Bank Loan for MBBS in Russia: Your Complete Funding Guide to an Affordable Medical Career Abroad

Now imagine holding that MBBS degree in your hand, world-renowned and globally respected, when you've funded each step with your own money. You're not beholden to anyone, nor have you had to make any compromises. Only your determination and a good financial decision. Thousands of Indian households have made it a reality to fund their bank loan for MBBS in Russia, and it isn't as intimidating as you might think. 

With affordable MBBS in Russia, loan amounts are lower, EMIs will be much smaller and the repayment is quick and easy; it's a financial strategy that's just right for you. If you've been questioning how you will fund your MBBS abroad, this blog gives you all you need to know.

Why a Bank Loan for MBBS in Russia Makes Perfect Financial Sense

Here's the reality: affordable MBBS in Russia is truly low-cost. A 6-year MBBS degree at Russia (covering Tuition fee, Hostel fee, food, and travel) costs from 20 to 35 lakhs on an average, whereas private medical colleges in India cost from 50 lakhs to 1 crore and therefore, an MBBS in Russia proves to be a worthy option, both academically as well as financially.

Which implies:

• Minimal loan requirement in contrast to Indian private medical colleges.
• Reduced EMI in the post study period while you practice as a doctor.
• Accelerated loan repayment after establishment.
• No extra capitation or donation charges, and your entire amount of money is spent on education.

Bank loans for MBBS in Russia are considered safe and high-yielding by banks all over India and are easily granted.

Top Banks Offering Education Loans for MBBS in Russia

Many prominent Indian banks and institutions provide education loans for MBBS abroad, including for Russia. They are:

State Bank of India (SBI) 

• Amount of loan: 1.5 Crore
• Moratorium Period: Duration of the course + 12 months
• Offers attractive interest rates and benefits or concessions to Girl Students
• Financing of tuition fee, living expenses (hostel and food), travel, books, etc.

Bank of Baroda - Baroda Scholar Scheme

This scheme is exclusively meant for MBBS abroad students, as well as for technical courses abroad

• Provides up to 100 percent financing of all affordable MBBS costs in Russia
• Flexible repayment period for up to 15 years
• Punjab National Bank - PNB Udaan Scheme
• Specifically developed for students for medical education abroad.
• Available for up to 1 Crore with security. Covers all the essentials for MBBS in Russia.

Axis Bank & HDFC Credila

• Private banks, these provide faster processing for study abroad loans.
• These are good for those requiring quicker access to funds.
• Flexible repayment structure for students based on career path
• Avanse Financial Services & InCred
• These are NBFC providing only education loans abroad.

An advantage if you are looking at the cheapest cities in Russia for MBBS programs, and have relatively fewer expenses in terms of living.

Documents Required for Education Loan: MBBS in Russia

Loan sanction is not complicated if you are prepared. However, here are some of the common documents that banks ask for:

Documents of the student:

• NEET scorecard and 10th/12th mark sheets
• Admission letter from NMC (National Medical Commission) accredited Russian university
• Passport and visa details
• Fee structure of the Russian medical university

Co-applicant or Parent Documents:

• PAN and Aadhaar card
• Proof of income 
• Bank statements (last 6 months)
• Property papers (for secured loans of more than 7.5 Lakhs)

Other Documents:

• Detailed expenses of MBBS in Russia (tuition and living costs)
• Collateral papers (if asked by bank)

Secured vs Unsecured Loans: Which Is Right for You?

Many families found that an unsecured loan of 7- 10 lakhs was enough for the first 2 years for inexpensive MBBS in Russia. The further disbursements were adjusted to match the semesters so the interest charged did not sum to too much.

Smart Tips to Maximise Your Education Loan for MBBS in Russia

So the first part is the loan itself; the second (and more important part) is the efficient usage of that loan.

Here are a few tips to smart students:

• Look for  Russian universities that are located in cities where the cost of living and study is the least in Russia-cities like Ufa, Volgograd, Orenburg, and Kursk can bring down your entire loan amount to 5-8 lakhs lower when compared with the loan required for studying in Moscow.
• Apply to several banks concurrently and compare interest rates.
• Track your disbursement-co-ordinate the payment with your Russian medical university and semester fee schedule. 
• Maintain a consistent academic record as banks offer lower interest rates if your performance is consistent in the course.
• Pay your taxes on time, you get tax deductions of the entire amount paid as interest under section 80 E of the Income Tax Act.

EOCL India 

Preparing for an MBBS Abroad and seeking adequate guidance in securing admission, availing education loan, choosing universities, visa assistance, etc. EOCL India is the organization that can serve as your guide throughout the whole process.

Our team of counsellors is experienced and guides students through the process of securing admission to the best NMC approved Russian medical universities with a fair fee and full document work required. From helping you select the perfect university to help you obtain a bank loan for MBBS in Russia, EOCL India is there to ensure the whole procedure is done seamlessly. Contact us to know more.