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Education Loan For MD

Education Loan For MD

By 2030, India will need 2.7 million more doctors to achieve a favourable doctor-to-population ratio. Doctors have always been in high demand in our country, and the first step on the path to becoming a doctor is to complete an MBBS program. Most MBBS graduates decide to specialise in various fields of medicine to advance their careers.

The most obvious higher education path for doctors is to enrol in a Doctor of Medicine(MD) program. While you can practise with your MBBS degree as a medical professional in India, an MD opens doors to higher-paying specialised roles in the healthcare industry.

Education in medicine is highly sought-after in the country, with lakhs of applicants every year. This demand for medical degrees has also caused the skyrocketing costs associated with studying medicine at both undergraduate and postgraduate levels.

In this article, we explore how you can unburden your finances with the help of education loans for MD in India while pursuing your dream career in medicine.

What is a Doctor of Medicine(MD) degree?

The Doctor of Medicine(MD) degree is a three-year postgraduate degree obtained after completing the standard MBBS undergraduate degree. NEET PG is the most common entrance exam for admission into the MD program.

To be eligible for an MD program, you must have:

1. Completed an undergraduate MBBS degree.

2. Received at least 50% marks in your undergraduate studies.

3. Cleared the NEET PG or any other equivalent examination.

Scope of an MD degree

The scope of an MD degree is quite wide, and there are various avenues to explore and succeed in. Some of these include:

1. Specialising in a field of medicine to participate in advanced patient care and treatment.

2. Take up leadership roles within hospitals and clinics, such as becoming department heads and medical directors.

3. Setting up your own private practice for more autonomy and higher earnings.

4. MDs can teach the next generation of doctors by joining faculty positions at medical colleges.

5. Pursue research in medical fields, conduct clinical trials and be part of innovation teams.

6. You can also take up roles as advisers at healthcare, pharmaceutical and medical device companies and consultancies.

Cost of getting an MD degree

The demand for highly specialised and skillful doctors is high. However, the hefty price tag attached to medical education in India dissuades thousands of students from entering this field.

In government medical colleges, tuition fees range from Rs. 5000 to Rs. 1.5 lakh. In private institutions, you would have to pay between Rs. 12 lakh and Rs 25 lakh per annum.

Apart from tuition fees, there are the cost of living, food expenses, book costs, and other educational expenses to consider.

Education loans for MD

An educational loan is an investment towards your career. It covers the cost of your education so that you can focus entirely on academics and improving your skills as a doctor. In India, you can receive educational loans that fund a substantial portion of your tuition fees, and repayments towards these loans are eligible for tax deductions as per Section 80E of the Income Tax Act.

The MD degree leads to higher-paying job opportunities, and several financial institutions provide a moratorium on education loans. During this period, you do not have to make any repayments towards the loan. This makes education loans easier to repay, especially after completing specialised degrees such as the MD. Timely repayment of an education loan can also aid you to build a good credit score, which can be an advantage later in life.

To apply for an educational loan:

1. Select a financial institution offering MD education loans in India.

2. Gather all the necessary information and documents, including your identity and address proof, educational documents, collateral documents, fee structure details, and income proof.

3. Apply for the loan online. Make sure to fill out your application form carefully.

4. Once your loan has been approved, the amount will be disbursed to your educational institution directly when tuition fee payments are due.

Final thoughts

Whether you choose a government or a private institution for your MD degree, the cost of education will be significant. With the right education loan, you can fund your education without worrying about finances.

Tata Capital offers education loans for various educational goals. These loans offer affordable interest rates and student-friendly repayment options. Enjoy pre-admission sanctions, zero-margin money requirements, and extended loan tenures.

Add wings to your dream. Apply for an Education loan!

Apply now
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