Axis Bank is one of the leading banks in India providing exceptional financial services relating to education loans to aspiring students. The applicants can avail of education loans with no upper limit (with collateral) and up to INR 75 lakhs of collateral-free education loans from the bank. The interest rates start from 13.70% p.a. and the bank is popular for the quick and hassle-free application process.
Axis Bank education loan processing time is 15 working days. The bank is also known for its hassle-free disbursement process which is completely online. Let’s know all the details related to the bank’s processing time and the complete process.
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What is the Axis Bank Education Loan Processing Time?
The processing time for Axis Bank education loans is 15 working days from the date of receipt of the application form. It means that the applicant can expect to receive a decision from the bank within 15 days on their education loan status- whether approved or rejected. The application form must be complete in all respects, as it is one of the major factors that affect the education loan processing time.
Besides, it is important to ensure that the applicant attaches all the required documents which are not forged in any way along with bonafide certificates. Once done, the bank initiated the processing of the education loan. During the Axis Bank education loan processing time, the following things are determined based on the documents submitted-
- Eligibility of the borrower
- Amount of loan requirements
- Moratorium period
- Repayment tenure
- Expenses covered and other terms and conditions.
Also Read: We have compiled a list of top private student loans for students going to study abroad. Check our blog to learn the details of different lenders helping to fund study-abroad education.
Steps Involved in Education Loan Processing
The first important thing to avail of an Axis Bank education loan without collateral or with collateral for studying abroad is to fill in the application form. Make sure to fill in the details very carefully and submit the same along with the documents. Once the application is submitted, Axis Bank will analyse the following documents and will convey its decision within 15 days.
Documents Verification
This is the first step in education loan processing after the applicant submits the application form and documents. The bank confirms your details through KYC documents submitted, academic background through grade sheets submitted, and financial background through income-related documents.
Once the bank feels that you fulfil the eligibility criteria for citizenship, age bar, and income, the bank will approve the application. Based on the university’s acceptance letter and the course’s fee structure provided to the bank, it will ascertain the amount of loan to offer, interest rates, repayment period, and moratorium period.
Loan Approval and Sanction
Once the bank ascertains the above-discussed parameters, it will issue an education loan sanction letter. This is an official document that mentions the details like loan amount, interest rate offered, type of interest rate, loan tenure, course details, processing fee, amount of EMI, disbursement details, other charges and other information in detail.
The loan sanction letter proves that the applicant’s education loan has been successfully applied for and approved. Students can show this to the university as proof of sufficient funds to finance their higher education.
Loan Disbursement
Once the applicant has signed the sanction letter, the Axis Bank education loan disbursement process will be initiated. You need to inform the bank about the details of disbursement like the date (after Visa approval or after completion of a particular semester), amount (partial or full disbursement), and the mode of payment (through Demand Drafts or other means).
Once the following information is provided, the bank will take 24-48 hours to process the education loan disbursement.
Also Read: Know all about LLB education loans to study abroad and the best public banks, private banks, and NBFCs providing education loans for LLB students.
FAQs on Axis Bank Education Loan Processing Time
Axis Bank takes 15 days to process the study abroad education loan. Within this duration, it will inform the education loan status- whether approved or rejected. Once the document verification process is completed, the loan is sanctioned and disbursed in 24-48 hours.
One of the major factors that affect the education loan processing time is the completeness of your application form. Besides, document submission, creditworthiness of the applicant, and mode of disbursement determine the time taken to process the education loan.
You can expect the transfer of funds within a few hours of making the Axis Bank education disbursement request. However, it usually takes 24-48 hours to disburse the education loan after submission of the application, required documents, and signing the sanction letter.
Axis Bank charges 2% of the loan amount plus applicable GST charges to process the student loan application. There are no prepayment charges on the loan.
Axis Bank education loans are preferred among applicants because the bank provides need-based financing at competitive interest rates starting from 13.70% p.a. You can take up INR 75 lakhs of unsecured education loans from the bank and pay back up to 15 years. Unlike other banks, Axis Bank’s education loan can be converted from floating rates to fixed interest rates and vice versa 3 times during the loan tenure.
This was all about the Axis Bank education loan processing time. Usually, the bank takes 15 days to verify and process the education loan. Ensure the completeness of the application form and timely submission of documents so that the processing time can be quicker.
To know more about education loans, 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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