MBA/PGDM is one of the most sought-after degrees in India. However, owing to skyrocketing tuition fees, both nationally and internationally, financing this degree is a difficult task. For many parents, the fees alone can be a major hurdle as most recognized national institutions charge Rs.5 – Rs.20 lakh for the course. At an international level, fees are much higher and you also have to account for visa and accommodation charges. This is when a study loan on property for MBA/PGDM comes into play.
For instance, the collateral-backed Bajaj Finserv Loan Against Property for Education offers unparalleled financial support, for both national and international study programme, alongside convenient repayment options. To better understand the features and benefits of this education loan for MBA/PGDM, read on.
In order to get approval for an education loan against property, you must first qualify for funding. When you apply to Bajaj Finserv, the eligibility terms are simple and don’t include course-specific criteria. Listed below are the terms you need to meet.
As a Salaried Individual:
As a Self-Employed Individual:
To apply for an education loan for MBA/PGDM in India or overseas, you must submit documentation to prove your eligibility. Below are the basic KYC and income-related documents you have to produce for funding from Bajaj Finserv.
For Salaried Individuals:
For Self-Employed Individuals:
As you’ll notice, the documentation requirements are minimal. This helps you get funding in an expedited fashion.
This education loan against property offers salaried individuals funding up to Rs.1 crore. Similarly, the sanction runs up to Rs.3.5 crore for self-employed applicants. Moreover, the sanction bears no spending restrictions.
You can use these funds to address costs such as airplane fares, registration and administrative fees, accommodation charges, tuition fees and any other ancillary spends. Since you can utilize the finance in any way you deem fit, it doesn’t matter whether you’re taking an education loan on property for PGDM (Post Graduate Diploma in Management) or for a full-time MBA degree.
Having a strategy to repay your dues is essential for big-ticket loans. This is because the EMIs can themselves be large and so, making sure you stay financially stable is key. Thankfully, owing to a flexible tenor and a competitive loan against property interest rate, you can borrow as much as you need, while keeping repayment within your budget.
This is due to the fact that as a salaried individual, you can pick a tenor ranging from 2 to 20 years; and in case you are self-employed, you can repay the loan over a maximum of 18 years. The long repayment window allows you to keep your EMIs affordable. To plan for repayment effectively, you can use the loan against property EMI calculator and forecast your EMIs beforehand.
To apply for this study loan against property in India, here are the steps to follow.
Funding your child’s MBA/PGDM is usually a very costly affair and so it is well worth the effort to know how to get an education loan for MBA/PGDM degree. With Bajaj Finserv, you can easily avail high-value funding on tailored terms.
Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?