Education Loan for MD MS in India: Banks & Interest Rates

Vaishali Pandey
•
October 30, 2024

Apply Education Loan

Up to Rs. 50 Lakhs for 10 Years.
10X Faster.

Thanks! We will reach out to you shortly.
Oops! Something went wrong while submitting the form.
Apply Now
Table of Contents

Table of contents

Heading 2
This is also a heading
This is a heading
Related Articles
Lowest Interest Rate on Education Loan in 2024- List of Banks
BTech Course Fees and Top BTech Colleges 2024
BAMS Course Fees 2024: Syllabus, Admission & Top Colleges

Apply Education Loan

Up to Rs. 50 Lakhs for 10 Years.
10X Faster.

Thanks! We will reach out to you shortly.
Oops! Something went wrong while submitting the form.
Apply Now

Education Loan for MD MS in India: Banks & Interest Rates

MS and MD are the specialisation courses one can pursue after an MBBS. While MS (Master of Surgery) deals mainly with surgery, MD (Doctor of Medicine) is primarily for general medical care. 

Many banks and NBFCs offer education loans for MD MS in India at different interest rates. This blog discusses these loans and all the essential details about them.

‍

Education Loan for MD MS  in India: Key Highlights

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:
• 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

‍

But first, are you figuring out which course among MD and MS you should pursue after MBBS?

Learn the differences between MS vs MD courses and decide which one is right for you!

‍

Fast-Tracked Education Loans with Propelld – Funding your Future in Just 7 Days!

‍

Eligibility for Education Loan for MD MS in India 

Criteria Details
Citizenship Indian
Program Full-time MD or MS in a recognised university or institution in India
Age Limit 18 to 35 years
Minimum Qualification Graduation degree in MBBS

‍

Want to know the eligibility criteria for an education loan for MD MS in India in more detail? Check to see if you fulfil the requirements to get an education loan from a bank! 

‍

Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility with Propelld Education Loan

‍

Types of Education Loans for MD MS in India 

There are two types of education loan for MD MS in India or any other course. You can choose any of these based on the loan amount you need, interest rates, and other factors. The two types of loan for MD and MS courses are: 

Criteria Secured Education Loan Unsecured Education Loan
Collateral Requirement Requires collateral, such as property, fixed deposits, or assets No collateral is necessary; some banks might require a co-applicant
Loan Amount Higher loan amount depending on the value of collateral Typically offers lower loan amounts
Interest Rates Lower interest rates due to collateral Higher interest rates due to increased risk
Eligibility Based on the value of collateral and academic background Based on credit score, financial standing, and academic background
Loan Approval Time Longer approval process due to collateral evaluation Faster approval process
Repayment Tenure Flexible and longer tenure (up to 15 years or more) Shorter repayment tenure (usually up to 7 years)
Risk Lower risk for lenders, as collateral is involved Higher risk for lenders
Preferred by Lenders Preferred for high loan amounts (e.g., overseas studies) Preferred for lower amounts (e.g., domestic education)
Eligibility for Government Schemes Eligible for interest subsidy schemes (if collateral meets criteria) May not always qualify for government schemes

‍

Collateral for Education Loan for MD MS in India 

A secured education loan for MD MS in India will require collateral. Here are the types of collateral accepted by most banks and the value assured for them: 

Aspect Details
Collateral Requirement Immovable property:
  • Flat
  • Non-agricultural land
  • House
Liquid securities:
  • Fixed Deposit
  • Government bonds
  • LIC policy (Insurance policies)
Value of Collateral Liquid security: Minimum 1.1 times the requested loan amount
Immovable property: Minimum 1.25 times the requested loan amount

‍

Co-applicant for Education Loan for MD MS in India 

For an unsecured loan, you will need a co-applicant to take the education loan for MD MS in India with you. Here are the requirements that the co-applicant should fulfil: 

Aspect Details
Loan Type Without collateral
Co-applicant Requirement Required
Co-applicant Relationship Close family member (e.g., parent or spouse)
Co-applicant Credit History Must be good
Co-applicant Income Must be stable
Co-applicant Responsibility Responsible for repaying the loan if the student is unable
Co-applicant Information Required Personal and financial information, including proof of income
Potential Additional Requirement Co-applicant may need to provide collateral (e.g., property or investments)
Important Note The co-applicant is equally responsible for loan repayment and should carefully consider terms and the student’s ability to repay

‍

Not with Propelld! Yes, You Don't Need a Collateral for an Education Loan with Propelld. Check Out Now!

