Know the complete details for an education loan for MBBS Course
An education loan is the primary funding choice of a lot of students from India who wish to study abroad. Most of these students borrow an abroad education loan to fund their Masters courses in universities across the world. Keeping in mind the total duration of a typical MBBS course and the expenses involved, the best way of funding the course is an education loan for MBBS.
Why Don’t NBFCs Grant Unsecured Education Loan For MBBS Courses?
Students with excellent academic records are often accepted into prestigious universities in countries such as the USA, UK, Canada, etc. Such students do not find it difficult to secure an education loan from banks. Now, the problem arises when students come to private lenders asking for unsecured education loans to fund their MBBS courses in countries like China and Ukraine, which are not present on their list of countries. This is why many NBFCs do not lend unsecured education loan for MBBS courses. This leaves most of the candidates with one choice to fund their MBBS course abroad - Secured education loans from government banks.
Most students who seek an education loan for MBBS often tend to approach government banks like the SBI and Bank of Baroda as these institutions are governed directly by the RBI and also offer some of the most competitive offers on their education loan schemes for overseas studies.
Types of Collateral Security Required For Secured Education Loans
Collateral security can be of two different types; tangible and intangible.
Immovable Property
Liquid Security
Third-Party’s Assets
Education Loan For MBBS: Eligibility Criteria
The student’s academic profile has to reflect excellent performance throughout their academic career.
The value of the collateral being pledged as security for a Masters education loan should be higher than their actual education loan requirements.
Individuals having a strong financial background only can be named as co-applicants for an education loan for Masters.
For students who need an education loan for abroad to fund their MBBS courses in countries like China and Ukraine, there are special rules and regulations.
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