Pune (Maharashtra): Ensuring quality education for your children is one of the top priorities as a parent, and top-quality institutions come with their own set of invaluable benefits. However, estimates suggest that the cost of education in India is hiked by 10 per cent to 12 per cent every year, and total education costs at the college level can easily amount from a few lakh to double digits.
Further, overseas education is also gaining more and more popularity, as a Ministry of External Affairs study shows that over 7.5 lakh Indians are studying abroad. Overseas education comes with a hefty cost right from tuition fees to accommodation and other expenses.
It is no wonder then that more and more students and parents are opting for education loans, whose ticket-size has increased by 47 per cent in FY 2018 with the total loan disbursal of Rs 82,600 crore as of March 2018.
Thankfully, Bajaj Housing Finance Limited a 100 per cent subsidiary of Bajaj Finance Limited offers borrowing options such as Loan Against Property to salaried and self-employed individuals. With this loan, you can leverage any real estate you own to affordably accommodate educational expenses at a more nominal interest as compared to traditional education loans. This offering has a range of beneficial features that make it apt for use as an educational loan. Read on to know more:
Get a large sanction to fund studies at any institution in the world
When you borrow via the Loan Against Property you get up to Rs 1 crore as a salaried individual and Rs 3.5 crore as a self-employed individual. This sum can then be utilised to fund educational expenses at any institute, be it national or international. Further, thanks to the spending freedom of the sanction, you can use it to meet other necessary expenses along the way. These could include transportation fees, accommodation fees, and monthly lifestyle expenses that come with studying overseas or at other popular destinations across India. This benefit is not available on regular education loans, which only cover tuition fees and are sent directly to the university or institute.
Take advantage of easy eligibility criteria for hassle-free loan acquisition
The Bajaj Housing Finance Limited Loan Against Property is easy to qualify for as it has relaxed eligibility criteria and a minimal requirement for documents. Typically, to qualify for this loan, the following terms need to be met.
* You should be between the ages of 33 and 58 years
* You should be a resident citizen of India
* You should earn a steady income
As you'll notice, these terms are fairly simple to abide by and once you qualify, you can proceed to make an easy and hassle-free application.
Opt for a flexible tenor and enjoy comfortable repayment
Thanks to the fact that this is a secured loan, you get to spread out your EMIs over an extended tenor. In this case, you can opt for a tenor of up to 20 years. This allows you to repay the loan via pocket-friendly EMIs that won't stress your monthly budget. Typically, a longer tenor means smaller EMI payments, but higher overall interest outgo. However, owing to the nominal interest rate of this loan, your EMIs can easily stay within your budget, provided you choose a well-suited tenor. To calculate the amount accurately, use the EMI calculator and find suitable terms.
Enjoy quick sanction disbursal for time-bound applications
Quick disbursals are especially important when applying for top-rated educational institutions overseas, as you need to have the necessary funding in your bank account as per the visa requirement. Any delays in securing the money can lead to a rejection, causing your child to miss out on the opportunity for that year. However, with this loan, you can have the entire sanction disbursed within 72 hours of approval ensuring absolutely no delay. Bajaj Housing Finance's Loan Against Property has the fastest disbursal in the country, and you can make the most of this feature to meet educational fee deadlines.
Besides the above-mentioned benefits, you also enjoy other value-added features like the doorstep service. Thanks to this facility, a Bajaj Housing Finance Limited representative will come to your home and assist you with loan processing. This further reduces the effort required to apply and obtain the funding you need.
Additionally, you also gain access to an online loan account that allows you to manage your loan at any time and from anywhere via the easy-to-use customer portal. To enjoy all these features to the fullest, get started today. All you have to do is check your pre-approved offer online to get access to customised deal and enjoy hassle-free speedy approval.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.