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Education Loans for MBBS in Russia: A Complete Guide

Need Cash for Your Russian MBBS Dream? Your Education Loan Guide is Here!

 

So, you’ve decided to pursue your MBBS in Russia? Awesome choice! It’s a great way to get a quality medical education without breaking the bank completely. But let’s be real, even with lower tuition fees than private colleges in India, financing your MBBS in Russia still takes some serious planning.

 

That's where education loans come in! They can be A HUGE help towards making your dream of being a doctor a reality. This article is all about helping you understand how to go about getting those loans, what to look out for, and how to get through the whole process without losing your mind. You can consider it your friendly guidebook to funding your future!

 

Why Go for an Education Loan in the First Place?

 

Alright, let's begin, but first, here's why education loans are so useful:

 

•  They Cover More Than Tuition Alone! Education loans usually cover more than just tuition but also your living costs, travel, study books, and other fees you'll be facing.

•  Less Stress for Your Family: Your family will not have to shoulder the cost all at once when you borrow a loan. You can learn without guilt trips in between.

•  Build That Credit History! Paying your loan on time will also build a good credit history, which will be helpful later when you're trying to get a car loan or a mortgage.

• Tax Relief! You are eligible to claim tax relief on interest incurred for your education loan in India under the Income Tax Act, Section 80E.

 

ARE YOU Eligible? The Minimum Requirements

 

Requirements differ slightly bank to bank, but overall, you will be asked to qualify on these minimum requirements:

 

• Indian Citizen, Clearly: You're an Indian citizen.

•  Old Enough to Sign a Contract: Your bank will want you to be over 18 years of age.

•  Good Grades Help!: You'll have to bring good marks in your 10+2, typically a minimum percentage.

•  Confirmed Admission! You will have to give a letter of confirmation of admission from a confirmed Russian medical school indicating that you've received an admission confirmation.

•  A Co-Signer (Usually a Parent): You’ll typically need a co-applicant, like a parent, guardian, or spouse, to co-sign the loan agreement.

•  Someone Needs to Make Money! The co-applicant needs to have a stable income so the bank knows the loan can be repaid.

 

What Kind of Loans Are Out There? Let’s Explore!

 

There are several types of education loans for studying abroad, including Russia:

 

•  Nationalized Banks (The Government-Guaranteed Route): Bulk government-owned banks like SBI, PNB, Bank of Baroda, and Canara Bank offer education loan facilities for foreign studies. They are most probably to offer competitive rates of interest and convenient repayment terms.

• Private Banks (Faster, But Possibly More Expensive): Private banks like HDFC Bank, ICICI Bank, Axis Bank, and IndusInd Bank also offer education loans. Their interest rates might be slightly higher, but the application process can be faster and they can offer more personalized loan facilities.

•  NBFCs (Specialized Lenders): Avanse, Credila, and InCred are such NBFCs that specialize in education loans. They might be less stringent in requirements but will most likely have higher interest rates.

 

Applying for That Loan: Here's How It Works

 

This is a step-by-step guide on how to apply for the loan:

 

1. Shop Around! Compare different lenders and their interest rates, loan terms, processing fees, and eligibility requirements.

2. Collect Your Documents! Organize all the documents in sequence. See the checklist below!

3. Complete the Application with Care! Complete the loan application form correctly and in full. Don't leave any space blank!

4. Send Your Application! Send the application form and all the documents listed above to the lender.

5. Wait for Approval! The lender will review your documents and determine if you qualify. If approved, they'll send a sanction letter.

6. Get the Dough! The dough will be delivered to your college or to you, based on the loan conditions.

 

Document Checklist: Get Your Documents!

 

The following is what documents you will generally need:

 

•  The Application Form (No Brainer!): Filled and signed correctly.

•  Snaps! Your and your co-applicant's passport-sized photographs.

• Proof of Identity: Aadhaar card, PAN card, passport, or voter identity card.

•  Proof of Address: Aadhaar card, passport, electricity bill, or bank statement.

•  Proof of Age: Birth certificate, passport, or school leaving certificate.

•  Your Academic Records: Your mark sheets and certificates of class 10th, 12th, and graduation (if you already possess a bachelor's degree).

•  Admission Letter! Your Russian medical school admission letter.

•  Fee Structure! A fee structure showing the overall fee of the MBBS course.

•  Co-Applicant's Income Proof! Salary slips, income tax returns, or bank statements.

•  Bank Statements! Bank statements of yours and your co-applicant for six months.

•  Collateral (Maybe Required): If the bank requires so, you will have to furnish property, fixed deposit, or other asset documents.

 

Repayment: What You Need to Know

 

Education loans generally have a "moratorium period," or when you do not pay. Generally, that's the duration of your studies and then a period after graduating (6-12 months). After that, you'll start to pay the loan back.

 

Tips for Being Approved (and Getting the Best Deal!)

 

•  Good Credit is Key! Having good credit will get you better approval chances and an even lower rate.

•  Pick a Lender You Trust! Select a lender that stands out in a good reputation as well as with easy loan conditions.

•  Be Truthful! Make sure all you enter on the form is true.

•  Don't Miss Deadlines! Pay close attention to all the deadlines on the applications and get your papers in on time.

•  Ask for Assistance! Get personalized guidance from financial planners or education loan experts.

 

The Bottom Line:

 

Getting an education loan to finance your MBBS in Russia is a wise and intelligent move. With research, comparing loans, having your papers in line, and being prudent with your finances, you can indeed acquire the funds that you need and have your heart set on being a great doctor! Don't forget to bargain hunt and ask questions galore. You're going to rock this!

 

SIMPLE ADMISSION PROCESS

No hefty donations, no entrance exams, no hassle for documentation just your dream MBBS study and you. RUS OVERSEAS does everything for you from scratch. We make sure you don’t have to do rounds of rotation and get fed up with the process of admission. From beginning to end, we are with you.

 

THE PROCESS

Eligibility: 

• 50% in PCB (40% for SC/ST/OBC) in Class 12.
• Minimum 17 years by December 31 of the admission year.
•   NEET Qualification: Mandatory for Indian students.

 

Invitation letter: 

After RUS OVERSEAS submits your documents in the university. The university issues you an invitation letter. 

 

Visa process: 

Once the invitation letter arrives. The company will start your visa processing and in a few days you will be on the plane to Russia. 

HOW RUS OVERSEAS HELPS YOU IN YOUR JOURNEY

RUS OVERSEAS has the experience of more than a decade. Our team is supportive and cares for the students wholeheartedly. We are available 24/7. Your one stop solution for MBBS abroad is us. We at RUS OVERSEAS will never disappoint any student or parent in their fulfilling journey with us.

 

CONTACT US

Phone: +91 9560533703

Email:  info@rusoverseas.com