What is the Maximum Education Loan in India for MBBS?

Growing costs of Medical Education in India demands finances to be planned much in advance. In India, the demand for securing a seat in medical colleges is ever increasing. Along with the growing demand for seats, course fees of medical colleges are also increasing substantially.

For admission into government medical colleges, banks provide loan amount up to 7.5 lakhs without collateral. For loan amounts above 7.5 lakhs, security collateral is a mandatory requirement. In case you have your confirmation of admission from a recognized medical college, banks provide a flexible rate of interest on the loan amount. Public Sector Banks provide loan up to an amount of 50 lakhs for medical colleges. In case you want admission into a private medical college, higher loan amounts are required for the completion of course. In such cases, Private sector banks and NBFCs can provide loans to medical students. Providing tangible collateral is a must in such cases. Loans up to 90 lakhs can be sanctioned by NBFCs for medical courses. Although there is no upper limit for loans in India, banks may refuse to provide the entire amount in case you are unable to provide collateral.

Check with the bank before issuing of the loan for repayment plans associated with those schemes. To find more about the EMI rates and repayment methods associated with loan schemes, check out our EMI Calculation page.