How can an Indian student get an education loan to study for an MBBS in Vietnam?

Introduction: Why Choose MBBS in Vietnam for Indian Students?

Studying MBBS in Vietnam has become very popular in the past years, as the fee is affordable, it is recognised globally, and the teaching language is English. Having globally renowned universities and also with the rising ties with the Indian medical institutions, Vietnam is becoming a low-cost yet quality source of medical education. Funding their education, however, is one of the most frequently mentioned issues among the Indian aspirants. Luckily, there are several education loans when it comes to MBBS in Vietnam for Indian students.

Step-by-Step Process to Apply for an Education Loan

1. Check Eligibility Requirements

The Indian student also has to qualify to receive an education loan as follows:

• Be Indian (citizen).

• Acquired a place in an established medical university in Vietnam

• Co-applicant (parent/guardian)

• Having a good academic performance

2. Choose the Right Lender

Students can avail of education loans for MBBS in Vietnam for Indian students in:

• Nationalized Banks (inc. SBI, Bank of Baroda)

• Non-Banking Banks (e.g. HDFC Credila, Axis Bank)

• NBFC-MFIs (e.g., avanse, inCred)

• Lenders (Prodigy Finance, where higher eligibility applications are involved) International 

3. Estimate Loan Amount

The Vietnam MBBS fee is INR 15 and 25 lakhs to complete the course. The loan can be used to pay:

• Hostel fees

• Airfare

• Books and materials

• Living expenses

Depending on the profile of the applicant and collateral proposed, banks usually give between 90 and 100 percent of the total cost.

Documents Required for Loan Application

Some documents that are normally needed to apply for an education loan to study MBBS in Vietnam for Indian students include:

• An admission letter to a medical university in Vietnam

• Mark sheets (10th, 12th)

• Student and co-applicant ID and address verification

• Proof of income of the co-applicant

• Secured loans—collateral documents (collateral loans)

• Approximate tuition fees for studying MBBS in Vietnam

The time of processing is 10-20 working days, depending on the lender and the type of loan (secured or unsecured).

Secured vs. Unsecured Education Loans

• Secured Loan: There must be a security (property, FD, insurance); low-interest rates (~8.5-10%)

• Unsecured Loan: Comes with no collateral; interests are higher (~11%-13%).

The amount that is involved tends to give the students who are interested in MBBS in Vietnam for Indian students a better chance of obtaining a secured loan that is well accepted.

Vietnam MBBS Fees and Cost Overview

Vietnam MBBS fees for Indian students are in the range of 3000 to 6000 dollars a year, depending on the university. This is combined with living expenses of 1500-2500 dollars a year, which makes the total cost of MBBS in Vietnam come close to INR 20 to 30 lakhs for the complete program. Vietnam is a lot cheaper compared to other countries such as the USA or the UK.

Conclusion

One can easily secure an education loan to pursue MBBS in Vietnam for Indian students with proper planning and by following the right guidance. Indian students can now easily fulfil their dreams of becoming doctors in Vietnam since they can easily afford their tuition fees at medical schools in Vietnam, fees that are lower in comparison to other countries of study in India, with relative ease due to the clear application process, repayment procedures, and plans.

Need advice on the right loan to use to do MBBS in Vietnam?

Talk to Education Vibes! And we will help you to make the right choices concerning the right lender, prepare papers, and have your loans approved easily. 

Get expert guidance from trusted MBBS from Consultants for hassle-free admissions, visas, and career support to achieve your global education dreams. For more information and the best consultancy, contact Education Vibes at +91 8989545415.