Axis Bank Education Loan - Features, Benefits, Eligibility & How To Apply

Q: How long does an Axis education loan last?

An Axis education loan has a term of up to 20 years.

Q: Is the loan given to the borrower or to the institute/college/university?

Living expenses are paid into the applicant's account, while tuition payments are paid into the university's account.

Q: What role do parents have when applying for an education loan?

The student applicant's parents or guardians will be recognised as a co-applicant and major debtor.

Q: How will the student loan be disbursed?

Depending on the need for money or fees, the student loan will either be disbursed in full or in a sufficient number of instalments. The merchant or the educational institution will get direct payment.

Q: Can a student who takes out an educational loan from Axis Bank qualify for a tax exemption under Section 80E of the Income Tax Act?

It is possible for a student to receive a tax exemption for an Axis Bank education loan under Section 80E of the Income Tax Act. However, the student's parents, guardian, or spouse may also apply for the tax exemption.

Q: What fees does Axis Bank impose for late EMI payments on student loans?

Equated Monthly Instalment (EMI) late fees for an Axis Bank education loan are Rs. 500 plus taxes for each bad check, plus a penalty interest charge of 2% per month on the past-due EMIs, or 24% annually.

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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!

Loan Margin: NIL

Processing Fees: 0.38% to 0.75% of Loan Amount

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

Axis Bank offers education loans for sums as low as INR 50000, with no upper limit and paying up to 100% of the total cost of education (including of course fees, living & traveling expenses). Depending on the individual's needs and qualifications.

Quick & Easy Disbursements

Your education loan can be released in as little as two days after it has been approved, and it can also be customised to credit subsequent advances as necessary by your selected institute

Pre-Admissions Sanction

This is a letter of preliminary approval issued to a borrower before they are accepted into a university. This letter can be used to demonstrate financial assistance throughout the admissions process and, in some cases, the visa application process. After receiving their GRE scores, students can apply for a pre-admission sanction letter.

Options For Refinancing With Axis Bank Education Loan

You can also have any previous installments made toward the course refinanced if the financing is approved.

Without Collateral

A loan of up to Rs 7.5 lakh usually does not require collateral. If you are accepted into a reputable institution, such as one of the IIM or a high ranking university, banks may not need collateral even for larger loans. If the collateral is required, it might take the form of property, a fixed deposit, or a combination of the two. Axis Bank also accepts commercial property.

Low Tax Rate On Foreign Remittance

Axis bank provides you with low tax rate on remittance in an economic, secured, and efficient way when you transfer funds to overseas parties.

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

By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to Axis Bank Education Loan officials and find the best solution.

Doorstep Service

With UniCreds, doorstep pickup of documents is now possible in most cities across India.

No Cost To You

All our education loan services are completely free of cost.

Quicker Sanctions

Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 7 days.

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.