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 starts from Rs. 50,000. 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.
|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|
|7||Countries covered||USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others|
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.
|1||Eligibility For An Axis Bank Education Loan||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||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.|
|2||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.|
|3||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.|
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!