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Rs. 40,000 - Rs. 55 lakh
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Gathering enough funds to send your child for a higher education is always a challenge. Besides the course fee, there are other expenses like travel and visa (in case your child chooses to study abroad) and living costs. In addition, there is the cost of books that can sometimes be hefty. Our Flexi Hybrid Term Loan has been created keeping such situations in mind.
With our Flexi Hybrid Term Loan, you can withdraw from your sanctioned loan amount as many times as you want and prepay whenever you want, as many times as you’d like.
Here are many more reasons why our Flexi Hybrid Term Loan is ideal for covering the expenses of higher education.
Use only what you need
With a Flexi Hybrid Term Loan, you are approved for a defined loan amount. For example, Rs. 3 lakh.
You can withdraw from this approved loan amount whatever sum you may need. For example, at the time of admission, you withdraw Rs. 2 lakh and choose to pay this back over two years.
Rs. 1 lakh continues to stay pre-approved for you. You can withdraw Rs. 1 lakh or less whenever you need to. For example, to pay for the hostel fee. With a Bajaj Finance Personal Loan, you can get funds from Rs. 40,000 to Rs. 55 lakh. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
Pay for higher education with Personal Loan
A Personal Loan can help cover higher education expenses such as tuition fees, admission charges, accommodation, books, study materials, travel, visa costs, and living expenses. With loan amounts ranging from Rs. 40,000 to Rs. 55 lakh, repayment tenure from 12 months to 108 MONTHS, interest rates from 10% and 30.5% p.a., quick approval, minimal documentation, and no collateral requirement, eligible applicants can manage education costs more conveniently. Disbursal is available within 24 hours*, subject to eligibility.
With a Bajaj Finance Personal Loan, you can get the funds within 24 hours* of approval. Check your offer in just 2 steps and apply online to get our loan.
Withdraw as many times as you want, prepay as many times as you would like
You can withdraw from your sanctioned loan amount as many times as you’d like over the tenure of the loan. For example, after withdrawing Rs. 2 lakh initially, you may withdraw another Rs. 50,000 three months later.
This is just one example. There are many such combinations that you can opt for.
You can use this personal loan to cover for one or more of the following expenses:
1. Admission fee
You have been planning for your child to make it to one of the best institutes in the country or abroad. Finally, the day is here and you have received the letter of admission. Let the thought of the financial burden of paying the admission fee not take away from the joy of this achievement. You can go online and apply for our Flexi Hybrid Term Loan. It takes less than five minutes to complete the application. And in most cases, the money is in your bank account in24 hours*.
2. Visa and travel
Like many others, your child may also be going abroad to pursue higher education. The cost of visa and travel could be as high as Rs. 1.5 lakh. You always have the option to draw from your savings. Would you rather pick a Flexi Hybrid Term Loan for 24 months wherein, for the initial tenure, all you need to pay as EMIs is only the interest. You can keep the savings intact.
3. Hostel rent and living expenses
These days, even in a hostel accommodation, the rent is a lot. In addition, the day-to-day living expenses could come to around Rs. 1.5 lakh for the entire year. A regular education loan does not usually cover for such expenses. This is where a Flexi Hybrid Term Loan comes in handy.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30% p.a. |
Processing fees | Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000