Education loan to study Medicine Top 5 Banks

Education loan is one major breather for the students who wish to study abroad. You can take an education loan to fund your studies. All major banks provide educational loans to the students who go abroad for higher studies up to INR Twenty lakhs. Some major banks provide loans of up to INR Thirty lakhs. The study loan in India is provided to any student who wants to pursue Medical Study in Bangladesh or abroad irrespective of the course he/she has chosen. However, the course and university must be recognized and the candidate must meet all the demands set by the bank. The interest rate will vary from bank to bank and ranges from 11.45 to 13% per year.

Here, we are having a comprehensive look at the various educational loan schemes in India:

 

Top Five Banks offering Education Loan

State Bank of India Educational Loan Scheme

If you couldn’t arrange for the finances, you can also look for some loan scholarships such as State Bank of India Educational Loan Scheme. It is a loan scholarship that is given to the students who go abroad for higher studies for certain courses such as Engineering, Medicine, Architecture, Technology, Management, Business Administration etc. The loan amount is up to 10 lakhs. The borrower needs to show a security that is equal to 200% of the loan amount. At the passing of the loan, the Bank directly pays the amount to the University.

Bank Of Baroda Educational Loan: 

Bank of Baroda provides educational loans for medical students under the scheme Baroda Gyan. They provide loans, the limit of which is specified up to Rs.10 lakhs. The loan margin is provided above Rs.4 lakhs, which is 5 per cent and above Rs 4 lakh it is 15 per cent. Students wanting to study abroad can availd loan upto Rs 20 lakhs.  There is no need of collateral or security for loan upto rs 4 lakhs. For loan above 7.5 lakh, a t angible collateral security equal to 100 per cent of the loan amount along with assignment of future income of the students is required. The loan has to be repaid in 120 maximum Installments for loan amount upto Rs 7.50 lakhs and in 180 maximum Installments for loan amount above Rs 7.50 lakhs. Interest counted on loan is calculated on the loan amount over a base rate.

Punjab National Bank Educational Loan Scheme

Another loan scholarship is Punjab National Bank Educational Loan Scheme. The loan amount includes the tuition fee, boarding and lodging and the living expenses of the student. One major problem with the education loan is that the student needs to start repaying the amount after six months of completion of the course. All basis expenses like costs of books, tuition fees, lodging expenses, caution deposits and the like are covered under the educational loan that can be availed upto a maximum limit of Rs. 10 lakhs. Repayment period for loans upto Rs.7.50 lakh is 10 years and for loans    above Rs.7.50 lakh upto 15 years. Tangible collateral security of suitable value is required with the assignment of future income of the student for payment of installments for loan above rs 7.5 lakhs.
 

IDBI Bank Education Loan: 

With IDBI Bank, one can avail educational loan for medical courses upto Rs 10 lakh. The bank puts no loan margin up to an amount of Rs. 4Lakhs but above for applying loan above Rs 4 Lakh, 5 per cent is applied to the total expenditure on the course if a student studies in India. For students studying abroad, the bank loan bears all possible expenses from college tuition fees, examination, library, laboratory fees, travel expenses, expenses for study material like books, caution deposits, travel expenses, , computers and even insurance premium for any student borrower. The  student taking the loan have to repay the loan  after getting a job or Plus 1 years after the course completion.

HDFC Bank Student Loan:

The bank provides education Loan upto Rs. 10 lakh and unsecured lending upto Rs. 7.5 lakh. No collateral will be required for loans upto Rs. 7.5 lakh. For applying for a loan above Rs 7,5 lakh, the bank provides a wide range of bank approved collateral securities like Residential Property, HDFC Bank Fixed Deposit, LIC, NSC or a KVP policy.The maximum repayment tenure  of the loan is upto 15 years after getting a job or +1 years after the course completion.

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Hi, myself Guru I'm educator in India, Bangalore. Mostly guide medical aspirant students. Parents offend asking me how and where to get study loan. Looking for financial institutes support Medical Student loan. Most of them going to study MBBS in Bangladesh Cheapest Medical colleges international recognized MCI Approved. For more Direct MBBS Admission related query you can Contact SMILE EDUCATION Find MBBS Fees in Bangladesh

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