Education Loan on Property for Studying in Germany

Germany is ranked second amongst the top 5 countries Indian students choose to study in, as per data from Study portals, Germany makes for a rewarding overseas education destination. This is especially the case with research-based degrees as Germany has a well-defined framework in place to adequately facilitate success in these fields. These include special scholarship programme, access to high-level research institutions and even the opportunity to learn with modern equipment within state-of-the-art laboratories.

Even though German public universities have special provisions that make overseas education significantly affordable, studying abroad is still an expensive undertaking. Nonetheless, funding options like an education loan against property can help you manage your child’s expenses in a cost-effective manner. The Bajaj Finserv Loan Against Property for Education, for instance, gives you access to a sum of up to Rs.3.5 crore, which you can use to bolster your finances and tackle all costs. You can avail a hefty sanction at a competitive rate by simply mortgaging a residential or a commercial space you own.

To understand the offering better, here’s all you need to know about borrowing via this study loan on property for Germany.

Eligibility Criteria for Education Loan Against Property for Studying in Germany

To avail a sanction via this education loan against property, take note of the eligibility criteria you need to meet beforehand.

As a Salaried Individual, You Must:

  • Be between the ages of 33 and 58 years
  • Maintain employment at a reputed MNC or public/private company
  • Be a citizen residing of India

As a Self-Employed Individual, You Must:

  • Be between the ages of 25 and 70 years
  • Maintain a regular income from your business
  • Live in a city belonging to the approved list

As you’ll notice, these criteria are fairly easy to meet, and you only need to prove your eligibility by furnishing the appropriate documents. In fact, you can furnish them simply, even at a moment’s notice.

Documents Required for Education Loan Against Property for Studying in Germany

The documents you require to further your loan against property application are as follows.

For Salaried Individuals:

  • Address proof
  • Aadhaar card/PAN card
  • Salary slips
  • Bank statement of the last 3 months
  • IT returns
  • Mortgaged property documents

For Self-Employed Individuals:

  • Address proof
  • PAN card/Aadhaar card
  • Bank statements of the last 6 months
  • Mortgaged property documents

Expenses Covered by the Education Loan Against Property for Studying in Germany

With the Bajaj Finserv Loan Against Property for Education, you can fund any and all expenses. These include registration and administrative fees, airline ticket fares, accommodation charges, visa fees, tuition fees, incidental charges and other ancillary expenses. Even though Germany has public universities that are inexpensive, private institutions offer courses in English. However, these colleges generally charge a higher fee. Thankfully, with a loan of up to Rs.1 crore for salaried individuals and up to Rs.3.5 crore for self-employed persons, you can easily cover the entire cost of the education programme without exhausting your savings.

Repayment of an Education Loan Against Property for Studying in Germany

Considering the fact that the funds borrowed can be sizeable, you must formulate a repayment strategy beforehand. That said, owing to the cost-effective interest rates that Bajaj Finserv offers as well as the flexible tenor, you can borrow without worrying about overburdening your finances. As a salaried individual, you can space out your expenses over a tenor ranging between 2 and 20 years. Self-employed persons, on the other hand, may choose to repay the loan over a tenor of up to 18 years. Further, you can part-prepay floating rate loans at no additional charges and thus, reduce your interest outgo if you have surplus funds.

To settle on a suitable repayment tenor, use the loan against property EMI calculator. This is a free tool that you can use to borrow intelligently and plan for repayment while accounting for other expenses.

Steps to Apply for an Education Loan Against Property for Studying in Germany

To apply for this study loan against property in India, here are the steps to follow.

  • Log on to the Bajaj Finserv website
  • Fill an online application form
  • Await contact from an authorised representative
  • Get approved for the loan
  • Submit documents and await disbursal upon verification

Now that you have a detailed understanding of this education loan on property for Germany, consider funding your child’s education with it. This way, you can ensure that your child has access to a quality overseas education without straining your finances.