How to Get Education Loan for MBBS in Russia

Pursuing an abroad education has become a very popular choice among Indian aspirants for medical education, and Russia stands out as the most selective destination for an MBBS education due to its affordable and low budget cost structure. Russia also provides education loan facilities to students who are not financially well, there are several types of loans available for students such as secured loans, unsecured loans, Government Schemes, Co-Signers, etc. This blog will discuss the cost of MBBS education in Russia and education loans for MBBS in Russia.

Let’s Explore the Expenses of MBBS in Russia

Russia is one of the top selective destinations around the globe where students come to study the MBBS program because of the affordable fee structure and the average cost of MBBS in Russia for 6 years is between 15-30 lakhs. Over 15,000 global students enroll in Russia each year to study medicine in Russian universities and the NMC and WHO recognize them all.

Now Know About the Types of Education Loans in Russia

There are many particulars available for choosing MBBS in Russia such as its advanced teaching facilities and educational excellence, they also provide loan facilities to students, here are the types of education loans cited below which are available and provided by Russia Medical College:

• Secured Loans: Secured loans are those loans that require collateral such as property or fixed deposits to avail of the loan. The amount approved in secured loans is generally higher and the interest rate is typically lower.

• Unsecured Loans: Unsecured loans are those loans that do not require any collateral but come with slightly higher interest rates and a lower loan amount limit. These loans are easier to process but are riskier for lenders.
• Government Schemes: Some state-backed schemes or financial institutions offer loans at subsidized interest rates for higher education abroad. These loans are approved for students if they are eligible.
• Co-signers: In some cases, banks might require a co-signer (such as parents or guardians) who is financially stable and can ensure repayment if necessary.

Although Russia is a very affordable destination for pursuing a medical education as the total cost of a 6-year course duration in Russia varies from 15-30 lakhs, it also provides education loan facilities to those students who are not able to afford the education cost in Russia. Here are the steps mentioned below for getting a loan for MBBS Education in Russia.

Steps for Getting an Education Loan

Step-1: Research Loan Providers: Firstly research the various financial institutions that offer education loans for studying MBBS in Russia. The banks and NBFCs (Non-Banking Financial Companies) are the bodies that specifically offer loans for medical studies.

Step-2: Eligibility Criteria: Aspirants also need to check the eligibility requirements for education loans such as Indian citizenship, Age limit (typically between 18 and 35 years), A good academic track record, etc.

Step-3: Loan Amount and Coverage: The education loan in Russia generally covers tuition fees, living expenses, travel costs, and other academic expenses.

Step-4: Documents Required: Students need to present some documents for education loan in Russia including:

• Valid passport
• Admission letter from the university
• Academic certificates (10th, 12th, etc)
• Bank statements
• Identity proof (Aadhaar, PAN card)
• Guarantor details (in some cases)

Step-5: Interest Rates and Loan Tenure: The interest rate and tenure vary from bank to bank you need to research them. After that compare the options to find the best alternative for your education loan.

Step-6: Processing Fees and Other Charges: Some banks charge processing fees & other charges for the education loan process.

Conclusion

MBBS in Russia is a very popular country for pursuing a medical education among Indian students, if you want to be a practising doctor then you can opt for Russia because Russian universities provide many career opportunities and benefits to students such as Medical colleges Fees in Russia are quite reasonable, provide good infrastructure, better ROI (Return on Investment), globally recognized degrees, and also provide loan facilities to students who are not financially well.

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