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Axis Bank is an Indian private sector bank that provides a wide variety of financial services. It was created in 1993. Education loans for students who intend to study in India or abroad are one of the services provided by Axis Bank. Ever since Axis bank education loans have made an entry into the market, their presence has marked a strong difference for students. Axis Bank offers student loans starting from Rs. 50,000 depending on the education loan amounts. Students who take up an Axis Bank Education Loan for abroad studies can profit not only from the large loan amounts and low-interest rates but also from the tax benefit of 100 per cent on the interest paid under Section 80(E) of the Income Tax Act. Axis Bank also offers government initiatives such as the Central Government Interest Subsidy Scheme (CSIS) for Economically Weaker Sections (income up to Rs. 4.5 lakhs) as a scheduled commercial bank.
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 | Processing fee | 0.38% to 0.75% +GST |
| 4 | Processing time | 12 Working Days |
| 5 | Loan tenure | 15 Years |
| 6 | Prepayment charges | Nil |
| 7 | 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
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
| 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 offers education loans to students in nearly every major country in the world, a few of which include: 1. USA 2. UK 3. Canada 4. Australia 5. New Zealand 6. Germany |
Documents Required for Axis Bank Abroad Education Loan
| 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 The First Disbursement - | 1. For the first disbursement, a Demand Letter from the college/institute/university in which the student is studying will be required. 2. Loan agreement duly signed by the applicant and co-applicants. 3. Sanction letter signed by the applicant and co-applicants. 4. Request Form for disbursement duly signed by the applicant and co-applicants. 5. Valid receipts of the Margin Money paid to the institution/colleges/university along with the Bank 6. 6. Statement reflecting the transaction. Collateral Security documents (if applicable). 7. Form A2 duly signed by the applicant or co-applicants in case of abroad studies. |
| 3 | For Subsequent Disbursements - | 1. Disbursement request form duly signed by either the applicant or co-applicant. 2. Valid receipts of the Margin Money paid to the institution/colleges/university along with the Bank 3. 3. Statement reflecting the transaction. Exam progress report/ marksheet/ bonafide certificate. 4. Form A2 duly signed by the applicant or co-applicants in case of abroad studies. |
| 4 | Other Documents - | 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 / registered and valid House lease agreement. 3. Proof of income: Last 2 years Income Tax (IT) returns and computation of last 2 years income certified by a Chartered Accountant. 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. |
Loan Repayment For Axis Bank
With an Axis Bank Education Loan, the repayment process requires you to follow a few simple steps as listed below - 1. The total loan tenure provided to applicants is 15 years. 2. All applicants are allotted a moratorium period. This period includes the entire length of the course as well as six months after completion. 3. Applicants will be obliged to begin paying their Axis bank education loan interest rate that has been accrued during the moratorium period as soon as they get their first education loan payout. 4. The EMI payment will begin after the moratorium period expires.
How To Apply For Axis Bank Abroad Education Loan?
1. After you've verified your eligibility, you can apply online or request a callback from one of our knowledgeable education loan counsellors. Depending on your needs, our skilled counsellors can help you secure an Axis Bank Education Loan without collateral or with collateral. 2. After you've provided your profile information, our staff will rigorously examine it and, based on your eligibility, propose the following steps to you. 3. UniCreds allows students to upload papers online, allowing them to avoid the trouble of presenting paperwork at the bank and instead do it from the comfort of their own homes. 4. UniCreds also provides you with a personalised list of papers that you may submit depending on your profile and the loan that you've applied for to help speed up the process. Processing & Approval: 1. You can send your loan application and accompanying papers to Axis for assessment and real-time approval once you've uploaded/submitted the necessary documents. 2. UniCreds will keep in touch with Axis on a regular basis to check on the status of your application and ensure that it is handled as promptly as possible. Our website will keep you up to date with the latest information. 3. Applicants should be aware that the lender may contact them at this time to request further paperwork to support their loan application. UniCreds will be used to send these specs to applicants. If a demand is made that is not warranted, we shall send it to the proper Axis authority. 4. Once the documentation and application are confirmed to be free of defects or other loopholes, the loan is accepted and available for sanction. Loan Sanction & Approval: 1. Upon your loan approval, you will be required to pay the processing costs in order to obtain the sanction letter. 2. After obtaining the sanction letter, the student and co-applicant must execute the loan agreement within the validity term of the sanction letter, which is 6 months. 3. After signing the agreement, the student is entitled to loan disbursement. 4. The lender will deposit the specified amount of money into your bank account or the university/account. If the student requires disbursement prior to the visa as per the rules of the visa office, we consult with the Axis team and get it done. 5. UniCreds will also ensure that disbursements are made on schedule, and students can get in touch with UniCreds throughout the term of the loan.