Education Loan for BAMS in India: Top Banks

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

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

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Overview of Education Loan for BAMS Abroad 

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

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Comparison of Education Loans for BAMS Students 

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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 

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Education Loan for BAMS Without Security

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Education Loan for BAMS With Security

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Documents Required for Education Loan for BAMS 

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Fees for Top Colleges for BAMS in India 

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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: 

1. Foreign nationals seeking admission for UG, PG, and PhD courses in AYUSH courses such as BAMS, BUMS, BNYS, etc. 
2. Min age limit - 18 years 
3. 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. 

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

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FAQ: Education Loan for BAMS 

What is the maximum loan amount available through Education Loan for BAMS students?

Most banks offer education loans for medical students ranging from ₹10 lakh to ₹75 lakh, depending on whether the student is studying in India or abroad. For domestic studies, loans typically cover up to ₹20-25 lakh​.

Do banks provide specific education loan for BAMS students?

Many banks and financial institutions offer education loans for medical courses, including BAMS. While the loan conditions for BAMS students are generally similar to those for other medical courses, specific loan terms may vary​.

Are there any collateral requirements for an education loan for BAMS?

Loans up to ₹7.5 lakh typically don’t require collateral. However, collateral such as residential property, fixed deposits, or life insurance may be required​for loans exceeding this amount.

What expenses are covered by education loans for BAMS students?

Education loans typically cover tuition fees, examination fees, library and lab expenses, hostel fees, and other related costs like equipment and books​.

What is the moratorium period for an Education Loan for BAMS?

A moratorium period is usually granted, meaning students don’t have to start repaying the loan until six months to one year after completing the course or finding a job​.

What are the interest rates on an education loan for BAMS?

Interest rates vary between banks but typically range from 9% to 12% annually. Private banks and NBFCs may offer higher rates compared to government banks​.

Do BAMS students need a co-applicant for an education loan?

Yes, most banks require a co-applicant, usually a parent, guardian, or spouse, to guarantee the loan repayment​.

What is the repayment period for a BAMS education loan?

Repayment periods can range from 5 to 15 years, depending on the bank and the loan amount. Longer terms are usually available for higher loan amounts​.

Can I get a loan for BAMS if I’m studying at a private institution?

Yes, an education loan for BAMS is available for both government and private institutions. However, studying at a government-recognised institution can make it easier to secure a loan​.

Are there any prepayment or processing fees for an education loan for BAMS?

Banks may charge a processing fee of 0.15% to 1% of the loan amount. Prepayment charges vary, and some banks waive these fees​.

What are the eligibility criteria for an Education Loan for BAMS?

Eligibility is based on academic performance, admission to a recognised institution, and the co-applicant’s financial stability. Good grades can also help secure better terms​.

Can I get a top-up loan for postgraduate studies after BAMS?

Many banks offer top-up loans for higher studies, such as MD in Ayurveda, with extended repayment terms​.

Is there any government subsidy available for an Education Loan for BAMS?

Specific government schemes offer interest subsidies for economically weaker sections or under particular programs like the Central Sector Interest Subsidy (CSIS)​.

What happens if I don’t get a job after completing my BAMS course?

No repayments are required during the moratorium period. However, after that, loan repayment must start regardless of employment status. Extensions can sometimes be negotiated with the bank​.

Can I apply for an education loan for BAMS abroad?

Yes, loans for studying BAMS abroad are available, with limits usually up to ₹ one crore. Terms for international study may differ from those for domestic loans​.

 How long does it take to process an application for an education loan for BAMS?

The loan approval process typically takes 15 to 30 days, depending on the bank and whether all required documents are submitted​.