How to Finance Your MBBS Abroad: Scholarships & Loans.

Blog / How to Finance Your MBBS Abroad: Scholarships and Education Loans for Indian Students to Study MBBS Abroad

How to Finance Your MBBS Abroad: Scholarships and Education Loans for Indian Students to Study MBBS Abroad

Securing a great medical degree from a reputed college or university in an overseas destination has become a popular choice among Indian students. It’s great to see the aspiration, but there needs to be a good understanding about the financial burden that would be associated with securing an overseas MBBS degree can be literally daunting, for which financial aids, scholarships and education loans can be really helpful. If you are an MBBS aspirant, this would be the most ideal time to explore various options for various scholarship for MBBS students to study abroad, loan facilities and other financial aid opportunities.

1. Scholarships for MBBS Students to Study Abroad

If you would like to learn MBBS in an overseas university, with less financial burden, try right now for some scholarships, which is the most effective option. There are enough scholarships that are offered by various government bodies, universities or even private organisations to serve your purpose. Here are some of those ideal MBBS scholarships for Indian students:

a) Indian Government Scholarships

Our own Government of India provides several scholarships to aid those deserving students to easily pursue their higher studies in various overseas countries. Through a smart availing of these scholarships, one can manage their tuition fees and also cover those living expenses and various other expenses as well.

National Overseas Scholarship (NOS): This exclusive scholarship is for students who are from various backward classes that includes various backward classes of the society like the scheduled castes, scheduled tribes, and other minority communities. This aid can be really supportive, as this can cover those expenses that would help to pursue overseas MBBS, that includes tuition fees, living costs, and also travel expenses.
Merit-cum-Means Scholarship: This aid, offered by the Minority Affairs Ministry, specially aids students who come from specialised minority communities who wish to pursue their professional courses abroad, including medicine.

b) International Government Scholarships

There are many countries that offer different scholarships to serve the educational needs of international students, that includes Indian medical aspirants, to attract global talent. Here are some examples.

Russian Government Scholarships: Russia is the most popular destination for Indian medical students. The Russian government offers exclusive scholarships that can cover the entire tuition fees and living expenses for students who has a definite merit.
China Government Scholarship (CGS): The Chinese government also provides scholarships to meritorious international students, that include Indians, who can be admitted for various courses, that includes MBBS. This scholarship can cover their tuition, accommodation, and health insurance fee requirements.

c) University-Specific Scholarships

There are several overseas universities, who offer their own scholarships for Indian medical students:

Ningbo University Medical Scholarship (China): This exclusive scholarship offered by this prestigious university in China is available for international students who wish to pursue medical courses, to provide partial or full tuition waivers.
Russian Universities: There are many universities in Russia that offer scholarships in collaboration with the government, which helps in significantly reducing the cost to learn MBBS.

d) Private Scholarships

There are numerous private organisations in India and abroad, who provide scholarships that are aimed in helping Indian students to pursue MBBS in various overseas locations, Some of them would include :

J. N. Tata Endowment Loan Scholarships: The Tata Trusts extended their philanthropist hands along with their prominent business presence in our country, through various scholarships to Indian students who are aspiring to pursue their higher studies abroad includingMBBS.
The Tata Trusts Medical and Healthcare Scholarship: This specialised scholarship, which is funded by the Tata Trusts, specifically targets students who wish to go for various medical courses at different overseas locations. This scholarship even offers partial financial aid to cover the tuition and living expenses of students.

e) Country-Specific Scholarships

There are various countries who offer various study abroad financial aid for medical students, that helps to cover tuition and living costs. Some examples for the same includes:

Turkey Scholarship: Turkey is a country that offers numerous scholarships that can cover the tuition fees and living expenses of a lot of International students and MBBS students.

Malaysia International Scholarship : This scholarship is offered by the Malaysian government to support a lot of international students to cover a part of the tuition fee and also other living expenses.

2. Education Loans for MBBS Abroad

While scholarships can give tremendous relief, not all students may be fortunate enough to get them. For such students, education loans are a critical financial resource. Several Indian banks and financial institutions provide specialised education loans to students seeking MBBS overseas. These loans cover a variety of expenses, including tuition, travel, and housing.

a) Secured Education Loans

Secured loans require the student or their family to offer collateral, such as property or fixed deposits, to the bank. These loans typically have lower interest rates and longer repayment periods. Public sector banks such as State Bank of India (SBI) and Punjab National Bank (PNB) offer secured loans for MBBS studies abroad.

SBI Global Ed-Vantage Scheme: This is a secured education loan offered by SBI for Indian students pursuing education abroad, including MBBS. It offers a maximum loan amount of ₹1.5 crore with competitive interest rates.
PNB Udaan: This is another popular loan scheme that offers education loans for Indian students pursuing professional courses abroad, including MBBS.

b) Unsecured Education Loans

Unsecured loans do not require collateral but generally have higher interest rates. Many private banks and Non-Banking Financial Companies (NBFCs) offer unsecured loans for Indian students.

HDFC Credila: A leading provider of unsecured education loans, HDFC Credila finances students pursuing MBBS abroad. The loan amount depends on the course and university, and the interest rates vary accordingly.
Avanse: Another NBFC that specialises in education loans for students pursuing higher education, including MBBS. Avanse offers both secured and unsecured loans.

c) Loan Repayment Options

Education loans for MBBS typically come with a moratorium period, which allows students to start repaying the loan after completing their degree or securing a job. Most banks offer flexible repayment periods ranging from 5 to 15 years.

3. Key Factors to Keep In Mind While Choosing Financial Aid

There are various factors that have to be kept in mind while selecting various financial aids to pursue an overseas MBBS. If possible, students must consider several factors before opting for scholarships or loans. Here are some important aspects to evaluate:

a) Scholarship Criteria

Scholarships are often provided on the basis of merit, as well as need.There are several cases, where they are provided on both the basis. Students should ensure that they thoroughly research the eligibility for each scholarship that they are availing. For example, some scholarships may be specifically for students from a particular region, while others may require a certain criteria.

b) Loan Repayment Terms

While opting for an education loan, it’s a mandatory requirement for students to carefully examine the repayment terms, which include the interest rates, moratorium period details, as well as the possibility of pre-payment without penalties. Most secured loans generally offer lower interest rates but would definitely require collateral security, on the other hand, unsecured loans would not require collateral security but will always have higher interest rates.

4. Best Scholarships for MBBS Abroad

Here are some of the best scholarships for MBBS abroad available to Indian students:

Russian Government Scholarship: Covers full tuition and offers stipends to students studying in Russian universities.
China Government Scholarship (CGS): Offers full and partial scholarships to international students, covering tuition fees, accommodation, and medical insurance.
J. N. Tata Endowment Scholarship: Provides loan scholarships for Indian students pursuing higher education abroad, including MBBS.
Tata Trusts Medical and Healthcare Scholarship: Supports Indian students pursuing MBBS abroad by providing partial funding for tuition fees and other expenses.

Conclusion

We assume that this narrative can give insight for many Indian students who aspire to study MBBS abroad, but are holding themselves due to major financial hurdles. We would encourage you to explore various options to avail scholarships for MBBS students to study abroad, as well as financial help and school loans. Even if you receive a government scholarship, a university grant, or even an education loan from a reputable institution, make sure to do comprehensive research and planning. With the support of an apt financial assistance and a study abroad consultant, you can pursue your dream MBBS degree overseas, which would literally blow you up for a global medical career.