- March 5, 2019
- Posted by: shobhitjayaswal
- Category: MBBS in Kyrgyzstan
- Education Loan for MBBS in Kyrgyzstan
- Education Loan for MBBS abroad
Education Loan for MBBS in Kyrgyzstan
Every year, more than 3,000 Indian students go to study MBBS in Kyrgyzstan and many of them go after taking an education loan. Education loan for MBBS in Kyrgyzstan is available for Indian students. However, you might have to go to a few banks to get an education loan as not every bank provides loan for MBBS abroad.
Before we start to understand the procedure of getting an Education loan for MBBS in Kyrgyzstan, you can check the top colleges for MBBS in Kyrgyzstan and their fee structure here: MBBS in Kyrgyzstan Fee Structure.
Which Banks provide Education loan for MBBS in Kyrgyzstan?
To get an education loan for MBBS in Kyrgyzstan or even for any college for MBBS abroad, you should first apply with a Government Bank or a PSU bank –
- Bank of Baroda
- State Bank of India
- Allahabad Bank
- State Bank of Mysore
- IDBI Bank
- Axis Bank
Tip: The first bank you should approach for an education loan is the one where you already have an existing account.
Note: Many banks will not provide you with education loan, therefore, you might have to visit multiple banks.
Can I get an Education loan from a bank/branch from another city or from the country where the University is?
No, you will have to apply with a bank which is located near your house. You cannot apply for an education loan from a bank in the country where the college is located. You will get a loan where you have a house/address proof.
Which banks to avoid?
Many students approach private banks first. Most private banks do not provide an education loan for MBBS abroad. Many students see their application get rejected by private banks and lose hope of getting the loan. Always approach a public sector bank.
What all will the bank check before it sanctions education loan?
Every bank will check two things –
- your documents,
- documents issued by the university to the student
Here are some of the things that all the bank will check –
- you must be a citizen of India
- the university must be recognised by MCI/WHO
- you must be NEET qualified
- you must have the admission letter from the university (Global Medical Foundation will provide this)
- CIBIL report of your parents/guardian
- collateral/security if the loan amount is big
- previous loans and its repayment
- any current loan
- income of parents
- ITR of parents
- banks will cross-check all the documents submitted by you
How much loan can you take?
- Most banks won’t ask for security if the loan amount is below INR 4 lakh.
- Bank will ask for security for about 200% of the loan amount. For eg., for a loan for INR 10 lakh, the bank will ask for the security of INR 20 lakh from you.
- Most banks will give a loan of a maximum of INR 20 lakh.
- Banks can give loan for tuition fee, hostel fee, flight tickets, etc.
- Banks do not provide loan for service charges of agents.
What all documents will the bank ask for?
- security deposit, eg., property papers, FD papers, Mutual Fund/SIP papers, gold/jewellery, etc.
- commercial space/residential house
- admission letter from the university
- 10-13% if the loan is more than INR 4 lakh
- 7-9% if the loan is below INR 4 lakh
- compound interest is used by the bank for calculations
- The bank will give you the fee year wise. If you fail in the 1st year, the bank might refuse to give you a loan for the 2nd year.
- As we have mentioned earlier, you might have to go to 5-10 banks before you eventually get a loan.
- For repayment schedule and interest amount to be paid, it is best to get all the information from the bank beforehand.
Check MBBS in Kyrgyzstan and their fee structure here: MBBS in Kyrgyzstan Fee Structure.