Introduction to Study loan for MBBS in Russia
Those who seek MBBS in Russia or any part of the world, you need a study loan.
Unless you are financially able for studying abroad. But it is not the same for everyone. Not all students are able to support themselves with tuition fees, food and accommodation.
But thankfully, there are many ways to secure your future by taking study loan for MBBS in Russia.
Once a student has sealed a seat at the MBBS university in Russia, you’ll need to encounter the fee structure. This is when the student loan for MBBS in Russia comes into play.
Getting a loan for abroad studies has become the new normal. The fees are getting steeper in certain countries. Especially for those medical courses at the top MBBS universities.
You must have heard about the MBBS course fees in Russia being quite affordable. But even then, it is difficult to pay the tuition fees all at once. That is why most of the MBBS universities in Russia take fees in parts.
But remember that it is sometimes difficult to get loans for MBBS in Russia. This is because not every private bank provides loans considering the duration of the education.
Do not dread, as it does not mean you will not get any loan for MBBS in Russia. Students can get loans for overseas studies on the basis of collateral.
In this blog, we will provide some information on how to get study loan for MBBS in Russia.
Criteria to obtain Education loan for MBBS in Russia
- The last examination must be cleared with at least a minimum of marks
- Loans up to INR 4 lakh do not need any margin
- Although, loans greater than INR 4 lakhs will see a margin of 5% up to 15%
- There is no need for any security for loans up to INR 4 lakhs
- Loans above INR 4 lakhs need collateral security of suitable value
- Or co-obligation of parents/guardians along with the student's future income for the payment of instalments
Why do banks in India uphold providing loans for MBBS courses abroad?
While most students who prefer to study in countries like China, the Philippines etc have a hard time securing loans. This is because most of the banks in India do not recognise these countries for abroad education. There is also a risk factor and the course duration to consider to recover the loan.
What are the options for getting a secured loan for MBBS in Russia?
The best way to get a secured loan for MBBS in Russia from any bank is on the basis of collateral. This means that you need to provide something valuable to the bank.
Like property, gold, a vehicle or a house. If you cannot pay back the loan money that you borrowed, the bank can hold your possession. Till the time you complete the payment.
The government banks of India are the best for getting education loans for MBBS abroad. They provide lower interest rates, the chances of approval are high and tax benefits. Some of the major government banks for education loans in India are SBI, Bank of Baroda, and Punjab National Bank.
The two kinds of collateral that can be pledged to get a secured education loan
To begin with, there are two kinds of collateral that can be pledged to get a secured education loan from the banks. The collateral securities are tangible security and intangible security.
What are they? Well,
Tangible collateral security is basically immovable property such as land, a house, a flat or a shop. These items will definitely confirm your loan for MBBS in Russia. Since they hold greater value, perhaps more than the loan amount.
Intangible collateral security on the other hand is liquid assets like fixed deposits, life insurance or even government bonds. These items hold a certain value and can be collateral security for smaller loans.
What are the chances of education loan approval for MBBS courses?
MBBS in Russia is a massive field where millions of students from overseas come to study. Why Russia? This country has one of the highest literacy rates and the cost of living and studying is very affordable.
All of the banks in India often go through the student’s profiles and make a decision on whether they are eligible for the loan. This is merely to check his/her eligibility and credibility for the course and payment.
It is also because applicants who apply for the MBBS programmes in the states are much higher than in Russia.
FAQs
You can apply for an education Loan for MBBS in Russia from the local bank, either through a private or a government bank. But remember to get all the essential documents with you while going to the bank. As well as, the invitation letter from the university as proof of your admission.
Yes, since education in Russia is recognised in India, the banks provide loans. But you can check with the bank personnel or the education agent if you have any doubts.
There are certain factors that must be considered while applying for an education loan. Like the university acknowledgement, the duration of education, the fee structure, and the collateral security you can provide to the bank.
