Axis Bank Education Loan

Each kid needs a better education to lead a successful life. Every student dreams to study higher education in India or Abroad. But all students cannot afford this kind of education at this time as it costs huge to their parents and most of the time they cannot even afford it. Just because of financial issues, or shortage of finance, your dreams will remain a dream. Now you can study with the education loan to study in our country even in abroad also. Axis Bank Education loan is available for graduation, post-graduation, Ph.D., Engineering, Medicine, etc with the flexible loan scheme with affordable interest rate and required financial support to deserving students.

Features of Axis Bank Education Loan

  • Axis bank is offering educational loans for various courses like medicine, engineering, and management.axis-bank-education-loan
  • The education loan will cover education costs, hostel charges, cost of study material and different expenses related to education.
  • For studies in India, the maximum quantity finance up to 10Lakhs, for abroad you will get up to 20Lakhs. A minimum amount of education loan is 50000Rs. The interest rate depends on the loan amount ad tenure. For girls, the interest rate is less. The base rate is at present fixed at 9.95%.
  • The parents or guardians will be treated as a co-candidate on education loan.
  • Education loans will be dispensed in full or installment to the account by the bank directly to the college.

Axis Bank Student Loan Charges

For students who want to study in our country loan slab will be above 10Lacs with the flat fees of 5000+GST [non-refundable]. Those who want to study in abroad loan slab of above 20Lacs, the flat fees of 0.75% of differential loan amount above 20 Lacs +GST.

Get Axis Bank Education Loan in 4 Different Segments

  • Loan for under graduation- This loan is available for the students who want to do their graduation anywhere in India or in abroad also. This loan is available for any graduation like engineering, arts, commerce, science, or medicine, etc.
  • Loan for Postgraduate – This loan is available for the students who want to do their post-graduation after their graduation anywhere in India or abroad also.
  • Parents availing education loan – This loan is for parents, who can take the loan for their children’s education. This is an unsecured loan and students need not be graduate or postgraduate. They can take the loan even for their children’s secondary education also.
  • Career growth education loans – This loan is available to anyone who wants to get any kind of higher certification or any kind of training which will help their career.

Axis Bank Education Loan Types

There is a different type of educational loan available in Axis bank with its flexibility.

Prime Abroad

  • Education Loan for full-time Courses in Abroad
  • Unsecured Loan up to 40Lakhs*
  • Door-Step Service
  • Multi-currency Forex Card
  • Loan Tenure up to 15 yrs

PRIME DOMESTIC

  • Education Loan for selected leading full-time courses in India
  • Unsecured Loan up to 40Lakhs*
  • Door-Step Service
  • Loan Tenure up to 15 yrs

Loan for Higher Study

  • Education loan for pursuing higher education in India and abroad
  • No Collateral security up to 7.5Lakhs
  • Nil Pre-closure Charges

Loan for Working Professionals

  • Unsecured Loan up to 20Lakhs to working professionals
  • No co-applicant
  • Loan repayment tenure up to 10yrs

BALANCE TRANSFER (BT)

  • You can do a balance transfer or switch from another bank to axis bank educational loan as axis bank is providing an affordable rate of interest.
  • No Pre-closure Charges
  • Door-Step Service

Axis Bank Education Loan Processing Fees

There are no processing fees and prepayment charges for an educational loan. For late EMI payment 500Rs and penal interest 24% per annum.

Educational Loan Charges

  • There are no loan processing fees and prepayment charges.
  • No Due Certificate NA
  • Solvency Certificate NA
  • For Overdue EMI they charge 2% per month or 24% per annum
  • There are no charges for converting your loan from floating to fixed and vise Versa
  • Penalty on Return of Instrument / Repayment instruction: 500 plus GST

Axis Bank Education Loan Interest Rates

  • Loan Amount: Rate of Interest
  • Up to 4 Lakhs: 15.2%
  • Between 4 and 7.5 Lakhs: 14.7%
  • Greater than 7.5 Lakhs: 13.7%

Security: 

In some cases, the bank may ask for a third-party guarantee or collateral.

Margin:

There is no margin level for education loans amounting up to Rs.4 lakhs. For loans above Rs.4 lakhs, the edge is 5% for domestic and 15% for considers abroad.

Qualification and Documentation for Axis Bank Education Loan

  • The student must and should be an Indian.
  • The student must be selected by government recognized university/college/Institute.
  • Secured at least 50% marks during HSC & Graduation
  • Submitting the co-applicant regular income certificate is mandatory.

The following documents will be required to be furnished to complete the loan application process.

Salaried Applicants:

  • Identity proof, income proof, Residence proof
  • Last 6 months’ bank statement or passbook of salary account
  • Guarantor form might be asked for.
  • Educational documents [Copy of admission letter with the fees schedule, mark sheets, certificates of degree courses.]

Subsidy Scheme

The minister of HRD, Government of India, has come up with a unique interest subsidy scheme to give full intrigue sponsorship during the course time frame in addition to 1year or 6months after getting the job, whichever comes first. This scheme is specially designed in such a way that for the students who have economical backward, wherein parental income is not more than Rs 4.5Lakh.

  • This scheme is can be available only once by eligible students.
  • The subsidy scheme will not be applicable for students who will discontinue the course, In case of discontinuation due to medical reasons; you can submit all documents to avail of this scheme again.
  • You can check with the bank to avail of this subsidy scheme. The interest rate depends on the scheme which will be running at that moment in the bank.

Axis Bank Education Loan FAQs

Documents:

  • Income certificates as issued by appropriate authorities
  • Bonafide student certificate
  • If all necessary documents are submitted, the bank will move within 15 working days from the date of receipt.