Yes, you can get an educational loan of up to Rs.80 Lakhs to pursue MBBS in India. These are mostly secured loans that require you to pledge equivalent collateral.
Leading Lenders offering Educational Loans for MBBS
Bank |
Interest Rate |
Maximum Loan Amount |
Maximum Tenure |
Processing Fees |
|
13.70% per annum |
Rs 40 Lakhs |
Up to 20 years |
Up to Rs. 10 Lakhs: Nil Above Rs. 10 Lakhs: Rs. 15,000 plus GST |
Federal Bank Education loan |
From 10.05% per annum |
Rs.10 Lakhs in India and Rs. 20 Lakhs abroad |
15 years |
Nil |
Bank of Baroda Education loan |
From 6.50% per annum |
Rs. 80 Lakhs |
15 years |
Nil |
From 9.55% per annum |
Rs. 30 Lakhs in India and Rs. 45 Lakhs abroad |
15 years |
Nil |
|
Canara Bank Education loan |
From 8.50% per annum |
Need-based |
15 years |
Nil |
Taking an Rs.25 lakh education loan depends on the costs of your studies as well as the amount you can pay out of pocket. If you have been accepted into a government medical college or university, the costs to complete the degree are likely to be lower than at certain private medical colleges and universities. Furthermore, if you have been admitted on merit to prominent medical institutions such as AIIMs and JIPMER, you are very likely to be authorised for an education loan.
The interest rate on such educational loans start at 8.80% and go up to 14%.