MBBS Abroad Education Loan 2025

MBBS abroad is expensive, especially when you have to manage living expenses with course fees. Medicine in a foreign country can range from ₹1 Lakh to 4 Lakh Per annum. So, students planning for MBBS abroad are recommended to look for education loans to cover expenses.  There are various government and private entities like SBI, ICICI, etc., that offer loans specially curated for medical students. If you are searching for education loan options to study MBBS in foreign countries, you are at the right place. Before we proceed with the education loan process, let us check the cost of MBBS in some popular countries for Indian students:

The countries like Georgia, France, Russia, and more are affordable, but with living expenses, they add to your cost. So, let us explore educational loan for medical students in india: 

Eligibility for Education Loans for MBBS 

The education loan for MBBS has a specific eligibility criterion that students need to fulfil to apply for loans. However, it can vary as per specific bank requirements, but basic eligibility for educational loan for medical students in India remains the same: 

• Educational Qualification: To apply for an educational loan for MBBS, the student must have completed 10+2 with the medical stream. Some banks might require NEET scores as per college requirements. So, qualifying for NEET is another important eligibility criterion. 
• Collateral: After a specific amount set by the bank, you have to give collateral for the loan. These can include tangible assets like properties, fixed deposits, or cross-collateralisation. 
• Co-Borrower: If the amount exceeds more than ₹ 10 Lakh, your parents or guardian has to be a co-borrower. The CIBIL score of the co-borrower, their credit, and income statements are required to apply for a loan. 
• Acceptance from college: You cannot apply for a loan without an admission or acceptance letter from college.   

Documents Required for Education Loans for MBBS Abroad

To apply for education loans for MBBS, there are certain documents you need to prepare. These documents are required to analyse your chances of a loan from the banks: 

Types of Education Loans for MBBS 

Majorly, government and private financial institutions offer two types of education loan for MBBS. Collateral and non-collateral education loans with various pros and cons that you can check out here: 

Top Education Loan Schemes for MBBS Abroad 

There are many government and private financial institutions with education loan schemes, especially for MBBS abroad. Here are some of the top education loan eligibility and more: 

ICICI Bank 

ICICI is a private entity offering education loans up to ₹3 crore for students planning to study MBBS abroad. Below are the key details of their education loan eligibility: 

Bank of Baroda- Baroda Scholar Education Loan For Abroad Studies

The Bank of Baroda offers a maximum ₹1.50 crore education loan for MBBS abroad that students can check out. Here’s the eligibility for education loan by the Bank of Baroda: 

SBI Global Ed-Vantage

SBI has a special loan scheme for students who want to study abroad. The loan is offered to students planning to pursue courses in any discipline in foreign universities. Here are the key details of the SBI Global Ed-Vantage education loan procedure: 

Canara Bank IBA Model Education Loan Scheme

Canara Bank offers a special education loan for students planning to study medicine in India or abroad. They offer up to ₹ 4 Lakh loan without collateral and above with collateral. You can check out the details of their education loan process below:

Educational Loan Process- A Simple Step-by-Step Guide 

To apply for educational loans for MBBS, students have to follow these basic steps. These can vary slightly depending on the bank's requirements: 

• Take a consultation from the bank along with documents. The bank agents will analyse the documents and let you know about the chances of loan approval. 
• In case of application, you will be provided with the loan application form and document required documents. 
• Make sure you duly fill out the forms and carefully collect all the documents for the application. 
• Apply and wait for confirmation from the bank. 

Things to Keep in Mind for an Education Loan

When you are considering educational loan options, there are a few things to keep in mind. Whether it's documents, research, or more, these are practical ways to approach: 

• Eligibility: The first thing that you need to know about an MBBS education loan eligibility. Every financial institution, including ICICI, HDFC, etc., has its own requirements. You can check official websites, visit the nearest bank to understand eligibility. However, to help you, we have shortlisted a few education loans with eligibility for you. 
• Choosing institution and country: Not all countries are eligible for education loans. So, when you are looking for an education loan, you need to take an overseas MBBS consultancy for a detailed understanding. 
• Cibil score & finances: MBBS is expensive; if you are planning to take a hefty education loan, you need collateral. There are many things, including credit score, personal finances, and more, that you need to consider. Will you be able to manage interest rates, loan amounts, instalments, and more? These questions should be considered before an education loan. 
• Through a consultancy or a bank: If you are taking an MBBS abroad consultancy, you can apply for loans via a consultant. Consultants like Select Your University offer you guidance for education loans. If not consultancy, you can directly consider financial institutions for MBBS education loans. 

Conclusion 

When you plan to study medicine abroad, finances are crucial. Without proper planning, expenses can create stress and a financial burden. So, if you are considering an educational loan, check out the above-mentioned schemes and compare them before making a final decision. You can take consultation with MBBS abroad consultants and financial institutions to resolve your queries.  For more, check out Select Your University!