Indian students gladly choose to pursue their medical degree abroad because In India there is very tough competition for medical seats approx 1,07,000 to 1,12,000 seats are in India for MBBS and the cost of tuition fees is also very high crossing 1.5 crores for an MBBS degree. But abroad the education cost is reasonable for medical education nations like Russia and Georgia provide education to students at a low cost and also Education loans for MBBS Abroad.
They also provide scholarships to students who are not financially well, Russia and Georgia both nations provide financial aid to students but the majority of Georgian universities do not provide Education loans to students some of them provide them. In this blog, we will study What is the Procedure of Education Loans and financial aid for students who are not able to afford the education cost of medical degrees in Russia and Georgia.
Education Loans for MBBS Abroad: Russia & Georgia
Both Russia and Georgia are selective destinations for MBBS education, students come to study the MBBS program because of the affordable fee structure. The average cost of medical education for 6 years is between 40-50 lakhs. Many global students enroll in Russian and Georgian universities and they all are recognized by the NMC (National Medical Commission) and WHO (World Health Organization).
Explore the Cost of MBBS education in RUSSIA and GEORGIA:
| Expense Category | Russia | Georgia |
| Tuition Fees | $4,000 – $7,000 | $4,000 – $8,000 |
| Living Expenses (Food + Accommodation) | $2,000 – $3,500 | $3,600 – $6,000 |
| Travel Expenses (Round Trip) | $500 – $1,000 | $300 to $500 |
| Other Miscellaneous Costs | $500 – $1,000 | $1,800 – $2,400 |
Overall the cost of education in Russia and Georgia is affordable. Still, students who are not able to afford the education cost can apply for an Education loan for MBBS Abroad. The Russian and Georgian universities provide financial support to students who are not well financially. Let’s explore some of the educational loans for students in Russia and Georgia:
- Secured Loans: Education loans for MBBS Abroad include Secured loans which require collateral such as property or fixed deposits to avail of the loan. The amount approved in secured loans is generally higher and the interest rate is typically lower.
- Unsecured Loans: Unsecured loans are those loans that do not require any collateral but come with slightly higher interest rates and a lower loan amount limit. These loans are easier to process but are riskier for lenders.
- Government Schemes: Some state-backed schemes or financial institutions offer loans at subsidized interest rates for higher education abroad. These loans are approved for students if they are eligible.
- Co-signers: In some cases, banks might require a co-signer (such as parents or guardians) who is financially stable and can ensure repayment if necessary.
To apply for an Education Loan for MBBS in Georgia Russia you need to follow some steps which are given below:
- Research Loan Providers
- Eligibility Criteria
- Loan Amount and Coverage
- Documents Required
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- Valid passport
- Admission letter from the university
- Academic certificates (10th, 12th, etc)
- Bank statements
- Identity proof (Aadhaar, PAN card)
- Guarantor details (in some cases)
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- Interest Rates and Loan Tenure
- Processing Fees and Other Charges
Conclusion
Both Russia and Georgia are perfect destinations for pursuing a medical education, they provide many benefits and opportunities to students such as affordability of education, good frame, a better learning environment, better ROI (Return On Investment), global valid degrees, and many more. These are the major reasons for choosing Russia and Georgia for MBBS. They also provide financial support or Education loans for MBBS Abroad to those students who are not financially well and are not able to afford their education costs, the types of loans include Secured Loans, Unsecured Loans, Government Schemes, etc.
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