How to Finance Your MBBS Abroad – Loans, Scholarships & Budget Tips

Pursuing MBBS abroad has become a popular option for Indian students due to limited government medical seats and high private college fees in India. Other countries such as Russia, Georgia, Armenia, Kyrgyzstan, Kazakhstan, Kyrgyzstan, and Barbados are providing high-quality and relatively inexpensive medical education. Nevertheless, MBBS in other countries is still expensive, even when it can be affordable.

When you or your child dreams of being a doctor overseas, the question will be how to fund your study of MBBS abroad without a huge debt burden.

This blog will present you with a step-by-step analysis of how the whole thing will cost you, the means by which you can afford an education with student loans, scholarships and how best you can save (budget) to make this look possible.

Understand the Full Cost of MBBS Abroad

It is important to know how much it is going to cost before seeking financing solutions. The total expenditure of doing MBBS in a foreign country is variable, and it varies depending on the MBBS abroad fees, the country of study and the institution you select, and your own lifestyle habits. The main costs can be highlighted as follows:

Total cost for 5-6 years: $24,000 to $48,000 USD (based on country/university)

There are countries such as Russia, Kyrgyzstan, Armenia, and Kazakhstan that provide expertise MBBS degrees that are acknowledged all over the globe and at a much lower fee as compared to those of the privately managed medical colleges in India.

Education Loans: Your Financial Backbone

Education loan for MBBS abroad are one of the surest means to finance your program in a foreign country that are provided by Indian banks and National Non-Banking Financial Companies.

Categories of Loans:

• Secured Loans - There are some collaterals (property, fixed deposit) required.

• Unsecured Loans-  No collateral, but require a strong co-applicant profile and higher interest rates.

What Education Loans Cover:

• Tuition Fees

• Living Expenses (Hostel, Food)

• Books and Equipment

• Airfare and Travel Insurance

• Visa Fees and Other Charges

Popular Indian Banks Offering Abroad MBBS Loans:

• State Bank of India (SBI Global Ed-Vantage Scheme)

• HDFC Credila

• Bank of Baroda

• Punjab National Bank

• Axis Bank

Key Points to Remember:

• The interest rates range between 9% to 14%..

• Search banks which provide a moratorium period (the time of loan repayment starts after the course + 6 months).

• Select loans that take a longer time to repay (maximum 15 years).

• Have academic and admission records at hand for MBBS abroad: offer letter, fee structure, co-applicant financials, etc.

Tip: Compare and submit a loan application for education loans to various banks through government-supported platforms such as Vidya Lakshmi.

Scholarships for MBBS Abroad: Earn Your Way

Scholarship can help a lot in covering a part of the financial burden (or even all) of your school fees or living costs.

Types of Scholarships Available:

• Merit-Based Scholarships - For students who have had great marks in school.

• Need-Based Grants - For students from financially weaker backgrounds.

• Government-to-Government Scholarships - Like those offered by the Russian or Kazakhstani government.

• Institution-Specific Scholarships - MBBS abroad scholarship provided by an institution such as LAU, OrSMU, or Tula.

Common Scholarships in MBBS Abroad:

• Russian Government Scholarship - The scholarship will only cover the tuition fees, living accommodations, and a stipend.

• Education Abroad Merit Scholarships - These scholarships are provided by consultancies to meritorious students.

• Barbados Government Scholarships -  Available for medical aspirants in the Caribbean.

• MBBS University Scholarships- There are also a few Universities that provide partial MBBS abroad fees waivers to Indian students.

Tip: Apply early! It is common to have its scholarly deadlines often close before admission deadlines.

Work While Studying: A Helpful Supplement

While MBBS is a very demanding course, in countries where this degree is offered, it is possible to do a part-time job to cover the cost of living.

Countries That Can Allow Students to Work:

• Russia - Up to 20 hours/week during semesters (with permit).

• Barbados - Flexible rules of part-time work.

• Georgia - The students are allowed to work during their study time with a student visa.

Part-time Job Options:

• Becoming a tutor for juniors or other students

• Campus activities (libraries, labs, on-campus jobs)

• Freelance work (writing, editing, digital)

• Cafes, supermarkets, and delivery jobs (if time allows)

Note: Always prioritise academics. MBBS is rigorous, and failing due to part-time job distractions can be a costly mistake.

Smart Budgeting Tips for Students Abroad

It is equally important to manage your money as you go through your MBBS days, as much as finance. The following are tips on how to cut the budget as a student in a foreign land:

• Prepare a Monthly Budget: Firstly, write down all the income (allowance, part-time job, scholarship) and expenses that cannot be reduced (rent, groceries, transport). Monitor variable costs in order to prevent the waste of expenditure.

• Make Your Own Food: Eating out on a daily basis is 4 times more expensive than making food at home. Get the skills of making simple Indian food- it would be more economical and better (in terms of health) as well.

• Ride in Buses, Trains, and Metros: Buses, metros, and trains are provided with discounts to students, and all cities overseas provide the facility. Taxi is to be avoided, and metro passes can be used.

• Choose the Shared Living or Dorms: University hostels and living with friends can help you save money by around 50% or more.

• Purchase Used Equipment: Books and equipment in the medical field are not cheap. Check out used books by borrowing, sharing or purchasing the used books of senior students or bookstores.

• Track Offers & Discounts: Most businesses give discounts to students on food, clothing and entertainment, just use your student ID.

Choose Budget-Friendly MBBS Countries

There are certain countries which have been providing MBBS abroad with low fees:

Look for NMC-approved universities with high FMGE passing rates, clinical exposure, and Indian faculty support.

Consult Experts for MBBS Abroad

Admissions, visas, money and scholarships can be confusing. It would be beneficial to seek the advice of the highly respected education consultants abroad who offer:

• Personalised university selection
• Loan and scholarship assistants
• Travel and Visa services
• FMGE / NEXT advice
• Indian mess, lodging assistance

On the Whole!

Having figured everything out, including budget planning, education loans, and scholarships, it is evident that MBBS in a foreign country is an affordable and achievable goal. Moreover, the attractive factor is that you can study in an enriched educational system in countries such as Russia, Armenia and Kazakhstan at a relatively small cost, and be a doctor yourself, not burdened by a large debt to repay. It only requires proper guidance and planning at the right time.

Let Education Abroad help you every step of the way—from university selection to financing support. Contact Education Abroad and start your medical experience now!

FAQs

Q1. What is the average cost of MBBS abroad for Indian students?

Answer - The combined cost of all 5 years of MBBS is between $24,000 and $48,000 (Rs 20 lakhs-40 lakhs), depending on the university and the country.

Q2. Can I get an education loan for MBBS abroad?

Answer - Yes, most of the Indian banks and NBFCs provide education loans to study MBBS abroad, which covers the tuition fee, living expenses, travel and Visa cost.

Q3. Are scholarships available for Indian students studying MBBS abroad?

Answer - Yes, there are merit-based, need-based and government scholarships in which students can apply at universities and foreign governments.

Q4. Which country is the cheapest for MBBS abroad?

Answer - Russia, Armenia, Kazakhstan and Kyrgyzstan have low fees for MBBS courses with low living expenses.