Dreaming of becoming a pharmacist but worried about the cost? You can get a top education loan for Pharmacy courses from major banks and NBFCs. With over 7.6 lakh Indian students going abroad in 2024 alone and costs for lab equipment and internships rising steeply every year, the financial burden is real.
Let’s explore the best lenders, rates, and smarter loan options, so money never stands between you and your pharmacy degree.
Key Takeaways
Students can access up to ₹1.5 crore for pharmacy courses abroad and around ₹40–50 lakh for studies in India, depending on their profile and collateral.
Most lenders offer interest rates between 8.3% and 13.5%, with concessions available for female students and high-merit applicants.
Popular lenders include SBI, Bank of Baroda, Axis Bank, ICICI Bank, HDFC Credila, Avanse, and Auxilo, all offering pharmacy-specific education loan schemes.
Education loans typically cover tuition fees, lab equipment, books, accommodation, and internship-related expenses.
Most banks provide a moratorium for the course duration plus 6–12 months, along with repayment tenures of up to 15 years for easier post-study repayment.
Education Loan For Pharmacy In India
If you’re pursuing B.Pharm, D.Pharm, or M.Pharm in India, you can get education loans from both public and private lenders that cover tuition and lab costs to accommodation and internship expenses.
Here’s a quick comparison of the top banks and NBFCs offering pharmacy education loans in India:
Pursuing a Pharmacy degree overseas can cost ₹35–45 lakh per year, including tuition, research, and living expenses.
Most lenders provide a moratorium period equal to your course duration + 6–12 months, and repayment tenures stretch up to 10–15 years, ensuring comfortable post-study repayments.
Here’s a comparison of the top banks offering B Pharmacy study abroad loan:
Banks and NBFCs require slightly different paperwork depending on whether you’re applying for a domestic or abroad program:
Here’s a clear checklist:
For Applicants
Admission Letter / Offer Letter from the college or university (India or abroad).
Fee Structure issued by the institution.
Academic Mark Sheets – 10th, 12th, and graduation (if applicable).
Entrance Exam Scores – GPAT, NEET, GRE, or IELTS (if required).
Proof of Identity and Address – Aadhaar, PAN, Passport, or Voter ID.
Passport (for study abroad) – mandatory for international loan disbursals.
For Co-applicants (Parent/Guardian/Spouse)
Identity Proof – PAN, Aadhaar, or Passport.
Address Proof – Utility bills, Passport, or Aadhar.
Income Documents – Salaried: 3 months’ salary slips, last 2 years’ Form 16, ITR copies.
Self-employed: 3 years’ ITR, profit & loss statements, and business address proof.
Bank Account Statements – minimum of 6 months showing income credits.
For Collateral (if applicable)
Property Title Deed and Sale Agreement.
Property Valuation Report from a certified valuer.
Encumbrance Certificate (EC) confirming the property is dispute-free.
Municipal Tax Receipts (recent 6 months).
No Objection Certificate (NOC) from housing society/local authority.
Additional / Optional Documents
Gap Certificate (if there’s a break in education).
Scholarship Proof, if awarded.
Details of Any Existing Loans in the applicant’s or co-applicant’s name.
Advance Fee Receipts (if any tuition paid).
How to Apply for an Education Loan for Pharmacy Courses
Applying for a pharmacy education loan, whether for India or abroad, follows a simple process. Here’s a step-by-step overview:
Applying for an education loan is a step-by-step process. Following these steps carefully can help ensure faster approval and smooth disbursal.
Steps to Apply for an Education Loan:
Compare public banks, private banks, and NBFCs based on interest rates, collateral requirements, and approval speed.
Collect all required applicant, co-applicant, and collateral documents before starting the application.
Apply through the lender’s digital portal, official website, or visit the nearest bank/NBFC branch.
The lender evaluates academic performance, co-applicant’s credit score, and overall repayment capacity.
Receive a sanction letter outlining loan amount, interest rate, moratorium, and repayment tenure.
