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: 100%
Interest Rate: Starts 8.99%
Processing Fees: 0.38% to 1%

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:

    Prime A: This list contains mostly Masters programmes from top universities.
    Prime B: Besides Masters programmes, it includes a few Bachelors degrees as well.
    Non-prime: Courses and institutes which do not form a part of Prime A & B lists are included in this category.

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.

Features Of Axis Bank Education Loan

Sr No.FeaturesAxis Bank Education Loan Details
1Loan Amount
  • Rs. N/A - Rs. 40 lakh (without collateral)
    • 2Axis Bank Education Loan Interest Rate
  • The exact rate depends on your profile but typically 8.99% - 13.5% for loans without collateral given to Prime A and B programs. Higher for non-prime programs. Lower with collateral.
    • 3Processing Fee
  • For Loan up to 20 Lakhs, Rs. 15,000 (refundable) + GST.
  • For Loan more than 20 lakhs, 0.75% of (Loan Amount - Rs. 20 lakhs) + GST (Non refundable).
  • For Example, for a Rs. 21 Lakh loan: 0.75% of (Rs. 21 lakh - Rs. 20 lakh) = Rs. 750 +GST.
    • 4Loan Tenure
  • 15 years.
    • 5Margin Money
  • No Margin up to Rs. 4 Lacs.
  • 5% Margin above Rs. 4 Lacs for studies in India.
  • 15% Margin above Rs.4 Lacs for abroad studies.
    • 6Moratorium Period
  • Course length + 12 Months.
    • 7Payments during the study period
  • Full Interest (SI).
    • 8Processing Time
  • 12 DAYS.

    • Benefits Of Axis Bank Education Loan

      Early loan approval. Get your education loan approved before i20 or visa.
      Attractive interest rates - even for education loans without collateral.
      Covers both tuition and living expenses, including off-campus living expenses.
      Tax benefit u/s 80(E).
      Quick sanction and disbursal.
      No Prepayment Penalty.
      No pre-closure charges.
      Pre-visa disbursal as per the norms of visa offices.

    Benefits Of Getting Your Axis Bank 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.

    Eligibility For An Axis Bank Education Loan

    Sr. NoConditions
    1Applicant can be an Indian citizen or an NRI, but the co-applicant must be an Indian citizen.
    2Admit letter for the approved courses from the relevant authorities.
    3Must have secured at least 50% in Higher Secondary and Graduation.
    4Co-applicant's CIBIL score should be greater than 600.
    5University or college should be in the bank's categorical list of educational institutions.
    6Co-applicant's salary should be sufficient to pay simple interest during the moratorium period.
    7Co-applicant must have either 3 years of ITR or 2 years of Form-16.

    Documents Required For An Axis Bank Education Loan

    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. NoTypeDocuments Required
    1For Applicant and Co-Applicant
  • If Salaried -
  • Proof of identity: Voter ID / Driving licence / Passport / PAN card / Aadhar card.
  • Proof of residence: Electricity bill / latest Telephone bill / Bank account statement / existing House lease agreement.
  • Proof of income: Latest salary slips showing all deductions or Form 16 with a recent salary certificate.
  • Bank statement/passbook of last 6 months.
  • Proof of secured admission: Admission Letter or Conditional Admission Letter.
  • Relevant marksheets and passing certificates.
  • Mandatory passport for the applicant (In case of abroad studies).
  • Legal documents of the collateral/ Property documents (In the case of secured loan).
  •  
  • Others -
  • Proof of identity: Voter ID / Driving licence / Passport / PAN card / Aadhar card.
  • Proof of residence: Electricity bill / latest Telephone bill / Bank account statement / registered and valid House lease agreement.
  • Proof of income: Last 2 years Income Tax (IT) returns and computation of last 2 years income certified by a Chartered Accountant.
  • Bank statement/passbook of last 6 months.
  • Proof of secured admission: Admission Letter or Conditional Admission Letter.
  • Relevant marksheets and passing certificates.
    • 2First Disbursement
  • For the first disbursement, a Demand Letter from the college/institute/university in which the student is studying will be required.
  • Loan agreement duly signed by the applicant and co-applicants.
  • Sanction letter signed by the applicant and co-applicants.
  • Request Form for disbursement duly signed by the applicant and co-applicants.
  • Valid receipts of the Margin Money paid to the institution/colleges/university along with the Bank Statement reflecting the transaction.
  • Collateral Security documents (if applicable).
  • Form A2 duly signed by the applicant or co-applicants in case of abroad studies.
    • 3Subsequent Disbursements
  • Disbursement request form duly signed by either the applicant or co-applicant.
  • Valid receipts of the Margin Money paid to the institution/colleges/university along with the Bank Statement reflecting the transaction.
  • Exam progress report/ marksheet/ bonafide certificate.
  • Form A2 duly signed by the applicant or co-applicants in case of abroad studies.

    • How To Apply?

      Apply online and upload all your documents.
      Wait for your application to be processed. Once your application and documents are verified, your Axis Bank Education Loan will get approved.
      Get your loan sanctioned and wait for disbursal of funds!

    Possible Bottlenecks In An Axis Bank Education Loan

    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.

    Course Not Listed In Bank’s Records
    In order to sanction education loans, Axis Bank generally refers to its own categorical list of courses. Now with the new developments in academia, new interdisciplinary courses are mushrooming in universities all over the world. However, due to the bank’s limited expertise in the nomenclature of these new courses, many deserving students opting for such courses don’t get their loans sanctioned or their loan applications considered. UniCreds’ dedicated research team poses a solution to this problem. Our research team has dived deeply into the curriculum and structure of such courses and compared the course’s salient features with the other STEM courses. Hence, we inform the concerned bank officials about the similarities between the characteristics of the new and STEM courses. By providing course annexures to the bank officials, we have hitherto helped many students, whose loan applications were initially rejected because of their desired course not being included in the bank’s list, to get their loan applications accepted and loans sanctioned.
    Technical Issues with the Collateral
    The evaluation process of the applicant’s property is undertaken by Civil Engineers, empanelled by Axis Bank. This is an extremely lengthy and time-consuming process. Civil engineers first visit the property, measure it, check its location and age, and calculate its Distress Sale Price, Fair Price, Market Price. The Turnaround Time (TAT) of the Civil Engineer therefore can be quite high and unpredictable. But with our systematic follow-up, we get this step completed in 3 working days.
    Legal Issues with the Collateral
    In case of secured loan requests, the property of the applicant and its supporting legal papers are verified by Axis Bank empanelled advocates. However, The Turnaround Time (TAT) of the bank and the advocates is high, that is, the officials involved tend to delay the verification process when they come across discrepancies in the property or related documents. Here is where UniCreds comes to your rescue as we along with the bank look for alternative solutions when such a problem arises. UniCreds prevents property/document-related issues from coming in your way to availing an education loan.
    Issues with the CIBIL
    Sometimes, the CIBIL of the co-applicant is not in order, which can result in the rejection of a loan application. In such cases, we get in touch with the concerned bank officials and track the deviations to come up with a solution. Generally, there are cases in which the score of the co-applicant may be poor due to past defaults, or the current status of the credit report may be good but there could be issues from the bank’s side. We suggest the scale of risk involved to the concerned bank authorities so that they can take the appropriate action.

    Frequently Asked Questions

    What is the margin for Education Loans?
    There is no margin of up to Rs. 4 lakhs for education loans. For loans above Rs. 4 Lakh, the margin is 5 percent for studies within India and 15 percent for studies overseas.
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    Copyright © 2020 UniCreds Pvt. Ltd. All rights reserved.
      Privacy Policy   Terms & Conditions