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.
| 📝 Study Abroad Loans from Bajaj Finserv |
|---|
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:
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.
Here are the eligibility criteria for Bajaj Finserv Personal Loan for Study Abroad.¹
This loan is not a good fit for undergraduate students or someone who isn’t able to show the requested salary amount.
During the loan application process, you need to provide the supporting documents to Bajaj Finserv¹
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
| Loan | Applicable Charges |
|---|---|
| Interest rates | 11% to 35% annually. |
| Processing Fees | Up to 3.93% of the loan amount. |
| Upfront fee on Flexi loans: | From INR 1,999 to INR 12,999, depending on the loan amount. |
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.
Applying for the Bajaj Finserv Personal Loan for Study Abroad is a simple online process.⁶
The Bajaj Finserv representative will contact you to complete the process. If approved, the loan will be transferred to your savings account.
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.
Here are the borrower requirements for a Bajaj Finserv Loan Against Property:
The property you provide as collateral must be in specific cities, depending on your type of employment:⁷
| Employment | Property Location |
|---|---|
| Salaried individuals | Delhi, NCR, Mumbai, MMR, Chennai, Hyderabad, Bengaluru, Pune, and Ahmedabad. |
| Self-employed individuals | All the same cities as a salaried individual, plus Indore, Nagpur, Vijayawada, Madurai, Surat, Lucknow, Cochin, and Jaipur |
While the maximum loan amount is INR 10.50 crores, the property value determines how much you can borrow.
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:
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.
Here is how to apply for the Bajaj Finserv Education Loan Against Property:
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.
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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Sources used for this article:
Sources verified on 13 June 2023
Cover photo by Alexis Brown on Unsplash.
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