Axis Bank Education Loan- Application, Eligibility & Rates

Axis Bank Education Loan

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 LimitFor India- INR 10 Lacs
For Abroad- INR 20 Lacs
Loan SecurityThird-Party Guarantee
Collateral Security
Loan RepaymentCourse Period +1 Year or 6 Months After Getting a Job
Maximum Repayment Period7 Years

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 AbroadEducation Loan for full-time Premier Courses AbroadUnsecured Loan up to 40Lakhs
Multi-currency Forex Card available on Tenure:  up to 15 years
Prime DomesticEducation Loan for courses in IndiaUnsecured Loan amount – upto 40LakhsLoan Tenure:  upto 15 yrs
Income-based FundingUnsecured 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 fundingUnsecured Loan for Abroad universities based on GRE scoreMoratorium period provided during course period loan tenure up to 10 yrs
Loan for Higher StudiesEducation 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 TransferApplicants 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 TypeLoan AmountRepo RateSpread
Education LoanUp to INR 4 Lacs4.00%11.20%
Education LoanINR 4 lacs – 7.5 Lacs4.00%10.70%
Education LoanMore 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

EligibilityAn Indian citizen who has secured admission to a university abroad
Loan amountMinimum 50 thousand to maximum 75 lakhs
Down payment5% down payment is required for loans above 4 Lakhs
CollateralThe 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 ChargesNo 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

Are arts students eligible for this Education Loan?

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.

How to get the Axis Bank Education Loan?

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.

What documents are required to get the Axis Bank Education Loan?

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.

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