Embarking on a journey towards higher education abroad is an aspiration many Indian students hold close to their hearts. The prospect of acquiring a global perspective, gaining exposure to diverse cultures, and accessing world-class education is both exciting and promising. However, the financial aspect of this endeavour often poses a significant challenge. This is where Axis Bank steps in, offering tailored education loan solutions designed to alleviate financial burdens and pave the way for academic excellence on foreign shores.
Loan Name | Axis Bank Education Loan |
Loan Limit | For India- INR 10 Lacs For Abroad- INR 20 Lacs |
Loan Security | Third-Party Guarantee Collateral Security |
Loan Repayment | Course Period +1 Year or 6 Months After Getting a Job |
Maximum Repayment Period | 7 Years |
This Blog Includes:
Eligibility for Axis Bank Education Loan
Students who wish to apply for Axis Bank Education Loan must meet the eligibility criteria that are released by Axis Bank. Let’s have a look at the eligibility criteria given by the bank-
- Applicants must be Indian citizens.
- Applicants must have secured at least 50% in the last appeared exam for, XIIth or graduation.
- Only those applicants are considered eligible who have secured admission to career-oriented courses, either at the graduate or postgraduate level like Medicine, Engineering, Management etc.
- Applicants must have secured admission in India or Abroad through a proper entrance test. Or the selection should have been merit-based selection.
- Applicants must possess documents that show regular income is mandatory for the co-applicant.
Why Take the Axis Bank Education Loan?
There are compelling reasons to consider Axis Bank Education Loans, including:
- You can secure an education loan of up to INR 75 lakh for overseas studies.
- Axis Bank offers competitive interest rates ranging from 10.5% to 15% for education loans.
- These loans cater to a wide range of academic pursuits, including graduate, postgraduate, and professional courses.
- The education loan encompasses various costs like tuition fees, library charges, accommodation expenses, and other incidental outlays.
Must Read: Education Loan Without Collateral
Documents Required – Axis Bank Education Loan
Axis Bank has also listed a number of documents that applicants must possess while availing the Axis Bank Education for education in India or abroad. The document requirements may vary depending on the status of the applicant and the disbursement schemes, therefore, we have listed the documents for each group of applicants below-
For Salaried Individuals
Salaried individuals must have these documents-
- Bank Statement for the last 6 months
- Admission letter/ acceptance letter from the university
- The fee structure of the university
- KYC documents
- Optional – Guarantor Form
- Mark sheets / passing certificates of all the exams appeared for and cleared.
For Other Individuals
Other applicants must possess these documents-
- Bank Statement for the last 6 months
- Admission letter/ acceptance letter from the university
- The fee structure of the university
- KYC documents
- Optional – Guarantor Form
- Mark sheets / passing certificates of all the exams appeared for and cleared.
For First Disbursement
- Letter of demand from college or university
- The sanction letter must be signed by the applicant, co-applicants
- Disbursement request form that has been signed by the applicant, co-applicants
- Form A2 that has been signed by the applicant or co-applicants in case of an overseas institute
- The loan agreement must be signed by the applicant, co-applicants
- Receipts of margin money paid to the college/university
- Bank statement reflecting the margin money paid
- Collateral security documents (if applicable)
For Subsequent Disbursement
- Letter of demand from college or university
- Disbursement request form that has been signed by the applicant, co-applicants
- Form A2 that has been signed by the applicant or co-applicants in case of an overseas institute
- The loan agreement must be signed by the applicant, co-applicants
- Receipts of margin money paid to the college/university
- Bank statement reflecting the margin money paid
Also Read: Documents Required for Education Loan
Subcategories of Axis Bank Education Loan
Prime Abroad | Education Loan for full-time Premier Courses AbroadUnsecured Loan up to 40Lakhs Multi-currency Forex Card available on Tenure: up to 15 years |
Prime Domestic | Education Loan for courses in IndiaUnsecured Loan amount – upto 40LakhsLoan Tenure: upto 15 yrs |
Income-based Funding | Unsecured loan up to Rs. 40Lakhs can be sanctions based on co-applicants income including full-time abroad & domestic courses Loan tenure up to 10 years |
GRE based funding | Unsecured Loan for Abroad universities based on GRE scoreMoratorium period provided during course period loan tenure up to 10 yrs |
Loan for Higher Studies | Education loan for pursuing higher education in India or abroad Collateral security required up to 7.5LakhsNo charges for pre-closure of loanDoor-Step Service |
Balance Transfer | Applicants can switch their existing high-cost Education Loan & reduce their monthly EMINo charges for pre-closure of loanDoor-Step Service |
Loan for Working Professional | Unsecured Loans up to 20Lakhs to working professionals co-applicants required loan repayment tenure up to 10 years |
Interest Rates
Now applicants might also want to know the interest charges on loans provided by Axis Bank. Tabulated below is the interest rate for different loan amounts –
Loan Type | Loan Amount | Repo Rate | Spread |
Education Loan | Up to INR 4 Lacs | 4.00% | 11.20% |
Education Loan | INR 4 lacs – 7.5 Lacs | 4.00% | 10.70% |
Education Loan | More than 7.5 Lacs | 4.00% | 9.70% |
How to Avail the Axis Bank Education Loan?
- For availing the Axis Bank Education Loan, applicants must make sure they know all the requisites beforehand.
- They can go to their nearest bank branches and collect the application form.
- The complete application form must be submitted along with all the documents asked for.
- Applicants must patiently wait for the verification process.
Click Here to Apply for Educational Loan Online with Axis Bank
Axis Bank Study Loan – Features
Eligibility | An Indian citizen who has secured admission to a university abroad |
Loan amount | Minimum 50 thousand to maximum 75 lakhs |
Down payment | 5% down payment is required for loans above 4 Lakhs |
Collateral | The co-applicant and the primary debtor will be the parents or guardian. Tangible assets can be used as collateral, along with a third-party guarantee |
Processing Charges | No processing fees |
Expenses Covered
Axis Bank education loans comprehensively cover a range of expenses, including but not limited to:
- Tuition fees: Including admission fees, exam fees, and other academic-related expenses.
- Hostel and accommodation charges: Covering the costs of living away from home during the course.
- Travel expenses for overseas education: Facilitating students’ international educational pursuits by covering travel costs.
FAQs
Only those applicants are considered eligible who have secured admission to career-oriented courses, either at the graduate or postgraduate level like Medicine, Engineering, Management etc.
For availing Axis Bank Education Loan, applicants must make sure they know all the requisites beforehand.
They can go to their nearest bank branches and collect the application form.
The complete application form must be submitted along with all the documents asked for.
Applicants must patiently wait for the verification process.
The document requirements may vary depending on the status of the applicant and the disbursement schemes.
So, this was all about the Axis Bank Education Loan. To know more about the loan application process, and the best bank accounts for students or international money transfers, subscribe to Fly.Finance or reach out to our experts to help ease your study abroad experience.