Education Loan Schemes and Subsidies in 2024
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 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.
Types of education loan schemes in India
Following are the types of education loan schemes and subsidies that Indian citizens can make use of.
- Vidya Lakshmi Scheme
Apply for a loan to multiple financial institutions with one application through the Vidya Lakshmi Education Loan Scheme. - Padho Pardesh Scheme
Access funds to finance your overseas education with the Padho Pardesh Scheme, specially designed for students from minority communities. - Dr. Ambedkar Central Sector Scheme of Interest Subsidy
Avail interest subsidy under this scheme that helps students coming from OBC and EBC communities pursue education abroad. - Central Scheme of Interest Subsidy for Education Loan
Obtain interest subsidy for pursuing technical and professional courses as a student from the EWS category.
Can an education loan cover property for higher education?
Education loans are designed to cover expenses related to higher education, such as tuition fees, books, and living expenses. However, an education loan itself typically does not cover the purchase of property. If you need funds for property related to your education, such as accommodation or study space, you may need to explore alternatives like a loan against property (LAP). Bajaj Finserv offers an Education Loan on Property scheme, which allows you to use your property as collateral to secure funds for your education, thus bridging the gap between education expenses and property needs.
Alternatively, availing of the Bajaj Finserv Loan Against Property for Education is an equally viable idea. This financing option comes at competitive interest rates, with comfortable tenors.
Features and benefits of loan against property for education
Availing of 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. Document collection is made easier with our doorstep service, as well.
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Gets you a high sanction
Fund your child’s education at their preferred college or university with a high loan amount against your property’s value.
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Comes with a long repayment tenor
Get a repayment tenor of up to 15 years when you apply for this loan. Opt to prepay in full, or part-prepay this loan as per your convenience, at minimal charges. Use the Loan Against Property EMI Calculator to know your monthly outgo beforehand.
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Gives the benefit of a high-value top-up loan with balance transfer facility
Transfer the outstanding balance of your current mortgage loan and enjoy a comparatively lower rate of interest with Bajaj Finserv. Also, avail a top-up loan of a high value and finance extra expenses effortlessly.
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 criteria for salaried and self-employed individuals
Salaried individuals can now get hassle-free approval on their loan against property for education application by meeting our easy mortgage loan eligibility requirements.
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Nationality
Resident of India, owning a property in an approved location
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Age
You must be between 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners)
* 85 years* of age or less at the time of loan maturity -
Employment
Working at any private, public, or multinational organisation
Application process for education loan against property
Applying for the Bajaj Finserv Loan Against Property for Education is an easy process that is illustrated below for your benefit.
- 1 Access our online application form
- 2 Fill in your personal and property-related information
- 3 Provide your income data accurately for the best offer
Our representative will take you through the next steps in the process within 24 hours* of you making your application online.
*Terms and conditions apply
Frequently asked questions about education loan against property
Overseas aspirants such as yourself, can consider applying for a government loan scheme, an education loan, or even a loan against property for education or an education loan for abroad.
Bajaj Finserv offers a loan against property to self-employed and salaried individuals aged 25 years (18 years for non-financial property owners) to 85 years* (including non-financial property owners) or less at the time of loan maturity.
While it is not mandatory, it is recommended that you do to safeguard your best interests, should you be met with an unforeseen circumstance that hinders your repayment capabilities.
Bajaj Finserv offers plenty of attractive benefits along with their education loan against property financing option. Applicants can enjoy a flexible payment plans and comfortable tenor – all at a competitive interest rate. The funds will also be disbursed into your account in 72* hours, allowing you to go ahead with your education plans without any delays.
You can use your education loan on property to fund everything from tuition fees to living costs for courses both in India and abroad.
Yes, you can. In the case of mortgaging a co-owned property, all the co-owners will be marked as co-applicants for the loan you are availing of.
*Terms and conditions apply
Yes, even though you have an existing home loan, you are still eligible to apply for an education loan. Banks and financial institutions in India assess each loan application independently based on the applicant's ability to repay, their credit history and the potential risks involved. Thus, as long as your financial profile demonstrates that you can manage the repayment of both loans concurrently, you should be able to secure an education loan despite the existing home loan.
