Know all About Axis Bank Education Loan

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Axis bank education loanAn education loan is the best way of funding your studies abroad. It ensures that all the expenses related to your foreign studies are taken care of, in a systematic and timely manner. An Axis Bank education loan process is easy, quick and simple. You can find all the necessary information related to Axis Bank education loan for abroad studies, here. In order to fund your higher education abroad or in India, you can apply for an education loan by filling out the Axis Bank education loan application form and avail our team’s assistance for the same!

Axis Bank Education Loan Details

Axis Bank Education Loan Parameters

Values

Maximum Education Loan Amount

Rs. 75 Lakhs

Minimum Loan Amount*

Rs. 50,000

Education Loan Margin

Up to 4 Lakhs: Nil

> 4 Lakhs: 15%

Axis Bank Education Loan Interest Rate*

13.7% to 15.2% 

Axis Bank education loan processing fees*

For loans of up to Rs.20 Lakhs: Rs.15000 + GST (as applicable)

For loans above Rs.20 Lakhs: 0.75% of the differential loan amount above Rs.20 Lakhs, plus GST (as applicable)

Expenses Covered

Tuition Fees, hostel charges, cost of books, etc.

The above details are applicable to both domestic (study in India) and abroad education loans. Also, the loan margin figures and the Axis Bank education loan interest rate vary on a case-by-case basis. These figures will also depend on whether candidates opt to borrow a collateral education loan or a non-collateral education loan.

Get in touch with the WeMakeScholars team today in order to get an Axis bank education loan in a simple and easy manner.

Read More About USA education loan: Detailed process & must follow steps

 

Axis Bank Education Loan Eligibility Criteria

The Axis Bank education loan eligibility criteria are different for candidates and co-applicants.

Axis Bank education loan eligibility criteria for candidates:

  1. The candidate should be a citizen of India. 
  2. The candidate should have scored a minimum of 50% marks in their high school as well as their graduation course.
  3. The candidate should have applied and secured admission into a reputed university/college abroad and must possess their college admission letter at the time of applying for an Axis Bank education loan.
  4. The candidate should have secured admission for professional courses such as those belonging to the STEM category or management-related courses at graduate/post-graduate level.

Axis Bank education loan eligibility criteria for co-applicants (for secured education loans):

  1. The co-applicant should be a citizen and a resident of India.
  2. The co-applicant must have a stable source of income and should be a regular tax-payer.
  3. The co-applicant should have a CIBIL score of 700 and above to qualify for an Axis Bank education loan for abroad studies.

Axis Bank Education Loan Interest Rate

Axis Bank offers both secured as well as unsecured education loans to those in need. The Axis bank education loan interest rates are tailor-made to suit the financial requirements of all candidates who are looking for an Axis Bank education loan for abroad studies.

The Axis Bank education loan rate of interest differs based on the location of higher education as well as the required loan amount. The exact values of the interest rates are as follows.

  1. For loan amounts of up to Rs.4 Lakhs: 15.2%
  2. For loan amounts greater than Rs.4 Lakhs and up to Rs. 7.5 Lakhs: 14.7%
  3. For Loan amounts greater than Rs.7.5 Lakhs: 13.7%

The above rates are subject to change according to the modifications made in the Bank’s education loan policies from time to time. 

A candidate’s merit, the rank of the college/university that they plan to attend and the nature of the course are some of the factors that are considered before granting any concession in the Axis Bank education loan interest rates.

In order to gather more details about funding your studies with an Axis bank education loan abroad, candidates may fill the Axis bank education loan application form online and avail our team’s assistance for the same.

abroad education loan

Axis Bank Education Loan Documents

The documents checklist for candidates in order to avail an education loan under any Axis bank education loan scheme is as listed below.

Axis bank education financial loan documents for salaried individuals

  1. KYC documents
  2. Bank statement/ Passbook statement of the last 6 months.
  3. Duly filled guarantor form (optional)
  4. A copy of the admission letter from the university, with the fees schedule.
  5. Marksheets of the relevant qualifying degrees and scorecards of the relevant qualifying tests (IELTS, TOEFL, GMAT, GRE, etc.)
  6. Relevant ITR documents

Documents required from all the other individuals applying for an Axis bank education loan scheme are also similar to the above list. Depending on their financial profile, candidates may have to provide additional documents if our team requires the same.

In addition to the above documents, candidates are required to submit a certain set of documents before receiving the first disbursement of their Axis bank education loan for higher studies.

Axis bank education loan documents required from candidates for the first disbursement

  1. A demand letter from respective college/university.
  2. The loan agreement duly signed by the loan applicant and co-applicant.
  3. Loan sanction letter.
  4. A disbursement request form, duly filled and signed by applicants and co-applicants.
  5. Receipts of margin money paid to the college/university along with bank statement reflecting the transaction.
  6. Documents of collateral security (if applicable)
  7. Form A2 signed by the applicant or co-applicants in case of abroad studies.

Axis bank education loan documents required from candidates for the subsequent disbursement

  1. A demand letter from college/university.
  2. Disbursement request form signed by applicants and co-applicants.
  3. Receipts of margin money paid to the college/university along with bank statement reflecting the transaction.
  4. Exam progress report/ mark sheet/ bonafide certificate of the candidate
  5. Form A2 signed by the applicant or co-applicants in case of abroad studies.

To know the detailed list of all the education loan documents, you may fill the Axis bank education loan application form and get in touch with WeMakeScholars for further assistance.

Read more about Education loan documents required by bank

Axis Bank Education Loan Repayment

  • The total loan tenure granted to candidates is 15 years. 
  • All candidates are granted a moratorium period. This period consists of the entire course duration, plus six months post completion of the course.
  • Candidates will be required to start the payment of their interest accrued during the moratorium period immediately after they receive their first education loan disbursement.
  • The EMI payment will start once the moratorium period gets over.

How to Apply For an Axis Bank Education Loan Scheme?

  • Candidates who plan to fund their studies with an Axis bank education loan abroad and in India, may fill the Axis bank education loan application form here.
  • Upon evaluating their academic and financial profile, the eligible candidates will be informed about their qualification for an education loan to fund their studies abroad and in India.
  • The education loan will be sanctioned within 15 to 20 working days post the approval of a candidate’s initial education loan application.

abroad education loan

Salient Features of the Axis Bank Education Loan Scheme

  • Simple documentation procedure.
  • Quick loan disbursal
  • Avail income tax benefit under Section 80 E of the Income Tax Act.
  • No prepayment charges levied.
  • Candidates who have borrowed loans under the Axis bank education loan scheme are eligible for a subsidy under the Central Sector Interest Subsidy scheme if they are deemed to be eligible for the same. Candidates will be required to submit relevant documents proving their eligibility for the same.

There are many details of the education loan process which are not known to candidates because all banks do not openly give out such information. The financial team at WeMakeScholars has managed to help a lot of students get an education loan despite how complicated their profile has been. So if you are planning to borrow an Axis Bank education loan, do get in touch with our team by requesting a callback.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it is free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others

 

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Bibliophile, wanderer, major foodie. I write too :)

 

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