Axis Bank Education Loan for Studying Abroad

The Axis Bank Non-Collateral Education Loan is designed for students who wish to pursue higher education abroad without pledging any security or collateral. Axis Bank Limited, India’s third-largest private sector bank, offers student loans of up to ₹1 crore to help students fund their higher education abroad, with interest rates starting from 11% per annum. This option is ideal for academically strong students with a reliable co-applicant, ensuring quick approvals, flexible repayment terms, and complete financial support to achieve their academic goals.

Axis Bank has multiple loan products which we have categorized under:

Schemes for Abroad studies

• Abroad Education Loan 
• Premier Universities Scheme 
• GRE product
• Income-based Product
• Collateral-Based Product

The video thoroughly overviews the Axis Bank student Loan, encompassing key elements like loan options, borrowing limits, interest rates, and processing fees. Furthermore, it presents exclusive information from official Axis Bank circulars, which cannot be found anywhere else on the internet, including the Axis Bank website.

Axis Bank has education loan products for overseas education, where students can get up to Rs 1 crore for secured education loans and up to Rs 40 lakhs for unsecured loans. These loans include tuition fee loans, maintenance loans, insurance, and travel loans. Relatives that are allowed to co-apply are parents, in-laws, siblings, and spouses. Collateralized loans attract interest rates that begin at 9.99%. The moratorium period is the course duration + 6 months, and the repayment period ranges from six months to 15 years at most. The applicant should be an Indian national with 50% marks in Class 12 and Graduation, pursuing a STEM course for higher education. The applicant should have a co-applicant who has a regular source of income and a CIBIL score of 600 and above. For non-collateral loans, the university has to be on the Axis Bank Prime A or Prime B list. Know more about these products by going through these tables:

Note: To get a student loan without collateral, the college or university in which you are taking admission must be in either the Prime A or Prime B list of Axis Bank.

Acceptable collaterals

Premier Universities Scheme 

The information about which university falls under Category A and which falls under Category B is not publicly accessible, as it is considered internal information of Axis Bank. However, you can rest assured that if you wish to find out whether your university is included in Axis Bank's prime list, you can contact our FOs, and they will inform you about its inclusion or exclusion.

GRE Product

For students wishing to study abroad in nations like the USA, Australia, the UK, etc., the Graduate Record Examination (GRE) is one of the required tests. Given the importance of the GRE test, Axis Bank has introduced a unique GRE-based solution for those who want to study abroad. The main attributes of a product built using GRE are:

Note: 

• Applicants can get their loans sanctioned even without an offer letter.
• Even if the applicant's college or university is not on the Axis Prime A or Prime B list, they can still get a loan under this product.

Income-Based Product

Based on the income of their co-applicant, students who plan to pursue their selected course of study in the nation of their choosing can apply for non-collateralized student loans through Axis Bank. There is no moratorium period with the Axis Bank income-based product; a direct EMI is applied to the sanctioned loan amount as soon as it is disbursed.

The Axis Bank income-based product accepts two types of co-applicants; the features and requirements of each are different. Let’s understand one at a time:

1. For a salaried co-applicant
Acceptable Locations - Most of the metropolitan cities of different states in India are serviceable locations for this scheme. Request a callback from WeMakeScholars to know if this scheme is serviceable in your city or not.

Income table

2. For Self-employed co-applicant
As per the Axis Bank guidelines, a self-employed co-applicant can be the person who has:

• Self-business
• Lived at one address for at least 12 months
• Income Tax Return (Amount is not considered) 
• Running a business for at least 3 years
• Minimum CIBIL score of 700 (negotiable)

To check the loan eligibility for Axis income-based product in the case of a self-employed co-applicant, 4 criteria are checked

Cash profit of the company/ Salary income

The net worth of the sole proprietor

Company turnover

Location of the co-applicant

Collateral Based Product

The collateral-based product offered by Axis Bank allows the applicants to take advantage of collateralized student loan products and income-based products together. And that is why, the rate of interest offered on student loans taken through this product is only around 10.5 per cent, which is comparatively very less.

The acceptable collaterals and respective loan margins are given in the table below:

Refer to the table below to understand the features of non-collateralized education loan products:

GRE-based Product 

The GRE, or Graduate Record Examination, is considered one of the standard examinations for students planning to study abroad in countries like the USA, Australia, the UK, etc. In a GRE-based product, the loan criteria do not depend on the university; they only depend on the GRE score of the student. If the GRE score is above the bank's mentioned cutoff, then the required amount of the loan can be given without collateral. Considering the significance of the GRE examination, Axis Bank has launched a separate GRE-based product for study abroad aspirants. The key features of GRE-based products are:

Note: 

• A key benefit of this product is that loans can be sanctioned even without an offer letter.
• The applicant is eligible for this product even if their college or university is not under the Prime A or Prime B list of Axis Bank.

