Education and Career Forum

Dear Sir,
I am a Medical student in Afghanistan and it is my 3rd year. I have got 93.94% till my 2nd year. I want to study MBBS in India. And I want to apply for an Education Loan. Can you please provide me the Banks names and the process for applying?

Here is the information on Education Loans by Indian banks for pursuing MBBS in India:

Several major Indian banks offer Education Loans for studying medicine in India including ICICI Bank, HDFC Bank, State Bank of India (SBI), Axis Bank, etc. As an international medical student from Afghanistan, here are some key points regarding Education Loans and application process:

Eligibility: You need to have a good academic record, preferably 60-70% or above in 12th and first/second year MBBS. Co-applicant (typically parent or guardian) with a steady income source is mandatory. Some banks may consider your income from scholarships/fellowships as co-applicant income. PAN card (for Indian co-applicant) is required.

Loan amounts: Up to Rs. 50 lakhs or even higher can be availed for 5 year MBBS program. Amounts up to Rs. 1 crore+ are sanctioned for postgraduate medical courses. The loan covers tuition fees,Hostel fees, books, supplies, etc. Interest rates: 8-11% floating, to be paid during moratorium period and repayment.

Documents required: Fee receipts/challans, transcripts of 12th and MBBS marks, income proof of co-applicant (currently not required for students from Afghanistan), PAN (for Indian co-applicant), Passport copy with student visa, etc. Some banks may require additional financial details from Afghan co-applicant.

Application process: You can apply through any branch of ICICI, HDFC, SBI, Axis or other bank that provides Education Loan for medicine. Submit documents, fill E-form or physical form as may be applicable. Interview and further approvals may be held with parents/co-applicant through video calling if required in view of your location.

Moratorium and Repayment: Most banks provide 2 years moratorium after completing MBBS. Repayment starts with monthly/quarterly installments for 5-10 years based on loan amount and your/co-applicant repayment capacity. Co-applicant's name is included in the loan and also account during repayment.

You can also check UGC Education Loan Scheme for Foreign/NRI students which provides higher amounts than normal Education Loans with moratorium up to 5 years and 7 years repayment period. The interest rates and process are similar.

Contact banks, submit necessary documents, be flexible about choice of streams/colleges based on availability of loans and of coursefees to improve your chances of getting the Education loan approved and realize your dream of studying MBBS in India.