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2 mins Read | 3 Weeks Ago

Education Loan for MBBS - Eligibility, Interest Rate & How to Apply

Student Loan For MBBS - Loan up to 2 Crore

 

Education Loan for an MBBS

To become a medical professional is both thrilling and difficult. Pursuing a Bachelor of Medicine and Bachelor of Surgery (MBBS) is a very important investment plan for the future, not just in terms of time and effort but also financially. The expenses in this course are difficult to handle and often leave aspiring doctors in a dilemma under financial burden. Fortunately, Education Loans provided by ICICI Bank offer a feasible solution and reduce the burden which comes with pursuing an MBBS. Let us explore some simple ways to get through the high cost of your MBBS programme through ICICI Bank Education Loans.

Features and Benefits: Education Loan for Medical Students

Do you wish to have a career in medicine? ICICI Bank understands the significance of quality education, which will shape your career in medicine. The Education Loan for medical students is customised, supporting your aspirations and providing the following benefits.

  • Generous Loan Limits for Medical Studies

ICICI Bank offers substantial financial assistance, providing Loans up to ₹ 2 crore for International Medical Studies and up to ₹ 1 crore for Domestic Medical Studies.

  • Collateral-Free Financing for Premium Institutions 

Experience the ease of a collateral-free Loan up to ₹ 1 crore, exclusively available for esteemed medical institutions.

  • Tailored Solutions for Professionals 

Avail the advantages of ICICI Bank’s specialised product offerings customised for Government employees, CXOs and professionals with an experience of at least two years.

  • Hassle-Free Application Process

Enjoy an easy digital process from application to approval, eliminating the need for branch visits. With pre-admission sanction, experience swift processing and peace of mind.

  • Competitive Interest Rates 

Avail attractive interest rates with flexibility based on the course and Loan amount.

  • Flexible Eligibility Criteria

Indian nationals aged between 16 & 35 years who have proven academic degrees can apply. Completion of 10+2 (12th Standard)/Diploma is necessary when planning for undergraduate medical courses.

  • Co-Borrower and Security Options 

ICICI Bank offers flexibility while selecting from a range of co-borrowers, including family members and securing your Loan with property (House or Flat), Fixed Deposit (FD) or an existing ICICI Bank Home Loan as cross-collateral.

  • Convenient Application Process 

Apply conveniently by visiting any ICICI Bank Branch or utilising the online platform for domestic and international institutions covering various medical courses. Existing ICICI Bank customers can also check their eligibility for instant sanction through ICICI Bank Pre-approved Education Loan feature.

Eligibility Criteria: Education Loan for MBBS

If you want to earn an MBBS degree and are considering financial support, ICICI Bank offers customised Education Loans for MBBS solutions. Let us look at the eligibility criteria for this Loan.

  • Nationality: If you want to get an Education Loan for MBBS from ICICI Bank, you must hold Indian citizenship.
  • Age: The age criteria for this Loan is between 16 years and 35 years.
  • Academic Record: A proven track record of academic excellence is highly valued. Your performance should demonstrate commendable academic achievements.
  • Qualification: If you plan to take a Loan for MBBS, you must have completed your 10+2 (12th standard)/Diploma.
  • Course: The Loan is specifically designed for individuals pursuing an MBBS degree.
  • Institution: The institution you select should be recognised and accredited by the concerned regulatory bodies in India.
  • Loan Amount: ICICI Bank provides financial assistance up to ₹ 1 crore if you plan to study in India.
  • Co-borrower: A co-borrower is needed for the Loan application. Relatives like father, mother, brother, sister, spouse (husband/wife), grandparents, parents-in-law or maternal/paternal uncle are eligible co-borrowers.
  • Security: This depends on the overall Loan amount for your education. Collateral may be required in certain cases. Acceptable forms of collateral include property (such as a house or flat), Fixed Deposits (FD) or an existing ICICI Bank Home Loan for cross-collateral.

Documents required: Education Loan for MBBS

You will need to provide a set of mandatory documents including:

  • Duly filled out online application form
  • Passport-size photographs
  • Copy of 12th standard mark sheet or latest educational certificate
  • Admission letter with the cost of education (if available)
  • Applicant and their guardian/parent’s PAN Card
  • Residence proof, which often includes an Aadhaar Card, PAN Card and other IDs
  • Income proof, including recent three-month salary slips, Form 16 and Updated Income Tax Returns (ITR) for the past two years of the parent/co-borrower/guardian
  • ICICI Bank can also ask for additional documents as per policy.

Interest Rate: Education Loan for MBBS

Securing financing for higher education is simplified with competitive interest rates on ICICI Bank Education Loans. Here is a breakdown of the details:

  • Interest Rate:

ICICI Bank’s interest rates are linked to the Repo rate, ensuring alignment with prevailing market conditions and transparency.

  • Loan Tenure:

Undergraduate courses: Up to 10/12 years

Postgraduate courses: Up to 12/14 years

  • Maximum Loan Amount:

Domestic courses: Up to ₹ 1 crore

International courses: Up to ₹ 2 crore

  • Collateral Requirement:

ICICI Bank accepts collateral, such as Fixed Deposits, Property or Cross-collateralisation with existing Mortgage loans.

  • Unsecured Loan Availability:

Premium Institutes: Up to ₹ 1 crore for both Undergraduate and Postgraduate courses.

  • Moratorium Period:

Course duration plus an additional grace period of up to 12 months.

  • Margin:

Premier Institutions: No margin required.

Other category Institutions: 15% margin, which can be met through FDs, scholarships or initial fees paid to the institution.

How to Apply: Education Loan for MBBS

ICICI Bank offers tailored Education Loans to support your academic journey. Here is how you can apply for an Education Loan for MBBS:

Eligibility Check: Ensure that you fulfil all the age and academic requirements.

Loan Amount: With ICICI Bank, you can get a Loan up to ₹ 1 crore for studies in India, whereas for international education, you can take a Loan up to ₹ 2 crore.

Documents Needed: Ensure you have academic documents, an admission letter, identity and address proof and income proof (if applicable), along with other documents.

Application Process: You can visit any ICICI Bank Branch for an offline application process; however, there is also an online application process for the Loan. 

Submission: Complete the application form in an accurate format, ensuring that all the details are filled properly.

Approval: The bank reviews your application and documents before approving the Loan.

Disbursement: The final amount will be directly disbursed into your Account when approved.

Repayment Options: Ensure that there is a Flexible Repayment Loan option.

Stay Updated: Have constant updates regarding your Loan application.

 

Education Loan for MBBS FAQs

1. What amount of an Education Loan can I get for MBBS?

For MBBS, ICICI Bank offers Education Loans up to ₹ 1 crore for domestic studies and ₹ 2 crore for international studies. The Loan amount usually covers tuition fees, living expenses and major costs within your university or educational institution. In addition, to be eligible for this Loan, you need to have an academic record, entrance exam scores and confirmed admission.

2. Is there any prepayment penalty on Education Loans for medical students?

There is typically no prepayment penalty on Education Loans for medical students. Given the high cost of medical education and the potential for future earnings, taking a Loan for an MBBS is generally acceptable.

3. When can I repay my Education Loan? 

Education Loan repayment typically begins after course completion, with flexible tenure options extending up to 12 years. Repayment can start from months to a year after finishing the course.

4. s a guarantor compulsory for an Education Loan for MBBS? 

Depending on your Loan amount, a guarantor for your Educational Loan for MBBS might be required. You may also need to pledge collateral in certain circumstances to expedite your Loan process.

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