Education Loan for MBBS in Russia– A Complete Guide

Introduction

The cost of medical education in India has skyrocketed, making it difficult for many aspiring doctors to pursue their dream careers. However, studying MBBS in Russia offers an affordable alternative with world-class medical education at a fraction of the cost. Despite its affordability, financing MBBS in Russia may still require external support, and this is where education loans come in.

Banks and financial institutions provide education loans for MBBS in Russia, helping students cover tuition fees, living expenses, travel costs, and other academic expenses. In this guide, we will explore how to secure an education loan for MBBS in Russia, including eligibility, required documents, banks offering loans, and repayment options.

Benefits of Studying MBBS in Russia

• Affordable Tuition Fees – Compared to private medical colleges in India, MBBS in Russia costs 60-70% less.
• Globally Recognized Degree – Russian medical degrees are approved by the NMC (National Medical Commission), WHO, and other medical bodies.
• English- Medium Programs – Many universities offer MBBS courses entirely in English, making it easy for Indian students to adapt.
• International Exposure – Students gain global exposure and clinical experience in world-class hospitals.
• Strong Clinical Training – Russian medical universities focus on practical training and patient exposure from the first year.

Cost of Studying MBBS in Russia

The overall cost of MBBS in Russia includes tuition fees, accommodation, living expenses, travel, and miscellaneous costs.

Breakdown of MBBS Costs in Russia:

1. Tuition Fees – ₹2.5 lakh to ₹6 lakh per year
2. Living Expenses – ₹12,000 to ₹15,000 per month
3. Hostel Fees – ₹50,000 to ₹1 lakh per year
4. Miscellaneous Expenses (Books, Visa, Insurance, Travel) – ₹50,000 to ₹1 lakh per year
5. Total Estimated Cost for 6 Years – ₹15 lakh to ₹35 lakh

By securing an education loan, students can cover the entire cost of studying MBBS in Russia and repay the loan in flexible installments after graduation.

Eligibility Criteria for Education Loan for MBBS in Russia

To apply for an education loan, students must meet certain eligibility criteria:

• Academic Performance – Minimum 50% in Physics, Chemistry, and Biology (PCB) in Class 12.
• NEET Qualification – As per NMC guidelines, Indian students must qualify for NEET to study MBBS abroad.
• Admission Confirmation – A confirmed admission letter from a Russian medical university is required.
• Co-Applicant Requirement – A parent/guardian must be a co-applicant for the loan.
• Age Criteria – The student must be 17 years or older at the time of application.
• Good Credit Score – A good CIBIL score (above 700) for the co-applicant increases loan approval chances.

Major Banks Offering Education Loans for MBBS in Russia

Several public and private banks in India offer education loans for studying MBBS abroad. Below are the key banks and their loan details:

1. State Bank of India (SBI) – SBI Global Ed-Vantage Scheme

• Loan Amount – Up to ₹30 lakh
• Interest Rate – 9.5% – 11%
• Collateral – Required for loans above ₹7.5 lakh
• Repayment Period – Up to 15 years

2. Punjab National Bank (PNB) – PNB Udaan

1. Loan Amount – Up to ₹20 lakh (without collateral)
2. Interest Rate – 10% – 11.5%
3. Repayment Period – Up to 15 years

3. Bank of Baroda (BOB) – Baroda Scholar Scheme

• Loan Amount – Up to ₹30 lakh
• Interest Rate – 9.8% – 11%
• Collateral – Required for loans above ₹7.5 lakh
• Repayment Period – Up to 15 years

4. Axis Bank Education Loan

• Loan Amount – Up to ₹40 lakh
• Interest Rate – 10.5% – 12%
• Collateral – Required for loans above ₹7.5 lakh
• Repayment Period – Up to 15 years

Required Documents for Education Loan Application

1. Admission Letter – From a recognized Russian medical university
2. Academic Certificates – Class 10 & 12 mark sheets
3. NEET Scorecard – Proof of NEET qualification
4. ID & Address Proof – Aadhar card, passport, PAN card
5. Income Proof of Co-Applicant – Salary slips, ITR returns
6. Collateral Documents – Property papers (if applicable)

Types of Education Loans for MBBS in Russia

1. Secured Loans – Require collateral like property, fixed deposits, or insurance policies.
2. Unsecured Loans – Do not require collateral but may have higher interest rates.

For larger loan amounts (₹20 lakh+), banks usually ask for secured loans.

Collateral Options for Education Loans

1. Fixed Deposits – Pledged as security with banks.
2. Property – Residential/commercial property can be used as collateral.
3. Insurance Policies – Life insurance policies with surrender value.

Repayment Options for MBBS Education Loans

1. Moratorium Period – Loan repayment starts 1 year after course completion or 6 months after getting a job.
2. Flexible Repayment Tenure – Loan tenure is 10-15 years, ensuring affordable EMIs.
3. Loan Prepayment – Students can prepay loans anytime without penalty.

Conclusion

Securing an education loan for MBBS in Russia is a great way to finance your medical education without financial burden. By choosing the right bank, loan amount, and repayment plan, students can successfully fund their studies and achieve their dream of becoming a doctor.

📞 Need Help With Your Admission? Contact us at +91 8108177141 or visit emedcampus.com to start your journey today!