Axis Bank Education Loan
Axis Bank Education Loan provides a range of loan options for higher education in India or abroad, with loan amounts ranging from Rs. 50,000 to Rs. 50 lakhs. Loans up to Rs. 4 lakhs have no margin requirement, and there is no processing fee. The loan can be repaid over a maximum period of 15 years, offering flexible repayment options. The loan features competitive interest rates, no prepayment penalty, and a straightforward documentation process, ensuring fast loan approval. Eligibility criteria include Indian citizenship, admission to a full-time course at a recognized educational institution, a good academic record, and a valid income. Axis Bank Education Loan is easily accessible through online applications or at any Axis Bank branch. Notably, the loan offers benefits such as collateral-free loans up to Rs. 4 lakhs, EMIs starting six months after loan disbursement, mandatory life insurance cover for the student borrower, eligibility for tax benefits under Section 80E of the Income Tax Act, and an age limit up to 60 years.
Education loan Eligibility:
- Citizenship: You must be a citizen of India.
- Age: You must be between 18 and 60 years of age.
- Educational qualification: You must have been admitted to a full-time course at a recognized educational institution.
- Academic record: You must have a good academic record.
- Income: You must have a valid income.
- Collateral: You may be required to provide collateral for the loan, depending on the loan amount.
Documents Required:
Personal identification documents:
- Aadhaar card/PAN card/Passport/Driving license
- Voter ID card/Passport size photographs of the applicant and co-applicant(s)
Proof of income:
- Latest 3 months salary slips
- Latest 6 months bank statements
- Form 16/IT returns for last 2 years
Proof of educational qualification:
- Mark sheets/passing certificates of all previous exams
- Admission letter from the institute
- Course fee structure
Collateral security:
- In case the loan amount is Rs. 4 lakhs or more, you may be required to provide collateral security. The type of collateral security required will depend on the loan amount and the borrower's profile.
Process to apply for education loan:
- Gather the required documents mentioned earlier for the loan application.
- Complete the application form by either downloading it from the Axis Bank website or collecting it from a nearby Axis Bank branch.
- Submit the application form either in person at the nearest Axis Bank branch or through postal services.
- Ensure to provide the necessary original documents along with the application form for verification.
- Await the decision from Axis Bank, as they will review your application and provide a response within 15-30 days.
- If your loan application is approved, sign the loan agreement.
- Once the loan agreement is signed, the loan amount will be disbursed accordingly.
Expenses Covered in education loan scheme:
The loan can be used to cover the following expenses:
- Tuition fees
- Hostel fees
- Examination fees
- Books and stationery
- Living expenses (food, transportation, etc.)
- Airfare and visa fees (if applicable)
Courses covered in education loan scheme:
The loan can be used to pursue the following courses:
- Graduate and postgraduate courses
- Professional courses
- Vocational courses
- Distance learning courses
- Courses offered by recognized institutions in India or abroad
Schemes:
Axis Bank Education Loan for Studies in India: Designed for students pursuing higher education within India, this scheme offers loan amounts ranging from Rs. 50,000 to Rs. 50 lakhs. The interest rate is fixed throughout the loan tenure, and repayment can be made over a period of up to 15 years.
Axis Bank Education Loan for Studies Abroad: Geared towards students aspiring to pursue higher education overseas, this scheme provides loan amounts ranging from Rs. 50,000 to Rs. 50 lakhs. The interest rate is floating and linked to the repo rate of the Reserve Bank of India. Repayment can be made over a period of up to 15 years.
Axis Bank Education Loan with Central Government Interest Subsidy: This scheme is targeted at economically weaker section (EWS) students seeking education loans for studies within India. The government offers an interest subsidy of 5% on the loan amount. The loan amount ranges from Rs. 50,000 to Rs. 4.5 lakhs. The interest rate remains fixed for the entire loan tenure, and repayment can be made over a period of up to 15 years.
Axis Bank Education Loan for Women: Specifically designed for women pursuing higher education in India or abroad, this scheme provides loan amounts ranging from Rs. 50,000 to Rs. 50 lakhs. The interest rate is fixed throughout the loan tenure, and repayment can be made over a period of up to 15 years.
Note: The information provided about education loans is sourced from official guidelines. However, for complete satisfaction and up-to-date details, we recommend visiting the official website of the respective financial institution. The official website will provide comprehensive and accurate information regarding eligibility, application process, documentation requirements, terms, and conditions.