Income-Based Product

Axis Bank’s income-based product is to provide non-collateralized education loans to students planning to pursue their preferred course of study in the country of their choice based on the income of their co-applicant. Under the Axis Bank income-based product, a direct EMI is applicable on the sanctioned loan amount as soon as the education loan is disbursed; there is no moratorium period. 

Let’s say the co-applicant's income is 6L, and the student can get a maximum loan of 40, whereas other banks can give you a loan of up to 1Cr if the co-applicant’s income is really great. 

Financial co-applicant requirement :  

• Your primary co-applicant (parents, spouses, or parents-in-law) can be your financial co-applicant; if your primary co-applicant doesn't have any income proof, then you can include other financial co-applicants like your siblings, your parents' siblings, or your first cousins.
• In private banks like Axis Bank, your parents’ income plays an important role in deciding the loan amount that needs to be given to the student; this is known as FOIR (fixed obligations to income ratio). Due to this, students prefer going for NBFCs, but with WeMakeScholars, we can make sure that you get the best deals from Axis Bank as well. 
• If your parents' income is not able to fetch you the required loan amount, you can contact our financial officer and start exploring other options based on your profile eligibility. 

Process and process timeline :  

• The average timeline from login to sanction is 2 weeks for unsecured loans, whereas for secured loans it is around 2.5–3 weeks.

The Axis Bank income-based product accepts two types of co-applicants, and the requirements and features of each are different. Let’s understand one at a time.

1. For a salaried co-applicant

Acceptable Locations - Most of the metropolitan cities of different states in India are serviceable locations for this scheme. Request a callback from WeMakeScholars to know if this scheme is serviceable in your city or not.

2. For Self-employed co-applicant

As per the Axis Bank guidelines, a self-employed co-applicant can be the person who has:

• A business of sole proprietorship
• ITR (amount is not considered)
• Running a business for a minimum of 3 years
• Lived at one address for at least 12 months
• Minimum CIBIL score of 700

To evaluate the loan amount eligibility for the Axis income-based product in the case of a Self-employed co-applicant, 4 parameters are checked

Cash profit of the company/ Saral income

The worth of the sole proprietor

Company turnover

Location of the co-applicant

The collateral-based product offered by Axis Bank allows the applicants to take advantage of collateralized education loan products and income-based products together. And that is why the rate of interest offered on education loans taken through this product is only around 10.4 per cent, which is comparatively very less.

The different acceptable collateral and loan margins for this product are given below

Acceptable courses: 

• Under the premier universities scheme, Most of the courses are acceptable 
• Under the GRE-based product, Most of the courses are acceptable 
• Under the income-based product, STEM and MBA programs are acceptable 

Note: Axis Bank provides an education loan for premier universities from the USA, UK, Canada, Germany, Australia, and some top universities from Spain, Switzerland, Singapore, France, and Hong Kong.

Axis Bank charges a loan margin on the offered loan amount; the percentage depends on the loan amount, according to the values given in the following table:

For Axis Bank, loan margin calculation also depends on the student loan product that you take for your higher studies. If you take a collateralized student loan your loan margin will be 0%. Also, if your college or university (whether in India or abroad) lies in the prime A and prime B list of Axis bank, then you are eligible to proceed with your student loan without paying the loan margin amount irrespective of the loan amount. But since the prime list is confidential it is not available in not available on the internet, not even on Axis bank’s website. 

WeMakeScholars, being a full-time higher studies loan partner with Axis bank, has access to the list. Request a callback, today from your financial advisor at WeMakeScholars to get to know if your college or university falls under the Axis banks prime A and prime B list or not and start your student loan application process.

Axis Bank offers student loan insurance at 1% - 2% of the loan amount. Loan insurance helps the loan applicant and their dependents to avoid paying for the loan if any mishappening occurs with the applicant, resulting in their inability to repay the loan. When applying to get a student loan from Axis Bank, students are also required to take loan insurance.

For more information about loan information, ask your financial officer while processing your loan with WeMakeScholars. 

Axis Bank's loan EMI calculator is available on its website for students to calculate their monthly EMI amount once their loan is sanctioned. However, we suggest students to use WeMakeScholars loan EMI calculator, because of the following reasons:

High accuracy - The calculator is most accurate as it considers all the parameters that affect the EMI amount calculation.

Strategic edge - The calculation results, help students to decide the strategy of their student loan repayment, students can get an idea about their repayment schedule

No charges - It is free of cost for all the students 

In-depth analysis - The results include an amortization table having interest amount, principal amount, and outstanding loan amount at the end of each EMI payment.

A WeMakeScholars special discount is considered while designing the algorithm therefore, the EMI values are specially for WeMakeScholars customers only. To avail the benefits become a WeMakeScholars customer by requesting a callback from our financial officer.

Axis Bank Education Loans provide a comprehensive financial solution for students aiming to study overseas. With transparent documentation, reasonable margins, and manageable EMI options, the bank simplifies the education financing process. Additionally, transferring your loan to Axis Bank through trusted partners can further help you enjoy lower rates and better repayment flexibility, ensuring a smooth journey toward achieving your academic and career aspirations.