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Why choose Education Loan on Property

  • Highlights

  • Loan Against Property offers up to Rs.3.5 crore for studies

  • Meet tuition with travel, accommodation & living costs

  • Enjoy simple eligibility criteria compared to education loan

  • Get money in the bank in just 4 days from Bajaj Finserv

It is always a joyous moment when your child is accepted into a reputed educational institution to pursue higher education. It instils a sense of achievement for both you and your child, as this success is a fruit of both your efforts. However, as a parent, you also bear the responsibility of funding this next step. Higher education in India can range anywhere from Rs.15 lakhs to Rs.35 lakhs a year, and this is no menial sum. Good education plays an integral part in your child’s future, but you shouldn’t have to burn out your savings to fund it. At this stage, a smart option to consider is a higher education loan.

When looking for an educational loan for abroad or national institutions, you must first consider the amount offered and the repayment policies. Many student education loans give you an ample sum and offer a grace repayment period; however, there are other financial options in the market that simplify the whole process and give you a higher sanction with more affordable repayment features. One such option is to take a Loan Against Property that is customised for higher education, and here are a few ways in which this funding solution can be beneficial for you.

Ample Loan Amount To Cover All Expenses

A Loan Against Property is a secured form of borrowing. Due to this, lenders offer a high sanction, in some cases even up to Rs.3.5 crore. With an amount of this size, you can easily give your child the best education in India or abroad. The amount sanctioned depends on various factors; the most important among them being the current market value of the property that you’ve pledged.

Lenient eligibility criteria

Unlike the strict criteria you need to meet to get started with an education loan procedure in India, a Loan Against Property has far more lenient criteria, making it far easier to complete and a lot less stressful too. Generally, you’re required to be a salaried individual aged between 33 and 58. You must be a residing citizen of India and must own property in India. The states that you need to own property in and the minimum salary requirement vary as per the lender and you need to check these details before applying.

Long Tenure For Easy Repayment

A Loan against Property is generally a long-term loan whose tenure can range from 2 up to 20 years. This is means that you have ample time to pay off the loan even after your child has finished with their education. Additionally, this extended period also lets your child affordably contribute to repayment, instilling a sense of responsibility as well.

Also Read: How To Get A Low Interest Rate On Your Education Loan

Speedy Loan Processing And Disbursal

The feature of speedy disbursals is a blessing to most parents, as gathering large amounts of funding before the semester begins is usually a difficult task. With education institutions putting pressure on you to show the funds to pay fees and meet other education costs such as accommodation, lenders such as Bajaj Finserv stand out for their ability to disburse the loan within just 4 days of approval.

Loan Against Property - Know the features and benefits | Bajaj Finserv

Added Financial Freedom Through The Balance Transfer Facility

A feature offered by the Bajaj Finserv, the Loan Against Property Balance Transfer facility allows you to withdraw money from your loan account whenever you need it. This way, you can meet recurring education costs with ease, and only pay interest on the amount you’ve utilised. This is especially beneficial in times when you need to make a few last-minute payments that weren’t accounted for, or if you need to give your child a little extra money during his or her time away from home. You can also enjoy a repayment holiday for the first few years to manage your cashflow better.

Additionally, when you apply for a Loan Against Property, you do away with the troubles that come with wondering how to get an education loan and which is the best education loan in the market. This is especially true when you avail of this loan from a lender such as Bajaj Finserv because of how easy it is to get approved for it. To apply for the Loan Against Property for Education, you require minimal documents and benefit from doorstep service. This means that a representative will come to your residence and aid in you in processing your loan at your convenience.

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