Loans for medical students, the dream of becoming a doctor may suddenly become a reality. Many banks provide a moratorium period, little documentation, and a straightforward application procedure that can be done online, making education loans one of the best options to fund your higher studies in the area of medicine in India.
Features and Benefits of Medical Students Loan
- Flexibility Loan Amount – Choose any loan amount starting 5,000 up to Rs. 5 lakhs
- Repayment Term – Borrowers can choose repayment tenure starting 1 month up to 60 months
- 100% Paperless – The entire process from application to disbursal is paperless, online, and hassle-free
- Minimal Documentation – All you need to submit are three documents – ID proof, address proof, and income proof
- Loans with Low Credit Score – Even if you have a relatively low credit score, you can get a loan.
How you can go about getting Medical Students Loan
- Estimate your Expenses
Education is expensive. And study abroad particularly so. When you are calculating expenses consider travel expenses, tuition fees, cost of study material, any special coaching you may need, and cost of lodging and boarding, that is not covered through an education loan. Speak to friends and family who live in the country to understand the cost of living. Once you have an accurate estimate of your costs, you will be able to get an idea of how much Personal Loan you need.
- Decide Tenure and Repayment
Take a Personal Loan for students from a bank that offers flexible tenures, because your monthly repayment amount will depend on the tenure. Remember as a student you may not have the same earnings as you did as a professional. Your biggest requirement is pocket-friendly EMIs. Balance the amount and tenure to arrive at an optimal monthly outgo.
- Make your Application
A Personal Loan requires minimal documentation – ID proof, address proof or income proof. Check with your bank and get all the documents ready. If you are an existing customer, the documentation may not even be required. Find out how you can apply for the loan. Talk to your bank about processing time Personal Loans are disbursed quickly.
Tips to Use a Personal Education Loan Responsibly
- If borrowing for higher education, look at your career options wisely and the possibilities you may have after your course is complete, and judge if you would be able to get a job to pay off the loan.
- Calculate your budget and the loan amount you require at a given period of time.
- For parents, who haven’t saved enough for their kids’ education, plan for the repayment of the loan with EMIs that do not disturb your monthly expenses.
Where to get Medical Students Loan?
FundsTiger is a popular online loan platform. Our consumers come to us for their money requirements, whether they are short-term or long-term, small-ticket or large-ticket, personal, family, or business. FundsTiger team brings a wealth of international financial knowledge to the table and tailors it to your specific needs. Money advice, credit advice, wealth planning, and, of course, credit are all available to our clients.
Faster Funding – We are over 80% faster than most traditional banks and lenders
Total Focus on Your Wins – We leverage our technology and business expertise for your financial success.
Customized Loans – We can structure and customize loans for your unique needs
Customer needs in Forefront – Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the personal loan offers based on customer profile, we try to give you the most personalised experience.
Support you can rely upon – Monitor your loans 24/7 and reach out to a super-responsive support service
Relationships, not Borrowers – We believe in building relationships, not just lending to borrowers.
More Value for Money – We offer the best value for money loans when compared to all our competitors
Real-time Customer Support – Our customer support team is fast and efficient to clear all your doubts regarding personal loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.
Cutomised Tailor Options – Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.