Studying MBBS in Russia is more than a dream of thousands of Indian students; it is a wise decision in their career. Moreover, the cost of getting medical education in Russia is much cheaper as compared to getting it done in purely private medical colleges of India, which are considered world-class. Nevertheless, the affordable fee structure can be a problem even for many families. Education loans are used here where the student does not have to minimise his dreams in order to cover his medical education.
This informative blog will guide you through the process of applying for an MBBS in Russia education loan, what banks require of you, what financial institutions to approach, and tips that will help you raise your chances of having your education loan approved.
Why Students Choose MBBS in Russia
Now, as we are delving into the details of the study loan for MBBS abroad, here are some reasons why MBBS in Russia is one of the leading options:
- Internationally known government universities.
- No donation, no capitation fees
- Affordable fee structure (approx. ₹20-30 lakhs total)
- The English language as a medium of instruction
- FMGE/ NEXT preparation universities that are NMC (MCI) recognised
With all these benefits, an education loan for MBBS in Russia becomes an attractive option to fund your dreams and pursue your medical career without financial stress.
What is an education loan for MBBS abroad?
An education loan is a financial product offered by banks and other financial organisations that assist students during their higher education. It normally includes:
- Tuition fees
- Charges involved in Accommodation/hostels
- Transportation costs (airfare)
- Insurance and visa Costs
- Exam and library charges
- Living expenses
The loan is typically paid at the end of the course completion with a moratorium period (a grace period in which the student does not need to make a payment).
Eligibility Criteria for Education Loan for MBBS in Russia
The students and the co-applicants need to fulfil the minimum eligibility criteria that the bank requires to have their MBBS abroad education loan sanctioned.
To the Student:
- He or she should be an Indian citizen
- Should have gained admission to a reputable Russian medical university
- Should have qualified NEET (required to pursue MBBS in foreign locations according to NMC recommendations)
- The academic record should be good
In case of the Co-Applicant:
- Typically, a parent/guardian who will give a guarantee on the loan
- Should be of stable income (salaried or self-employed)
- One must have a good credit score (CIBIL)
Top Banks & NBFCs Providing Education Loans for MBBS in Russia
Following is the list of Indian banks and financial institutions providing education loans for MBBS abroad:
| Bank/Institution | Loan amount | Interest Rate(Approx.) | Collateral Requirement | Repayment Period |
| SBI Global Ed-Vantage | Up to ₹1.5 Cr | 9.5% – 10.75% | Yes (above ₹7.5L) | Up to 15 years |
| Bank of Baroda | Up to ₹80 L | 9% – 11% | Yes (above ₹7.5L) | Up to 10-15 years |
| Punjab National Bank | Up to ₹20 L | 9.5% – 11.5% | Yes | Up to 15 years |
| HDFC Credila | Customized | 11% onwards | Usually Yes | Flexible |
| Avanse | 100% of cost | 11.5% onwards | Optional | Up to 10 years |
Note: All interest rates and policies are subject to a specific amount of loan, university, profile of the student and financial background of the proposed co-applicant.
Documents Required for MBBS in Russia Loan Application
Here are the documents required for an education loan:
Student documents:
- Russian university admission letter
- Class 10th and 12th mark sheets
- NEET scorecard
- Valid passport
- New photos that fit into a passport
- Copy of visa (where possible)
- University fee structure
Co-Applicant documents:
- Aadhaar, PAN
- Address proof
- Evidence of income (ITR of previous 2-3 years, salary slips, Form 16)
- The last 6 months’ bank statements
- Evidence of a relationship with the student
In case of Collateral Loans:
- Title deed of property
- Encumbrance certificate
- Reports of a government-approved valuer (in legal and valuation form)
MBBS Study Abroad Loans – A Step-by-Step Application Guide
Here are some steps that you need to follow to apply for an education loan to pursue MBBS in Russia:
Step 1: Get Admission
Find out an admissions letter first and foremost in a known Russian medical university. The process of loans would be impossible without this.
Step 2: Selecting the Correct Bank/ NBFC
Interest rates at research, processing, and payback terms, with flexibility. Make a comparative analysis of public banks and the private NBFCs.
Step 3: Document Preparation and Submission
Make sure you have filled in all your documents. Missing documents are one of the keys to rejection.
Step 4: Property Evaluation (for Collateral Loans)
In case you are considering a secured loan, the collateral will be assessed by the financial and legal parameters.
Step 5: Loan Sanction & Disbursement
The MBBS abroad education loan amount is sanctioned upon confirmation and is then disbursed either to your account or directly to the university in a lump sum or in instalments.
Collateral vs. Non-Collateral Education Loans
| Criteria | Collateral Loan | Non-Collateral Loan |
| Interest Rate | Lower (starting at 9%) | Higher (11.5% and above) |
| Loan Amount | ₹7.5L – ₹1.5 Cr | Usually up to ₹7.5L – ₹40L |
| Approval Time | 15–30 days (due to property checks) | Faster (7–15 days) |
| Risk Factor | Lower for banks | Higher for banks (hence more scrutiny) |
Tips to Improve Chances of Loan Approval
Here are some tips for improving the chances of loan approval that you need to consider:
- To enhance the level of credibility, select NMC-approved Russian universities.
- Keep a clean academic record with a good rank in NEET.
- Make sure your co-applicant has a good income background with a good ITR history.
- Consult reliable consultants who handle the documentation of the loan and arrangement of tie-ups with partner banks.
On the Whole!
Having learned all this, it is evident that an education loan makes it easier and inexpensive for Indian students to undergo MBBS in Russia. Moreover, under good planning, eligibility and documentation, you can acquire a study loan for MBBS in Russia to cover tuition fees, travelling, housing and other required costs. Further, it is a wise move financially, and it gives you time to concentrate on your studies. But it may be very tricky to comprehend the process and to select a suitable bank.
However, if worried about the transition of getting into MBBS, any help in loan processing or visa service, Rus Education can guide you. So, Contact Rus Education now or schedule a free counselling session to make that next step with confidence toward your medical aspirations.
FAQs – MBBS Education Loan for Russia
Q1. Can I get an education loan for MBBS in Russia?
Ans: Yes, there are numerous Indian banks and NBFCs that provide an education loan for MBBS in Russia, which includes tuition fees, travelling costs, and expenses made on accommodation.
Q2. Is NEET required for getting a loan for MBBS abroad?
Ans: Absolutely, an MBBS abroad requires NEET as per the NMC guidelines and loan eligibility.
Q3. Do I need collateral for a study loan for MBBS in Russia?
Ans: Loans above 7.5 lakhs typically need collateral, but certain NBFCs give loans without collateral.
Q4. When do I start repaying the MBBS abroad education loan?
Ans: The payment typically begins once the studies are finished; the repayment is subject to a moratorium of 6 to 12 months.
