Education Loan on Property: Overview

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From tuition fees to travelling overseas and living in a new place during the course duration, higher education requires a considerable investment which can be sufficiently met with an education loan.

Bajaj Finserv offers Loan Against Property for Education to fund the educational expenses of your child, whether in India or abroad. Utilise this loan amount to finance all big-ticket expenditures related to your child’s higher education. Read on to know more about this loan.
 

Education Loan on Property: Features and Benefits

Finance your child’s expenses for higher studies like moving to a new city or country, tuition fees, activity charges, living expenses and more. Empower your children to study abroad with Bajaj Finserv’s Education Loan.

  • education loan

    Affordable high-value loan

    Get a high-value loan against property for higher education without any restriction on the end usage of the funds.

  • education loan online

    Hassle-free disbursal

    Get this student loan in India easily with a hassle-free disbursal procedure. Fulfil the eligibility criteria and furnish the documents required to get the fastest loan approval. Receive the amount in your loan account within 72 hours* from the date of approval.

  • education loan calculator

    Long and flexible repayment tenor

    Repay this education loan in India by choosing a property loan repayment tenor going up to 20 years, as per your convenience.

  • Padho Pardesh Scheme

    Minimal documentation

    Bajaj Finserv ensures that your mortgage loan application is completed with minimal documentation. Processing of this loan against property is even more convenient now with our doorstep document collection facility.

  • student loan

    Easy and quick balance transfer facility

    Initiate an easy balance transfer of your existing study loan with Bajaj Finserv’s balance transfer facility. Get a high-value top-up loan with no additional documentation as well, when you avail of this facility.

Loan Against Property for Education: Eligibility and Documents

Fulfil the simple Study Loan eligibility criteria and documentation required to avail at the earliest.

Loan Against Property for Education: Fees and Charges

Get an education loan for MBA or any other higher study course with affordable property loan interest rates and charges from Bajaj Finserv. You can part-prepay or foreclose the loan at any time during the tenor at nominal charges.

Education Loan on Property Schemes
 

Student Loan Schemes
Vidyalakshmi Scheme
Padho Pradesh Scheme

How to Apply for Student Loan on Property

Follow these four simple steps to apply for an education Loan for your studies abroad from Bajaj Finserv –

Step 1

Fill up the online application form.

Step 2

Get your loan approved within the next 24 hours with the help of our representative, who will contact you for further processing.

Step 3

Submit the required documents to complete your application.

Step 4

Get the funds within 72 hours* of your documents being verified and approved.

Apply for the Bajaj Finserv Education Loan on Property and enjoy maximum benefits with high-value financing.

Education Loan on Property: FAQs

What are the documentation requirements for an education loan on property?

You only have to provide some basic documents and fulfil simple eligibility criteria to successfully apply for an education loan.

The documents required for an education loan on property are –

  • Copy of ownership papers of the property to be mortgaged
  • Bank account statements for the last 3 months or 6 months as a salaried or self-employed applicant, respectively
  • Proof of address like latest utility (electricity, telephone, post-paid mobile) bill, municipality tax receipt, life insurance policy, etc.
  • PAN card or Aadhaar card
  • Income tax returns

Education loan eligibility criteria in India include the following terms –

For salaried applicants:

  • Age between 28 and 60 years*.
  • Employment with an MNC or private/public organisation.

For self-employed applicants:

  • Age between 25 and 70 years*.
  • Self-employed venture with a regular source of income.

Lastly, you must also hold a CIBIL score of around or above 750 to satisfy the requirements and increase your chances of availing a study loan.

*The upper age limit is considered as the age at the time of maturity of the loan

What are the expenses covered by an education loan on property?

An education loan on property does not implement any restrictions on how borrowers decide to use the sanctioned loan amount. This allows borrowers to meet both direct and ancillary expenses related to pursuing higher education, whether in the country or abroad.

Furthermore, the high education loan amount helps them finance higher education costs in renowned colleges or universities across the world. For instance, they can account for expenses directly related to the pursuance of higher education, like admission costs, tuition fees, exam fees, lab charges, etc. The sanctioned amount can also easily account for bills related to food, accommodation, and other living expenses, if need be.

How Do I Repay My Education Loan On Property?

You must repay your education loan on property via regular EMIs as per the pre-specified tenor. Make sure to use a loan EMI calculator to compute the monthly instalments and plan your education loan repayment process in advance.

This online tool will also help you pick the right tenor for your loan. A longer tenor will make your EMIs cheaper. On the other hand, a shorter tenor may increase the EMIs but reduce the overall cost of loan.

You should also check whether the lender offers facilities like part-prepayment, balance transfer, and foreclosure. Part-prepayment reduces your EMIs or tenor when you pay an amount that is more than one EMI of your education loan in India. Balance transfer enables you to switch lenders to avail lower rate of interest. Lastly, foreclosure lets you repay the loan in full before the tenor ends.

You can take advantage of these facilities to ease your study loan repayment and manage your expenses more comfortably.

How is an education loan on property disbursed?

The secured education loan procedure for disbursal can be successfully completed by following these steps:

  • 1. Application– You fill the application form by providing all your essential details.
  • 2. Processing – The financial institution processes your application and approves or rejects the same.
  • 3. Document submission – In the next step in the education loan process, you submit the necessary documents after the lender approves your application.
  • 4. Sanctioning – The lender will sanction your loan and provide you a letter after verifying the documents.
  • 5. Mortgage evaluation – Representatives of the company will evaluate your property and assess its current market value.
  • 6. Loan disbursal – The lender will transfer the education loan in India to your account after successful verification and approval.

Meet the documentation and eligibility requirements easily to enjoy your loan disbursal in 72 hours* post approval.

Is a co-applicant required for an education loan on property?

Yes, you can co-apply for an education loan on property. Note that only specified individuals qualify to co-apply for this loan with the primary applicant. Usually, a married couple, brothers, and a parent with a son/unmarried daughter can co-apply for a loan against property.

Typically, jointly applying for a loan against property increases the borrowers’ loan eligibility and entitles them to higher tax benefits. In case the co-applicant is a woman, applicants also get benefits like lower stamp duty charges and a concessional rate of interest.

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