Education Loan for MBBS in Russia: Lenders, ROI & How to Apply

Education Loan for MBBS in Russia: Costs, Eligibility, Interest Rates and More

More than 750,000 students wish to study medicine abroad in 2022–2023, and Russia is a popular destination because of its affordable and well-regarded medical institutions. This blog will have all the information you need to know before taking an education loan for MBBS in Russia.

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Cost of Studying MBBS in Russia

Before we get started, let's discuss how to receive an education loan for an MBBS in Russia. 

Along with planning your education loan for MBBS in Russia, be aware of these costs, as they can add up quickly.

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Upon arrival, you must budget for additional expenses beyond the course tuition fees. Here's an approximate breakdown to help you plan ahead: 

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Fees for MBBS in Russia

Here is the approximate fees for standard universities in Russia:

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Must Read: Education Loan for Abroad Studies in 2024

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Types of Student Loans in Russia

Selecting the appropriate student loan is crucial for those looking to enrol in MBBS programs in Russia. There are typically two categories of student loans: secured and unsecured.

Here is a comparison: 

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Must Read: How to Get an Education Loan for Abroad Studies in 2024?

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Lenders for Education Loan for MBBS in Russia

After discussing the various loan types, let's examine the available financing options for obtaining an education loan to pursue an MBBS in Russia. The lenders listed below can offer you an education loan to study MBBS in Russia.

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 Must Read: Banks that Give education loans without collateral for Abroad 

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

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Expenses Covered by Education Loan For MBBS in Russia 

An education loan covers all of the expenses associated with going to college, freeing up students' time to concentrate on their studies without worrying about money. Besides tuition, you can also use these loans to cover various costs.  They are: 

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MBBS Education Loan Eligibility in Russia

The prerequisites for obtaining an education loan are the same for students wishing to enrol in other international programs and an MBBS program in Russia. Achieving success in the loan application process requires that you fulfil specific eligibility standards. They are:

1. Students holding a full-time MBBS program acceptance offer from a prestigious Russian institution.
2. An applicant must be at least eighteen to qualify for a loan.
3. A strong track record of academic success is necessary.
4. Conversely, collateral is another requirement for secured loans. 

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Education Loan Documents for MBBS in Russia

The documentation requirements for students seeking an education loan to pursue MBBS in Russia are specific to ensure a smooth loan approval process. The necessary documents generally include:

1. Acceptance letter from the Russian University for the MBBS program.
2. Fully completed loan application form.
3. Detailed breakdown of the study expenses.
4. Proof of identity.
5. Proof of residence.
6. PAN card details of the applicant.
7. Bank statements from the guarantor, co-borrower, or the student.
8. A statement of assets from the guarantor, co-borrower, or the student.
9. Provide Proof of income for the guarantor, co-borrower, or student.

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How to get an Education Loan for MBBS in Russia? 

Applying for an education loan to study medicine in Russia is a calculated move that needs to be carefully thought out and carried out. By helping with living and tuition costs, this financial aid can free up students' time so they can concentrate on their medical education. Here is the whole process:

1. Look up and select potential lenders:

First, investigate banks and other financial organisations that provide student loans for international studies. Examine loan amounts, interest rates, repayment periods, and processing costs.

2. Verify the eligibility requirements- 

Every lender has different requirements, including age, citizenship, enrollment in a recognised university, and course of study. Before applying, make sure you meet these prerequisites.

3. Compile the required paperwork: 

Assemble any required paperwork, such as university acceptance letters, copies of passports, academic transcripts, evidence of income (for co-applicants or borrowers), and any collateral papers (for secured loans).

4. Complete the application: 

Fill out the loan application, which is usually available online or in person at a bank branch. Provide thorough and precise information to prevent delays.

5. Apply and supporting documentation: 

Send the lender your loan application and the necessary supporting documentation. Ensure that all paperwork is accurate and complete to speed up the approval procedure.

6. Loan assessment and approval: 

The lender will review your loan application, possibly examine the collateral (if any), and confirm your documentation. This process may take several days or weeks to complete.

7. Loan sanction and agreement: 

Once your loan is granted, the lender will send you a loan sanction letter detailing the terms and conditions. Please read this document before you sign the loan agreement.

