{"id":8843,"date":"2024-01-18T16:51:43","date_gmt":"2024-01-18T11:21:43","guid":{"rendered":"https:\/\/versionweekly.com\/?p=8843"},"modified":"2024-01-18T17:57:36","modified_gmt":"2024-01-18T12:27:36","slug":"axis-bank-education-loan","status":"publish","type":"post","link":"https:\/\/versionweekly.com\/news\/education-loan\/axis-bank-education-loan\/","title":{"rendered":"Axis Bank Education Loan – Interest Rates, EMI Calculator, Apply Online"},"content":{"rendered":"
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The education loan will cover the tuition fees, hostel charges, cost of study materials and other education related expenses.<\/p>\n
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.<\/p>\n
Maximum Loan amount offered under Axis Bank Education Loan for India is INR 10 Lacs and INR 20 Lacs for studying overseas<\/p>\n
The rate of interest is charged on base rate. It differs according to the amount of loan sanctioned.<\/p>\n
\n Loan Type<\/p>\n<\/td>\n | \n Loan Amount<\/p>\n<\/td>\n | \n Interest Rates<\/p>\n<\/td>\n<\/tr>\n |
\n Education Loan<\/p>\n<\/td>\n | \n Up to Rs.4 lakhs<\/p>\n<\/td>\n | \n Base Rate + 7%<\/p>\n<\/td>\n<\/tr>\n |
\n Loans from Rs.4 lakh up to Rs.7.5 lakhs<\/p>\n<\/td>\n | \n Base Rate + 8%<\/p>\n<\/td>\n<\/tr>\n | |
\n Loans greater than Rs.7.5 lakhs<\/p>\n<\/td>\n | \n Base Rate + 6%<\/p>\n<\/td>\n<\/tr>\n | |
\n Education Loan for Girl Student<\/p>\n<\/td>\n | \n Up to Rs.4 lakhs<\/p>\n<\/td>\n | \n Base Rate + 6.50%<\/p>\n<\/td>\n<\/tr>\n |
\n Loans from Rs.4 lakhs to Rs.7.5 lakhs<\/p>\n<\/td>\n | \n Base Rate + 7.50%<\/p>\n<\/td>\n<\/tr>\n | |
\n Loans greater than 7.5 lakhs<\/p>\n<\/td>\n | \n Base Rate + 5.50%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Note: The base rate is currently fixed at 9.95%.<\/p>\n Processing Fees and Other Charges<\/strong><\/p>\n 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.<\/p>\n Security<\/strong><\/p>\n 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\u2019s 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.<\/p>\n Margin<\/strong><\/p>\n 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.<\/p>\n 1. The applicant should be a resident of India.<\/p>\n 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.<\/p>\n Axis Education Loan Eligibility:<\/strong><\/p>\n Axis Education loan application form can be available online or offline at Bank branches.<\/p>\n Loan Limit:<\/strong><\/p>\n For India -INR 10 Lacs Margin<\/strong><\/p>\n Up to loan 4 Lacs- No margin Processing Fee<\/strong><\/p>\n Nil<\/p>\n Loan Security<\/strong><\/p>\n Third party guarantee Loan Repayment<\/strong><\/p>\n Course Period + 1 year or 6 months after getting job The following documents will be required to be furnished to complete the loan application process.<\/p>\n Salaried Applicants:<\/strong><\/p>\n Other Applicants:<\/strong><\/p>\n 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.<\/p>\n 1. How long will it take for the bank to process my application?<\/strong><\/p>\n After all necessary documents are submitted, the bank will convey its decision within 15 working days from the date of receipt.<\/p>\n 2. What is the role of the parents when applying for an education loan?<\/strong><\/p>\n The parents or guardian of the student applicant will be treated as co-applicant and a primary debtor.<\/p>\n 3. How will the education loan be disbursed?<\/strong><\/p>\n 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.<\/p>\n Try Once:<\/p>\n |