Do you often wish for your child to pursue higher education overseas? You’re not the only one then. For many parents, it is a dream to see their children graduate from an elite international institute – not only because it involves a lot of esteem but because it offers better exposure and plenty of opportunities for career growth. However, this does not come easy on the pockets. Studying abroad is expensive and demands a lump sum, for which your savings may fall short and so you may have to look for a smart financial solution. In such cases, the various education loan schemes available in the market can be a great way of funding.
A study loan for abroad covers a number of things starting from the cost of travel to admission and hostel fees, tuition and exam fees, library fees, the cost of purchasing books and other expenses for academic projects. You can avail loan from Bajaj finserv for a seamless experience.
Benefits of Taking an Education Loan for Abroad
Financial institutions offers education loan for abroad studies that come with a host of benefits including the following:
Sizeable Loan Amount
Since the cost of studying abroad is much higher than in India, the amount required is also usually huge. With Bajaj finserv offering a loan amount as high as Rs.5 Crore, if you pledge your property, you can comfortably meet all your expenditures.
Attractive Interest Rates
The rate of interest on education loans typically start at 8.35%, which are easily affordable and much lower as compared to other loans in the market.
Flexible Repayment Tenor
With Bajaj finserv offering flexible loan tenors up to 18 years, you need not worry about repaying the amount in a short span of time. You can simply choose to pay off the loan with short, affordable EMIs using an education loan calculator.
Easy Balance Transfer
You can opt for a balance transfer facility, you can easily transfer your money to another account and earn interest rates lower than the existing one.
Fast and Effortless Disbursement
The disbursal of an education loan is usually very fast. Upon meeting all eligibility criteria, you can get the amount transferred to your account in just 72 hours.
Types of Education Loan Schemes
There are different types of schemes available on an education loan for abroad. You can make use of the following schemes:
Padho Pardesh Scheme
This scheme is specially designed to offer funds to students from the minority sections of the society.
Vidya Lakshmi Scheme
This scheme allows you to apply to several financial institutions for a loan through a single application.
Central Scheme of Interest Subsidy
For aspiring students belonging to the Economically Weaker Sections, this scheme is a boon. You can opt for a subsidy on the rate of interest if the amount is used for pursuing professional or technical academic courses.
Dr. Ambedkar Central Sector Scheme of Interest Subsidy
With this scheme, eligible students from Economically Backward Classes and Other Backward Classes can avail a subsidy on the education loan interest rate to study abroad.
Regardless of which scheme you choose, make sure that you have read and understood all terms and conditions of the loan.
How to Apply for an Education Loan
One can apply for a study loan either offline or online. However, the online procedure with Bajaj finserv is much easier, faster and convenient. All you have to do is follow these steps:
- Visit the official website and access the online application form
- Fill out the form entering all necessary details
- Submit the application form along with relevant documents to support the loan claim
- Get your details and paperwork verified by an authorized representative
- Get the loan application sanctioned and the amount credited to your account
Documents Needed for a Study Loan
Listed below are the documents you will be needing in order to apply for a study loan for abroad:
- Address Proof
- Identity Proof
- Papers pertaining to the property pledged
- Aadhaar Card
- Income Tax Returns
- Previous 3 months’ bank statement
- Income tax returns
Bajaj finserv offers some of the best benefits on education loan schemes. Don’t hold back your dreams worrying over funds for your child’s education overseas. Go through the different loan schemes and apply online for faster approvals.
Also Read: Overcome your Financial Problems with a Loan Against Property
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