Axis Bank Education Loan will fund your domestic and abroad studies at super attractive rates of interest. With education loans starting from Rs. 50,000 at low-interest rates, students now have the opportunity to conquer all their educational goals. Axis Bank Education Loan guarantees simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure and much more!
Axis Bank, founded in 1994 as UTI Bank, provides education loans to students studying in India or abroad. Axis Bank's education loans include benefits such as tax breaks, minimal documentation, and quick loan disbursement. Axis Bank is India's third largest commercial private bank. The amount of the education loan ranges between Rs. 50,000 to Rs. 40 lakhs. Axis education loan not only assists students in meeting the financial requirements of studying abroad, but it also provides a 100% tax benefit on interest paid under Section 80(E) of the IT Act.
Axis Bank also offers government programmes like the Central Government Interest Subsidy Scheme (CSIS) for Economically Weaker Sections (income up to Rs. 4.5 Lakhs) as a scheduled commercial bank in addition to these features. Being a significant provider of educational loans, Axis Bank is aware of the demands of students and provides very competitive loans at lower interest rates. Axis Bank education loans help numerous students each year gain admission to prestigious institutions and colleges in India and overseas.
Features Of Axis Bank Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | No Upper Limit (Collateral) Upto ₹40Lac (Without Collateral) |
| 2 | Margin money | No margin for Prime & secured loans |
| 3 | Interest rate | Below is the data and information about Axis Bank Education Loan Interest rate. Loan Type - Education Loan Loan Amount (Rs.) - Up to 4 Lakhs Repo Rate - 5.40% Spread - 9.80% Effective ROI - 15.20% Loan Type - Education Loan Loan Amount (Rs.) - Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs Repo Rate - 5.40% Spread - 9.30% Effective ROI - 14.70% Loan Type - Education Loan Loan Amount (Rs.) - Loans greater than Rs. 7.5 Lakhs Repo Rate - 5.40% Spread - 8.30% Effective ROI - 13.70% Axis Bank Education loan processing time is 7-10 days whereas the processing fees are up to 2% of the loan amount + GST |
| 4 | Processing fee | 0.38% to 0.75% +GST |
| 5 | Processing time | 12 Working Days |
| 6 | Loan tenure | 15 Years |
| 7 | Prepayment charges | Nil |
| 8 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
Benefits of Axis Bank Abroad Education Loan
Flexible Loan Amounts
Quick & Easy Disbursements
Pre-Admissions Sanction
Options For Refinancing With Axis Bank Education Loan
Without Collateral
Low Tax Rate On Foreign Remittance
The following are the major characteristics and benefits of Axis Bank education loan:
- High-value loans are available
- Interest rates that are appealing
- There is no need to offer a margin for loans up to Rs.4 lakh
- Education loans are available for a variety of courses
- The disbursement time is short
- A guardian can be a co-applicant
- You could be required to provide security
- The school loan can be paid back in instalments or in whole
Benefits Of Getting Your Axis Bank Abroad Education Loan Through UniCreds
Higher Chance Of Approval
Doorstep Service
No Cost To You
Quicker Sanctions
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule
Following table show the year wise payment schedule.
| Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
|---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Eligibility Criteria For Axis Bank Abroad Education Loan
Axis Bank offers Education Loans to students studying in India and abroad. You can receive a loan starting at Rs. 50,000 with reasonable interest rates and features like no pre-payment penalties and no pre-closure penalties. Learn about the education loan eligibility requirements for an Axis Bank student loan.
The Education Loan will be provided to those students who have the following
- Indian Nationality
- Attained at least 50% in HSC and Graduation
- Who have been admitted to career-oriented courses, such as medicine, engineering, and management, at the graduate or post-graduate level
- After completing HSC (10+2); was able to gain admission in India or abroad through an entrance test / merit-based selection process.
- Documents demonstrating regular income are required for the co-applicant (parents/siblings/guarantor).
