Canada is becoming an increasingly popular destination to study abroad, with many Indians preferring it to the US due to reasons such as visa policies and rising education costs. As per data from Immigration, Refugees and Citizenship Canada (IRCC), the number of Indian students in Canada grew by 40% in 2018. Better living standards, post-work permit availability and the option of a wide range of courses are contributing factors to this upswing. However, studying and living in Canada is an expensive affair and to finance an overseas education, it’s best that you identify sources of funding. One option is an education loan on property for Canada from a financial institution like Bajaj Finserv.
The Bajaj Finserv Education Loan Against Property gives you access to a high loan amount, of up to Rs.3.5 crore that can use to cover your child’s tuition fees, housing costs and other expenses like flight tickets. To obtain funding simply leverage the market value of a residential or commercial property you own.
Read on to know more about a study loan on property for Canada.
Both salaried and self-employed persons can access an education loan against property from Bajaj Finserv. A CIBIL score of 750 or more along with a well-maintained property can help you get approval quickly and obtain financing at a favourable education loan against property interest rate. Besides these requirements, Bajaj Finserv lists simple eligibility terms, which are as follows.
For Self-Employed Individuals:
For Salaried Individuals:
In order to prove your eligibility for an education loan against property, you must produce certain documents. Bajaj Finserv has minimal documentation requirements, as follows.
For Self-Employed Individuals:
For Salaried Individuals:
When you opt for an education loan on property for study in Canada, you access a loan amount that you can use towards any end you deem fit. You retain spending freedom and so, you can use the sanction to cover course-specific expenses as well as travel and recreational costs.
Below are some expenses you can address with the education loan against property.
On availing an education loan against property, you obtain spending freedom with respect to the sanction and so, can use the funds to finance any course you desire. Irrespective of whether your child wants to pursue an MBA degree, or desires to graduate in Computer Science and IT or Business and Finance, the education loan against property ensures that you have ample financial assistance.
You can easily apply for a study loan against property in India by following the steps given below.
One of the major aspects of availing a high-value loan is planning for repayment. To facilitate this, Bajaj Finserv offers a flexible tenor and an education loan on property calculator, which you can use to forecast your installments. Salaried individuals can repay the loan over a tenor ranging between 2 and 20 years and self-employed persons can repay the same over a tenor spanning up to 18 years.
Further, apart from enjoying a competitive education loan against property interest rate, you can benefit from nil part-prepayment and foreclosure charges, should you take the loan on floating terms.
