Axis Bank Education Loan is extended to all students aspiring to pursue studies either in India or Abroad
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.
We believe, given the right tools and aid every child has the potential to be successful. Our education loans aim to be the very tool that will enable them to reach their goals in life. No more would a deserving student have to give away their pursuit of dreams due to lack of money. Our student loans will ensure that worthy students are empowered to take their destiny into their own hands. Our endeavour is to help the future of our nation in education and prosperity.
Features and Benefits of Axis Bank Education Loan:
Axis Bank Education Loan is offered to students who are admitted to career-oriented courses like medicine, engineering and management. The various benefits and features of the loan scheme are described below.
Expenses considered for Axis Bank Education Loan
The education loan will cover the tuition fees, hostel charges, cost of study materials and other education related expenses.
Amount of Education Loan
For studies in India, the maximum quantum of finance offered is Rs.10 lakhs. The maximum loan amount for studies abroad is Rs.20 lakhs. The minimum amount of education loan is fixed at Rs. 50,000. Interest Rates The interest rates depend on the loan amount and tenure. Also, if the education loan is availed by a woman, the interest rates are lower.
Axis Bank Education Loan Interest Rate
Maximum Loan amount offered under Axis Bank Education Loan for India is INR 10 Lacs and INR 20 Lacs for studying overseas
- Zero margin upto INR 4 Lacs
- No processing fee
- No pre-payment/pre-closure charges
- Loan Disbursed within 15 working days post final submission of documents
- Tax Benefit under Section 80(E)
The rate of interest is charged on base rate. It differs according to the amount of loan sanctioned.
- For amount upto INR 4 Lacs, interest rate is base rate+ 7%
- For loan amount ranging between INR 4 to 7.50 Lacs, interest rate is base rate+ 8%
- For loan amount exceeding 7.50 Lacs, interest rate is base rate+ 6%
- 0.50% concession in interest is given to girl students
|
Loan Type |
Loan Amount |
Interest Rates |
|
Education Loan |
Up to Rs.4 lakhs |
Base Rate + 7% |
|
Loans from Rs.4 lakh up to Rs.7.5 lakhs |
Base Rate + 8% |
|
|
Loans greater than Rs.7.5 lakhs |
Base Rate + 6% |
|
|
Education Loan for Girl Student |
Up to Rs.4 lakhs |
Base Rate + 6.50% |
|
Loans from Rs.4 lakhs to Rs.7.5 lakhs |
Base Rate + 7.50% |
|
|
Loans greater than 7.5 lakhs |
Base Rate + 5.50% |
Note: The base rate is currently fixed at 9.95%.
Processing Fees and Other Charges
There are no loan processing charges and prepayment charges for Axis Bank Education Loans. For the late payment of EMI, Rs.500 plus taxes per cheque bounce and a penal interest of 24% per annum on the overdue amount is charged.
Security
Third party guarantee and/or collateral security might be asked as security in certain cases. As additional security, assignment of a LIC policy in the bank’s favour for the sum assured being at least 100% of the education loan amount might be required. Also, the future income of the student needs to be assigned in favour of Axis Bank for meeting EMI obligations.
Margin
There is no margin for education loans amounting up to Rs.4 lakhs. For loans above Rs.4 lakhs, the margin is 5% for studies within India and 15% for studies abroad.
Eligibility for Axis Bank Education Loan
1. The applicant should be a resident of India.
2. The applicant should have been selected for an undergraduate or graduate, professional, job-oriented course such as medicine, engineering in a recognized university, college or institute.
Axis Education Loan Eligibility:
- Indian National. Applicant must be an Indian citizen
- 10+2 Pass. Applicant must have cleared 10+2 with aggregate 60% marks
- Premier Universities. Admission should be secured in a recognized institute/ university in India or abroad.
- Co-Signer. Applicant must have a credit worthy co-signer/co-borrower to increase chances of getting a loan
How to apply for Axis Education Loan?
Axis Education loan application form can be available online or offline at Bank branches.
- Visit the official website
- Click on Axis Bank Education Loan
- Click on Apply Online
- Fill up the form with all the necessary details
- Submit the Form
- Visit the Axis Bank branch for further proceedings
Axis Education Loan Details
Loan Limit:
For India -INR 10 Lacs
For Abroad- INR 20 Lacs
Margin
Up to loan 4 Lacs- No margin
Above 4 Lacs-
for India: 5%
for Abroad: 15%
Processing Fee
Nil
Loan Security
Third party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount
Assignment of Future salaries in favor of Axis Bank
Loan Repayment
Course Period + 1 year or 6 months after getting job
Maximum repayment period of 7 years
Expenses covered under Axis Student Loan Scheme
- Cost of Books, Uniforms or Stationery
- Cost of Laptop or computer (Reasonable rate and as per demand of the course)
- Tuition/ Library/ Laboratory Fee
- Hostel Fee
- Travel Expenses for studies abroad
- Miscellaneous cost incurred while completion of the course
Courses Covered Under Axis Student Loan Scheme In India
- Graduate/ postgraduate/ postgraduate diploma courses
- Courses offered by institutions/universities recognized by UGC, Government, AICTE, AIBMS or ICMR.
- Academic courses- CA, CFA, and ICWAI.
- Courses conducted by NIFT, IITs, IIMs, XLRI, IISc, and NID.
- Regular degree/ diploma courses like, shipping, pilot training, and aeronautical that are approved by Director General of Civil Aviation or Shipping (only if it is pursued in India).
- Courses for noble cause such as teaching training (like B.Ed.), nursing courses, and from other training institutions approved by Central Government or by State Government.
- Reputed foreign universities offering approved courses offered in India.
Courses Covered Under Axis Student Loan Scheme – In Abroad
- Job Oriented Professional and technical courses
- Post-graduation courses such as MBA/ MCA
- Courses that are offered by CIMA, London and CPA, USA
- Pilot Training, Shipping, aeronautical, etc. courses that lead to a diploma or degree
Documents Required for Axis Bank Education Loan
The following documents will be required to be furnished to complete the loan application process.
Salaried Applicants:
- Proof of Identity: Passport, Voter’s ID, driving license or PAN card.
- Proof of Income: Latest salary slip showing all deductions, Form 16 and recent salary certificate.
- Proof of Residence: Bank account statement, electricity bill, telephone bill or house lease agreement.
- Last 6 months’ bank statement or passbook where salary or income is credited
- Guarantor form might be asked for.
- Education Documents: Copy of admission letter along with the fees schedule, mark sheets, certificates of S.S.C and H.S.C and degree courses.
Other Applicants:
Other classes of applicants must submit all the above documents. Instead of the latest salary slip, they can submit the Income Tax Returns statements for the last two years and computation of income by a certified CA for the last two years.
FAQs on Axis Bank Education Loan
1. How long will it take for the bank to process my application?
After all necessary documents are submitted, the bank will convey its decision within 15 working days from the date of receipt.
2. What is the role of the parents when applying for an education loan?
The parents or guardian of the student applicant will be treated as co-applicant and a primary debtor.
3. How will the education loan be disbursed?
The student loan will be disbursed in full or suitable installments depending on the requirement of funds or fees. It will be directly disbursed to the educational institution or the vendor.
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