Financial Aid & Scholarships For MBBS Abroad

Give wings to your dreams with financial loan and scholarship guide to study MBBS abroad.

Process of Educational Loan For MBBS Abroad

Bank provides Education Loans for students looking to study in India and abroad. You can get a loan starting from Rs. 50,000 up-to Rs. 75 Lakh at attractive interest rates with benefits such as no processing fees, no pre-payment charges and no pre-closure charges. Find out the education loan eligibility criteria for availing an Bank student loan.

The Education Loan will be provided to those students who have

•          Indian Citizenship

•          Secured at least 50% marks during HSC & Graduation

•          Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level

•          Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2)

•          Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)

•          The education loan eligibility will be determined by Bank as per the Bank's policy prevailing at the time of loan application and disbursement.

Education Loan Process

Education loans have made the pursuit of academic courses easier, without burdening parent or guardians with liabilities, that we should be bearing.

The education loan process may vary from bank to bank but there are some fundamental steps.

Step 1: Fill in the loan application form

Like in case of every loan, the applicant has to fill in an application form which may ask for details such as contact details, details relating to academics etc. it is important to fill in accurate information.

Step 2: Personal Discussion

Once the applicant, i.e. the student fills in the form, there is a round of personal discussion wherein he/she may be asked various question relating to the academic performance, the course one has selected, probably the institute etc. At this stage, it is very important to be lucid and clear about one’s selection of course and its future potential of generating income. While some banks are known to hold the academic record important, some may give it a slightly lesser attention. This does not go to say that one needs an excellent academic record. But, make sure that there are answers to those mishaps that could have occurred during the academic life.

Step 3: Provide validated supporting documents

Unlike other loans where the talk of documents relating to say property, might come in at a later stage and may cause delay-documents are a must. In case of education loans, documents relating to admissions are mandatory even before the bank considers the loan application. The bank will verify the enrollment of the student from the concerned institute. One may also require collateral security such as papers relating to property to be mortgaged if the loan amount is above Rs. 4 lakhs.

Step 4: Stage of loan approval or denial

When one takes some other kind of loan, there is a co-guarantor, especially in case of personal and home loans. For an education loan, a guarantor is mandatory. The guarantor could be an applicant’s parents or guardians. The bank will run a thorough check of the guarantor and his/her credit history before sanctioning the loan. After completion of the process, the loan may be sanctioned or denied.

Step 5: Borrower’s signature on a Promissory Note

While the parents/guardians are guarantors, the student is the actual borrower of the loan. Once the loan is sanctioned, the student has to sign a promissory note to the bank.

Step 6: Disbursal of the loan

Once the formalities are completed (additional documents and signed post-dated cheques may be required), the bank will disburse the loan. The bank may disburse the college/institute fee directly to the concerned institute.

Documents required for Education Loan

Bank Education Loans helps you finance your tuition fees, hostel charges, study materials, etc. The Bank provides quick and hassle-free loans once you provide the application and required documents. Find out the documents required for Education Loan.

Documents for Education Loan for salaried individuals:

•          Proof of identity (any one of the following):

•          Passport

•          Voter ID card

•          Driving license

•          PAN card

•          Government department ID card

•          Latest salary slip showing all deductions or Form 16 along with recent salary certificate.

•          Proof of residence (any one of the following):

•          Bank account statement

•          Latest electricity bill

•          Latest mobile / telephone bill

•          Existing house lease agreement

•          Bank Statement / Pass Book of last 6 months

•          Optional – Guarantor Form

•          Copy of admission letter of the Institute along with fees schedule

•          Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Documents for Education Loan for all other Individuals

•          Proof of identity (any one of the following):

•          Passport

•          Voter ID card

•          Driving license

•          PAN card

•          IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant

•          Proof of residence (any one of the following):

•          Bank account statement

•          Latest electricity bill

•          Latest mobile / telephone bill

•          Existing house lease agreement

•          Bank Statement / Pass Book of last 6 months

•          Optional – Guarantor Form

•          Copy of admission letter of the Institute along with fees schedule

•          Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Documents required for first disbursement

•          Demand letter from college or university

•          Loan agreement signed by applicant, co-applicants

•          Sanction letter signed by applicant, co-applicants

•          Disbursement request form signed by applicant, co-applicants

•          Receipts of margin money paid to the college / university along with bank statement reflecting the transaction

•          Documents for collateral security (if applicable)

•          Form A2 signed by applicant or co-applicants in case of overseas institute

Documents required for subsequent disbursement

•          Demand letter from college or university

•          Disbursement request form signed by applicant, co-applicants

•          Receipts of margin money paid to the college / university along with bank statement reflecting the transaction

•          Exam progress report, mark sheet, bonafide certificate (Any one)

•          Form A2 signed by applicant or co-applicants in case of overseas institute

MBBS ABROAD SCHOLARSHIPS: