What is an education loan?
Pursuing a degree of your choice and interest is something that most of us wish for. Some aspire to study engineering, some wish to study business. Many still wish to pursue medicine. However, with the rising cost of education, not everyone gets to fulfill their dream of becoming a doctor.
This is where an education loan comes in. A short-duration education loan is a type of personal loan that can be availed to study. You can use the funds to finance the course of your child’s choice, be it an education loan for MBBS, engineering, or any other course.
Cost of Studying Medicine or MBBS in India
To pursue MBBS in India, aspirants need to have access to funds. As harsh as it may sound, the cost of studying MBBS in India is high.
On completing 12th, aspirants will need to pass the NEET exam with a high score. They will then be placed in a college that is recognised by the government, or a private or deemed university. The fees in a government university can range between Rs. 20,000 to Rs. 8 lakhs, whereas the fees in private colleges can be up to Rs. 1 cr.
MBBS courses in India run for 4.5 years, after which one needs to complete 1 year of internship. Apart from fees, funds are required for studying material, equipment, and boarding as well.
Need of Education Loan for MBBS
Looking at the fee structure, it is imperative to have enough funds to sustain for 6 years. If you are running short of funds for the medical education of your child, an education loan can help you sustain yourself financially.
Availing an education loan without collateral simply means that you do not need to pledge any security against the loan. You can avail the student loan for MBBS without worrying about pledging any asset at any point in your education.
How can an education loan for MBBS help? Education loan benefits are ample. You can use the funds from the loan for MBBS to pay for the fees, to buy books and literature, and pay for housing and boarding as well.
Check your Eligibility for an Education Loan
If you are convinced of the education loan benefits, you will need to check for your education loan eligibility:
- Age: To avail an education loan in India for MBBS, you need to be between 23-47 years of age. Parents, whose children are studying in a medical college, can apply for an education loan for MBBS students.
- Employment: The parent applying for an education loan for MBBS for their child should be working in a private, public, or LLP organisation.
- Income: You will need to have a minimum income of Rs. 25000 per month.
- Tenure of employment: At the time of application of the education loan for MBBS, you need to be employed for more than 3 months at your current company and have a total work experience of more than 6 months.
- Income proof: You will need to provide your salary slip for 2 months as proof of income to be eligible for an education loan.
- Bank statement: The salary needs to be credited to a bank account and the statement needs to be provided at the time of application. If unavailable, you will need to have access to your internet banking to provide the statement.
How To Get Instant Education Loan For Mbbs via Finnable?
Availing an education loan for MBBS via Finnable is quick and easy. Once you tick all the education loan eligibility criteria, you can apply for an education loan online.
- To apply for a student loan for MBBS online, you will need to download the Finnable personal loan app.
- Register yourself and add your personal and professional details.
- Choose the education loan amount that is required.
- Upload the documents.
Within 6 hours of document verification, the funds of your education loan will be credited to your bank account.
You can avail an instant loan up to via Finnable. The education loan interest rate is between 16% to 26% and you can have a loan repayment tenure of up to 5 years.
Studying should not be put on the back burner because of a lack of funds. You can use a student loan to study abroad, a personal loan to travel, a wedding loan for marriage preparations, etc. It is a quick and simple process to avail of a loan via Finnable.
Finnable also lets you avail of personal loans without collateral for a multitude of reasons. Though many NBFCs ask for a high credit score, you can avail of an education loan for MBBS without having one, making it easy for you to be eligible.
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