Is taking education loan a good idea for MBBS?

Dear Prashant, it is not a bad idea taking an educational loan to study. You only have to pay interest towards the loan until you start working. But what you need to remember is, you might have to really work hard to pay the Principal amount given the College fees in Private Medical Colleges is actually in lakhs.

Can I get education loan for private MBBS?

The NITI Aayog, at the behest of Union Ministry of Health and Family Welfare, has nudged the Indian Banks’ Association to offer educational loans up to Rs 10 lakh per annum to students who get admission for pursuing medicine in private colleges.

How is student loan paid back?

The loan is repaid by the student. Generally, the repayment starts when the course is completed. During the course period, the bank charges simple interest rate on the loan. The payment of simple interest during the course period lessens the equated monthly instalment (EMI) burden on the student for future repayments.

Is getting a student loan hard?

Yes, there is an ease of ability to get the loan, but you also have to do well.” If you don’t meet the academic standards of the Education Department or your school’s financial aid office, you won’t be able to get federal student loans for another term, until you get your grades up.

How to get an education loan for MBBS/MD in India?

Many Indian banks offer education loan for students who have secured a MBBS or a MD seat in a recognized medical college. Also, select Indian banks offer special concession in interest rates for girl students.

Why is it difficult to get top-up loan after MBBS?

This is because if someone wishes to pursue further education after MBBS, then making repayment will be difficult, assuming there is no income after bachelors degree. Top-up loan for higher medical studies: There are many students wanting to pursue higher education after the first course and need second loan.

Does HDFC Bank offer education loan for MBBS students?

For students who have obtained admission for MBBS or MD courses at reputed colleges, HDFC Bank offers education loan up to Rs. 10 lakh. For loans up to Rs. 7.5 lakhs, no collateral will be required.

What is the scope of SBI education loan for MBBS?

SBI Education Loan for MBBS and MD covers the cost of laboratory fees, examination fees, costs of equipment’s & books, caution deposit, refundable deposit and examination fees. For studies in India, a maximum of Rs. 10 lakhs will be offered as loan amount and for loan amounts up to Rs.