Axis Bank is one of the most popular private-sector banks operating in India. The bank provides easy education loans to study abroad. Axis Bank Education Loan Disbursement Process is completely online and the funds are transferred to the University to cover tuition fees and accommodation costs.
The loan disbursement is made in instalments in line with the semester stated by the university. Let’s check all the details on the Axis Bank education loan disbursement process, how it works and what are the documents required.
Table of contents
About Axis Bank Education Loan Disbursement
Axis Bank loan disbursement is a process in which the loan amount is transferred to the beneficiary. The bank disburses the loan after all the verification. Axis Bank loan disbursement process is done through online mode which is quick and completely safe and secure.
If you are studying at a University abroad, the bank will check the fee-breakup. The first payment will be made to cover the tuition fee of the first semester or year (whichever is applicable) and similarly, after each semester, the bank will make the loan disbursement. The process remains the same even if you are taking Axis Bank Education loan without collateral. Check more details below:
- The full amount of the loan will not be transferred at once.
- Students should send a reminder in advance for the upcoming semester fee so that the bank can make the timely transfer
- The bank will regularly monitor the academic progress of the students and if it is not up to the mark, the remaining amount may get cancelled.
Also Read: Are you aware of the difference between sanction and disbursement? Check out this blog and know all the differences between a loan sanction letter and a loan disbursement letter
Axis Bank Education Loan Disbursement Process
Axis Bank education loan disbursement process involves certain steps. The bank will check the eligibility, income, assets etc before the education loan sanction. Check some of the major steps involved in the Axis Bank education loan disbursement process:
- At first, you need to apply for the education loan through online mode or by visiting the branch
- The bank will initiate a verification process which will include document verification, asset verification (in case of a secured loan), university and course fee breakup, credit report etc.
- After successful completion of the verification process, the bank will sanction the loan i.e. the bank has now agreed to provide the loan
- You will get a sanction letter from the bank that will contain the eligible loan amount, interest rate, repayment period etc
- If you are ready to proceed with the same terms and conditions mentioned in the letter, then the bank will initiate the loan disbursement process.
Documents Required for Loan Disbursement
After the loan sanction, the bank will ask for further documents. Axis Bank education loan will be disbursed after the verification of those documents. Check the details below:
- Copy of Visa approval letter
- Admission letter received from the university
- Copy of air ticket
- Insurance details
Also Read: Got additional funds and want to close your loan? Check out all the details on early repayment charges on education loan
Example of Axis Bank Education Loan Disbursement
Let’s understand education loan disbursement through an example. Aman is a student who wants to study a 2-year postgraduate program at Oxford University, UK. He applied for an education loan of INR 20 lakhs from Axis Bank. The bank received the application and verified all the information and supporting documents. The loan got approved and Aman got the loan sanction letter. The bank paid INR 5 lakh for 1st semester. This amount will be the first instalment of loan disbursement. The bank will keep paying the loan semester-wise throughout the course of study.
FAQs
The transfer of loan amount from Axis Bank to the borrower/applicant after successfully verifying the details is known as loan disbursement. It occurs when the borrower has agreed to the terms and conditions stated by the bank.
No. The bank will transfer the money directly to the university account. However, you may get some amount in your account for unlisted small expenses.
Axis Bank education loan interest rate varies between 13 to 15% depending upon the loan amount, type of loan (secured or unsecured) etc.
The bank will transfer the amount for tuition and accommodation fees to the university. For other expenses, you may receive the money in your bank account subject to terms and conditions.
The Axis Bank education loan will cover expenses like tuition fees, accommodation costs, lab fees, library charges, etc.
This was all about the details of the Axis Bank Education Loan disbursement process. Read all the terms and conditions before initiating the disbursement process.
To know more about the loan disbursement process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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