Higher education has become expensive in recent years and even if you choose a country such as Germany, that is known to have relatively lower tuition fees, the cost of living still amounts to a tidy sum. For instance, in Germany this cost alone can range from around Rs.56,000 to Rs.80,000 per month.
At more popular destinations such as the U.S., the cost of a postgraduate course can cross Rs.35 lakh, with monthly living costs breaching the Rs.70,000 mark. Even within the country, you will have to pay approximately Rs.72,000 and Rs.63,280 per year for a medical and engineering degree respectively.
Regardless of the costs involved, you’re sure to want your child to receive the best education, without money becoming an obstacle. To this end, you may consider availing a higher studies loan. While student loans are an option, a high-ticket loan that’s also collateral-free is hard to come by. Therefore, it’s in your best interests to consider a Personal Loan for Higher Education from Bajaj Finserv. Read on to know more about this education loan.
Difference between an education loan and a personal loan for higher education
Unlike the regular education loans that require you to back your loan with an asset, if you are applying for a high loan amount, a personal loan for higher education from Bajaj Finserv offers you a sanction of up to Rs.25 lakh sans collateral. Moreover, this loan is easier to qualify for as it doesn’t have any criteria pertaining to academic abilities. To top it off, you can get approval in mere minutes and meet time-sensitive education costs quickly. The loan also comes with competitive interest rates and at a flexible tenor extending up to 60 months, thereby facilitating easy repayment.
One of the most attractive features of this higher studies loan is that you can opt for a Flexi Loan facility that enables you to borrow funds as and when you need to. You only have to pay interest on the amount you use and not on the entire sanction. Moreover, each withdrawal doesn’t require a separate application. You can simply make a request for funds as and when a need arises. As interest is limited to what you use only, the cost of borrowing is significantly lower than that associated with a term loan.
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What expenses can you cover with a collateral-free higher education loan?
While a regular education loan is governed by stringent guidelines that may or may not allow you to cover all expenses incurred when your children are studying abroad, there is no restriction on the end-use of the loan amount in case of a Bajaj Finserv Personal Loan for Higher Education. Not only can you manage tuition fees with the sanction, but you can also cater to other education-related expenses such as booking flight tickets, paying for visas and other documents, buying a laptop and other study aids, as well as a plethora of living expenses.
What are the eligibility criteria for an education loan?
Bajaj Finserv prioritises your convenience and makes it extremely easy to qualify for the loan. To be eligible for a personal loan for higher education or want to know how to get a personal loan for higher education, here are the criteria you will have to meet.
- You must be a resident of India
- You must be over 23 years and less than 55 years of age
- You should be a salaried individual working at an MNC, private or public company
- You must earn the minimum salary, ranging from Rs.25,000 to Rs.35,000, based on your city of residence
Once you meet the eligibility criteria, you only have to furnish a handful of documents to apply. These include:
- KYC documents
- Salary slips (of the past 2 months)
- Employee ID card
- Bank account statements of your salary account (for the past 3 months)
How to apply for a personal loan for higher education?
What makes this offering from Bajaj Finserv a true winner is that applying for it is extremely easy. Here are the simple steps you need to follow to apply for a personal loan for higher education.
- Visit the Bajaj Finserv website and click on the loan application form
- Fill in the required financial, personal, and employment details in the form
- Choose a desired tenor and loan amount to get instant online approval in under 5 minutes
- Submit the required documents to the representative who will get in touch with you
- Receive money in your bank account within 24 hours post document verification
To further expedite access to this higher studies loan, remember to check your pre-approved offer from Bajaj Finserv. You can get quick access to funds via a tailored deal and ensure that nothing comes in the way of your children’s higher education.