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 | ₹1,00,00,000.00 (Collateral) ₹40,00,000.00 (Without Collateral) |
| 2 | Margin 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. |
| 3 | Processing fee | 0.38% to 0.75% |
| 4 | Processing time | 12 Days |
| 5 | Loan tenure | 10 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
1. Early loan approval. Get your education loan approved before i20 or visa. 2. Attractive interest rates - even for education loans without collateral. 3. Covers both tuition and living expenses, including off-campus living expenses. 4. Tax benefit u/s 80(E). 5. Quick sanction and disbursal. 6. No Prepayment Penalty. 7. No pre-closure charges. 8. Pre-visa disbursal as per the norms of visa offices.
Benefits Of Getting Your Axis Bank Abroad Education Loan Through UniCreds
Higher Chance Of Approval
Doorstep Service
No Cost To You
Quicker Sanctions
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 for the approved courses from the relevant authorities. 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. |
Documents Required for Axis Bank Abroad 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. No | Type | Documents Required |
|---|---|---|
| 1 | First 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. |
| 2 | Subsequent 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 For Axis Bank Abroad Education Loan?
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!