Bajaj Finserv Education Loan for Study Abroad: Interest Rates and Eligibility

Bajaj Finserv offers loans that students can use to finance their higher education abroad. Qualifying students may be eligible for Bajaj Finserv’s personal loans¹ which do not require any collateral, or loan against property² for higher loan amounts and better interest rates. Read on to learn more about these Bajaj Finserv loans and how they can help finance your study abroad expenses.

Bajaj Finance Personal Loan for Study Abroad: Without Collateral

Bajaj Finserv offers flexible personal loans that can be used for education expenses for study abroad. Students can borrow up to INR 40 lakhs with the repayment term ranging from 6 months to 96 months. These loans are best suited for prospective students pursuing post-secondary education and have been earning a salary.

You can choose from three loan options, depending on what you may need:

1. Term Loan: A regular personal loan that you pay back with traditional equal monthly payments.¹
2. Flexi-Term Loan: This loan allows you to take out and pay back the money as you need. You only pay interest on what you use. This loan is ideal to cover the expenses you can’t plan out in advance.³
3. Flexi Hybrid Loan: This loan lets you only pay back interest for a certain amount of time until you have to start paying back principal and interest.⁴

The loan money can be used to cover your educational expenses such as course fees, living expenses, visa and travel to the university or college, course materials, and other necessities. These loans don’t require collateral or a guarantor, but you will have to meet the eligibility requirements.

Eligibility Criteria

Here are the eligibility criteria for Bajaj Finserv Personal Loan for Study Abroad.¹

• You must be an Indian national aged between 21 and 80 years.
• Depending on the city, you must be employed with a minimum salary of INR 25,001.
• You must have a CIBIL credit score of 685 or higher.

This loan is not a good fit for undergraduate students or someone who isn’t able to show the requested salary amount.

Documents Required

During the loan application process, you need to provide the supporting documents to Bajaj Finserv¹

• KYC documents for verifying identity and address, such as Aadhar, PAN, Passport, or voter’s ID.
• Proof of Employment such as an employee ID card, or letter from your employer.
• Income proof through salary slips and bank account statements for the previous three months

Interest Rates and Processing Fee

While there is no collateral or guarantor required for Bajaj Finserv Personal Loan for Study Abroad, the borrowers are expected to cover the processing fee during the loan application process.⁵

In addition to the upfront charges listed above, Bajaj Finserv has other fees that may be charged, like an annual maintenance fee of .295% on Flexi loans.

Rates retrieved on 13 June 2023. Please verify the latest applicable fees and charges on the official Bajaj Finserv website.

How to Apply

Applying for the Bajaj Finserv Personal Loan for Study Abroad is a simple online process.⁶

1. Access the Bajaj Finserv Personal Loan portal and click ‘APPLY’ at the top of the page to start the application process.
2. Enter your phone number, and the OTP sent to your phone to access the application form.
3. Fill in the details and click ‘Proceed’ to access the loan selection page.
4. Enter the required loan amount and choose from one of the three loan options.
5. Select your repayment tenure and click on ‘Proceed.’
6. Complete your KYC verification and apply.

The Bajaj Finserv representative will contact you to complete the process. If approved, the loan will be transferred to your savings account.

Bajaj Finance Education Loan Against Property: With Collateral

Bajaj Finserv offers an education loan up to INR 10.50 crores when a property is provided as collateral.² The loan can be used to cover tuition fees, living expenses, travel to the university or college, and other educational expenses. The maximum loan repayment tenure is 15 years. This option can be worthwhile for borrowers needing a larger loan or not qualifying for the no-collateral option.

Eligibility Criteria

Here are the borrower requirements for a Bajaj Finserv Loan Against Property:

• You must be an Indian national.
• Your age must be between 25 and 70 years old.
• You must be employed and be able to demonstrate regular income.

The property you provide as collateral must be in specific cities, depending on your type of employment:⁷

While the maximum loan amount is INR 10.50 crores, the property value determines how much you can borrow.

Interest rates and Upfront Fees

The interest rates on Bajaj Finserv Education Loan against property are linked to the RLLR (Repo-linked Lending Rate). This is a floating interest rate, which means that it can change during the loan tenure based on market conditions.

The current effective interest rate for salaried and self-employed individuals ranges between 9% and 14% per year.⁷ The Rate of Interest depends on the following:

• Borrower’s profile.
• Loan tenure.
• The property value.
• The credit score of the borrower.

There is an upfront processing fee of up to 7% of the loan amount. There are no prepayment charges on the loans.

Rates retrieved on 13 June 2023. Please verify the latest applicable fees and charges on the official Bajaj Finserv website.

How to Apply:

Here is how to apply for the Bajaj Finserv Education Loan Against Property:

1. Access the Bajaj Housing Finance Limited website or Bajaj Finserv Loan Against Property portal.
2. Read through the details and click on Apply.
3. Follow the instructions, provide basic details, and enter the OTP received on your phone.
4. Access the loan application page and complete the form submission process.
5. Click on Submit.

A Bajaj Finservrepresentative will set an appointment to collect more details about the collateral offered and will guide you through the application process from start to finish.

Bajaj Finance Loan Disbursal Process

After applying successfully, Bajaj Finserv Personal Loan for Study Abroad without collateral can take around 72 hours for disbursal.

The Bajaj Finserv Education Loan against property takes between 3 to 4 working days because it involves additional work, like verifying the title to the property and evaluating it.

Since these are personal loans, Bajaj Finserv credits the loan amount to the borrower’s savings accounts. You can then transfer the funds to your university’s account and the living expenses to a personal account overseas.

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