Education Loan on Property for Studying in Canada

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.

Eligibility Criteria for an Education Loan on Property for Studying in 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 property loan interest rate. Besides these requirements, Bajaj Finserv lists simple eligibility terms, which are as follows.

For Self-Employed Individuals:

  • You must be between 25 and 70 years of age
  • You must possess a regular source of income
  • You should be an Indian citizen residing in Mumbai, Ahmedabad, Chennai, Indore, Udaipur, Delhi, Thane, Kolkata, Aurangabad, Surat, Pune, Bangalore, Kochi, Vizag or Hyderabad

For Salaried Individuals:

  • You must be between 33 and 58 years of age.
  • You must be an employee at an MNC, private or public sector company
  • You must be a resident citizen of India

Documents Required for Study Loan on Property for Canada

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:

  • Last 6 months’ bank account statements
  • Proof of address
  • Aadhaar card/PAN card
  • Documents of the property being mortgaged

For Salaried Individuals:

  • Proof of address
  • PAN card/Aadhaar card
  • Latest salary slips
  • Last 3 months’ bank account statements
  • IT returns
  • Documents of the property being mortgaged

Expenses Covered Under the Education Loan Against Property for Canada

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.

  • Tuition fees
  • Flight ticket costs
  • Accommodation charges
  • Course material costs
  • Laboratory fees
  • Study tour charges
  • Leisure and recreational expenses
  • Medical costs

Courses for Which Bajaj Finserv Provides a Study Loan for Canada

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.

Steps to Apply for an Education Loan Against Property for Canada

You can easily apply for a study loan against property in India by following the steps given below.

  • Fill out the online application form
  • A Bajaj Finserv representative will contact you within 24 hours of submitting the form
  • Your loan will be approved within 48 hours
  • Submit the necessary documents to the representative to receive the sanction

Repayment of an Education Loan Against Property for Canada

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.