Do you want to study MBBS abroad? Indian students gladly choose to pursue their medical degree abroad because in India, there is very tough competition for medical seats; approx 1,07,000 to 1,12,000 seats are in India for MBBS, and the cost of tuition fees is also very high, crossing 1.5 crores for an MBBS degree. But in the education cost is reasonable for medical education, nations like Russia and Georgia provide education cost and also a particular Loan for MBBS Abroad. They also provide scholarships to students who are not financially well-off. Let’s learn more about it in this blog.
Discover Education Loan for MBBS Abroad
Many nations like Russia and Georgia provide financial aid to students, but the majority of Georgian universities do not provide an Education Loan for MBBS abroad. some of them do provide them. In this blog, we will study the Procedure of Education Loans and financial aid for students who are not able to afford the cost of medical degrees.
- Secured Loans: Education loans for MBBS Abroad include Secured loans, which require collateral such as property or fixed deposits to avail of the loan. The amount approved in secured loans is generally higher, and the interest rate is typically lower.
- Unsecured Loans: Unsecured loans are those loans that do not require any collateral but come with slightly higher interest rates and a lower loan amount limit. These loans are easier to process but are riskier for lenders.
- Government Schemes: Some state-backed schemes or financial institutions offer loans for MBBS abroad at subsidized interest rates for higher education abroad. These loans are approved for students if they are eligible.
- Co-signers: In some cases, banks might require a co-signer (such as parents or guardians) who is financially stable and can ensure repayment if necessary.
How to Apply for an MBBS Abroad Loan?
To apply for an MBBS in abroad loan, you need to follow some steps which are given below:
- Research Loan Providers
- Eligibility Criteria
- Loan Amount and Coverage
- Documents Required
- Valid passport
- Admission letter from the university
- Academic certificates (10th, 12th, etc)
- Bank statements to avail Loan for MBBS abroad
- Identity proof (Aadhaar, PAN card)
- Guarantor details (in some cases)
- Interest Rates and Loan Tenure
- Processing Fees and Other Charges
Explore MBBS Education loan eligibility
Employment: The parent applying for an education loan for MBBS for their child’s MBBS should surely be working in a private, public, or LLP organisation to avail the loan facility for MBBS abroad.
Income: You will no doubt need to have a minimum income of Rs. 25000 per month.
Additional Eligibility
- Be an Indian citizen
- Have a good academic background
- Have secured admission to a recognized foreign university, institution, or college
- Be at least 18 years of age
Students choose to study the MBBS program abroad because of the affordable fee structure. The average cost of medical education for 6 years is between 40 and 50 lakhs. Many global medical institutes are recognized by the NMC (National Medical Commission) and the WHO (World Health Organization).
Conclusion
Abroad is the perfect destination for pursuing a medical education; the medical institutes provide many benefits and opportunities to students, such as affordability of education, a better learning environment, better ROI (Return On Investment), globally valid degrees, and many more. These are the major reasons for choosing abroad for MBBS. They also provide financial support or an Education loan for MBBS abroad to those students who are not financially well and are not able to afford their education costs. The types of loans include Secured Loans, Unsecured Loans, Government Schemes, etc. For more guidance, feel free to contact Education Vibes.
