Bajaj Finserv Personal Loan for Education: Features, Interest Rate, Apply Online

Bajaj Finserv Personal Loan for Education

Bajaj Finserv Personal Loan for Education: Personal loans for higher studies are easily available these days. Most banks and NBFCs provide personal loans for educational purposes to students seeking higher education abroad. Now, a question might confuse you why should you take a personal loan instead of an education loan? Here is the answer. Most of the banks in India ask for collateral when you are taking an education loan above INR 4 lakhs. This is basically called a secured education loan. If you are taking a personal loan, you don’t need to mortgage any kind of collateral for the loan. Bajaj Finance is a private NBFC in India that provides personal loans in simple steps. Let’s check all the features and application processes for Bajaj FInserv Personal Loan for Education. 

What is Bajaj Finserv Personal Loan for Education?

Bajaj Finserv is a leading private NBFC in India known for providing quick loans for various purposes. It has a dedicated scheme known as ‘Flexi Hybrid Personal Loan’ with attractive offers, flexible repayment options and affordable interest rates. The loan covers all major expenses such as tuition fees, accommodation costs, visa and air tickets, emergency fund requirements etc. The scheme offers easy top-up education loans even during the repayment period which can be availed through the app in minutes.  

  • There will be no part payment or early repayment charges on the Bajaj Finserv Flexi Hybrid Personal Loan. 
  • The minimum and maximum loan amount is INR 20,000 and INR 40 lakhs respectively.
  • The maximum repayment period for a Bajaj Personal Loan for higher studies is 96 months.
  • After submitting the loan application form, your loan will be approved within 5 minutes and the application process is completely online. 

Also Read: Are you looking for a Personal Loan from a private bank? Check out all the information on HDFC Bank Personal Loan for Education

Bajaj Personal Loan for Education: Interest Rate and Applicable Charges

There are certain fees applicable like processing fees, bounce charges, foreclosure charges etc. Always check those charges before applying for a personal loan from Bajaj Finance. Check the details below:

Type of FeeApplicable Charges
Interest Rate11% to 37% per annum
Processing FeeUp to 3.93% of the loan amount
Bounce ChargesINR 700-1200 per bounce
Foreclosure Charges4.72% of the loan amount
Stamp DutyAs per State Laws
Mandate RejectionINR 450 per month

Bajaj Finance Personal Loan Eligibility Criteria

Like all other banks and NBFCs, Bajaj Finance has laid some essential eligibility criteria for personal loans. Students must fulfil all the eligibility criteria to get the loan approval. It is better to check the loan eligibility before applying for the same. If at a later stage, the loan gets rejected due to eligibility grounds, it may hamper your credit score as the company will make a credit enquiry which will reflect in your report and your score will drop. Check the eligibility criteria for Bajaj Finance Personal Loan for Education below:

Particulars Details
NationalityIndian 
Age21-80 years
EmploymentMust be employed with a public or private sector company
Salary/Monthly IncomeMinimum INR 25001 (based on the city of residence)
CIBIL ScoreMinimum 685

Note: The upper age limit is applicable at the time of loan maturity

Also Read: Fed up with too many loans and credit card bills? Check out this blog on Personal Loan for Debt Consolidation

Documents Required for Personal Loan for Education

All the documents required for Bajaj Personal loan for educational purposes shall be kept handy. Please ensure that the documents you are uploading on the portal/app are clearly visible and self-attested. Check the required documents below:

  • Any KYC documents i.e. Aadhaar, PAN, passport, Voter ID etc.
  • Office ID Card or Employee Identification Card
  • Last 2 months’ salary slips
  • Bank account statement for the last 3 months
  • University acceptance letter
  • Visa or air ticket copy 

Major Factors Affecting Personal Loan Eligibility

Though it’s very easy to apply and get approval for loans there are some factors which impact your loan application in both a positive and negative manner. Bajaj Finance personal loans for higher education are available for individuals who meet all the prescribed eligibility criteria. Let’s understand some of the major factors that can affect your loan eligibility.

Credit Score

The credit score is one of the most important factors that affects your loan eligibility. A credit score above 685 and above is usually considered a good score. If your credit score is less than 685, you cannot get loan approval from Bajaj Finance or any other bank or financial institution. Even if you get approval from another bank, they will charge a very high interest rate and the repayment period won’t be flexible. Also, general or combined credit score and personal loan credit score are two separate categories. If you have applied for a personal loan, the company will check your repayment history only for the personal loans reflected in your profile. 

Debt-to-Income Ratio

Debt-to-Income ratio is basically the difference between the net monthly income and net liabilities or loans for which you are making monthly repayments. The DTI ratio shall not be above 40% when you are applying for a loan. It will also affect the loan amount if you are already paying 20% of your net monthly income for other loans, then the new loan amount will be less. 

Work Experience

The company will also consider your total work experience before deciding the loan amount. If your work experience is less than 3 months, then you may not be eligible for a personal loan. If you have a good work experience i.e. 6 months to 2 years, you will easily get a loan depending upon your net monthly income. 

How to Apply for a Bajaj Finance Personal Loan for Education?

You can apply online for Bajaj Finserv personal loan for education. You need to visit their official website and go to the loan section. Keep all the documents handy and fill in all the details carefully to avoid unusual delays and rejection. Check the steps below:

  • Visit the official website of Bajaj Finserv 
  • Find ‘personal loan for higher education’ and click on the same
  • On the next page, read all the features and terms and conditions of the loan and click on ‘apply now’
  • Enter your mobile number and then enter the OTP
  • Fill all the details in the application form and upload the documents
  • Submit the form and wait for approval.
  • You can track the loan status on the website or through the Bajaj Finserv App

FAQs

What is the interest rate of the Bajaj Finance personal loan for education?

Bajaj Finance personal loans for educational purposes are available at an interest rate of 11% to 37% per annum. The interest rate depends on the total loan amount, credit score, net monthly income etc. 

Can I get a Bajaj Finance personal loan if I am not working?

You need to show some kind of source of income generated through a job or self-employment to get a Bajaj Finance personal loan. The net monthly income shall be at least INR 25001 and above depending on the city of residence of the applicant. 

What is the processing fee for a Bajaj Finance personal loan for higher education?

The processing fee for the Bajaj Finance personal loan will be 3.93% of the total loan amount. 

Can I get a personal loan for education from Bajaj if my credit score is low?

Your credit score should be at least 685 or above to get the loan. If your score is below 685, the loan will not be approved. 

Can I apply for a Bajaj Finance personal loan through Bajaj App?

Yes. You can apply for any kind of loan through Bajaj App.

Bajaj Finance is a leading NBFC in India providing loans for various purposes. You can apply for a personal loan for higher education from Bajaj Finance. Always read all the terms and conditions carefully before applying for a loan.

To know more about the personal loan for education, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. 

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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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