Student Loan for Medical Courses in India

Medical courses demand years of dedication, hard work, and financial commitment. For many students in India becoming a doctor is a dream, but affording medical education can be challenging even if they manage to clear the cut-throat competition to secure a seat in a prestigious medical college. This is where student loans step in to help. Let us understand student loan for medical courses in India and how can they help in realising your dream. Please note that student loan for medical students UK and other destinations involve certain additional and different steps as compared to student loan for medical studies in India.

Why to Choose a Student Loan for Medical Courses in India?

Medical education costs are very high and keep on increasing every year, especially for private colleges. Let us understand some of the benefits of education loan for medical courses:

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  Student loans for med students in India can be beneficial as they ease the financial burden by covering tuition fees, hostel expenses, and other necessary costs.
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  Students without any collateral or security can also get education loans which can help them realise their dream of becoming a healthcare professional.
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  The rates of interest for education loan are very low as compared to personal loan and the repayment tenure is longer than personal loan, which makes education loan a smart choice for medical students.

Types of Student Loan for Medical Courses:

There are various student loan for medical courses without collateral and with collateral are available in the market, but let us first understand what they mean:

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  Education Loans with Collateral or Secured Education Loan: These loans require you to pledge property, fixed deposits, government bonds, or other assets as security. Secured student finance for medical students often comes with lower interest rates.

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  Education Loans without Collateral or Unsecured Education Loan: If you don’t own any assets, don’t worry. Education loan for medical students without collateral are offered by many banks, especially for students admitted to top medical colleges. For instance, education loan for medical students in Karnataka is widely accessible.

Watch the video SBI education loan for MBBS students and STEM courses without collateral.

Best Banks for Medical Education Loans in India

Here are some of the best banks for student loan for medical courses SBI and others along with NBFC (Non-Banking Financial Companies) for education loans for medical courses in India along with education loan for MBBS interest rate:

Eligibility Criteria for Student Loan for Medical Courses

Education loan for medical students in India requires certain eligibility criteria. Following is the eligibility criteria for student loan for medical courses in India:

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  Applicant must hold Indian citizenship.
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   Applicant must be between 18 to 35 years of age.
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  Confirmed admission status is a must. The applicant must have secured confirmed admission to a recognized medical college in India or abroad. 
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  A good academic record is also required. Students must have completed their 10+2 (12th Standard) with qualifying marks for undergraduate medical programs.
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  A co-applicant, such as a parent or guardian, is required for full-time courses. The co-applicant's financial stability is very important in the approval of the education loan.
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  Depending on the loan amount, collateral such as property, fixed deposits, or other assets may be required, particularly for a higher student loan medical degree.
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  Some lenders may have specific conditions regarding the course duration and institution accreditation.
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  MBBS education loan eligibility may include proof of finances, especially for loans without collateral.

Documents Required for Student Loan for Medical Courses

Education loan for MBBS in private colleges requires certain documents. The following documents are required for student loan for medical courses. Please note that this list of documents is updated and accurate as per your latest details:

Applicant’s Documents:

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  Identity proof: PAN, Passport, Driver’s License, Voter ID card, or Aadhaar card.
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  Education loan application form.
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  Address proof: Recent copy of telephone bill, electricity bill, water bill, or Aadhaar card.
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  Passport (if applicable for foreign studies).
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  Academic records: 10th and 12th standard mark sheets, undergraduate semester results, and entrance exam scores (e.g., NEET).
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  Proof of admission: Admission letter (conditional admission letters are also applicable).
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  Statement of expenses: Detailed breakdown of the course expenses.
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  Two passport-sized photographs.
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  Bank account statements (if applicable).
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  Loan account statement of one year (if applicable).

Co-applicant’s Documents:

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  Identity proof: PAN, Passport, Driver’s License, or Voter ID card.
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  Address proof: Recent copy of telephone bill, electricity bill, water bill, or Aadhaar card.
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  Two passport-sized photographs.
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  Proof of income for salaried co-applicants:

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    Salary slips for the last three months.
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    Form 16 of the last two years.
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    Bank account statement for the last six months (salary account).
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  Proof of income for self-employed co-applicants:

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    Business address proof.
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    Last two years’ income tax returns.
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    TDS certificates (Form 16A).
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    Certificate of qualification (for professionals like doctors or chartered accountants).
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    Bank account statement for the last six months.
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  Legal documents for collateral (if applicable):

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    Property title deeds.
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    Valuation report.
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    Proof of ownership.

How to Get a Student Loan for Medical Courses in India?

To apply for an education loan for medical courses in India with GyanDhan, you must follow the steps mentioned below:

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  Step 1 - Check your education loan eligibility.

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  Step 2 - Once you have checked your eligibility criteria, our team will evaluate your profile and contact you within 24 hours.

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  Step 3 - An expert education loan counselor will be dedicated to you and will compare more than 15 lenders for you according to your requirements.

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  Step 4 - After thoroughly analyzing your profile, our expert counsellor will initiate your education loan process with 3-4 lenders simultaneously.

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  Step 5 - You will receive a customized document checklist so that you do not miss any document that can cause delay or rejection of your education loan.

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  Step 6 - Your profile will be evaluated by bank or NBFC and based on it, they will approve or deny your application.

The best part is we do not charge anything for this dedicated service. Our team at GyanDhan is well-connected with all our lending partners. Therefore, we can suggest best student loans for medical students and if any last-minute issues interrupt your education loan journey, then we can coordinate with the officials and get them resolved immediately. Pursuing a medical degree is a great goal, and with the right student loan for medical courses in India, financial issues will never stand in your way. Choose a loan that fits your needs and start your journey to becoming a successful doctor. To secure the best education loan, check your eligibility and connect with GyanDhan today!

Frequently Asked Questions