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Axis Bank Education Loan Disbursement Process

Written by Aaliya Shaikh

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February 1, 2022

When applying for an education loan to study abroad, there are a lot of phrases bandied around. Students are frequently perplexed by terms like ‘education loan sanction’ and ‘education loan disbursement,’ as well as how long the education loan procedure takes and what it entails. UniCreds has been associated with Axis Bank, and we have a thorough understanding of the education loan process. In this article, we will simplify the Axis Bank Education Loan disbursement process for students from beginning to end and break down the aforementioned stages in simple terms.

What Are The Advantages Of Taking Axis Education Loan?

Before we get into the details of the Axis Bank Education Loan application process, let’s have a look at the benefits of applying for an education loan with Axis Bank. Axis Education Loan has several advantages, including high-value loans and minimal processing fees. It is considered one of the best banks to get an education loan from.

Undergraduate and postgraduate studies are covered by the education loan in nations like Australia, Canada, and the United States. Axis Bank also offers unsecured loans up to INR 40 lakhs dependent on the income of the co-applicant for certain universities and courses. Not only that but Axis Bank education loan for abroad offers one of the lowest processing fees – there are none for loans under INR 20 lakhs.

Axis Bank Education Loan Interest Rate

Loan AmountInterest Rate
Up to 4 Lakhs15.20%
Rs. 4 Lakhs to Rs. 7.5 Lakhs14.70%
More than 7.5 Lakhs13.70% 

What Procedures Must Be Followed Before To The Axis Bank Disbursement Process?

  • Fill out the online application form to apply for a loan. (Through UniCreds)
  • The required documentation must be submitted (you can do so via the UniCreds platform). (If you apply through UniCreds, you will be able to submit documents from the convenience of your own home)
  • The documents have been verified. A processing fee of Rs. 15,000 + GST is charged by the bank. If the loan amount is less than INR 20 lakhs, the sum of Rs 15,000 is refundable. The processing cost is 0.75 per cent of the differential loan amount above 20 lacs + GST (Non–Refundable fee) for loans above INR 20 lakhs. This must be paid via cheque.
  • The credit history and CIBIL score of both the applicant and the co-applicant are assessed, as well as address verification. Officials from the bank check the applicant’s and co-applicant’s addresses at home and work.
  • The amount of the loan is calculated.
  • The Axis Bank education loan sanction letter is generated in a day if the loan is approved.

You may also like The best bank to offer the cheapest education loan for students.

What Happens After the Axis Education Loan Sanction?

The loan agreement is signed by the applicant and the co-applicant when the loan is approved. If the delay between loan approval and payment is more than a month, the student must produce additional bank papers for the initial disbursement, such as income statements, bank statements, and so on. As previously said, applying for a loan with UniCreds makes document submission a breeze because we provide a personalised document checklist.  Following that, a loan account is formed in the applicants and co-applicants names. 

What is the Axis Bank Education Loan Disbursement Process?

There are still a few steps the student must complete before beginning the Axis Bank Education Loan disbursement process. The student must submit the following documentation for the first disbursement of the loan amount:

  • A demand letter from the college/university loan agreement, signed by both the applicant and the co-applicant.
  • Letter of approval signed by both the applicant and the co-applicant
  • The applicant and the co-applicant must sign a disbursement request form.
  • Receipts for margin money paid to the college/university, as well as a bank statement confirming the transaction. If you haven’t made any payments, you can send the margin money to Axis Bank (15%), which will deduct 85 per cent from your loan account and deliver it to the university.
  • The applicant and co-applicant must sign Form A2. Form A2 is an application and declaration for a foreign exchange withdrawal, also known as a Forex transaction.

After that, the bank transfers the requested money to the student.

Exceptional Case of Pre-Visa Disbursement

Some countries, such as Canada, Germany, and New Zealand, require students to pay their tuition and living expenses before beginning the visa process. Before applying for a student visa, students must open a block account and demonstrate sufficient cash, particularly in Germany. Axis Bank Education Loan considers this and provides pre-visa disbursement if necessary.

From application to distribution, there are numerous steps in the student loan procedure. It might be lengthy and perplexing at times. UniCreds instruction and support will guide you through the entire procedure with relative simplicity. Our education loan advisors will be available to you at all times to assist you.

If you liked reading this article on “Disbursement Process Of Axis Bank Education Loan” then make sure you check out our other informative blogs linked below!

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