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.
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.
Get a high-value loan against property for higher education without any restriction on the end usage of the funds.
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.
Repay this education loan in India by choosing a property loan repayment tenor going up to 20 years, as per your convenience.
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.
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.
Fulfil the simple Study Loan eligibility criteria and documentation required to avail at the earliest.
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.
Follow these four simple steps to apply for an education Loan for your studies abroad from Bajaj Finserv –
Fill up the online application form.
Get your loan approved within the next 24 hours with the help of our representative, who will contact you for further processing.
Submit the required documents to complete your application.
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.
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 –
Education loan eligibility criteria in India include the following terms –
For salaried applicants:
For self-employed applicants:
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
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.
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.
The secured education loan procedure for disbursal can be successfully completed by following these steps:
Meet the documentation and eligibility requirements easily to enjoy your loan disbursal in 72 hours* post approval.
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.