Are you looking to meet higher education expenses without cashing in your investments or dipping into your savings? Then, a loan against property for education is the right option to turn to. But, as is the case with all loans, picking the right loan provider is imperative.
Bajaj Finserv offers Loans Against Property packed with several benefits that make it an excellent option for financing. Here are some of the features of these unique products.
High loan amount
Higher education can be extremely expensive, especially if you’re studying abroad. Keeping this in mind, Bajaj Finserv offers Loan Against Property for Education. This way, you don’t have to take multiple loans or rely on various sources of finance. Choosing this loan is enough to meet education expenses, as Bajaj Finserv allows you to borrow up to 75% of your property’s value.
Easy top-up loan
If you have taken a loan of less than 75% of your property’s value, Bajaj Finserv allows you to avail a top-up loan with no extra paperwork, should you need it. This top-up loan also benefits from the same long tenor and nominal interest rate.
Along with a significant loan amount, you also stand to benefit from Bajaj Finserv’s flexible tenor of up to 18 years, you have ample time to repay the loan. Depending on your financial situation, you can pick a repayment period that is convenient for you.
Additional Read: How to determine the ideal tenor of your loan against property
Affordable interest payments
Besides the high loan amount and the choice of tenor, the nominal rate of interest offered by Bajaj Finserv Loan Against Property for Education makes it a worthy contender. This keeps your loan light on the pocket and easy to repay.
Hybrid Flexi loan feature
What sets Bajaj Finserv Loan Against Property for Education apart from other similar loans is this Hybrid Flexi Loan feature. When you choose this option, you get a loan limit, against which you can borrow sums of money as and when you need to. Its USP is that you will only have to pay interest on the amount of money you use, and not the entire sum. So, if you only use Rs. 40 lakh out of Rs. 70 lakh, you only pay interest only for Rs. 40 lakh. Moreover, Bajaj Finserv allows you to borrow, repay, and re-withdraw as many times as you wish to, making this loan unique. You can use this Hybrid Flexi Loan to fund educational expenses that vary from year to year with ease.
Easy application and processing
The simple application process can be completed online or offline, allowing Bajaj Finserv to disburse the loan amount to your bank account within 72 hours of the document verification. This means that you can count on this source of finance for meeting your educational expenses.
Additional Read: A step by step guide to apply for an loan against property
Simple eligibility criteria and minimal document requirements
Just about anyone can apply for this loan. You must meet two criteria:
- You must be an Indian resident.
- You must be a salaried employee.
Since the loan is given against a property that you own, you only have to submit a few basic documents such as:
- Copy of papers of the property that is to be mortgaged
- Filled application form
- Address proof
- Salary slips of the past 3 months
- Bank statements of the past 3 months
- PAN card/ Aadhar card
Online loan management
Apart from applying for the loan, Bajaj Finserv also allows you to see and track your loan details online. Using your customer ID and password, you can check interest statements, balance due, and other such details at your convenience. In addition, Bajaj Finserv gives you digital access to this information so that you can get a quick overview of your loan’s details whenever you want.
Additional Read: How can you avail tax benefits on your loan against property
If you’re an existing Bajaj Finserv customer, you have more reason to celebrate. You can use the Loan Against Property for Education on a pre-approved basis. This means that you don’t have to go through the entire application procedure from scratch, as your basic details are already in Bajaj Finserv’s records.
The high loan amount, combined with low-interest rate and no hidden charges, makes Bajaj Finserv’s Loan Against Property for education the best in the market.
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