Axis Bank Education Loan Without Collateral for Studying Abroad 

Axis Bank Education Loan Without Collateral for Studying Abroad
Home » Education Loan » Axis Bank Education Loan Without Collateral for Studying Abroad 

Axis Bank education loan for abroad without collateral is available to individuals with Indian nationality who have received an offer or admit letter from an international university. Students willing to study abroad can apply for loan amounts of INR 50,000 to INR 40 lakh, without any collateral. An applicant needs to have a co-applicant/s who will act as a guarantor. Both the applicant and co-applicant need to submit the required documents to avail of the education loan. A student can apply for the loan only after receiving an admission letter, conditional offer letter, or an unconditional offer letter from the university to which they have secured admission. 

Axis Bank Study Power Education Loan Features 

Axis Bank provides education loans for study-abroad students without collateral under its Study Power Education Loan scheme. This private bank provides loans of up to INR 40 lakh without any collateral. Based on the loan amount, the bank has categorized the educational institutions under three types:

  • Prime A: Master’s courses from top-ranked universities.
  • Prime B: Master’s programs and certain Bachelor’s courses from several universities.
  • Non-Prime: Programmes and academic institutions that are not included in the Prime A and Prime B categories.

To avail of education loans in any of the aforementioned categories of universities, let’s have a look at the features of the Axis Bank education loan for abroad without collateral:

ParticularsDetails
Maximum Loan Amount without CollateralINR 40 lakh
Interest RatePrime A and Prime B Universities: 11% to 13%; Non-Prime Universities: Interest Rate depends on the loan amount
Tenure of Loan20 years
Moratorium PeriodDuration of the Course + 1 year (12 months)
Processing Time1 week (7 days)
Processing Fee(Refundable for loan amount<INR 20 lakh and Non-Refundable for loan amount>INR 20 lakh)For loan amounts less than INR 20 lakh: INR 15,000 + GST; For loan amounts greater than INR 20 lakh: 0.75% of the amount more which is more than INR 20 lakh+GST;
Margin MoneyFor loan amounts up to INR 4 lakh: No Charge; For loan amounts above INR 4 lakh: 15% of the loan amount which is more than INR 4 lakh.
Payment during the Moratorium PeriodInterest Amount only
Countries UK, USA, Canada, Ireland, Australia, and Germany to name a few.

Also Read: List of Top International Student Loans

Axis Bank Study Power Education Loan Eligibility

The Study Power Education Loan helps study-abroad aspirants pursue their academic goals uninterrupted. The student who has secured admission to a foreign university must meet the following eligibility criteria to avail of this loan:

  • The candidate should be an Indian national. He/she/they can be an Indian citizen or a Non-Resident Indian (NRI).
  • The co-applicant has to be an Indian citizen.
  • The applicant must have the admit letter from the university.
  • The university must be on the list of approved foreign universities of Axis Bank. 
  • The candidate must have scored a minimum of 50% in Senior Secondary and Graduation.
  • The co-applicant must have a CIBIL score of more than 600.
  • The co-applicant should have filled Form 16 for the last two years or have filed Income Tax Return (ITR) in the last 3 years. 
  • The co-applicant must have sufficient income to pay simple interest on the loan amount during the moratorium period.

Axis Bank Study Power Education Loan Benefits

This Axis Bank education loan for abroad without collateral has numerous advantages for Indian students planning to study in foreign universities. Mentioned below are the benefits of this study-abroad loan:

  • Low turn-around time 
  • Quick disbursal
  • Tax benefits under section 80 (E) of the Indian IT Act
  • Pre-visa disbursal: The loan is approved before the issuance of an i20 or visa.
  • The loan amount covers tuition fees as well as living expenses, both on-campus and off-campus living expenses.

Must Read: What are the Student Loan Eligibility Criteria for Studying Abroad?

Required Documents

This private bank verifies the documents of the applicant and co-applicant before providing a study abroad education loan. An Indian citizen and NRI applying for the Axis Bank education loan for abroad without collateral must submit the following documents to complete the application process:

Applicant

The candidate must produce the following documents:

  • Identity Proof: Passport/Aadhaar Card/PAN Card/Driving Licence/Voter ID
  • Address Proof: Bank Account Statement/Electricity Bill/House Lease Agreement of the present residence/Telephone Bill
  • Income Proof: Salary Slips of the last 3-6 months (for salaried applicants). The salary slip must include all deductions. Applicants must produce Form 16 with a recent salary certificate.
  • Bank Statement for the last 6 months
  • Admission Letter or Conditional or Unconditional Offer Letter
  • Academic Transcripts
  • Passing Certificates
  • Passport

Co-Applicant

The co-applicant needs to produce these documents for the bank to start with the loan process:

  • Identity Proof
  • Address Proof
  • Bank Statement for the last 6 months
  • Income Proof

Loan Disbursement

Axis Bank processes the loan within 7 days of its approval. The bank transfers the loan amount at regular intervals. Applicants are required to produce certain documents during the first disbursement and subsequent disbursement of the loan.

First Disbursement

Here are the documents required for the first disbursement of the Axis Bank education loan for abroad without collateral:

  • Demand Letter from the university in which the student has secured admission.
  • Loan Agreement, Sanction Letter,  and Request Form which must be signed by the student and the co-applicant/s.
  • Form A2 attested by the applicant or the co-applicant.
  • Receipts of Margin Money submitted to the university.
  • Bank statement reflecting the transfer of Margin Money.

Subsequent Disbursement

Applicants are required to produce these documents for subsequent loan disbursement:

  • Disbursement Request Form signed by the student or the co-applicant.
  • Receipts of Margin Money submitted to the university.
  • Bank statement reflecting the transfer of Margin Money.
  • Form A2 attested by the applicant or the co-applicant.
  • Progress Report of the Student: Marksheet/Transcript/Certificate

FAQs

Q.1. Can I get an education loan without collateral from Axis Bank?

Ans: Yes. Axis Bank provides education loans without collateral for study abroad students under its Study Power Education Loan scheme. The bank sanctions a loan of up to INR 40 lakh without collateral for students who have secured admission to top universities.

Q.2. Can I get a 20 lakhs education loan without collateral in Axis Bank?

Ans: Yes. You can apply for an education loan of INR 20 lakh without collateral in Axis Bank. This loan is available at an interest rate of 11% to 13%.

Q.3. Does Axis Bank provide loans to study-abroad students?

Ans: Axis Bank provides education loans to students with Indian citizenship and NRI students going to start their academic journey beyond the territorial boundaries of India.

Discover different study abroad education loans with Leverage Edu and Fly Finance. Get detailed information about foreign universities and other admission requirements at 1800 572 000. 

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