High MBBS Fees Leaving Many Doctors in Debt Trap

July 26, 2018
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In most private medical colleges, the fee to pursue MBBS is extremely high. This indicates that the students who have taken education loans, cannot hope to service the loans from what they earn as doctors after completing their MBBS course.

Here’s how the calculation works:

In Private Medical Colleges, the average annual tuition fee is more than  10 lakhs which is almost half a crore rupee or even more for the complete MBBS course when we include other charges such as hostel fee, mess facility, library, internet services, and examinations, etc.

The EMI of an education loan of  50 lakh works out to be at least  60,000 per month. The Government offers  45,000 to  60,000 salaries to an MBBS graduate depending upon the state as well as area. If we talk about the private sector, it is even worse.

Now, this raises yet another question. The government is allowing the commencement of more private colleges or allowing existing ones to increase seats citing shortage of doctors, especially in rural areas and in primary health centers, but don’t you think high fees defeat the purpose? In such a scenario, can such doctors have a living wage after they pay the EMI? In most banks, the education loans cannot exceed from  7 lakh to  10 lakh without collateral, which means mortgaging a house or land. With collateral, the loan amount can be as high as the value of the collateral.

Usually, the loan carries an interest of 10% to 12.5% and has to be repaid within the duration of 10 to 12 years. If education loans become prohibitive, it could make medical education the preserve of the rich.

According to a report from TOI, the fees charged in 210 private medical colleges in 2017 revealed that around 50 medical colleges charged anything between  10 lakh and  15 lakh. More than 30 medical colleges charged even more. Several government colleges charge high fees, especially in Gujarat and Rajasthan.

After 4.5 years of MBBS, a student has to do a one-year paid internship, during which time his/her salary would be at best  20,000 –  25,000 per month.

After the completion of MBBS course, whether a student is doing three-year post-graduation or he/she is working as a resident doctor or a medical officer, the salary in the government sector ranges from  40,000 to  55,000 in most states and even less in the private sector.

In the span of three to four years, the salary raises to about  70,000 at best in most of the places.

With EMIs of  45,000 –  65,000 for loans ranging from  30 lakh to  50 lakh, doctors are left with barely enough to live on. For those who get married by this stage, the added responsibility of running a household complicates matters further.

India’s Medical Education is becoming a debt trap for many with governments doing very little to regulate medical college fees. Even in states with fee regulation, the annual fees in private medical colleges could range from 2.5 lakhs to over 6 lakhs, especially for management seats.

At Rus Education, you will have a great opportunity to study MBBS in Government recognized Universities in Russia that too at an affordable cost. These Government Universities are listed in the World Directory of Medical Schools and MCI where the quality of medical education is monitored at an affordable fee. The class size is generally small where the faculty-student ratio is not more than 1:15. The students will not only get the global experience but they will also get a great opportunity to study and interact with the best physicians in the world. The applicants also get an opportunity for global placement. After completing MBBS from abroad, you can practice anywhere including India. As you complete MD Course from Russia, NEXT Examination is compulsory for both Indian and foreign Medical Graduates.

So WHAT ARE YOU WAITING FOR. PLEASE GET IN TOUCH WITH RUS EDUCATION BY ANY or ALL of the following Means. It is also advised that those candidates scoring between 119 to 300 from UR and 96 to 250 from other categories immediately opt for a seat and college of their choice since seats are limited and you may have to compromise on your choice at a later date.

To all those having higher marks but keen to prefer Foreign Colleges over Private colleges In India, you can also come and register. In case you get a Medical college of your choice in India your fees will be refunded.