Education Loan to Study MBBS in the USA
*T&C Apply. Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
Pursuing higher education in the USA opens doors to well-known universities, advanced research facilities, and diverse career opportunities. However, the cost of studying in the USA, including tuition fees, accommodation, and living expenses, can be significant. This is where an education loan for the USA becomes a vital support system, helping students focus on academic growth without financial stress. Whether you’re planning for an undergraduate, postgraduate, or professional degree, understanding the total cost and funding options is the first step toward your American dream.
Why Pursue an MBBS in the USA?
- Globally Respected Medical Degree: A medical degree from the USA is recognised and valued in many countries. Graduates can pursue further training or licensing abroad after meeting local exam requirements.
- Strong Practical and Clinical Learning: Medical education in the USA focuses on hands-on experience. Students begin clinical training early, working in teaching hospitals, and gaining hands-on exposure.
- Focus on Research and Innovation: The USA is a leader in medical research. Students often take part in projects that contribute to new treatments, medical technologies, and global healthcare improvements.
- Excellent Career Growth and Earnings: Doctors trained in the USA enjoy strong job prospects and attractive salaries.
- Financial Support Options: International students can explore scholarships and education loans to help manage the costs of studying MBBS in the USA.
List of Medical Universities in the USA
| University | City | Highlight |
|---|---|---|
| Harvard Medical School | Boston | Known for its strong research ecosystem and affiliations with leading hospitals. |
| Johns Hopkins School of Medicine | Baltimore | Recognised for its focus on medical research and clinical training. |
| Stanford School of Medicine | Stanford | Offers interdisciplinary programmes with a strong emphasis on innovation and technology. |
| UCSF School of Medicine | San Francisco | Well-regarded for its clinical research and healthcare-focused curriculum. |
| University of Pennsylvania (Perelman) | Philadelphia | Combines traditional medical education with modern research approaches. |
| Columbia Vagelos College of Physicians & Surgeons | New York City | Provides access to diverse clinical experiences in an urban setting. |
| Mayo Clinic Alix School of Medicine | Rochester | Integrates education with patient-centred clinical practice. |
| Yale School of Medicine | New Haven | Known for its flexible curriculum and emphasis on independent learning. |
| University of Washington School of Medicine | Seattle | Focuses on community-based training and regional healthcare needs. |
| Duke University School of Medicine | Durham | Features an accelerated curriculum with early research exposure. |
| University of Michigan Medical School | Ann Arbor | Offers a balanced approach to clinical training and academic research. |
| University of Chicago (Pritzker School of Medicine) | Chicago | Emphasises critical thinking and research-driven education. |
| UCLA David Geffen School of Medicine | Los Angeles | Provides extensive clinical exposure through a large healthcare network. |
| New York University (NYU) Grossman School of Medicine | New York City | Known for its tuition-free initiative for eligible students. |
| Weill Cornell Medicine | New York City | Offers global health programmes and diverse clinical training opportunities. |
Types of Education Loans for MBBS Students Abroad
Broadly, there are two main types of education loans:
- Secured Education Loan: A secured education loan is backed by collateral, such as residential property, fixed deposits, or insurance policies. This collateral will serve as a guarantee for the lender in case the borrower defaults.
- Unsecured Education Loan: An unsecured education loan is a type of student loan that does not require any collateral or security. Approval is based on the borrower’s financial profile.
Eligibility Criteria for an Education Loan in the USA
To qualify for a student loan in the USA, here are the eligibility criteria:
- Applicant Age: 16 years or above
- Co-Applicant: Generally required can be a parent, spouse, or guardian
- Eligible Students: Those enrolling in bachelor’s or master’s programmes
- Approved Courses: Academic or professional programmes (MBA, MS, MBBS, etc.)
- Recognised Institutions: Universities and colleges accredited in the USA
Documents Required for an Education Loan for MBBS Overseas
To apply for an education loan, here’s a checklist of documents you’ll need. Requirements vary slightly based on your co-applicant’s income type.
| Document Type | Details |
|---|---|
| A. Application Form | Completed original or digital loan application form |
| B. KYC Documents | PAN Card or Form 60 (mandatory if PAN is mentioned) ONE valid ID & address proof: Passport / Driving License / Voter ID / Aadhaar / NREGA Job Card / NPR Letter |
| C. Student Education Documents | 12th Marksheet (not needed for UG applicants in 12th or Exec PG) Latest semester/year marksheet or transcript Admission proof (Admission Letter / I-20) |
| D. Co-Applicant Financials | |
| → Salaried | Last 6 months’ salary account bank statements 1 recent salary slip/certificate |
| → Self-Employed (Non-Proprietor) | Last 6 months’ Current & Savings A/c bank statements Last 2 years ITRs (online acceptable) 44AD: income statement only Tax audit: CA attestation required Optional: Qualification proof, GST/Shop Act/Aadhaar Udyog |
| → Proprietor | Last 6 months’ Current & Savings A/c bank statements Last 2 years ITRs 44AD: income statement only Tax audit: CA-audited financials (P&L, BS, Computation, Schedules) |
| → No Income | Last 6 months’ Savings A/c bank statements |
| → Pensioner | Last 6 months’ Savings A/c with pension credits OR Pension Order |
| E. Collateral Documents (if applicable) | Latest sale deed Property tax receipt Approved building plan or Occupation Certificate |
Interest Rates on Education Loans for Studying MBBS Abroad
Get the funds you need for your education abroad with competitive interest rates and zero prepayment or foreclosure charges!
| Feature | Details |
|---|---|
| Interest Rate (Floating) | 9.95%* p.a. onwards |
| Origination Fee | 1.25%* + GST |
| Prepayment & Foreclosure Charges | None |
How to Apply for an Education Loan to Study MBBS Abroad
Follow this 3-step process
A simple and transparent journey.
1- Apply Online
Fill out the application form and upload documents.
2- Application Review
Get your sanction letter after our credit appraisal.
3- Funds Disbursed
You are all set to get started.
Expenses Covered Under Student Loan for MBBS Abroad
When you take an education loan for overseas studies, the following expenses are typically covered:
- Tuition fees and academic charges.
- Hostel or on-campus accommodation.
- Cost of living (food, transport, utilities, etc.).
- Books, lab supplies, and other learning materials.
- Laptop or computer (if required for coursework).
- Examination and library fees.
- Other education-related expenses as approved by the Credila.
Repayment Options for Overseas MBBS Loan for Students
Repayment for MBBS education loans is designed to be student-friendly and flexible:
- EMI-based Repayment: Start paying in EMIs after the moratorium ends.
- Part-Payment Option: Make partial payments during the course to reduce the total interest.
- Flexible Tenure: Repayment tenure of up to 15 years based on your profile.
- No Prepayment Penalty: You can repay early without any additional charges.
Why Avail Credila’s Education Loan for MBBS Abroad?
Save time. Go online.
Customer-centric processes with just 3 steps to disbursement.
We cover it all
Up to 100% financing of tuition and living expenses.
Start early. Apply before admission.
Benefit from seamless loan sanctions.
Friendly rates. All the way.
Student loans with customised interest rates.
Dream big. Achieve bigger.
Exploring funding for larger education costs? Not a problem.
Pan-India network of branches
Enjoy multi-city co-borrower(s) and collateral flexibility.
The benefit of tax saving
Added tax deductions# that bring down your cost of financing
Flexible payment plans
Repayment tenure of up to 15 years.
No hidden charges
What you see is what you pay.
Disclaimer: Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
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