs 100 stamp.

7. Documents of collateral

They are only necessary if you are applying for a loan with collateral. Additionally, they vary from state to state. 

Also, Read Education Loan Without Collateral- Money Not a Hurdle!

How to Apply for Education Loan for MDS in India?

In India, you can apply for an educational loan both online and offline using the procedures listed below:

Online Process

Step 1 is to visit the official website of the bank and submit an application for a student loan there.

Step 2: Visit the section for student loans and complete the online form there with the required information.

Step 3: A bank official will get in touch with you after receiving your application to complete the process.

Step 4: You might have to present supporting documentation in person or online at your neighbourhood branch.

Offline Process

Visit your neighbourhood bank to fill out an application in person if you want to apply for a student loan there. Obtain the application form, fill it out with the necessary information, and send it in with the necessary documents. After processing your application, the bank will get in touch with you to finish the process.

Also Read: Understanding the Education Loan Application Process

FAQs

Hope this blog gave you all the necessary information regarding Education Loan for MDS in India. For more information on education loans to study in India, subscribe to Leverage Edu.