Make college memories that last a lot longer than your student loan payments.

Axis Bank Education Loan

Axis Bank provides education loans for studies abroad and in India at attractive interest rates. The minimum loan that can be availed is Rs.50,000. The education loans offered by Axis Bank comes with several features such as tax benefits, simple documentation, and fast loan disbursal.

Axis Bank Education Loan Interest Rates

Loan Amount Interest Rate
Up to Rs.4 lakh 15.20%
Rs.4 lakh to Rs.7.5 lakh 14.70%
More than Rs.7.5 lakh 13.70%

Features and Benefits of Axis Bank Education Loan

The main features and benefits of the education loan offered by Axis Bank are mentioned below:

  • High value loans can be availed.
  • Attractive interest rates.
  • Depending on your profile, a sanction letter may be provided before admission.
  • In the case of loans up to Rs.4 lakh, no margin needs to be provided.
  • Education loans can be availed for various courses.
  • The disbursal time is fast.
  • The co-applicant can be a guardian.
  • You may need to provide security.
  • The education loan may be provided in installments or in full.

Axis Bank Education Loan EMI Calculator

In case you want to know the monthly payments, you can use the education loan EMI calculator offered by Axis Bank or BankBazaar. The calculators are simple to use and basic details such as the loan amount, tenure, interest rate, and processing fee must be entered. When compared to manual calculations, the results are accurate and takes less time.

How to Apply for the Axis Bank Education Loan

Online

The procedure to apply for the education loan online is mentioned below:

  • Visit Axis bank.
  • Enter details such as your name, mobile number, email ID, state, city, whether you are an existing customer, and captcha.
  • Agree to the terms and conditions and click on ‘Submit’.
  • An Axis Bank representative will contact you to process the request.

Offline

You can visit the nearest Axis Bank branch and request for the application form. Once the application form and the relevant documents have been submitted, the bank will process the application.

Axis Bank Education Loan Documents Required

Salaried Employees

  • KYC documents
  • Mark sheets
  • Admission letter and the fees schedule
  • Guarantor form if required
  • Bank statement for the last six months

Other Individuals

  • KYC documents
  • Mark sheets
  • Admission letter and the fees schedule
  • Guarantor form if required
  • Bank statement for the last six months

First Disbursement

  • In the case of an institute abroad, the signed A2 form must be submitted
  • Collateral documents if required
  • Receipts of the margin money that has been paid to the college
  • Disbursement request form that has been signed by the applicant and co-applicant
  • Sanction letter
  • The loan agreement that has been signed by the applicant and the co-applicant
  • Demand letter that has been provided by the university or college

Subsequent Disbursements

  • In the case of an institute abroad, the signed A2 form must be submitted
  • Exam reports
  • Receipts of the margin money that has been paid to the college
  • Disbursement request form that has been signed by the applicant and co-applicant
  • Demand letter that has been provided by the university or college

Subsidy Schemes on Axis Bank Education Loan

According to the Central Government Interest Subsidy Scheme, Axis Bank offers education loans to students who belong to the economically weaker sections. Under the scheme, full interest subsidy will be provided by the government during the moratorium period. The annual income of the parents must be at least Rs.4.5 lakh. The scheme is offered to students who wish to pursue professional and technical from recognised universities.

Some of the main features of the scheme are mentioned below:

  • The interest will be paid by the Government of India during the moratorium period.
  • The maximum loan amount that will be provided is Rs.7.5 lakh.
  • The subsidy scheme will be provided only once.
  • The interest subsidy will not be available in case the student discontinues the course.
  • The list of eligible universities and colleges can be found on https://www.axisbank.com/docs/default-source/default-document-library/list-of-eligible-institutes-ministry-of-tourism.pdf?sfvrsn=b93ac955_0.

Axis Bank FAQs

  1. What documents do I have to submit to avail the interest subsidy scheme on education loans?
  2. The following documents need to be submitted at the time of loan sanctioning to avail the interest subsidy scheme.

    • Income certificates as issued by appropriate authorities
    • Bonifide student certificate
    • The interest subsidy agreement, letter of undertaking cum declaration signed by borrowers.
  3. I am planning to avail a loan of Rs.20 lakhs for doing my MS. Will I be able to avail the interest rate subsidy?
  4. No. The interest rate subsidy is offered only to loan amounts up to Rs.10 lakh and only to students pursuing further education in an Indian institution.

  5. How long will it take for the bank to process my application?
  6. After all necessary documents are submitted, the bank will convey its decision within 15 working days from the date of receipt.

  7. What is the role of the parents when applying for an education loan?
  8. The parents or guardian of the student applicant will be treated as a co-applicant and a primary debtor.

  9. How will the education loan be disbursed?
  10. The student loan will be disbursed in full or suitable instalments depending on the requirement of funds or fees. It will be directly disbursed to the educational institution or the vendor.

  11. Is it possible to change my type of interest rate from the repo rate the MCLR?
  12. No, there is no option to change from the repo rate to the MCLR as the interest rates for education loans offered by Axis Bank are linked to the repo rate.

  13. Can the student avail tax exemption under Section 80E of the Income Tax Act for an educational loan taken from Axis Bank?
  14. Yes, there is a provision for the student to avail tax exemption under Section 80E of the Income Tax Act for an education loan taken from Axis Bank. However, the tax exemption can also be availed by the student's parents, legal guardian, or spouse also.

  15. Who can be taken as a co-applicant in an Axis Bank education loan?
  16. The co-applicant for an Axis Bank education loan can be the parents, legal guardian, or the spouse, who will be the primary debtor if necessary.

  17. What is the Axis Bank charges for late payment of an EMI for the education loan?
  18. The charges for late payment of the Equated Monthly Instalment of Axis Bank education loan is Rs.500 plus taxes for each bounced cheque along with a penal interest that amounts to 2% per month towards the overdue EMIs or 24% per annum.

  19. Is the repo rate changed on a frequent basis and if so, how often will it be reset?
  20. Yes, the repo rate is changed on a regular basis. It is reset every three months. This is announced on a pre-fixed date by the bank and will be available on the official website of the bank. The interest rate paid on the education loan will be calculated based on the repo rate of the prevailing month.

  21. How does the change in the repo rate affect my Axis Bank education loan interest rate?
  22. The impact of the repo rate will first be reflected in your loan tenure. If the maximum loan repayment tenure has already been completed, then only will it reflect in your Equated Monthly Instalments. This can be either a decrease or an increase, depending on the repo rate changes.

  23. What are the different variants of the Axis Bank education loan?
  24. The different variants of the Axis Bank education loan are Prime Domestic, Prime Abroad, GRE-based Funding, Income-based Funding, Loan for Higher Study, Loan for Working Professionals, and Balance Transfer.

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