Axis Bank Education Loan 2024: Details and How to Apply

Introduction

Axis Bank education loan helps students redefine and shape their lives by offering access to easy financing. From 100% loan financing to competitive interest rates, Axis Bank offers many benefits to students. Explore the Axis Bank education loan interest rate, along with its eligibility, documents required, features, and application process.

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Overview of Axis Bank Education Loan

Axis Bank is the third-biggest private commercial bank in India. It offers student loans for education in both India and abroad that are both secured and unsecured.

Features of Student Loans Offered by Axis Bank

Before applying, know the Axis education loan interest rate and features:

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Axis Bank Education Loan Interest Rates

The Axis Bank education loan interest rate varies based on the amount you are applying for. Following is a detailed list of interest rates applicable for specific loan amounts for Axis Bank education loans:

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Axis Bank Education Loan Schemes for Abroad Studies

Students who want to attend prestigious colleges and institutions overseas can apply for an Axis Bank Abroad education loan. Under the overseas student loan program, the loan scheme offers the following features:

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Axis Bank Education Loan Schemes For Studies in India

Axis Bank provides both collateral and non-collateral student loans to students enrolling in India's best institutions and universities. The loan under this scheme is offered subject to the following conditions:

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Features and Benefits of Axis Bank Education Loan

Students looking for financial support for their studies choose Axis Bank studies Loans because of their many features and advantages. These, depending on the information supplied, are the main features of the Axis Bank Education Loan:

1. Loan without Collateral: 
2. High-Value Loans: Axis Bank makes sure students can fully finance their educational costs by offering education loans with no upper limit.
3. Attractive Interest Rates: With the choice of repo rate-linked interest rates for economical borrowing, take advantage of competitive interest rates on school loans.
4. Pre-admission Sanction: Depending on the profile, qualified applicants can get a letter of sanction before admission. This provides financial security during the admissions process and simplifies visa procedures.
5. No Margin for Loans up to ₹4 Lakh: Axis Bank charges no margin for education loans up to ₹4 Lakhs.
6. Course Coverage: An extensive selection of undergraduate, graduate, and professional courses in disciplines including medical, engineering, management, and more can be funded by education loans from Axis Bank.
7. Course Coverage: An extensive selection of undergraduate, graduate, and professional courses can be funded by education loans from Axis Bank. It includes medical, engineering, management, and more disciplines.
8. Fast Disbursal: Get your money quickly—within 15 working days of submitting the required paperwork and a full loan application.
9. Guardian as Co-Applicant: Parents can apply for an education loan jointly with their children.
10. Security Requirement: While Axis Bank provides unsecured loans, secured loans may require collateral.

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Axis Bank Secured and Unsecured Education Loans Features

Axis Bank, recognizing the importance of education in shaping futures, offers a comprehensive range of education loans to support students in their academic pursuits. These loans are available in both secured and unsecured variants, each designed to cater to different needs and circumstances.

Secured Education Loans

1. Higher Loan Amounts: Secured loans typically offer larger sums, ideal for expensive courses or studying abroad Loan amounts can go up to Rs. 75 lakhs or more, depending on the collateral value
2. Competitive Interest Rates: Lower interest rates compared to unsecured loans due to reduced risk for the bank. Rates are often linked to the bank's base rate, ensuring transparency
3. Longer Repayment Tenure: Extended repayment periods, often up to 15 years after course completion. Helps in managing EMIs by spreading them over a longer duration
4. Collateral Requirements: Typically requires property or fixed deposits as security. The loan amount is determined based on the value of the collateral
5. Tax Benefits: Interest paid on education loans is tax-deductible under Section 80E of the Income Tax Act

Unsecured Education Loans

1. Quick Processing: Faster approval and disbursement process due to minimal documentation. Ideal for students who need funds urgently
2. No Collateral Required: Suitable for those who don't have assets to pledge as security. Loan amounts are typically lower, usually up to Rs. 40 lakhs
3. Flexibility: Can be used for a wide range of educational expenses including tuition fees, living costs, and study materials
4. Higher Interest Rates: Interest rates are generally higher compared to secured loans due to increased risk for the bank
5. Shorter Repayment Tenure: Usually offers repayment periods up to 7-8 years after course completion

