Bajaj Finserv Education Loan Scheme
The Bajaj Finserv Education Loan Scheme is a financial product designed to provide funding to students for pursuing higher education in India and abroad. Bajaj Finserv, one of India's leading non-banking financial companies (NBFCs), offers this loan to help students manage the costs of tuition fees, accommodation, exam fees, and other educational expenses.
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 8% to 20% per annum Read on to know more about this loan scheme.
What is Bajaj Finserv Education Loan?
Bajaj Finserv offers education loan scheme against property to fund children’s education in India or in abroad for higher studies. This loan scheme ensures quick disbursal of fund within 72 hours, offers simple eligibility terms, and covers expenses related to education, such as living expenses, hostel charges, tuition fees, transportation cost, etc. From unlimited withdrawal to part payment, the Bajaj FinServ education loan scheme offers flexible loan facility at rate of interest starting from 8% per annum.
Features and Benefits of Bajaj Finserv Education Loan Scheme
The significant features and key 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 up to Rs.10.50 crore 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 15 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:
- The applicant must be Indian resident from the following location
Salaried | Self-Employed |
Hyderabad, Bangalore, Pune, Ahmedabad, Delhi and NCR, Mumbai and MMR, Chennai | Delhi and NCR, Hyderabad, Lucknow, Vijayawada, Bangalore, Indore, Pune, Nagpur, Surat, Madurai, Chennai, Ahmedabad, Jaipur, Cochin, Mumbai, |
- Must be between 25 years to 85 years of age (18 years for non-financial property owners including the non-financial property owners).
- Applicants can be either a salaried employee of a public, private or multinational organisation, or self-employed individual with steady income from a business.
Documents 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 on Property Interest Rate
The Bajaj Finserv education loan interest rates are given below:
For salaried applicants:
For salaried applicants:
- Minimum: 9% p.a.
- Maximum: 12% p.a.
For self-employed applicants:
- Minimum: 8% p.a.
- Maximum: 20% p.a.
Fees and Charges on Bajaj Finserv Education Loan on Property
There are no hidden charges involved in Bajaj Finserv education loans on property. Other fees and charges applicable on this loan scheme are:
Fees and charges | Amount |
Processing fee | Up to 3.54% of loan amount plus applicable taxes |
Documentation charges | Up to Rs.2,360 plus applicable taxes |
Bounce charge | Rs.1,500 per bounce |
Penal charge | Delay in installment payment: 36% per annum per installmentCovenant Perfection Charge:For non-submission of critical documents after 90 days of loan disbursement: Rs.800For non-submission of non-critical documents after 120 days of loan disbursement: Rs.500 |
Stamp duty | Amount payable depends on the respective state |
Mortgage origination fees | Up to Rs.6000 per property |
Charges | Term Loan | Flexi Term Loan | Flexi Hybrid Term Loan |
Flexi Facility Charge | Not applicable | Less than Rs.50 lakh: Rs.999Rs.50 lakh to Rs.74,99,999: Rs.1,999Rs.75 lakh to Rs.99,99,999: Rs.1,999Rs.1 crore to Rs.2,49,99,999: Rs.2,999Rs.2.50 crore to Rs.4,99,99,999: Rs.3,999Rs.5 crore to Rs.7,49,99,999: Rs.4,999More than Rs.7.50 crore: Rs.5,999 | Less than Rs.50 lakh: Rs.5,999Rs.50 lakh to Rs.74,99,999: Rs.11,999Rs.75 lakh to Rs.99,99,999: Rs.14,999Rs.1 crore to Rs.2,49,99,999: Rs.19,999Rs.2.50 crore to Rs.4,99,99,999: Rs.21,999Rs.5 crore to Rs.7,49,99,999: Rs.25,999More than Rs.7.50 crore: Rs.29,999 |
Full Pre-payment Charge | Up to 4.72% of the outstanding loan amount as on the date of prepayment. | Up to 4.72% of the Dropline Limit as per repayment schedule on the date of prepayment. | |
Partial Pre-Payment Charge | Up to 4.72% of the loan amount on the date of prepayment. | Not applicable | |
Annual maintenance Charge | Not applicable | Up to 0.295% of the Dropline Limit during initial tenure of the loan. | |
Note: No foreclosure or pre-payment charges are applicable, if borrowers and co-borrowers are all individual, loan availed on floating rate of interest, and loan taken for purposes other than business use.
How Does Education Loan on Property Operates?
To fund education in India or abroad, customers can avail themselves Bajaj Finserv education loan against property by mortgaging residential or commercial properties. This loan scheme offers flexibility and covers various education-related expenses.
Here is how education loan against property operates:
- Pledge the property as collateral with the lender.
- Depending on the market value of the property, up to 60% to 70% of the property's value is sanctioned.
- Offers repayment tenure of up to 15 to 20 years.
- Offers low interest rates compared to unsecured personal loans.
What are the Differences Between Education Loan Against Property and Regular Education Loan?
The key differences between education loan against property and regular education loan are listed in the table below:
Education Loan against Property | Regular Education Loan |
Depending on the property value and sanctioned amount is 60% to 70% of the property value. | The loan amount sanctioned depends on academic costs. |
High loan amount | Lower compared to education loan agist property due to strict usage restrictions. |
Offers flexibility and covers a wide range of courses. | Covers only specific institutions or courses. |
Longer repayment tenure | Shorter repayment tenure |
Low interest rate as this is secured loan. | Charges high interest rates as this is an unsecured loan. |
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.
FAQs on Bajaj Finserv Education Loan Scheme
- Yes, you will be charged a processing fee while applying for the Bajaj Finserv education loan scheme.
Yes, you will be charged a processing fee while applying for the Bajaj FinServ education loan scheme.
- Can I apply for Bajaj Finserv education loan against a co-owned property?
Yes, you can apply for Bajaj Finserv education loan against a co-owned property. But make sure all the owners apply for the loan against property.
- What are the eligibility criteria for the property to obtain approval for Bajaj Finserv education loan?
The property title must be free of litigation, and there should be no mortgage on it.
- Do I need to insure my property?
Yes, the property must be insured for the entire loan tenure, and all documents for proof must be submitted when required.
- What expenses are covered under the Bajaj Finserv education loan?
This loan scheme covers all the direct and ancillary expenses related to higher education whether in India or abroad. This loan finances expenses of higher education in renowned colleges or universities across the world and covers costs, such as admission fees, lab charges, tuition fees, exam fees and even bills related to accommodation, food and other living expenses.
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