Education and Career Forum

Hello,
What is the eligibility criteria of getting
education loan for MBBS college admission in India?
Kindly tell me about this as soon as possible.
Thank you in advance.

* Reserve bank of India has processed certain rules and regulation towards eduactional loans.

* The educational loan scheme aims at providing the financial support from the banks to meritorious and deserving candidates to pursue their higher education in India or abroad.

* ELIGIBILITY CRITERIA :

1. Candidate must be a citizen of India.

2. Candidate should secured admission to required course through entrance examination or selection process.

3. Candidate should have secured a minimum of 60% marks in the qualifying examination to be eligible to pursue the graduation course.

* The maximum loan amount given is Rs.7.50 lacs for studies in India.

* The loan to be repaid in 5-7 years after commencement of repayment.

Originally Posted by Unregistered

Hello,
What is the eligibility criteria of getting
education loan for MBBS college admission in India?
Kindly tell me about this as soon as possible.
Thank you in advance.

For most of the banks you can avail 7.5 Lakhs without any collateral or security. Above that amount you need to show bonds, property of deposits as mortgage.

Also the banks will provide loans only if you have a minimum merit that depends on the board unto which you took the exam and the average marks of current academic year.

So if you have say, 65% in 12th you can readily avail up to 7.5 Lakhs from Bank of Baroda or HSBC.

Other banks also provide this facility.

Thank you.