Review and sign the loan agreement; funds are usually disbursed directly to the college or university.
Pharmacy Education Loan Interest Rates
The interest rate for a pharmacy education loan depends on factors such as the lender, course type, collateral, and applicant profile.
Here’s a quick overview of average pharmacy course loan interest rates in India and abroad:
Lender Type
Interest Rate Range (Approx.)
Concessions / Offers
Public Banks (SBI, Bank of Baroda, UBI)
8.3% – 10.5% p.a.
0.5% discount for female or merit-based applicants
Private Banks (Axis, ICICI, IDFC First)
9.5% – 12.5% p.a.
Occasional festive or tie-up discounts
NBFCs (HDFC Credila, Avanse, Auxilo, InCred)
10.25% – 13.5% p.a.
Flexible terms; rate linked to course/university
International Lenders (Prodigy Finance, MPower)
11% – 15% p.a.
No collateral or co-signer required
Pharmacy Course Loan Repayment Tenure
Pharmacy education loans come with student-friendly repayment structures, designed to make post-graduation repayment easier and affordable.
Here’s what you can expect:
Most lenders offer a grace period covering the course duration + 6 to 12 months before full EMI repayment begins. During this time, you may pay simple interest or partial EMIs, depending on your lender.
Repayment Tenure
Public Sector Banks: Up to 15 years, including the moratorium.
Private Banks & NBFCs: Usually 10–12 years, with flexible early repayment or part-payment options.
International Lenders (Prodigy, MPower): Tenures of 10–15 years, depending on income and employment post-graduation.
Prepayment & Foreclosure
Most banks allow prepayment after the moratorium without penalty, enabling faster closure if you start earning early.
Top Colleges for B Pharmacy and D Pharmacy (India & Abroad)
Below are some of the top-ranked pharmacy colleges in India and abroad that are recognised by banks and NBFCs for education loan approvals.
Top Pharmacy Colleges in India
Jamia Hamdard University, New Delhi
BITS Pilani, Rajasthan
National Institute of Pharmaceutical Education and Research (NIPER)
Institute of Chemical Technology (ICT), Mumbai
Manipal College of Pharmaceutical Sciences, Manipal
Top Pharmacy Colleges Abroad
Harvard University, USA
University of Oxford, UK
Monash University, Australia
National University of Singapore (NUS), Singapore
University of Melbourne, Australia
University of Michigan, USA
Karolinska Institute, Sweden
Scholarships for Pharmacy Students
Pharmacy students can significantly reduce their financial burden by combining scholarships with education loans. Here are some popular pharmacy scholarships in India and abroad:
AICTE Pragati & Saksham Scholarship
For female students and differently-abled students pursuing technical and pharmacy courses.
DBT Junior Research Fellowship (Biotechnology)
For postgraduate and PhD students in pharmaceutical biotechnology.
UGC–CSIR NET JRF
For M.Pharm graduates pursuing research in pharmaceutical sciences in India.
State Pharmacy Council Scholarships
Offered by state governments (e.g., Maharashtra, Tamil Nadu, Karnataka) to meritorious pharmacy students.
Narotam Sekhsaria Scholarship
Merit-based partial funding for Indian students pursuing pharmacy and allied sciences abroad.
Pharmacy education opens doors to some of the most in-demand careers in healthcare and research, but it also comes with significant costs. With the right loan, smart planning, and awareness of your options, you can secure funding without financial stress.
Getting a pharmacy degree shouldn’t mean worrying about paperwork or long bank queues. Propelld makes the process effortless with:
If you're an Indian citizen who has finished high school or graduated from a recognized college in India, then you can apply for an education loan using Vidya Lakshmi.
How much money can I borrow from Vidya Lakshmi?
Vidya Lakshmi offers 135 loan options. You can get an education loan worth up to 1.5 Crore through Vidya Lakshmi.
Which bank is best for Vidya Lakshmi loan?
Here's a list of some of the banks you can find on the Vidya Lakshmi portal:
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Is Vidyalakshmi loan interest-free?