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Eligibility Criteria for Axis Bank Education Loan

Certain set criteria must be met to ensure a smooth application process and approval. Here are the key eligibility requirements based on the provided information:

1. Indian Citizenship: Both the applicant and the co-applicant must be Indian citizens to qualify for an Axis Bank Education Loan.
2. Academic Record: The student must have achieved a minimum of 60% in Higher Secondary and Graduation.
3. Course Restriction: The loan is applicable for Master's courses only.
4. Financial Stability: The co-applicant must showcase financial stability with a monthly income exceeding ₹35,000 and no existing EMIs.
5. Credit Score: A credit score above 600 is required for the co-applicant.
6. Income Documentation: The co-applicant must provide either 3 years of Income Tax Returns or 2 years of Form 16 to verify income sources.
7. Family Relation: The co-applicant should be an immediate family member, including a father, mother, brother, sister, or spouse, strengthening the familial support aspect.
8. Admission Letter: Applicants must possess an admission letter for approved Master's courses.
9. Listed Institutions: The chosen university or college must be on Axis Bank's approved list of institutions.

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Axis Bank Education Loan College List

Axis Bank has categorised the educational institutions into three groups according to the target university:

• Prime A: Master's degrees from prestigious colleges.
• Prime B: It offers a few bachelor's degrees in addition to master's programs.
• Non-prime: This category includes programs and establishments that are not on the Prime A and B lists.

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Required Documents for Axis Bank Education Loan

When applying for an Axis Bank Education Loan, various documents are required to facilitate the loan application and disbursement procedure. The following are the documents necessary for the loan application:

Application Form

• Students are required to submit correctly filled and signed application forms
• Two affixed photographs

Education Qualification

• 10th/12th mark sheet
• Latest education certificate

Course Expenses

• Statement of course expenses
• Cost of study

Identity Proof

1. Aadhaar Card (Parent/Guardian)
2. PAN Card (Parent/Guardian)
3. Voter ID
4. Passport
5. Driving Licence

Residence Proof

1. Rental agreement
2. 6-month bank statement
3. Copy of Ration card
4. Gas Book
5. Electricity Bill
6. Telephone Bill

Income Proof

1. Recent salary slips
2. Form 16 of the co-applicant
3. 6 months' bank statement
4. Updated ITR of two years
5. Assets and Liabilities

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Subsidies on Axis Bank Education Loan

Axis Bank offers students education loans under the Central Government Interest Subsidy Scheme. Students from economically disadvantaged backgrounds are eligible for this subsidy. Under this scheme, the government pays a full interest subsidy during the moratorium period.

To be eligible for this subsidy scheme, your parent's annual income should be at least ₹4.5 lakhs. The important features of Axs Bank's education loan subsidy are as follows: 

1. The Government of India pays the interest during the moratorium period.
2. The maximum student loan amount provided is ₹7.5 lakh.
3. The subsidy scheme is provided only once.
4. The interest subsidy will not be offered if the student drops the course.

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Axis Bank Education Loan without Collateral

Axis Bank provides student loans without collateral. Axis Bank's minimum amount for a non-collateral loan is between ₹20 and ₹30 lakh. An education loan overseas without collateral can cost up to ₹50 lakh, but a secured education loan can cost up to 85% of the collateral offered.

Axis Bank education loan without collateral offers several advantages. Axis Bank has authorised a list of colleges separated by STEM and non-STEM degrees, dividing them into prime and non-prime categories. The features listed below vary with each of these categories.

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How to Apply for the Axis Bank Education Loan?

