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Education Loan For MBBS
As Indians, we all are aware of the two major aspiring professions in our country, Engineers and Doctors. And a huge chunk of people is vying for the title of “Dr” in front of their names. Yes, becoming a doctor is a rewarding feat to achieve, you get to help your fellow humans. But the road to reaching that destination is filled with an immense amount of hard work, dedication and patience.
This fable begins with us getting into the university we want. And while getting into the university is all your hard work, financing it can be expensive and students often opt for education loans for MBBS. Getting an education loan has increasingly become a more straightforward process with time. At Finnable we can help you achieve your dreams of becoming an MBBS student by providing you with tailored student loan options for MBBS for you to choose from.
A Loan for MBBS helps students by
- Taking care of all their financial requirements
- Is easily available at low-interest rates and is customizable according to the student’s needs
- Remove the financial burden on students and their families
- Allows them to fulfil their dream without worrying about the economic feasibility of it
- It covers tuition fees, examination fees, library subscription, lab equipment, cost of books, laptop/computer and hostel charges
MBBS Education Loan EMI Calculator
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With the advent of technology, financial institutions and banks provide online software that can help applicant figure out their EMI. The EMI is based on the Education loan for MBBS interest rate, the loan amount required and the suitable tenure for the applicant. The calculator helps you to plan out your finance more efficiently and gives you an opportunity to choose the best combination that works for you. This makes the loan process stress-free and ensures that you can take a loan tailored to your own needs.
MBBS Education Loan Interest Rate
Education loan for MBBS interest rate is often low and can be easily available to the students upon getting their admission. The interest for a student loan for MBBS on the Finnable app is between 16% to 28%. The tenure of the loan is also customizable you can have a loan repayment tenure of up to 5 years. We can help you choose the best Education loan for MBBS based on your requirements.
How to Apply Education Loan for MBBS in India?
As times have changed, online banking has made the application process for education loans for MBBs extremely simple and hassle-free. Loan for MBBS requires a step-by-step process which includes:
Availing of an MBBS education loan via Finnable is an extremely quick and easy process
- Once you tick all the 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 required
- Within 24 hours of document verification, the funds of your education loan will be credited to your account
The approved amount for the education loan for MBBS is transferred directly into the institution’s account or the student’s account.
Eligibility Criteria for MBBS Education Loan
For getting a student loan for MBBS several criteria need to be fulfilled. The list of criteria for an education loan for an MBBS includes:
- To avail of an MBBS loan in India, 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 Medical students
- The parent applying for an education loan for MBBS for their child should be working in a private, public, or LLP organisation
- You will also need to have a minimum income of Rs. 25000 per month for the loan to be approved
- At the time of application for the education loan for MBBS, the co-applicant or the person applying needs to be employed for more than 3 months at their current company and have a total work experience of more than 6 months.
- The applicant must have a confirmed admission from a recognized institute in India or Abroad
- The applicant must be a resident of India
- Students are required to qualify for NEET exams as it is mandatory
- The university applicant get selected should be affiliated with and recognized by National Medical Commission (NMC), World Health Organization (WHO), and United Nations Educational, Scientific and Cultural Organization (UNESCO)
- They must have a co-applicant who is a family member such as a father, mother, sibling, spouse or in-law.
Documents Required for Loan for MBBS in India
In India, a Study loan for MBBS requires a set of documents for the loan to be approved. The documents required for a loan for an MBBS application include the:
- Copy of 10th and 12th mark sheet along with the NEET clearance certificate
- Admission letter from the university/college
- Statement of cost of study
- Aadhar and Pan card of the applicant and co-applicant
- 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.
- Documents of age proof, identity proof and residence proof also need to be included
Age proof: Copy of Aadhar card/ Voter ID/ Passport/ Driving License
Identity proof: Copy of Aadhar card/ Voter ID/ Passport/ Driving License
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Frequently Asked Questions (FAQs)
Yes, you can take an education loan for MBBS on commercial property under your or your parent’s name. You can use the property as a mortgage to get a loan.
Yes! The interest you pay every year on your loan for MBBS can be deducted by you under Section 80E of the Income Tax Act, 1961. The amount can only be deducted for a maximum of 8 years or till the interest is paid, whichever is earlier.
Some institutions do charge a fixed amount or a certain percentage of the loan amount as a processing fee.
In India, you can get an education loan for MBBS up to 80 lakh. Loans are usually secured and thus require collateral worth the amount. At Finnable, you avail of an education loan for MBBS without collateral, making it easier for you to apply and be eligible for a loan.
You can choose the duration of your loan based on your preference. We recommend keeping the tenure as short as you can afford to not pay higher interest. The loan also has tax benefits that need to be considered when deciding the duration period.
