All About - Bajaj FinServ Education Loan

Dreaming of studying abroad, but worried about finances? Education loans are an excellent source of funding for higher education, whether in India or abroad. Many lenders are available in the education loan market that offer education loans to students. NBFCs also offer education loans at competitive interest rates. 

Bajaj Finserv is one of the NBFCs that offer education loans tailored to the needs of the students. The financial institution offers a wide range of education loans to help students achieve their academic dreams.

Read further to learn more about the Bajaj Finserv education loans, including eligibility, application process, interest rates, repayment terms, etc, so that you can make an informed decision.

Bajaj FinServ Education Loan

• Bajaj Finserv is one of the leading NBFCs that offer education loans to students. It offers both secured(Loan against property) and unsecured education loans to students through Bajaj Markets. Bajaj Finserv has a wide range of features that cater to the needs of students and are tailored to their requirements of students.

Key Features of Bajaj FinServ Education Loan

• Bajaj Finserv offers an education loan amount as high as Rs 10.5 Cr.
• The interest rates with Bajaj Finserve start as low as 10.25%
• With Bajaj Finserv, you can fund your entire education. It covers all the costs related to your education, such as tuition fees, accommodation, stationery, Travel expenses, etc
• Bajaj Finserve also offers an unsecured education loan of about 80 lakhs without having to pledge any collateral.
• Bajaj Finserv has a flexible loan tenure of up to 15 years.
• Bajaj Finserv charges a processing fee ranging from 0.75% to 3% of the loan amount.

Bajaj Finserv Education Loan Interest Rates

Bajaj Finserve determines the Education loan interest rates based on various factors, including the student's profile, type of loan, and the co-applicant's income, among others. However, the basic interest rates of the Bajaj Finserve education Loans are given below.

• Secured Education Loan - Interest rates start from 10.25%

• Unsecured Education Loan- interest rate starts from 11.5%

Bajaj Finserv Education Loan against Property

• Bajaj Finserv offers an education loan of up to 10.5 Cr against property. This can be used to cover expenses such as tuition fees, stationery fees, lab fees, travel expenses, and other miscellaneous expenses.

• Students can take this education loan against property to study in India or abroad. The lender asks to pledge collateral for a loan amount of above 80 lakhs. 

• The Loan against property is offered with affordable interest rates, which start as low as 8% and can go up to 20%.

• The applicant can get the loan amount within 72 hrs of approval, if all the necessary documents are subject to the condition of the lender.

• If the student is willing to foreclose the education loan, Bajaj Finserv may waive penalties in some cases.

Benefits of Bajaj Finserv Education Loan

Bajaj Finserv education loans come with many benefits for students. Below are some of them that students can consider for applying to Bajaj Finserv Education Loans.

• Tax Benefits: Under Section 80E of the Income Tax Act, applicants can avail of tax benefits on the Bajaj Finserv education loan. This benefit can save a lot of money for students.

• Digitised Process: The education loan application process is completely digitized, making it fast and hassle-free.

• Rapid Processing: The education loan application is reviewed and verified within minutes, as the process is completely online.

• Quick Disbursals: The disbursement process is also fast with Bajaj Finserv. If the loan is approved, the amount can be credited within 2 days, which is faster than most of the NBFCs.

• Minimal Documentation: The documents required for the Bajaj Finserv education loan are minimal. Moreover, the digital documentation process makes the education loan application process convenient.

• No Hidden charges: Baja Finserv has no extra or hidden charges, which shows the transparency of the education loan product.

Eligibility Criteria to get the Bajaj Finserv Education Loans

The eligibility criteria required to get a Bajaj Finserv Education loan vary depending on various factors, such as the type of loan that the student is taking, the profile of student, etc. However, the basic eligibility criteria required to get an education loan are given below.

The Documents Required for Bajaj Finserv Education Loan

The documents list to secure a Bajaj Finserv Education Loan vary based on various factors type of education loan, students' profiles, etc. However, the basic documents list is as follows.

• Complete Application Form:  A loan application form provided by Bajaj Finserv is to be filled out completely by the student.

• Identity Proof: KYC Documents confirming the identity of the applicant and the co-applicant.

  • PAN card

  • Adhaar card

  • Passport etc

• Admission Status: A document confirming the admission of the student from a recognized university.

• Academic Records: Previous academic records of the students, such as 10th, 12th, graduate, and post-graduate(If applicable).

• Test Scores: Score cards of the entrance test, such as GRE, GMAT, TOEFL, and IELTS, etc.

• Co-Applicant Financial Proofs: Lenders check the credit history and financial status of the applicant and the co-applicant.The documents include salary slips, bank statements, ITR, etc., and are to be submitted as required by the lender.

• Collateral Documents: If the student is opting for a collateral education loan, the necessary collateral and other related documents as requested by the lender are to be submitted.

• Passport-Sized Photographs: Two recent passport-sized photographs of the applicant and the co-applicant.

How to apply for a Bajaj Finserv Education Loan

Students can apply for the Bajaj Finserv Education loan in multiple ways. You can either apply online or offline. You can directly visit the nearby Bajaj Finserv office and apply for an education loan as instructed. The process for the online application is as follows.

• Step 1: Visit the Bajaj Finserv Markets official website and select the education loan section.
• Step 2: Go through the required eligibility criteria and the required document list.
• Step 3:Click on the Apply now button if available or select the check offer option.
• Step 4: Fill in your personal and course-related details.
• Step 5: Choose the required loan amount and the preferred repayment tenure.
• Step 6: Submit the required documents and complete the application process.

The Bajaj Finserve representative will reach out to you to further process your education loan application.

Why WeMakeScholars is the one-stop solution for all your education loan needs.

What Our Students Say About Us

At WeMakeScholars, we help students get education loans without any hassle. Here's what one of our students experienced:

I had a great experience going through WeMakeScholars to make education loan applications. Chris Srujana, my financial officer, connected me with multiple banks and NBFCs, and I received a response within days. She was prompt at responding whenever I had any concerns or queries, and was super helpful throughout the process. Helped me with the required documents, getting the best interest rate, and loan enhancement! - says Devesh

Conclusion

Bajaj Finserve is offering a wide range of education loans to students, encouraging them to achieve their academic dreams. In this blog, we have discussed the complete details of the Bajaj Finserve education loan, the interest rates, eligibility, and how to apply for the same.

Getting an education loan is overwhelming when a student is directly approaching the lender.

WeMakeScholars has a dedicated financial officer who can walk you through the entire loan process, making it a stress-free experience. Request a call back today, a get your education loan approval.