You have the option of submitting your application for the Axis Bank Education Loan either online or offline. Instructions on how to apply for the Axis Bank Education Loan through either of the two channels are provided in the following guide:

Online

1. To access the "Loans" area of the Axis Bank website, go to the Axis Bank website.
2. Find the option that says "Education Loan," and then click on the "Apply Now" button.
3. You are going to be taken to the application form that is available online. Ensure that you precisely fill out the relevant personal and educational details.
4. Upload all of the required papers, including academic records, letters of admission, and evidence of identity.
5. Review the information that you have provided, and then submit the application form that is available online.
6. Review the information that you have provided, and then submit the application form that is available online.
7. Upon student loan application submission, you will be provided with an acknowledgement along with a reference number that can be used for any subsequent communications.

Offline

1. You can request an application form for an education loan by going to the Axis Bank branch that is closest to you.
2. Ensure that you thoroughly fill out the application form by providing all of the necessary information.
3. Attach all of the required documents, including but not limited to academic records, letters of admission, proofs of identity, and income statements.
4. Provide the staff at the branch with the application form that has been filled out in its entirety, along with the needed documentation.
5. The information and papers that have been submitted will be verified by the bank, and if additional information is required, the bank may request it.
6. Upon receipt of your student loan application, the bank will send you an acknowledgement that serves as confirmation that they have received it.

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Fund Your Future with Propelld Education Loan

Pursuing a dream of studying in a renowned educational institution is a dream that many students have. This dream brings many benefits with it, but unbearable costs as well. Applying for an education loan does help students but the process is itself critical.

Propelld simplifies getting education loans for every student. With Propelld, you can support your academic goals without letting financial constraints come in the way. Getting an education loan also comes with the following benefits:

• Private Student Loans: Get larger loan amounts with competitive interest rates to cover all your expenses until you complete the program.
• Digital Process: Bid farewell to piles of paperwork. Our online application gets you accepted ten times faster than with conventional means.
• Moratorium: Propelld education loan allows you to pay only when you get a job.

Frequently Asked Questions

Does Axis Bank provide education loan without collateral?

Yes, Axis Bank offers students access to student loans without collateral.

Can foreign students get an Axis Bank education loan?

If you meet Axis Bank's qualifying requirements—which include having an Indian co-applicant and submitting the required paperwork to back up your application—you can apply for an education loan from the bank.

How much money may I borrow with an Axis Bank education loan?

In order to help students fully finance their educational costs, Axis Bank provides high-value education loans with no upper limit. The course costs, the security offered, and the applicant's financial situation all affect the loan amount.

When an education loan is granted, when does Axis Bank pay it out?

Axis Bank strives to disburse loans quickly—that is, within 15 working days of receiving a completed loan application and the necessary paperwork. The degree of application and verification procedures completion may affect the disbursement timing.

What courses and programs are eligible for an Axis Bank education loan?

Axis Bank offers education loans for a variety of courses, including professional, degree, diploma, and vocational courses, both in India and overseas.

What is the maximum loan amount I can borrow?

The maximum loan amount is calculated using your course expenses, college/university credentials, and eligibility requirements. However, it might cost up to Rs. Fifty lakhs for courses in India and Rs. 1 crore for studies abroad.

What is the repayment tenure for an Axis Bank education loan?

An Axis Bank education loan normally has a repayment period of 5 to 15 years following completion of the degree or 6 months after obtaining a job, whichever comes first.

What are the interest rates and other charges associated with the loan?

The interest rate for Axis Bank education loans varies according to the course and loan amount. Currently, interest rates start at 9.25% per year. 

What documents are required to apply for an Axis Bank education loan?

Mark sheets, admission letters, fee structures, parental/guardian income verification, and other KYC documents are all required.

Can I avail of a tax benefit on the interest paid for the education loan?

Yes, Section 80E allows you to claim a tax deduction for college loan interest.

What are the eligibility criteria for an Axis Bank education loan?

The main eligibility criteria are age (minimum of 16 years), academic performance, admittance to a recognised institution, and family income.

What is the Axis Bank education loan for abroad university list?

Axis Bank categorises institutes into three different types. It includes Prime A, Prime B, and Non-prime. You must check your eligibility by ensuring that your college, university, and institute are on the list.