Axis Bank Education Loan
Axis Bank's Education Loan aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
In an increasingly specialised and competitive professional space, knowledge can often mean success. Any expense made towards your own professional training and betterment may turn out to be the best investment giving manifold returns!
If you too seek to create this opportunity towards higher education for yourself or your loved ones, an Education Loan with Axis Bank can be a great tool in your arsenal. Offering loans at competitive interest rates, loan amounts starting
from Rs 50,000 with no upper limit, funding up to 100% of total cost of education (including course fees, living & travelling expenses) and quick disbursals within 2 days post sanction an Axis Bank Education Loan helps you take
up your desired field of study in India or abroad while avoiding the immediate burden on your finances. Instead, you can avail the amount as required by the terms of your institute and plan for the repayment of your loan via easy EMIs
over a period convenient to you. For assistance with this you can also use the Education Loan EMI calculator; simply key in the amount, rate and tenure for your loan and get an estimate of the repayment schedule you can follow.
Do's when applying for an Education Loan
- Be clear about your future goal when applying for an Education Loan, especially if it is for a course in a foreign university. Know the job prospects, potential salary and whether the visa rules of that country will
permit you to work there immediately after completing your course.
- Keep aside enough funds to cover your basic expenses at least for one year after you complete your course if you are unable to secure a job immediately after graduating. Do avail of the tax benefit for your education loan under Section 80E. The tax benefit can be availed by self, parents, spouse or legal of the individual holding a loan account.
The total interest component of the loan is eligible for tax exemption, without any upper limit. But there is no tax exemption on the principal amount.
- Avail of an education loan only after availing of all the factors and not only because it is easy to avail of and offers tax benefits. As any other loan, the repayment of an education loan will have a bearing on your credit history.
Don'ts when applying for an Education Loan
- Don't avoid repaying your loan in case your move overseas for higher studies and continue to live there after taking up a job. Non-repayment will reflect negatively on your credit history and bring down your credit scores.
- This will hamper your ability to borrow any kind of loan in the future.
· Don’t avail of an education loan if the university or college you are applying to is not a recognised one. If for any reason the institution shuts down, you will not only lose your seat but will have to continue servicing your loan.
- Don't take an additional loan for your living/travelling expenses or for purchase of laptop and so on, since your education loan covers it. An additional loan will mean additional interest cost and it will add to your overall debt burden.
Benefits for you
Availing an Education Loan from Axis Bank requires you to fulfil certain eligibility criteria. Find out the eligibility criteria for Education Loan, below.
Axis Bank provides Education Loans for students looking to study in India and abroad. You can get a loan starting from Rs. 50,000 at attractive interest rates with benefits such as no pre-payment charges and no pre-closure charges. Find out the education loan eligibility criteria for availing an Axis Bank student loan.
The Education Loan will be provided to those students who have
- Indian Citizenship
- Secured at least 50% marks during HSC & Graduation
- Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level
- Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2)
- Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)
The education loan eligibility will be determined by Axis Bank as per the Bank's policy prevailing at the time of loan application and disbursement.
Documents required for Education Loan
Axis Bank Education Loans helps you finance your tuition fees, hostel charges, study materials, etc. The Bank provides quick and hassle-free loans once you provide the application and required documents. Find out the documents required for Education Loan.
Documents for Education Loan for salaried individuals:
- KYC documents
- Bank Statement / Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter of the Institute along with fees schedule
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses
Documents for Education Loan for all other Individuals
- KYC documents
- Bank Statement / Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter of the Institute along with fees schedule
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses
Documents required for first disbursement
- Demand letter from college or university
- Loan agreement signed by applicant, co-applicants
- Sanction letter signed by applicant, co-applicants
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
- Documents for collateral security (if applicable)
- Form A2 signed by applicant or co-applicants in case of overseas institute
Documents required for subsequent disbursement
- Demand letter from college or university
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
- Exam progress report, marksheet, bonafide certificate (Any one)
- Form A2 signed by applicant or co-applicants in case of overseas institute
Sub-Variants
PRIME ABROAD
- Education Loans for full-time Premier Courses Abroad*
- Unsecured Loan upto Rs. 75 lakhs*
- Door-Step Service
- Multi-currency Forex Card
- Loan Tenure upto 15 yrs
PRIME DOMESTIC
- Education Loan for selected leading full-time courses in India
- Unsecured Loan upto Rs. 75 lakhs*
- Door-Step Service
- Loan Tenure upto 15 yrs
GRE based Funding
- Unsecured Loan for Abroad universities on the basis of GRE score upto Rs. 50 lakhs*
- Moratorium during course period
- Loan tenure upto 10 yrs
Income based Funding
- Unsecured loan upto Rs. 50 Lakhs* based on co-applicant Income
- All full-time abroad & domestic courses
- Loan tenure upto 10 yrs
Loan for Higher Study
- Education loan for pursuing higher education in India or abroad
- No Collateral security upto 7.5Lakhs
- No Pre-closure Charges
- Door-Step Service
Loan for Working Professionals
- Unsecured Loan upto 40Lakhs to working professionals
- No co-applicant
- Loan repayment tenure upto 10yrs
BALANCE TRANSFER
- Switch your existing high cost Education Loan & reduce your monthly EMI
- No Pre-closure Charges
- Door-Step Service
*T&C apply
Check your eligibility
Availing an Education Loan from Axis Bank requires you to fulfil certain eligibility criteria. Find out the eligibility criteria for Education Loan, below.
