Education Loan

Apply for Education Loan at Axis Bank 2019

22 Nov 2019 4 min read
Education Loan: Apply for Education Loan at Axis Bank 2019

Professional or technical education, India or abroad - It’s time to fuel your dreams.

Get ready to fund all kinds of educational expenses such as rising tuition fees, books, room, boarding, computer and student travel. It is boon for the students who need financial support. Axis Bank offers an excellent opportunity to the students who want to study in India or abroad for their higher education. The bank provides student loan to the candidates who have secured admission in a reputed university/institution in India and abroad through common entrance test/merit based selection process. Also, Axis Bank Study Power aims to provide AXIS Bank Education Loan to deserving students who have obtained admission to career based courses namely Engineering, Medicine, Management, etc.

  For Which Courses Can I Apply for Education Loan?

Features of Axis Bank education loan

Margin: 

  • There is no margin for education loan up to Rs. 4 Lakhs.

  • For education loan above Rs. 4 Lakhs, the margin is 5% for studying in India.

  • 15% margin on education loan above Rs. 4, 00,000 for abroad.

Processing Fees: There are no processing fees and other charges for availing Axis Bank education loan.

Quantum education loan from Axis Bank

  • Minimum - Rs. 50,000.

  • Maximum up to Rs. 75 lakhs* for studies in India or abroad.

  • Tuition fees, hostel charges (if any), cost of books, etc. will be covered under Axis Bank student loan.

*The student loan amount is subject to eligibility and creditworthiness.

Easy Loan Disbursal: Within 15 working days of receipt of the filled application along with all documents required by the bank.

Benefits of Axis Bank education loan

Education loan from Axis Bank has the following advantages:

  • Attractive rate of interest.

  • Minimal documentation.

  • Customized education loans with flexible repayment schemes.

  • Instant approval & quick disbursal.

  • Up to 100% education finance.

  • Facility of principal amount payment after the completion of the course.

  • No pre-closure charges.

Eligibility criteria

Applicant needs to fulfill specific eligibility criteria to avail a student loan.

  • The Students who have obtained admission to career-oriented course either at the graduate and post-graduate level in the following discipline -

  • Engineering
  • Medicine
  • Agriculture
  • MCA and MCM
  • Hotel and Hospitality
  • Management

Educational qualification required

  • Students who have secured at least 50% marks in HSC (10+2) or graduation
  • Student should have secured the admission in India /abroad through the entrance exam or a merit-based selection process

Axis Bank education loan documents required

Documents required for Axis Bank Education Loan (salaried individuals):

  • Identity proof (any of the following):

  • Passport

  • Voter’s ID card

  • Driving license

  • PAN card

  • Aadhaar card

  • Government department ID card

 

  • Latest salary slips showing salary being credited or Form 16 along with recent salary certificate.
  • Residential proof (any one of the following):

    • Bank statement

    • Latest electricity bill

    • Latest mobile/telephone bill

    • The existing house lease agreement

 

  • Bank Statement/Pass Book for last 6 months.

  • Optional – Guarantor Form.

  • Proof of admission letter from the university or institute along with fees breakup.

  • Marksheet/Certificate of S.S.C., H.S.C, degree courses.


Documents required for Education Loan (all other Individuals)

  • Two passport size photographs.

  • Address Proof: Candidate and co-applicant (any one of the following):

    • Passport

    • PAN Card

    • Aadhaar Card

    • Driving License

    • Voter's ID Card

    • Electricity/Telephone Bill

 

  • ID Proof: Candidate and Co-applicant (Any one of the following):

 

  • PAN Card

  • Aadhaar Card

  • Passport

  • Voter's ID Card

  • Driving License

  • Passport

 

  • Academic Documents :

    • HSC and SSC Marksheet/Certificate

    • Entrance exam Mark sheets of GMAT/GRE/IELTS/TOEFL/CAT (If applicable)

    • Scholarship Documents (if applicable)

    • Marksheet/Certificate of the last attended highest education

  • Admission Proof (If available) :

Proof of confirmed admission letter from university or institute

Documents required for the first disbursement

  • Demand Letter from university/institution

  • Loan agreement signed by applicant and co-applicant

  • Sanction Letter signed by applicant and co-applicant

  • Disbursement request form signed by applicant and co-applicants

  • Receipts of margin money paid to the university/institution along with bank statement featuring the transaction

  • Documents for collateral security ( if applicable )

  • Form A2 signed by applicant or co-applicants in case abroad university/institution

Documents required for the subsequent disbursement

  • Demand Letter from university/institution

  • Disbursement request form signed by applicant and co-applicant

  • Receipts of margin money paid to the university/institution along with bank statement showing the transaction

  • Progress report, marksheet, bonafide certificate (Any one)

  • Form A2 signed by applicant or co-applicant in case abroad university/institution

Axis Bank education loan interest Rates & Charges

Education Loan

Loan Amount (Rs.)

Effective ROI

Up to 4 Lakhs

15.2%

Loans more than Rs.4 lakh and up to Rs. 7.5 Lakhs

14.7%

Loans greater than 7.5 Lakhs

13.7%

 

Other charges

Sr. No.

Type

Charges

1

Penal Interest on delayed / overdue EMI

@ 24% per annum i.e. @ 2% per month on the overdue installment(s)

                                                                Processing fee

Country

Loan slab

Flat fee

India

Up to ₹ 10 Lakhs

Nil

Abroad

Up to ₹ 20 Lakhs

15000 +GST (Refundable fee)

For higher loan amounts

India

Above ₹ 10 Lakhs

5000+GST(Non-Refundable fee)

Abroad

Above ₹ 20 Lakhs

0.75% of differential loan amount above 20 Lakhs + GST (Non-Refundable)

Special Note: Rates are subject to periodic change.

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