How much can you get education loan for MD studies? Know everything from EMI to easy payment

Medical studies in India are as honorable, as much as expensive. Especially when it comes to MD i.e. post graduate medical course, college fees are in millions. In such a situation, it is not easy for every student to bear such a big expense. But there is not a matter of concern, because nowadays banks and financial institutions provide education loan to medical students for education. Let us know how much loan can be found for MD’s studies, how its EMI is formed, and what is the easy way to repay the installment.

How much amount can you get education loan?

Medical students can usually get education loans from 20 lakh to 50 lakhs. Some banks also offer loans up to 75 lakh or more for studying abroad. At the same time, some banks also give loans up to Rs 1 crore. The loan amount depends on how much your college fees are. You are studying in India or abroad. How is your previous education and academic record. How much is the income of co-applicant (eg parents).

How is EMI formed?

After taking a loan, EMI means monthly installment. But it is a matter of relief that most of the bank students do not have the compulsion to fill EMI during their studies. After taking a loan, a Mortorium period is given, in which students can start paying EMI after completing their studies and getting a job.

Easy payment method

• Auto Debit Facility: The bank directly cuts EMI from your account. This makes timely payment and no penalty is seen.
• Part payment option: If you ever have extra money, you can pay some amount in the middle, which reduces interest.
• Online portal and app: Banks now provide mobile apps and online banking facilities for tracking EMI and payment.

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What documents will be needed?

• Admission letter
• Detail of course fees
• Identity card (base/pan)
• Previous studies marksheets
• Income proof of co-applicant
• Bank statement

Also read- How much can you get education loan for M.Tech’s studies? Know EMI and Easy Payment Way

Education Loan Information:
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