How to Finance using an Education Loan?
Quality education is indispensable to the growth and development of both individuals and their respective nations. The global middle-class section is ready to spend more on children’s education now. With the rapid advancement in technology, even employers worldwide look forward to candidates possessing exceptional skills to compete in this 21st century. The options for financing of education in India are, therefore, varied today; education loan being the foremost choice.
Yet, most people have one common dilemma: whether to choose self-financing or avail Student Education Loan to study abroad. Let Bajaj Finserv help you evaluate the options.
- Self-financing utilises your savings at one go. Whereas an education loan keeps the savings intact, growing your funds to meet future requisites or emergencies.
- As education abroad costs high amounts from Rs. 20 Lakh to Rs. 80 Lakh, saving such amount to self-finance is difficult. Bajaj Finserv’s Education Loan for Foreign Studies comes with funds up to Rs. 3.5 Crore which can sufficiently cover all the expenditures of studying overseas.
- Education loans have tax benefits for the interests paid, which further reduces the cost of loan. This benefit is not available for self-financing.
- Availing a Minority Education Loan schemes helps increase your credit history and score positively. It is beneficial in seeking loans or credit cards in the future. Self-finance doesn’t come with such an opportunity.
- In case of self-financing, people often liquidate their savings. They liquidate their movable and immovable assets, or pledge gold, etc. Education Loan offered by Bajaj Finserv allows you to preserve all your savings, assets and investments. Pledge collateral for Education Loan, repay the credit over a convenient tenor and regain your asset without any hassle.
Bajaj Finserv brings the most affordable financing of education in India with Education Loan on Property. Utilise the funds to cover multiple expenses including flight tickets, accommodation costs, tuition fees, examination fees and miscellaneous charges. The entire loan amount gets disbursed in your account, making it easier to fund the expenditures on your own terms.
Some Other Benefits And Features Of The Education Loan
- Bajaj Finserv offers seamless processing of its Loan Against Property against minimal documentation. You also enjoy doorstep document collection facility with us.
- Select a repayment schedule of your choice according to your financial plans and capability. The tenor ranges for up to 18 years for salaried individuals and up to 20 years for self-employed borrowers.
- Avail the secured loan at competitive rates of interest on property loan and other nominal charges.
- Opt for part-prepayment or foreclosure facility whenever you have excess funds, at nominal to zero charges.
- Choose to pay interest-only EMIs with the exclusive Flexi Loan facility. This reduces your monthly outflows by up to 45%.
- Bajaj Finserv offers easy Balance Transfer facility with minimal paperwork and top-up loans of high-value.
How to finance using an Education Loan on Property?
Fulfil the required eligibility criteria, and apply for the Education Loan for Foreign Studies via an online application form.
Step 1 – Visit the official page of the application form, fill in every data accurately and submit.
Step 2 – Receive approval within 48 hours of application.
Step 3 – Submit all the necessary documents to our representatives.
Step 4 – Get the amount disbursed in your account.
With Bajaj Finserv, financing of education in India and abroad is, thus, easy. Go through a simplified procedure, and enjoy faster disbursal of your loan amount in just 4 days.