Soon, easier loans for MBBS, PG medical aspirants seeking admission to private medical colleges
the NITI Aayog, at the behest of Union Ministry of Health and Family Welfare, has nudged the Indian Banks' Association to offer educational loans up to Rs 10 lakh per annum to medical aspirants students in private colleges
New Delhi: Apart from MBBS and PG medical courses fee regulations, one more major relief is expected to come for the medical aspirants across the country since now the NITI Aayog has jolted for loan schemes for candidates who are vying for admission to private medical colleges.
The issue of exorbitant fees being charged by private institutions crops up every year as while the MBBS fee structure at government medical colleges ranges around Rs 4 lakh; for private institutions, it can go way up to Rs 1 crore for the whole course.
Aiming to end the same, the UGC, in the regulations, has reiterated that an Institution shall charge from the students only the fee approved and communicated by the Fee Committee, and no other fee shall be demanded or collected by the Institution, either directly or indirectly under any other head of account or guise.
Read Also: MBBS Fee Regulation: UGC releases draft Fee Regulations for private aided, unaided institutions Deemed to be Universities; invites Comments
Besides this, the NITI Aayog, considering the expensive MBBS and PG medical fee structure, has encouraged for loan facilitation to medical aspirants who intend to go for medical courses at self-financing institutes.
The information to this effect comes via a recent report by The New Indian Express which has stated that the NITI Aayog, at the behest of Union Ministry of Health and Family Welfare, has nudged the Indian Banks' Association to offer educational loans up to Rs 10 lakh per annum to medical aspirants students in private colleges
Speaking on the same, a senior NITI Aayog official told the daily that the authorities have been discussing the issue with the banks for a while and they had a long list of reasons on why they do not want to expand the ambit of education loans for MBBS in private medical colleges, including the high chances of these loans turning into non-performing assets. "But we are working on a proposal to allay their fears as most of these medics do start earning after completing their degrees," he said.
He added that the government was also ready to offer itself as the guarantor so that students are not required to keep houses, non-agricultural land or fixed deposit as collateral in favour of the financial institution concerned.
Officials in the medical education section of the health ministry said the measure was a part to "clean" medical education.
With these developments into the medical education sector in the country, it is anticipated that students belonging to all income groups would now be able to study medicine in private medical colleges.
Medical Dialogues had recently reported that concerned with the rising costs of medical education in the country, the Union Health Ministry has asked the Board of Governors (BoG) to prepare draft guidelines for the fee structure in private medical colleges and deemed universities from the next academic session.
Read Also: MBBS, PG Medical fee to get regularized in private medical colleges; MOHFW, MCI BOG on the Job
New Delhi: Apart from MBBS and PG medical courses fee regulations, one more major relief is expected to come for the medical aspirants across the country since now the NITI Aayog has jolted for loan schemes for candidates who are vying for admission to private medical colleges.
The issue of exorbitant fees being charged by private institutions crops up every year as while the MBBS fee structure at government medical colleges ranges around Rs 4 lakh; for private institutions, it can go way up to Rs 1 crore for the whole course.
Aiming to end the same, the UGC, in the regulations, has reiterated that an Institution shall charge from the students only the fee approved and communicated by the Fee Committee, and no other fee shall be demanded or collected by the Institution, either directly or indirectly under any other head of account or guise.
Read Also: MBBS Fee Regulation: UGC releases draft Fee Regulations for private aided, unaided institutions Deemed to be Universities; invites Comments
Besides this, the NITI Aayog, considering the expensive MBBS and PG medical fee structure, has encouraged for loan facilitation to medical aspirants who intend to go for medical courses at self-financing institutes.
The information to this effect comes via a recent report by The New Indian Express which has stated that the NITI Aayog, at the behest of Union Ministry of Health and Family Welfare, has nudged the Indian Banks' Association to offer educational loans up to Rs 10 lakh per annum to medical aspirants students in private colleges
Speaking on the same, a senior NITI Aayog official told the daily that the authorities have been discussing the issue with the banks for a while and they had a long list of reasons on why they do not want to expand the ambit of education loans for MBBS in private medical colleges, including the high chances of these loans turning into non-performing assets. "But we are working on a proposal to allay their fears as most of these medics do start earning after completing their degrees," he said.
He added that the government was also ready to offer itself as the guarantor so that students are not required to keep houses, non-agricultural land or fixed deposit as collateral in favour of the financial institution concerned.
Officials in the medical education section of the health ministry said the measure was a part to "clean" medical education.
With these developments into the medical education sector in the country, it is anticipated that students belonging to all income groups would now be able to study medicine in private medical colleges.
Medical Dialogues had recently reported that concerned with the rising costs of medical education in the country, the Union Health Ministry has asked the Board of Governors (BoG) to prepare draft guidelines for the fee structure in private medical colleges and deemed universities from the next academic session.
Read Also: MBBS, PG Medical fee to get regularized in private medical colleges; MOHFW, MCI BOG on the Job
Next Story
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd