Bajaj FinServ provides educational loan to students aiming to study abroad or in India. Through their loan against property scheme, the company provides funds for student’s educational and living expenses. The scheme charges an interest rate that ranges from 10.10% to 14.50%. Read on to know more about this loan scheme.
Benefits of Bajaj FinServ Education Loan Scheme
The benefits of the Bajaj FinServ education loan scheme are mentioned below:
- Low-cost high-value loan: With Bajaj FinServ, you will get a high-value loan against your property for higher education with no restriction on how the money is spent.
- Effortless disbursement: This loan is simple to obtain and has a quick disbursal process. You can get the loan within 72 hours of approval if you meet all the eligibility criteria.
- Flexible Repayment Period: The repayment period for the educational loan is 20 years.
- Minimum document requirement: To take up this loan, you will need to provide minimal documents.
- Simple balance transfer: Bajaj FinServ provides a balance transfer facility that makes it easy to transfer your money to other existing accounts.
Eligibility Criteria of Bajaj FinServ Education Loan Scheme
The eligibility criteria for the Bajaj FinServ education loan scheme are:
- Salaried applicants aged between 28 to 60 years working for a private/public organisation
- Self-employed applicants aged between 27 to 70 years with a regular source of income
- A CIBIL score of 750 or above
Document Required for Bajaj FinServ Education Loan Scheme
Documents that are required while applying for the Bajaj FinServ education loan scheme are mentioned below:
- Ownership papers copy of the property to be mortgaged
- Address proof (Utility bills, life insurance policy, municipality tax receipt, etc.)
- PAN card
- Aadhaar card
- Last 3 months bank account statement for salaried applicants and 6 months bank account statements for self-employed applicants
- Income tax returns
Bajaj FinServ Education Loan Interest Rate
The Bajaj FinServ education loan interest rates are given below:
For salaried applicants:
- Minimum: 10.10%
- Maximum: 11.50%
For self-employed applicants:
- Minimum: 10.50%
- Maximum: 14.50%
Steps to Apply for Bajaj FinServ Education Loan Scheme
Follow the simple steps mentioned below to apply for Bajaj FinServ education loan scheme:
Step 1: Visit the official Bajaj FinServ website
Step 2: Search for ‘Loan against property’ on the search bar
Step 3: Click the first link on the search page
Step 4: Next, click the ‘Apply Now’ button
Step 5: Fill in the online form with all relevant details and submit
Step 6: A representative of the bank will get in touch with you and help you with submitting the documents.
- Is a co-applicant required for the Bajaj FinServ education loan scheme?
- Will I be charged a processing fee while applying for the Bajaj FinServ education loan scheme?
- Is it possible to get the Bajaj FinServ education loan against an uninsured property?
Yes, a co-applicant is required for the Bajaj FinServ education loan scheme. However, only certain people are eligible to co-apply for this loan with the main applicant. Co-applicants for this loan are typically a married couple, siblings, and a parent.
Yes, you will be charged a processing fee while applying for the Bajaj FinServ education loan scheme.
No, it is not possible to get the Bajaj FinServ education loan against an uninsured property. It is essential to insure the property being mortgaged when taking out a loan against it. The insurance policy must cover damages caused by fire and other natural disasters, and it must be valid for the duration of the loan.