2 min read
25 May 2021

Financing higher education, especially an overseas degree, requires careful planning and consideration. This planning involves understanding how you will fund various expenses. Whether it is covering basics such as housing and tuition, or gathering funds for other living and additional expenses such as purchasing a laptop or specific software, you must ensure that lack of finance doesn't come in the way of your child’s education. Turn to a loan against property for education to finance this need. Use a property you own as collateral and get a substantial loan against it.

Take a look at the features and benefits that make a loan against property for education an excellent option:

High loan amount:

It gives you access to up to 80% of your property value, which translates into a substantial sum so that you can cover all the expenses related to education. In addition, taking this loan will help you meet all education costs, so you don’t have to rely on multiple loans or sources of finances.

Low rate of interest:

Compared to other loans of a similar amount, loan against property for education gives you the sum at a lower interest rate. Bajaj Finserv is an excellent loan provider if you’re considering taking a Loan Against Property for Education. It is affordable and offers excellent flexibility that makes repayment easier.

Flexible tenor:

This loan comes with a long tenor for repayment to match the high loan amount. Depending on your financial status and goals, you can pick a short tenor of 2 years or longer tenor of 18. Pick a short tenor if your focus is to clear the loan quickly. On the other hand, if affordability takes precedence, benefit from an extended repayment period.

Convenient Flexi loan facility:

This loan comes with a Flexi Term Loan option. With this, you can withdraw funds as and when the need arises over the tenor course. You can borrow, repay, and re-withdraw funds as many times as you wish to. With a long tenor of up to 18 years, you can make the most of this loan. The Flexi Interest-only Loan facility charges interest on funds as and when you use them. You can pay interest-only EMIs, and have the option to repay the principal at the end of the tenor.

High top-up amount:

You can also avail a high top-up amount on your existing loan. It helps you benefit from the current loan’s long tenor and gives access to funds quickly and affordably. For example, say you have only applied for a loan that totals 50% of your property value, you easily take a top-up for the remaining 25% as and when you feel the need.

Pre-approved offers:

If you’re an existing customer with your lender, you can benefit from pre-approved offers. Instead of going through the entire application process again, enjoy the loan on a pre-approved basis, with minimal documentation and quicker processing. You may also be offered a top-up loan on a pre-approved basis.

Quick processing:

Simple eligibility criteria and minimal documentation requirements ensure that your loan is processed and disbursed quickly. Once the lender verifies your documents, the sum gets disbursed to your account within 72 hours* of the approval.

Eligibility criteria and documents required :

To be eligible for this loan, you must be an Indian resident and a salaried employee. You will need to submit the following documents:

  • Salary slips of the past 3 months
  • Bank statements of the past 3 months
  • PAN card/ Aadhar card
  • Copy of papers of the property that is to be mortgaged
  • Address proof
  • Filled application form

You can apply for a Loan Against Property for Education through a simple online process.

Whether you want to apply for a loan against property for education or wish to transfer an existing loan, you can opt for Bajaj Finserv.
 

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