Education Loan on Property for Studying in UK

The United Kingdom is one of the top choices for Indian students seeking to study abroad. This preference is substantiated by the 63% increase in Indian students opting to study in the UK in 2019, as per data from the British High Commission in New Delhi. Historic universities, world-class programme and renowned faculty make it a popular destination among Indian students. However, expensive tuition fee structures and living costs make studying in the UK a challenge. To tackle costs that amount to lakhs, financial assistance is necessary. One option you have is an education loan on property for UK in India.

The Bajaj Finserv Education Loan against property, for instance, extends dual benefits: a substantial sanction and convenient repayment terms. Moreover, it has simple eligibility criteria and you can avail this solution quickly to realize your child’s dreams. Read on to know more about this education loan on property for UK studies.

Top 10 Universities in the United Kingdom

Studying at a university of international repute guarantees interaction with sought-after professors, experience with the latest equipment and ample career opportunities in the future. Hence, it is worth applying to a top-rated university. Here is a list of the top 10 universities in the UK.

  1. University of Cambridge
  2. University of Oxford
  3. University College London
  4. Imperial College London
  5. University of Manchester
  6. London School of Economics and Political Science
  7. University of Edinburgh
  8. University of Warwick
  9. King’s College of London
  10. University of Bristol

Eligibility Criteria for an Education Loan Against Property for Studying in the UK

Obtaining an education loan against property can be simpler than availing a standard student loan, specifically because the eligibility criteria here are not course-specific. In fact, they are linked to your financial profile and property. Possessing a healthy CIBIL score and a valuable property can help you access substantial funding, at a cost-effective loan against property interest rate.

Below are the general eligibility criteria you must meet to obtain funding.

If You are Salaried:

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

If You are Self-Employed:

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

Documents Required for an Education Loan Against Property for Studying in the UK

Providing the necessary documents while applying for an education loan against property is integral to the approval process. Below is a list of documents you will require if you opt for an education loan for UK studies from Bajaj Finserv.

  • Address and ID proof: Irrespective of whether you are a self-employed or salaried individual, you have to provide proof of identity and address through documents such as Aadhaar card, PAN card, driving license, a recent electricity bill or voter’s ID.
  • Income proof: If you are a self-employed individual, you must provide bank account statements of the past 6 months. However, if you are a salaried individual, then you must provide recent salary slips, proof of IT returns, and bank statements of the last 3 months.
  • Documents of your property: You must submit all relevant documents pertaining to the property you intent to mortgage for the education loan.

Expenses Covered Under an Education Loan Against Property for Studying in the UK

A Loan Against Property for Education from Bajaj Finserv gives you a high loan amount of up to Rs. 3.5 crore if you’re self-employed and up to Rs.1 crore if you’re salaried that you can use to cover a wide range of expenses. The thing to remember here is that there are no restrictions on the end use, meaning that you can use the funds for any and all costs, even if they are recreational- or leisure-related.

Annual tuition and accommodation costs in the UK can amount to around Rs. 25 lakh or more and you can use the large sanction to offset the expenses you incur. You can also use the loan to facilitate travel, purchase course material and pay for other auxiliary expenses.

Application Process for an Education Loan Against Property for Studying in the UK

Higher education admission processes are time-sensitive and hence, immediate access to funds is of importance. Thankfully, you can access a Bajaj Finserv Loan Against Property for Education in no time by following these steps.

  • Fill in an online application form
  • Correspond with a representative, who will contact you within 24 hours
  • Await loan approval, which takes place within 48 hours
  • Submit the necessary documents to the representative

Repayment of an Education Loan Against Property for Studying in the UK

When it comes to big-ticket loans, repayment must be given careful thought and to facilitate budget-friendly repayment, Bajaj Finserv offers a flexible tenor. Salaried applicants may repay over a tenor of up to 20 years and self-employed individuals may split the cost of the loan over a maximum of 18 years. When planning, you can use the loan against property EMI calculator to arrive at a suitable EMI structure. Moreover, remember that you can opt for a loan on floating terms to enjoy the benefit of nil part-prepayment and foreclosure charges.

Having considered the benefits of using a loan against property to finance higher education in the UK, note that you can obtain a study loan against property in India on expedited terms through Bajaj Finserv.