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | For The Applicant | 1. Applicants can be an Indian citizen or an NRI, but the co-applicant must be an Indian citizen. 2. Admit Letter or validity GRE score is required (we can proceed with valid GRE even if admit is awaited) 3. Must have secured at least 50% in Higher Secondary and Graduation. |
| 2 | For The Co-Applicant | 1. Co-applicant's CIBIL score should be greater than 700. 2. University or college should be in the bank's categorical list of educational institutions. 3. Co-applicant's salary should be sufficient to pay simple interest during the moratorium period. 4. Co-applicant must have either 3 years of ITR or 2 years of Form-16. |
| 3 | Eligible Courses | You are eligible for an Axis Bank student loan if you are seeking admissions into the following fields of study: Medicine, Engineering, Management etc., either at the graduate or postgraduate level. |
| 4 | Eligible Countries | Axis Bank provides education loans to students who are looking to pursue full-time courses from top colleges and universities in popular study-abroad countries such as - 1. The USA 2. The UK 3. Germany 4. France 5. Canada 6. Australia 7. New Zealand |
Documents Required for Axis Bank Abroad Education Loan
Axis Bank Education Loans assist you in financing your tuition expenses, accommodation fees, study materials, and so on. Once you have submitted your application and all relevant documents, the bank will provide you with a loan quickly and easily. Learn about the documents needed for Axis Bank Education Loan below:
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | For Applicants & Co-Applicants | If Salaried - 1. Proof of identity: Voter ID / Driving licence / Passport / PAN card / Aadhar card. 2. Proof of residence: Electricity bill / latest Telephone bill / Bank account statement / existing House lease agreement. 3. Proof of income: Latest salary slips showing all deductions or Form 16 with a recent salary certificate. 4. Bank statement/passbook of last 6 months. 5. Proof of secured admission: Admission Letter or Conditional Admission Letter. 6. Relevant mark sheets and passing certificates. Mandatory passport for the applicant (In case of abroad studies). 7. Legal documents of the collateral/ Property documents (In the case of a secured loan). |
| 2 | For Salaried Employees | Identity Details Aadhar Card Valid Passport Permanent Account Number (PAN) Card Driver’s License Voter ID Birth Certificate Academic Documents 10th Marksheet 12th Marksheet Graduation Certificate Financial Documents Last six months bank statements |
| 3 | For Others | 1. KYC documents 2. Bank Statement / Pass Book of last 6 months 3. Optional – Guarantor Form 4. Copy of admission letter of the Institute along with fees schedule 5. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses |
| 4 | Documents required for first disbursement | 1. College or university demand letter 2. Signed loan agreement between applicant and co-applicants 3. Letter of sanction signed by applicant and co-applicants 4. Form of disbursement request signed by applicant and co-applicants 5. Receipts for margin money sent to the college/university, as well as a bank statement detailing the transaction 6. Collateral security documents (if applicable) 7. Form A2 must be signed by the applicant or co-applicants in the case of an overseas institute. |
| 5 | Documents required for subsequent disbursement | 1. College or university demand letter 2. Form of disbursement request signed by applicant and co-applicants 3. Receipts for margin money sent to the college/university, as well as a bank statement detailing the transaction 4. Exam progress report, grade sheet, and genuine certificate (Any one) 5. Form A2 must be signed by the applicant or co-applicants in the case of an overseas institute. |
Loan Repayment For Axis Bank
When it comes to Axis Bank education loans for abroad; loan repayment is an essential phase in the loan borrowing process. When attempting to lower the entire loan responsibility and interest payment, it must be treated seriously. Axis Bank education loan repayment period must be regularly checked because it affects a borrower's credit history. In terms of financial consequences, failing to repay a loan on time might result in increased interest components or, in some situations, the declaration of bankruptcy. A borrower's loan repayment track record is reflected in credit history as a long-term effect on credit health.
How To Apply For Axis Bank Abroad Education Loan?
- Once you've established your eligibility, you can submit an online application or get in touch with one of our expert education loan counsellors to schedule a callback. Our counsellors can assist you in obtaining an Axis Bank education loan for abroad without collateral or with one, depending on your needs.
- After you've submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the following course of action to you.
- UniCreds enables students to upload documents digitally, sparing you the trouble of having to present your documents at the bank and allowing you to do it from the convenience of your home.
- In addition, UniCreds gives you a customised set of documents to submit based on your profile and the loan you've applied for to speed up the process.