Education Loan for BAMS Students: Top 5 Banks in India

One of the best ways to pay for your medical school, especially BAMS courses in India, is with an education loan, as many banks offer low documentation requirements, an easy online application process, and a moratorium period.

This blog discusses the eligibility requirements and required documents of the top 5 banks offering an education loan for BAMS in India.

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Overview of Education Loan for BAMS in India

Category	Details
Limit of loan amount	Up to Rs.40 lakh unsecured Up to Rs.2 crores secured
Expenses covered by the loan	Academic: Examination, Library, or Laboratory fees Tuition and Fees payable to the institute Living expenses, including hostel fees Purchase of books, Equipment, or Uniforms Additional: Overseas Insurance Travel expenses Purchase of computers or laptops Cost of health insurance
Moratorium Period	Duration of the course plus 12 months
Interest rate	Collateralised: Starts from 8.55% approximately Non-Collateralised: Starts from 9.55% approximately
Repayment Duration	15 years, including the moratorium period
Co-applicant	Parents, spouse, siblings, and parent-in-law
Value of collateral	Liquid security: 1.1 times the requested loan amount Immovable property: 1.25 times the requested loan amount

Students pursuing BAMS can benefit from the IBA Model Education Loan Scheme, which sets standard eligibility and repayment rules followed by major Indian banks.

Also Read: BAMS Course Fees 2024: Syllabus, Admission & Top Colleges

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Overview of Education Loan for BAMS Abroad

Category	Details
Limit of loan amount	Up to Rs.75 lakh without collateral Up to Rs.1.5 crores with collateral
Expenses covered by the loan	Academic: Course tuition fee Cost of books, uniforms, and equipment Examinations fees Library and laboratory charges Living expenses, including the accommodation fee Additional: Cost of laptop or computer Travel expenses Cost of medical insurance premium Premium of overseas Insurance
Moratorium Period	The total duration of the course plus one year
Interest rate	Collateralised: Starts from 8.55% approximately Non-Collateralised: Starts from 9.55% approximately
Repayment Duration	The moratorium period of 24 months
Co-applicant	Parents, spouse, siblings, and parents-in-law
Repayment Policies	If the university is included in the prime list, then payment of interest is optional If the university is not on the prime list, then simple interest will have to be paid

Also Read: BAMS SYllabus 2024: Explore Subjects, Top Colleges & Books

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Comparison of Education Loans for BAMS Students

Education Loan Schemes	Interest Rate	Maximum Loan Amount	Maximum Tenure	Processing Fees
Axis Bank	From 13.70% p.a.	Rs. 50 lakh	Up to 15 years	2% of the loan amount
Bank of Baroda	From 8.55% p.a.	Rs. 1.50 crore	15 years	No processing charges up to Rs.7.50 lakh 1% of the loan amount up to Rs.10,000
Canara Bank	From 9.25% p.a.	Min Rs 7.5 Lakhs, Max- 100% of Collateral Value	15 years	10% of the loan amount
Federal Bank	From 12.55% p.a.	In India - Rs.10 lakh, Abroad - Rs.20 lakh	15 years	Nil
HDFC Bank	9.50%	Up to Rs.1.5 crore	15 years	Up to 1.5% of the loan amount
Propelld	12% onwards	Up to 2 Crores	15 years	1-3% of the loan amount

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‍Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

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Eligibility for Education Loan for BAMS Course in India

The standard qualifying requirements for education loans from various banks are listed below:

The nationality of the applicant should be India
Should have obtained admission following 10+2 through an entrance exam or a merit-based selection procedure
Should have at least 50% of marks in the Higher Secondary Certificate (HSC) or at the graduation level

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Documents Required for Education Loan for BAMS in India

Category	Documents
General Documents	KYC documents Mark sheets for S.S.C., H.S.C, and degree-level courses Bank statements or passbook for the last six months Copy of admission letter from the Institute Schedule of fees Guarantor Form (optional)
Documents for First Disbursement	Receipt of margin paid to educational institution with bank statements Loan agreement signed by applicant and co-applicants Documents for collateral security (if applicable) A demand letter from the educational institution Sanction letter signed by applicant and co-applicants Disbursement request form signed by applicant and co-applicants Form A2 signed by applicant or co-applicants (for institutions abroad)
Documents for Later Disbursements	Marksheets, exam progress report, or bona fide certificate Receipt of margin paid to educational institution with bank statements A demand letter from the educational institution Disbursement request form signed by applicant and co-applicants Form A2 signed by applicant or co-applicants (for institutions abroad)

Once your documents are ready, make sure you review the full education loan eligibility and application process to ensure your BAMS loan application proceeds without delays.

