Axis Bank was founded in 1993 and operates as an Indian private sector bank that offers a wide range of financial services. One of the services on offer at Axis Bank is the education loans to students who want to study in India or abroad. The Axis Bank Education Loan ranges from Rs. 50,000 to Rs. 40 lakhs. Based on the education loan amounts, Axis bank has divided educational institutions into three categories:
Students who utilise the Axis Bank Education Loan can not only benefit from the loan amounts and low-interest rates but also avail the 100% tax benefit to them on the interest paid under Section 80(E) of the IT Act. Other than these features, as a scheduled commercial bank, government schemes such as Central Government Interest Subsidy Scheme (CSIS) for Economically Weaker sections (income up to Rs. 4.5 Lakhs) are available at Axis Bank.
|Sr No.||Features||Axis Bank Education Loan Details|
|2||Axis Bank Education Loan Interest Rate|
|7||Payments during the study period|
|1||Applicant can be an Indian citizen or an NRI, but the co-applicant must be an Indian citizen.|
|2||Admit letter for the approved courses from the relevant authorities.|
|3||Must have secured at least 50% in Higher Secondary and Graduation.|
|4||Co-applicant's CIBIL score should be greater than 600.|
|5||University or college should be in the bank's categorical list of educational institutions.|
|6||Co-applicant's salary should be sufficient to pay simple interest during the moratorium period.|
|7||Co-applicant must have either 3 years of ITR or 2 years of Form-16.|
For an Axis Bank Education Loan, UniCreds provides you with a customized documents list that depends on your profile, your co-applicant’s profile and any property/asset, which you may offer as collateral. However, at a higher level, the following documents will be needed:
|Sr. No||Type||Documents Required|
|1||For Applicant and Co-Applicant|
Here are some bottlenecks that typically arise when getting an Axis Bank Education Loan. We’ll also explain how UniCreds works around such bottlenecks to fast-track your education loan application.