Vidya Lakshmi doesn't offer interest-free education loans. All loan schemes on the platform have interest rates associated with them.
Does the Vidyalakshmi loan cover education in other countries?
Yes! Indeed, the Vidya Lakshmi Portal offers education loans for international study opportunities. The portal features 139 education loan schemes offered by 45 Indian banks. Through this platform, you can apply for loans to pursue various courses and enroll in institutions both within India and abroad.
What is the limit of Vidya lakshmi education loan?
The limit of Vidya Lakshmi education loans varies depending on factors such as the course, institution, and the borrower's repayment capacity, with amounts ranging from a few lakhs to several lakhs of rupees. However, below 7.5 lacs, no collateral is required, but above that amount a collateral and guarantor is required.
What is the tenure for Vidya lakshmi education loan?
Vidya lakshmi education loan has a maximum tenure of 10 to 15 years depending on the bank.
Is Vidya Lakshmi portal a good portal to apply for loans?
It is the best portal to apply for loans,gives access to all bank schemes which is really convenient. - Rohit Gupta
Portal features are quite satisfying. - Ananya
I found the portal of Vidya Lakshmi really helpful.
Can student register multiple times on Vidya Lakshmi portal?
No, students should register only once using a valid email ID and password. If you’ve forgotten your login details, use the “Forgot Password” feature to reset your credentials instead of creating a new account. This ensures you retain access to your previous applications and loan tracking history.
Is there any fee to apply for loans through the portal?
No, applying through the Vidya Lakshmi portal is completely free.
What if I forget the password of my Vidya Lakshmi Portal Login ID?
You can reset your password by clicking on the Forgot Password option on the login page. An email with a reset link will be sent to your registered email ID.
Which bank gives an education loan easily on the Vidya Lakshmi portal?
Loan approval depends on your eligibility, course, and the bank's policies. However, public sector banks like SBI, PNB, and Canara Bank generally offer quicker and more flexible loan options under government-backed schemes.
What is the subsidy offered under the PM Vidyalakshmi scheme?
The PM Vidyalakshmi scheme itself does not provide a direct subsidy but is linked to the Central Sector Interest Subsidy Scheme (CSIS). Under CSIS, eligible students from economically weaker sections (family income ≤ ₹4.5 lakh per annum) can get full interest subsidy during the moratorium period of their education loan.
Is there any charge to use the Vidyalakshmi portal?
No, the Vidyalakshmi portal is completely free of charge for students. You can apply for education loans, track applications, and access related schemes without paying any service fee.
A banker turned content marketer with expertise in growth-focused content strategies for the finance and digital sectors. She currently drives data-backed content initiatives at Propelld, through high-impact storytelling.
Before moving into content marketing, Vaishali spent nearly a decade in banking, across their asset and lending divisions and spent almost a decade in finance. An MBA in Marketing and a writer at heart, she finally took up content marketing and now simplifies money talks for the readers.
She is also a certified digital marketer (MICA), combining data-driven insights with creative storytelling to deliver measurable business growth.
Beyond work, Vaishali is a handcrafted brand founder, avid reader, and travel & food blogger, blending creativity and strategy in everything she does.
A seasoned Chartered Accountant, Shailesh Jain is a finance and compliance leader specializing in corporate finance, financial operations, and fintech-driven lending models. At Propelld, he scales education loan offerings by shaping financial strategies, optimizing operations, and ensuring regulatory excellence, driving sustainable growth in the edtech and fintech space.
An expert in Fintech & Edtech innovation, Shailesh leverages financial insights to transform education lending, combining analytical rigor with strategic foresight. Previously, he led the finance team at Khatabook, building a new lending venture, and has worked with PwC, ICICI Bank, and Mulberry Silks, gaining strong expertise in audit, risk mitigation, and strategic decision-making.
Passionate about financial innovation, he continues to advance education financing in India, creating efficient, scalable, and compliant lending ecosystems.
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