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Education Loan for BAMS Without Security

Category	Details
Limit of loan	Up to Rs.45 lakh
Expenses covered	Cost of living Cost of books Uniforms Laboratory Tuition Fees Accommodation charges Library fee
Repayment Duration	Up to 15 years, including the moratorium period
Moratorium Period	Total duration of the course plus six months or one year
Repayment Policies	During the moratorium period, the borrower must pay the simple or partial simple interest
Interest Rate	Starting from 9.55%
Top banks offering this loan in India	ICICI Bank IDFC Bank Propelld Incred Avanse Auxilo

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Education Loan for BAMS With Security

Category	Details
Limit of loan	Up to Rs.2 crore
Expenses covered	Tuition Fees Accommodation charges Cost of living Cost of books Uniforms Laboratory Library fee
Moratorium Period	The total duration of the course plus six months
Repayment Policies	Interest payment is not mandatory during the moratorium period
Repayment Duration	Up to 15 years
Interest Rate	8.55% (approximately)
Value of Collateral	Immovable property: 1.25 times the loan amount Liquid security: 1.1 times the loan amount
Top banks offering this loan in India	State Bank of India Incred Avanse

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Documents Required for Education Loan for BAMS

Category	Required Documents
Basic Documents	Education loan form provided by the lender Bank account statement for the last six months with co-signer signature One year of salary credit (for salaried co-borrower) One year of business transactions, self-attested documents, and liability and personal asset statement (for self-employed co-borrower) Identification proof (PAN card and passport)
Residential Proof (any one)	Aadhar Card Voter ID Passport of the applicant Electricity bill Telephone bill Ration card Bank account statement Note: Provide two different address proofs if current and permanent addresses differ
Academic Documents	Print out the university ranking form Scorecard of IELTS, GMAT, or GRE Marksheets and certifications (10th, 12th, and degree) Fee structure of the course Proof of enrollment into the institution or university
Income Documents (Co-applicant)	Salaried: Previous two years' ITR Salary slips of last three months Previous two years' Form 16 ID card of the employer Self-employed: Last three years' profit and loss account and balance sheet Address proof of the business Previous three years' ITR
Other Documents	Letter confirming extra amount coverage by co-applicant Advance transaction receipts Invoice for expenses (travel, laptop) Previous year loan statement (if applicable) Letter explaining lack of income tax return (if applicable) Letter on Rs. 100 stamp paper explaining gaps in the loan application
Collateral Documents	Gift Deed, Will, or Registered Sale Agreement Property Title deed Current electricity bill and newest property tax bill with the same address Link documents for 30 years or Past chain of sale deed establishing title or EC Previous sale deed (if the property has been owned for more than 30 years) Original receipt of registration Letter of allotment by authorised government authorities (if applicable)

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Fees for Top Colleges for BAMS in India

Institute	Approximate Fee
Dr D.Y. Patil Vidyapeeth, Pune	INR 3.95 L
Bharatiya Vidyapeeth University	INR 5 L
Shri Jainendra Ayurved College	INR 3.20 L
Atreya Ayurvedic Medical College Hospital & Research Centre	INR 3.4 L
Yenepoya Ayurveda Medical College and Hospital	INR 18 L
KLE College Karnataka	INR 1.25 L (Total)
Mahatma Gandhi College Ayurveda College, Gujarat	INR 5 L
Shri Dhanwantry Ayurvedic College & Hospital	INR 6.75 L
Sri Sri College of Ayurvedic Science & Research Hospital	INR 28,000
SDM College of Ayurveda & Hospital	INR 11.3 L

With tuition fees rising in top BAMS colleges, many students turn to financial support options. Understanding the education loan benefits can help cover tuition, living expenses, and more.

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Get a no collateral Education Loan

Fastest process for Education Loan with No Collateral Requirement

Explore more top colleges of India on this website!

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Scholarships to Study BAMS

The Ministry of External Affairs provides the AYUSH Scholarship Scheme for students pursuing BAMS courses in India.

More information can be found on the official website.

The eligibility criteria for applying to the AYUSH scholarship are as follows:

Foreign nationals seeking admission for UG, PG, and PhD courses in AYUSH courses such as BAMS, BUMS, BNYS, etc.
Min age limit - 18 years
Must meet eligibility criteria as set by the university.

