How To Apply For Education Loan On Property Online In 2019?
If you aspire to study at the finest educational institutions in the world, you may as well start planning how to deal with the huge expenses involved with such courses. Apart from the course fees, you would also need money to travel and for your accommodation. Rather than draining all your parents’ life savings, you should instead opt for an education loan to fund your studies.
In case you or your parents own a property, availing such a loan becomes even easier. If you are wondering how to apply for an education loan on a property, keep reading on.
How To Apply For An Education Loan On A Property
Following the steps mentioned below will help you secure a Loan Against Property for your education at some of the best colleges in the world.
Check Loan Against Property Eligibility- To avail a Loan Against Property for Education, you must have to fulfill the education loan eligibility criteria for the same and your parents must be earning members, either salaried employees or self-employed. Furthermore, your income must meet the needs of the specific financing company you choose. Additionally, the applicant’s age and credit history are also taken into account during a loan application.
Determine Loan Amount- Most reputed NBFCs, such as Bajaj Finserv, offer Loan Against Property of up to Rs. 3.5 Crore, based on the valuation of your property and other details. However, you should opt for only as much as you need for your education. Higher loan amounts will result in greater financial liabilities for you in the future.
Compare Interest Rates- Perform extensive research on the internet regarding the different interest charged on Loan Against Property across various lenders. Lower rates of interest will help you repay loans. However, make sure you also consider other aspects, such as the lender’s reputation.
Fill Up The Form- After completing the steps mentioned above and picking your financing company, you can finally move on to the ‘how to apply for an education loan on property’ part. Filling up the application form online is the first step. You need to provide your personal details, such as your name, address, phone number, email ID, etc. along with financial information like monthly income, credit score and more. Lastly, when opting for a loan against property, you need to provide additional details regarding the property you are pledging as collateral for the loan. Make sure there are no errors while filling up this online form.
Submit Documents- You need to provide all documents your lender asks for at the time of loan application. A list of documents needed to apply for a loan against property includes your salary slips, bank account statements, KYC, address proof, papers of the collateral property and income tax returns. Additional documents may be needed, based on the differing policies of NBFCs.
Loan Approval- Thanks to the internet, you no longer need to wait for weeks or months for approval of your loan. Top lenders today approve loan applications within 5 to 6 days. In case of approval, you will receive an email and/or text message notifying you of the same.
Disbursement- After approval of the Loan Against Property, your savings account will soon reflect the debit of the borrowed sum. The disbursement process should complete within 24 hours of approval.
Now you know how to apply for education loan on the property. However, you wonder why you should opt for a Loan Against Property instead of an education loan.
Benefits Of Education Loan On A Property
Unlike an education loan, you can avail up to Rs. 3.5 Crore in case of a loan against property for your education. On the other hand, most financing companies offer education loans up to Rs. 25 Lakh, which is often insufficient to pursue studies abroad.
A Loan Against Property offers excellent flexibility when it comes to the loan tenor. You can choose to repay the loan any time between 2 and 20 years. In the case of unsecured education loans, the maximum tenor allowed for repayment is generally five years.
Loan Against Property has no end usage restrictions. You have the opportunity to utilize the remaining loan amount to effectively repay your existing debts.
Lenders such as Bajaj Finserv offers Loans Against Property for Education with attractive rates of interest and multiple borrower-friendly features to help them repay easily.
Bajaj Finserv also provides pre-approved offers which make availing loans quicker and simpler. The offers are available on unsecured loans, such as business and personal loans, on secured loans, like home loans, as well as on numerous other financial products and services.
These convenient loan products make affording an education easier today. So, if you have financial hurdles to overcome first for your higher education, use a loan against property to meet the requirements.