Education Loan : Schemes and Subsidies
With the combined efforts of the Indian Government and the Ministry of Education, students can now avail finance for their higher education. Parents can also apply under the various Education Loan schemes to secure funding for their child’s education.
Financing higher education gets more accessible with the facility of education loan subsidy that reduces the burden of credit. The government also facilitates various education loan repayment support schemes through different financial institutions.
Avail Loan Against Property up to ₹ 3.5 Crore* with 0 processing fee & low Interest Rates. Apply Now!!
Different Education Loan Schemes You Can Opt For:
- Vidyalakshmi Scheme
Through Vidyalakshmi education loan scheme, the government aims to help all students from the poor or middle-class families continue their higher studies without any funding constraints. Register on the Vidyalakshmi portal and apply to a maximum of three lenders at a go.
- Padho Pardesh Scheme
Grab the opportunity of studying abroad with the Padho Pardesh scheme, specially designed for minorities.
- Dr. Ambedkar Central Sector Scheme of Interest Subsidy
This scheme falls under the education loan interest subsidy scheme category for economically backward classes and other backward classes to help them study abroad.
- Central Scheme of Interest Subsidy for Education Loan
Get this education loan interest subsidy to pursue your dream career. Finance your choice in technical or professional course with this interest subsidy scheme, designed for economically weaker sections.
Alternatively, if you are falling short of finance to fund your overseas education, opt for Bajaj Finserv’s Loan Against Property for Education. Mortgage your property to finance your child’s education with this easy-to-avail loan.
Features and Benefits of Loan Against Property for Education
Availing this loan is affordable and convenient for the following reasons:
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Requires Minimal Documentation
You need minimal paperwork to avail a Loan Against Property for Education from Bajaj Finserv. Doorstep service is another facility we offer to complete documentation.
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Brings Higher Amount Of Loan
Fund your child’s education with high loan value. Self-employed people can get a loan of up to Rs. 3.5 Crore. Salaried individuals can avail this credit for up to Rs. 1 Crore.
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Comes With A Long Repayment Tenure
Get long repayment tenure of up to 18 and 20 years for self-employed and salaried individuals respectively. Opt to prepay or part-prepay this loan as per your convenience. Use the Loan Against Property EMI Calculator to know your monthly outflows beforehand.
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Avail high-value Top-up with Balance Transfer facility
Transfer the outstanding balance of your current Loan Against Property and enjoy a comparatively lower rate of interest with Bajaj Finserv. Also, avail a Top-up Loan of high-value and finance extra expenses effortlessly.
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Even if you choose a student loan scheme offered by the government, you may opt for our Education Loan on Property to enjoy these benefits.
Eligibility and Documents – Loan Against Property for Education
Get hassle-free approval of Loan Against Property for Education by meeting the minimal documentation and easy mortgage loan eligibility requirements.
Be it any education loan, you can always look for an education loan repayment scheme to reduce the loan burden. Reach out to Bajaj Finserv for any educational financing needs.
How to Apply for Loan Against Property for Education?
Simply fill up the online application form to apply for Loan Against Property for Education from Bajaj Finserv.
Education Loan Schemes FAQs
How Can I Apply For Education Loan On Property Abroad?
You can easily apply for an education loan on property for abroad studies by fulfilling only a few documentation and eligibility requirements.
Lenders may require proof of admission, scholarship letter, foreign exchange letter, and other relevant documents as a confirmation of abroad studies during the education loan for abroad application process.
Other documents that you have to provide to apply for a study loan include –
Property documents you are mortgaging.
Aadhaar or PAN.
Proof of address documents like electricity bill, life insurance policy, municipality tax, water bill, etc.
Income tax returns.
Bank account statements – 3 months for salaried applicants and 6 months for self-employed applicants.
Latest salary slips.
Salaried individuals have to be between 33 and 58 years of age while self-employed individuals have to be between 25 and 70 years of age to become eligible for an education loan for abroad studies.
Is There Any Age Limit For Education Loan On Property?
The age limit for an education loan on property differs based on your occupation or source of income, viz. –
Salaried applicants – 33 to 58 years.
Self-employed applicants – 25 to 70 years.
Salaried applicants must be employed with a public/private company or an MNC while self-employed individuals must have a regular source of income to fulfil the education loan on property eligibility.
Additionally, you have to provide a few documents to apply for a study loan –
Bank account statements for the last 3 months for salaried individuals and 6 months for self-employed.
Latest salary slips.
Aadhaar or PAN.
Address proof – Latest electricity bill, water bill, property tax receipt, etc.
Income tax returns.
Documents of the property to be mortgaged.
Apply for a secured education loan in India with a credit score around or above 750 to increase your chances of approval even more.
Is It Mandatory To Take Insurance For Education Loan On Property?
It is not mandatory to avail insurance for education loan on property. However, availing an insurance policy safeguards you against any unforeseen circumstances that can hinder your repayment.
Having an insurance policy in place can cover your loan repayment in case of a fatal event. In such cases, the liability of repayment will not be extended to your family. Instead, the insurance company repays the education loan in India on your behalf provided the claim satisfies the policy terms and conditions.
Often, lenders urge you to avail an insurance cover when you apply for a secured education loan. The premiums are included in the EMIs, which eliminates the need to pay them separately. However, the same will make the monthly instalments somewhat expensive.
It is advisable to have an insurance policy in place when you apply for a secured education loan.
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