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How to Apply for Education Loans in India

In India, you have two options for applying for student loans: online or offline. These are listed below:

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Method of Online Application

Step 1: Apply for an educational loan on the bank's official website.

Step 2: Navigate to the educational loan section and complete the online form by providing the required information.

Step 3: After receiving your submission, a bank representative will contact you to complete the application process.

Step 4: You could be asked to provide supporting documentation in person at your local branch or online.

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Method of Offline Application

To apply for an educational loan in person, visit the bank closest to you and complete an application.

Obtain the application form, complete it with the relevant data, and submit it with the required supporting documentation.

After your application has been processed, the bank will contact you to complete the procedure.

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Challenges Faced While Applying for Education Loan for BAMS

Some of the issues that candidates seeking education loan for BAMS and other medical courses encounter are as follows:

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1. Lack of Knowledge

Absence of knowledge regarding the loan requirements, application process, and accessible loan possibilities

2. High Interest Rates

High interest rates make it challenging for borrowers to make loan repayments.

3. Credit History Requirements

Since students might need a clean credit history, it becomes more challenging to get a loan.

4. Not Financing the Course Completely

The total loan amount must be increased to cover all course-related costs, occasionally rendering the BAMS/ MBBS program unaffordable (some students consider taking a loan from two banks).

Overcome these issues with a Propelld education loan!

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Why Propelld?

Propelld covers 100% of your educational expenses. Unlike complex bank application processes, you can apply simply and straightforwardly.

Here are some more benefits of applying for a loan through propelld Education Loan:

Particulars	Details
Max Loan Amount	50 Lakhs
Collateral	Not Required
Moratorium	Available
Processing Time	10 Times Faster than Banks
Disbursal Time	7 Days
Approval Rate	Higher than Other Banks
Special USP	Marks Based Approval
% Financed	100% of Fees

Apply for a Propelld Education Loan today!

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FAQs Education Loan for BAMS

What is the maximum education loan amount available for BAMS students in India?

Most banks offer education loans for BAMS students ranging from ₹10 lakh to ₹25 lakh for studies in India. For overseas education, loan limits may go up to ₹50 lakh or more depending on the lender.

Do banks provide education loans specifically for BAMS courses?

Yes, most banks and NBFCs offer education loans for medical courses including BAMS, provided the student has secured admission in a recognised Ayurvedic college.

Is collateral required for an education loan for BAMS students?

Collateral is usually not required for loans up to ₹7.5 lakh. For higher loan amounts, banks may require collateral such as property, fixed deposits, or insurance policies.

What expenses are covered under an education loan for BAMS courses?

Education loans generally cover tuition fees, examination fees, hostel charges, library and laboratory fees, books, study materials, and other course-related expenses.

What is the moratorium period for a BAMS education loan?

Most lenders provide a moratorium period covering the course duration plus an additional 6–12 months, allowing students to begin repayment after completing their studies.

What interest rates apply to education loans for BAMS students?

Interest rates usually range from 8% to 12% per annum depending on the lender, loan amount, and applicant profile.

Is a co-applicant required for a BAMS education loan?

Yes, most lenders require a co-applicant such as a parent, guardian, or spouse who has a stable source of income.

What is the repayment tenure for education loans for BAMS courses?

Repayment periods typically range from 10 to 15 years, depending on the loan amount and bank policies.

Can I get an education loan for BAMS in a private college?

Yes, education loans are available for BAMS courses in both government and private colleges, provided the institution is recognised by the relevant regulatory authority.

Are there processing fees for education loans for BAMS students?

Some banks charge a processing fee ranging from 0.15% to 1% of the loan amount, although certain lenders may waive the fee for students.

What are the eligibility criteria for a BAMS education loan in India?

Students must be Indian citizens, have secured admission in a recognised BAMS program, meet academic requirements, and apply with a financially stable co-applicant.

Can I apply for a top-up education loan after completing BAMS?

Yes, many banks allow students to apply for a top-up or new education loan to pursue postgraduate courses such as MD in Ayurveda.

Are government subsidies available for BAMS education loans?

Yes, eligible students from economically weaker sections can benefit from government interest subsidy schemes such as the Central Sector Interest Subsidy (CSIS).

How long does it take to get an education loan approved for BAMS?

Education loan approvals usually take between 7 and 20 days, depending on the bank and the completeness of documentation.

Can I get an education loan to study BAMS abroad?

Yes, some banks and NBFCs offer education loans for studying BAMS or related medical programs abroad, with higher loan limits compared to domestic studies.

Education Loan for BAMS in India: Top Banks

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