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Fincash » Education EMI Calculator » Axis Bank Education Loan

Axis Bank Education Loan

Updated on October 2, 2022 , 13278 views

Education is the path toward a successful future. One of the greatest minds, Nelson Mandela, once said that education is the most powerful weapon which you can use to change the world. To help you move ahead towards a successful future, Axis, one of the best banks for education loans in India that offers you funding to support your dream studies.. You can avail a loan to study for both graduate and post-graduate courses in India and abroad.

Axis Bank Education Loan

Axis Bank education loan comes with flexible repayment tenure, attractive interest rate and loan amount. The loan will cover Tuition Fees, examination fees, library subscription, cost of books, staying charges, other educational equipment, etc.

Axis Bank Education Loan Interest Rate

Axis Bank provides varied interest rates for loans up to 4 lakhs and above 4 lakhs. They are mentioned below:

Loan Type Loan Amount (Rs.) Repo Rate Spread Effective ROI( Linked to Repo Rate)
Education Loan Up to 4 Lakhs 4.00% 11.20% 15.20%
Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs 4.00% 10.70% 14.70%
Loans greater than 7.5 Lakhs 4.00% 9.70% 13.70%

Features of Axis Bank Student Loan

1. Loan Amount

You can avail loans starting from Rs. 50,000 up to Rs. 75 lakhs. The loan will cover other charges related to education and stay.

2. Loan Sanction

You can get the sanction letter for the loan even before the admission at the desired university. This will be based on your profile.

3. Margins on Education Loan

There will be no margins on an education loan up to Rs. 4 lakhs. A 5% margin will be applicable to loans above Rs. 4 lakhs for studies within India and a 15% margin will be applied to the loan above Rs. 4 lakhs for studies overseas.

4. Loan Disbursal

You can get the loan approved and disbursed within 15 working days from the date of Receipt of the complete education loan application along with other documents required by the bank.

5. Loan Security

The bank may require a third party guarantor or Collateral security for appropriate cases. In certain cases Axis bank educational loan without collateral are present. Additional security in the form of a LIC policy in favour of the bank with the assured sum being at least 100% of the education loan amount may be required. Future Income of the student may need to be assigned in favour of the bank to meet instalment requirements. Tangible collateral security of suitable value may be required.

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Sub-Variants in Axis Bank Education Loan

1. Prime Abroad

The Prime Abroad education loan is for students who wish to pursue full-time Premier courses overseas. You can avail unsecured loan of up to Rs. 40 lakhs with door-step service. The Loan repayment tenure is up to 15 years.

2. Prime Domestic

The Prime Domestic education loan is selected for full-time courses in India. You can avail loan up to Rs. 40 lakhs with door-step service and a loan tenure of up to 15 years.

3. GRE based Funding

The GRE based funding education loan is an unsecured loan for universities overseas. The loan amount will be based on the GRE score. The loan repayment tenure is up to 10 years.

4. Income-Based Funding

This loan is provided based on the income of the co-applicant, The unsecured loan can be availed for up to Rs. 40 lakhs. It is available for full-time courses in India and abroad. The loan repayment tenure is up to 10 years.

5. Loan for Higher Study

If you are pursuing education in India or abroad, you can avail this loan. There is no need for collateral security for a loan up to Rs. 7.5 lakhs, enjoy door-step service with no pre-closure charges.

6. Loan for Working Professionals

This is a loan available for working professionals. You can avail unsecured loan of up to Rs. 20 lakhs. The loan repayment tenure is up to 10 years and there is no need for a co-applicant.

Eligibility Criteria for Axis Bank Education Loan

1. Citizenship

You have to be a citizen of India to avail the loan to avail Axis bank education loan for abroad.

2. HSC/ Graduation Score

You should have secured at least 50% in HSC if you are looking for a loan to pursue graduation. If you are looking to pursue post-graduation, you should have at least 50% in graduation.

3. Required Documents

Showing the right documents for the process is mandatory. If you are applying with a co-applicant, the relevant documents are required of the co-applicant as well.

4. Other Requirements

You should have secured admission in India or abroad through the entrance test/merit-based application process post completion of HSC. You should have obtained admission to career-oriented courses like Medicine, Engineering, Management, etc either at a graduate or postgraduate level.

Documents Required for Axis Bank Education Loan

Mentioned below are the documents required for hassle-free disbursal of Education loan.

Salaried Individuals

  • Bank statement/ Passbook of last 6 months
  • KYC Documents
  • Optional- Guarantor Form
  • Copy of admission letter of the institute along with fees schedule
  • Mark sheets/ passing certificates of SSC, HSC and degree courses

Others

  • KYC documents
  • bank statement / Pass Book of the 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

First disbursement documents

  • 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 the 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

Subsequent disbursement Documents

  • Demand letter from college or university
  • Disbursement request form signed by the applicant, co-applicants
  • Receipts of margin money paid to the college/university along with bank statement reflecting the transaction
  • Exam progress report, mark sheet, bonafide certificate (Any One)
  • Form A2 signed by applicant or co-applicants in case of overseas institute

Other Charges with Axis Bank Education Loan

Axis bank requires minimal charges when it comes to loan disbursal. Mentioned below are certain charges applicable for various actions:

Details 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)
Repayment Instruction / Instrument Return Penalty Rs. 500/- + GST per instance
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 Interese Certificate (Provisional/Actual) Issuance Charges Rs. 250/- + GST per instance

Axis Bank Central Scheme for Subsidy

Axis Bank’s educational loan offers the central government’s subsidy scheme for students belonging to the Economically Weaker Section of the society. The Ministry of HRD, Government of India formulated a scheme on 25th May 2010 which offered to provide full subsidy during the period of the course plus one year to six months after the concerned student gets the job.

1. Annual Income

This scheme is exclusively available to students whose parents’ annual income from all sources is inclusive of Rs. 4.5 lakhs or under. The scheme is applicable for studies within India only.

2. Loan Amount

The loan amount available will be up to and inclusive of Rs. 7.5 lakhs.

Axis Bank Education Loan Customer Care

You can contact the numbers mentioned below with queries or complaints. 1-860-500-5555 (Charges applicable as per the service provider) 24-hour Emergency Helpline Number, +91 22 67987700.

Conclusion

Axis bank education loan is a great option to go for if you are looking for attractive interest rates and hassle-free disbursal with the utmost security in transactions. Read all the loan-related documents carefully before applying for the loan.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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