8. Disbursement: 

After signing the education loan for MBBS in Russia agreement, the bank will pay the loan according to specified conditions, which could be paid directly to the borrower or the university in one sum or instalments.

If you have any doubts, read this blog to learn more about getting an education loan for MBBS, Eligibility, and Interest Rates. 

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Why Choose Propelld for an Education Loan for MBBS in Russia?

Moving to another country and planning an education loan for MBBS in Russia can be tedious and overwhelming. Let us help you simplify it. 

Opt for 100% digital and quick education loans with Propelld. These are made for busy students, with a simplified process and high acceptance rates.

Some benefits of using Propelld for your student loan are as follows: 

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Contact Propelld today to start planning your education loan for MBBS in Russia!

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FAQs: Education Loan For MBBS in Russia 

What are the eligibility criteria for obtaining an education loan for MBBS in Russia?

To qualify for an education loan, students generally need to have secured admission to an MBBS program in a recognised Russian medical university. Other criteria may include:

• An excellent academic record.
• Indian citizenship.
• A co-applicant (usually a parent or guardian) with a stable income.

What maximum loan amount can be sanctioned for studying MBBS in Russia?

The maximum loan amount varies by bank, but it typically ranges from ₹20 lakh to ₹1.5 crore. Some banks may offer higher limits based on the student's academic performance and the co-applicant's financial standing.

Are there any margin requirements for education loans for MBBS in Russia?

Yes, most banks require a margin of 5% to 15% for studying abroad. This means the student or their family needs to contribute a percentage of the total education cost, while the loan covers the rest.

What is the interest rate for an education loan for MBBS in Russia?

Interest rates typically range from 8% to 12% per annum, depending on the bank and loan amount. Government-backed loans offer lower rates, especially for economically weaker sections.

Is there a moratorium on education loan for MBBS in Russia?

Yes, most education loans come with a moratorium period, the course duration plus 6 to 12 months after completion. The borrower is not required to make full payments during this period, though some banks might charge simple interest.

Do education loan for MBBS in Russia require collateral?

For loans above a certain threshold (usually ₹7.5 lakh), banks generally require collateral in property, fixed deposits, or other financial assets. However, some schemes might offer loans without collateral for specific conditions.

What documents are required to apply for an education loan for MBBS in Russia?

Required documents typically include admission confirmation from the Russian university, academic records, proof of identity and residence, income proof of co-applicant, and collateral documents (if applicable).

Can I get a loan to cover the entire cost of studying MBBS in Russia, including travel and living expenses?

Education loans usually cover tuition fees, travel expenses, living costs, insurance, and other related expenses. Some banks have specific limits on these components, so verifying with the lender is essential.

How long is the repayment tenure for an education loan for MBBS in Russia?

The repayment tenure usually ranges from 5 to 15 years, depending on the loan amount and the bank’s policies. Borrowers can often choose a tenure that best suits their financial situation.

What is the process of disbursement of an education loan for MBBS in Russia?

Loan amounts are typically disbursed directly to the university in instalments per their fee structure. The lender can disburse the Living expenses to the student's account annually or semi-annually.

Are there any tax benefits for repaying an education loan for MBBS in Russia?

Yes, under Section 80E of the Income Tax Act, borrowers can claim a tax deduction on the interest paid on the education loan for MBBS in Russia. This benefit is available for up to 8 years or until the interest is fully paid, whichever comes first.

What happens if the student fails to complete the MBBS course?

If the student fails to complete the course, the repayment obligations remain. The bank may initiate recovery proceedings, especially if the loan is secured with collateral.

Can I get an education loan for MBBS in Russia if I have already taken a loan for another course?

Yes, it is possible, but it depends on your loan repayment status and the bank’s assessment of your creditworthiness. Multiple loans might require higher collateral or stricter terms.

What is the procedure to apply for an education loan for MBBS in Russia?

The process usually involves:

1. Selecting a suitable bank.
2. Fill out the loan application form.
3. Submitting the required documents.
4. Undergoing a credit evaluation.
5. Receiving a loan sanction letter upon approval.

Is there a prepayment penalty for education loans for MBBS in Russia?

Most banks do not charge prepayment penalties, allowing borrowers to repay the loan early without additional costs. However, confirming this with your bank before signing the loan agreement is advisable.