Axis Bank provides Education Loans for students looking to study in India and abroad. You can get a loan starting from Rs. 50,000 at attractive interest rates with benefits such as no pre-payment charges and no pre-closure charges. Find out the education loan eligibility criteria for availing an Axis Bank student loan.
The Education Loan will be provided to those students who have
- Indian Citizenship
- Secured at least 50% marks during HSC & Graduation
- Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level
- Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2)
- Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)
The education loan eligibility will be determined by Axis Bank as per the Bank's policy prevailing at the time of loan application and disbursement.
Documents required for Education Loan
Axis Bank Education Loans helps you finance your tuition fees, hostel charges, study materials, etc. The Bank provides quick and hassle-free loans once you provide the application and required documents. Find out the documents required for Education Loan.
Documents for Education Loan for salaried individuals:
- KYC documents
- Bank Statement / Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter of the Institute along with fees schedule
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses
Documents for Education Loan for all other Individuals
- KYC documents
- Bank Statement / Pass Book of last 6 months
- Optional – Guarantor Form
- Copy of admission letter of the Institute along with fees schedule
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses
Documents required for first disbursement
- Demand letter from college or university
- Loan agreement signed by applicant, co-applicants
- Sanction letter signed by applicant, co-applicants
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
- Documents for collateral security (if applicable)
- Form A2 signed by applicant or co-applicants in case of overseas institute
Documents required for subsequent disbursement
- Demand letter from college or university
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
- Exam progress report, marksheet, bonafide certificate (Any one)
- Form A2 signed by applicant or co-applicants in case of overseas institute
Interest Rates
If you are looking for an Education Loans for yourself or your ward, you have come to the right place. Axis Bank provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates. With an Axis Bank Education Loan, you can avail a loan amount upto Rs. 75 Lakhs along with speedy disbursals and easy repayment options for effective loan servicing. Find out the student loans/education loans interest rates you wish to avail, below.
| Loan Type |
Loan Amount (Rs.) |
Repo Rate |
Spread |
Effective ROI( Linked to Repo Rate ) |
| Education Loan |
Up to 4 Lakhs |
6.50% |
8.70% |
15.20% |
| Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs |
6.50% |
8.20% |
14.70% |
| Loans greater than Rs. 7.5 Lakhs |
6.50% |
7.20% |
13.70% |
- Repo Rate 6.50%
- Repo Rate Reset frequency - 3 months or as decided by the bank, whichever is earlier.
- The Bank is free to decide the spread over the Repo Rate. The spread may undergo a change during the tenure of the loan.
- Customers who have already availed disbursement or received a sanction prior to October 1, 2019 will continue to operate on MCLR. Existing customers can get in touch with our customer care, if they wish to switch to Repo Rate.
For loans on MCLR
- Marginal Cost Based Lending Rate (MCLR) – 9.10%
- MCLR Reset frequency for Education Loans - Half Yearly
| Schedule of Charges |
|---|
| Scheme |
Study Power |
| Loan Processing Charges |
Applicable as per grid given below |
| Prepayment Charges |
Nil
|
| No Due Certificate |
NA |
| Penal Interest on delayed / overdue EMI |
@24% per annum i.e. @ 2% per month on the overdue installment(s) |
| Cheque/ Instrument Swap Charges |
Rs. 500/- + GST per instance |
| Duplicate Statement Issuance Charges |
Rs. 250/- + GST per instance |
| Duplicate Amortization Schedule Issuance Charges |
Rs. 250/- + GST per instance |
| Duplicate Interest Certificate (Provisional/Actual) Issuance Charges |
Rs. 50/- + GST per instance |
| Cheque/Instrument Return Charges |
Rs.339/- + GST per instance |
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