My Daughter Got MBBS Seat — Fees Are ₹65L But Our House Is Only Worth ₹28L. What Are My Options?

NBFC loans require interest-only payments during study — there is no zero-payment moratorium like PSU banks. At 13% on ₹65L, that's ₹70,000/month. Your salary is ₹55,000. This gap needs a plan before you sign.

A hybrid approach often works better: take a bank loan for ₹20L (using your house as collateral at ~10%) and a separate NBFC loan for ₹45L collateral-free. This brings the monthly interest burden down significantly — the bank portion has zero-payment moratorium, so you only service interest on the NBFC portion during the 5.5-year MBBS.

Check PM Vidyalaxmi First

Your family income (₹55,000/month = ₹6.6L/year) makes you eligible for a 3% interest subvention on loans up to ₹10L under PM Vidyalaxmi — if your daughter's Karnataka medical college is on the list of 860 designated institutions. Check pmvidyalaxmi.co.in this week. The 3% subsidy on the first ₹10L saves roughly ₹1.8-2L over the loan tenure.

Private Medical College Loans Are Harder to Get

Be honest about the challenge: many lenders are cautious about private management quota MBBS because of the long 5.5-year course, high loan amount, and uncertainty about post-graduation earnings. Your daughter clearing NEET and your stable government job both help — but expect some rejections. Apply to 3-4 lenders simultaneously, not sequentially.

1. This week: Check PM Vidyalaxmi eligibility and start gathering documents (NEET scorecard, admission letter, fee structure, last 2 years' salary slips, bank statements).
2. Week 2-3: Apply to Propelld (fastest), Auxilo, and Avanse simultaneously. Use WeMakeScholars (free) to coordinate multiple applications.
3. Parallel: Apply to Bank of Baroda for their unsecured limit — their ₹40L unsecured option may cover a large portion at better rates.
4. Week 3-4: Compare offers. Negotiate between lenders — having 2 competing offers gives you real leverage on rate and processing fee.

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