‍

Education Loan for MD MS in India Interest Rate & Details 

Education Loan Schemes Interest Rate Maximum Loan Amount Maximum Tenure Processing Fees
Union Bank EBLR + 1% / EBLR+ 0.75% (Collateral Value less than 50%) / EBLR (collateral value more than 50%) Rs. 200 Lakhs 15 Years Nil
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

‍

But wait—have you decided on the specialisation for your MS or MD course? Check out the MS specialisation courses in detail, such as MD Radiology, MD Pediatrics, and MD Ayurveda, and plan your finances accordingly! 

‍

‍‍Get your Loan Disbursed 10 times Faster than Banks. Click to Know How!

‍

Documents for Education Loan for MD MS in India 

Here are the documents required to get an education loan for MD MS in India: 

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 entrance exam (NEET PG)
  • 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)

‍

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

‍

How to Apply for an Education Loan for MD MS in India?

While you can apply to any one of the loan schemes mentioned above, a hectic MD MS course in India requires students to save time. 

‍

Propelld offers a 100% digital loan process without any complicated paperwork, making it super easy to get an education loan for MD MS in India. 

‍

Apply for an education loan for MD MS in India from Propelld in 4 easy steps: 

‍

‍

  • Step 2: Click on “Apply Loan” 

‍

  • Step 3: Fill in the details of your institute and complete a quick and easy KYC. 

‍

  • Step 4: The loan amount will be disbursed into the account in a TAT that is 10 times faster than banks. 

‍

Pursuing an MD or MS in India is a significant step towards a fulfilling medical career. To navigate the associated costs, education loans offered by banks and financial institutions provide crucial financial support. By understanding the eligibility criteria, interest rates, and repayment terms of these loans, aspiring medical professionals can secure the necessary funds to pursue their academic goals.

‍

‍

Careful consideration of factors such as collateral requirements, co-applicant eligibility, and processing fees is essential when selecting an Education Loan for MD MS in India.

Why Propelld?

Propelld covers 100% of your expenses for any educational course in India. Unlike complex bank application processes offered by other education loan lenders, Propelld offers a student-friendly loan application process for students. 

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

Feature Details
Max Loan Amount50 Lacs
CollateralNot Required
MoratoriumAvailable
Processing Time10 Times Faster than Banks
Disbursal Time7 Days
Approval RateHigher than Banks
Special USPMarks Based Approval
% Financed100% of Fees

‍

Get an Education Loan for MD MS in India from Propelld today! 

‍

Education Loan for Medical Colleges

MBBS | BDS | BAMS | Bsc Nusring |Or Pay Fees for Any Medical Course in India - Up to. Rs. 50 Lacs

Fund your College Fees with Education Loan

Loan up to Rs. 50 Lakhs for 10 Years

Thanks! We will reach out to you shortly.
Oops! Something went wrong while submitting the form.
Apply Now

No Collateral Low-Interest Education Loan

Available in all top Coaching Institutes
Get Loan

FAQ: Education Loan for MD MS in India

‍What is an education loan for MD MS in India?

It is financial aid provided by banks or financial institutions to students pursuing postgraduate medical degrees like MD (Doctor of Medicine) and MS (Master of Surgery) in India, helping them cover tuition fees, hostel charges, exam fees, and other academic expenses.

What are the eligibility criteria for applying for an education loan for MD MS in India?

To be eligible, applicants must be Indian nationals, have secured admission to a recognised medical institution in India, and usually require a co-applicant (parent or guardian) for loan security.

Which banks offer an education loan for MD MS in India?

Many public and private sector banks, such as the State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, Axis Bank, and HDFC Bank, offer education loans for MD MS in India.

