State Bank of India (SBI)


State Bank of India offers two variants of education loans for MBBS aspirants - one being SBI Student Loan and other being SBI Scholar Loan. SBI student loan is a general education loan, while the SBI Scholar loan is offered to students selected for admission in premier medical institutions of India.

The list of premier medical institutions on which rebate in the interest rate and the loan amount is given by SBI are as given below:

  • Kasturba Medical College (KMC), Mangalore (List A Institute)
  • Kasturba Medical College (KMC), Manipal (I.ist B Institute)
  • Army College of Medical Sciences (ACMS). Secunderabad (List B Institute)
  • Army College of Dental Sciences (ACDS), Delhi Cantt (List B Institute).
  • Maharishi Markandeshwar University (MMU Medical College. Haryana (List C Institute)


Education Loan Amount
Up to Rs 7.5 Lakh
Collateral Required
No
Interest Rate
10%
8.50%(List A)
9%(List B)
10%(List C)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*


Education Loan Amount
Rs. 10 Lakh
(max. for studies in India)
Collateral Required
Yes
Interest Rate
10.75%
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*

Education Loan Amount
Rs. 20 Lakh
(only for students admitted to List A, B & C Institutions)
Collateral Required
No (for List A & B); Yes(For List C)
Interest Rate
8.50% (List A)
9% (List B)
10% (List C)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*


Education Loan Amount
Rs. 30 Lakh (only for students admitted to List A, B & C Institutions)
Collateral Required
No(for List A)
Yes(for List B & C)
Interest Rate
8.50% (List A)
9% (List B)
10% (List C)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*


Education Loan Amount
Rs. 20 Lakh (max for studies abroad)
Collateral Required
Yes
Interest Rate
10.75%
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*

Bank of Baroda


Extra loan amount on subsidized interest rate is granted to students admitted to some of the premier medical institutions of India selected by Bank of Baroda.

Below is the list of 'A' and 'B' rated medical institutions approved by Bank of Baroda:

List A Institutions

  • All India Institute of Medical Sciences (AIIMS)
  • Armed Forces Medical College (AFMC)
  • Bangalore Medical College (13MC)
  • Christian Medical College (CMC)
  • Grant Medical College (GMC), Mumbai
  • Jawaharlal Institute of Post-Graduate Medical Education and Research (JIPMER), Pondicherry
  • Kasturba Medical College (KMC), Manipal
  • King Edward Medical College (KEMC), Mumbai
  • Lady Hardinge Medical College (LHMC), Delhi
  • Madras Medical College (MMC), Chennai
  • Maulana Azad Medical College (MAMC), Delhi
  • Post Graduate Institute of Medical Education & Research (PGIMER), Chandigarh
  • Armed Forces Medical College (AFMC)
  • St. John's Medical College, Bangalore
  • Kerala Dayanand Medical College (DMC)

List B Institutions

  • Amrita School of Medicine (ASM)
  • Dayanand Medical College (DMC), Ludhiana
Education Loan Amount
Up to Rs 7.50 Lakh
Collateral Required
No Security(Upto 4 Lakh)
Intangible Security(from Rs. 4 to 75. Lakh)
Interest Rate
10.80%(approx)
9.05%(Approx only for a student admitted to List B institution)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
10 Years*


Education Loan Amount
Above Rs 7.50 Lakh(max for 30 Lakh for studies in India)
Collateral Required
Yes
Interest Rate
8.80%(approx. Only for a student admitted to listing B institution)
9.05%(Approx only for a student admitted to List B institution)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
15 Years*



Central Bank of India (Cent Vidyarthi)


Education Loan Amount
Rs. 10 Lakh
(for studies in India)
Collateral Required
No Security( up to Rs. 4 lakh)
Intangible Security(from 4 lakh to 7.5 lakh)
Tangible Security(above 7.5 lakh)
Interest Rate
10.30%(for male)
9.80%(for female)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period10 Years* (for a loan up to Rs 7.5 lakh)
15 Years(for all others

Education Loan Amount
Rs. 20 Lakh
(for studies abroad)
Collateral Required
Yes
Interest Rate
9.80%
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period15 Years*



HDFC Bank


Education Loan Amount
Rs. 10 Lakh
(for studies in India)
Collateral Required
No Security( up to Rs. 4 lakh)
Intangible Security(from 4 lakh to 7.5 lakh)
Tangible Security(above 7.5 lakh)
Interest Rate
11.97%(approx)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period10 Years* (for a loan up to Rs 7.5 lakh)
15 Years(for all others)


HDFC Credila


Education Loan Amount
No Upper Limit
(for studies in India)
Collateral Required
Yes
Interest Rate
Above 12.10%
Moratorium Period
Until 6 months or 1 year(may be extended, after completion of course)
Repayment PeriodStarting 12 years**



IDBI Bank


Education Loan Amount
Rs. 20 Lakh (for studies in India)
Collateral Required
No Security( up to Rs. 4 lakh)
Intangible Security(from Rs. 4 lakh to Rs. 7.5 lakh)
Tangible Security(above Rs. 7.5 lakh)
Interest Rate
9.40%(for loans below 10 lakh)
10%(for female)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period15 Years*


Education Loan Amount
Up to Rs. 30 Lakh(granted to students admitted to top medical colleges)
Collateral Required
No(For loans up to 20 lakh)
Yes For others
Interest Rate
8.40%
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period15 Years*



Canara Bank


Education Loan Amount
Rs. 10 Lakh
(for studies in India)
Collateral Required
No Security( up to Rs. 4 lakh)
Intangible Security(from Rs. 4 lakh to Rs. 7.5 lakh)
Tangible Security(above Rs. 7.5 lakh)
Interest Rate
10.45%(for loans up to Rs. 7.5 lakh)
10.25%(for loans above Rs. 7.5 lakh)
Moratorium Period
Until 1 Year(after completion of course)
Repayment Period
10 Years* (for a loan up to Rs 7.5 lakh)
15 Years(for all others)



Dena Bank (Dena Vidya Laxmi Education Loan Scheme)


Dena Bank gives extra interest subsidy and enhanced loan amount to students admitted to top medical institutions of India. Below given is the list of 'A' rated colleges that are approved by Dena Bank.

Rebates in interest rates and the total loan amount are extended to students admitted to these institutions:

  • Christian Medical College (CMC) Vellore
  • All India Institute of Medical Sciences (AIIMS) New Delhi
  • Post Graduate Institute of Medical Education & Research, Chandigarh
  • Armed Forces Medical College (AFMC) Pune
  • Vardhman Mahavir Medical College & Safdarjung Hospital, New Delhi