What expenses are covered under an education loan for MD MS in India?

Loans generally cover tuition fees, exam fees, library fees, laboratory fees, hostel charges, the purchase of medical books, equipment, and instruments, and travel expenses for study tours or internships, if applicable.

How much of a loan can I get to pursue an MD/MS in India?

The loan amount varies based on the bank and your financial background, but most banks offer loans ranging from ₹10 lakhs to ₹30 lakhs for medical courses. Some banks may provide higher loans depending on the institute's reputation and other factors.

Is collateral required for an education loan for MD MS in India?

Collateral is typically required for loans above a certain threshold (usually ₹7.5 lakhs). It can be property, fixed deposits, or insurance policies. For smaller amounts, loans may be granted without collateral based on the applicant’s and co-applicant's financial standing.

What are the interest rates for an education loan for MD MS in India?

Interest rates generally range between 7% and 12% per annum, depending on the bank and loan scheme. Some banks may offer a reduced interest rate for female students or loans that can be availed by female students pursuing an MS or MD course. 

What is the repayment period for an education loan for MD/MS in India?

The repayment period typically ranges from 7 to 15 years, with a moratorium period (repayment holiday) of 6 months to 1 year after completing the course or securing a job, whichever comes first.

What is the processing time for education loans for MD/MS in India?

The processing time varies by bank, but it usually takes 7 to 15 working days after all required documents are submitted.

Are there any tax benefits on education loans for MD/MS in India?

Yes, the interest paid on an education loan is eligible for a tax deduction. This benefit is available for a maximum of 8 years or until the interest is fully paid, whichever is earlier, under Section 80E of the Income Tax Act.

Can I apply for an education loan before securing admission to an MD/MS program?

You can begin the application process, but most banks require confirmed admission to a recognised institution before approving the loan.

What documents are required to apply for an education loan for MD/MS in India?

Required documents usually include admission proof, the institution's fee structure, previous academic records, identity proof, address proof, income proof of the co-applicant, and collateral documents if required.

Is there a margin money requirement for education loans for MD/MS in India?

Some banks may require a margin money contribution, usually around 5% to 15% of the loan amount, for studies within India. The bank finances the rest.

Can I get a loan for MD/MS if I am pursuing a course abroad?

Yes, many banks offer education loans for MD/MS courses abroad. However, the loan amount, interest rates, and collateral requirements might differ for international education loans.

What happens if I cannot repay the education loan for MD/MS on time?

If you are unable to repay the loan on time, the bank may impose penalties and additional interest charges or take legal action if the collateral is involved. You may also lose access to any concessions or rebates on the interest rate.

Are there any loan schemes specifically designed for female students pursuing MD/MS in India?

Yes, some banks offer special schemes for female students, such as SBI's "SBI Scholar Loan Scheme," which offers concessional interest rates for female applicants pursuing higher education.

Related Articles

Careers After 10th Grade

Learn about the exciting courses and careers you can pursue after completing standard 10 in the Indian education system.
Read more

How to Become an Operations Project Manager With an MBA in Operations

Learn about the duties, roles, and skills of an Operations Project Manager along with information about the MBA in Operations Management scope and salary.
Read more

How to Become a System Analyst

Find out the steps that you must take to become a system analyst in India; including getting an MBA degree in Information Technology, the role and skills, and other information such as expected salaries.
Read more

How to Become an International Business Development Manager

Read all about how to become an International Business Development Manager including job description, courses to study including an MBA in International Business, and college fees.
Read more

How to Become a Logistics Manager

Learn all about how you can become a logistics manager along with the responsibilities of the job, the education you will need, and a logistics manager’s skills.
Read more

How to Become an IT Manager

Learn all about IT project management along with how MBA IT courses can help you become an IT project manager.
Read more
Category
5 min read

Blog title heading will go here

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim...
Read more
Category
5 min read

Blog title heading will go here

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim...
Read more
Category
5 min read

Blog title heading will go here

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim...
Read more
Category
5 min read

Blog title heading will go here

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim...
Read more
View all
Join Group for JEE & NEET Updates