| Interest Rate | Grace Period | Margin Money |
| 13.70% – 15.20% | Course Period + 6 Months – 1 Year | 15% |
Table of Contents:
- Types of Axis Bank Education Loan
- Axis Bank Abroad Education Loan
- Axis Bank Education Loan Without Collateral
- Axis Bank Education Loan Interest Rate
- Documents Required for Axis Bank Abroad Education Loan
- Frequently Asked Questions
Studying abroad is one of the most valuable investments you can make for a better future. However, managing the funds and expenses for studying abroad can be daunting. Axis Bank offers education loans to students planning to study abroad and in India.
Types of Axis Bank Education Loan
Axis Bank offers various types of education loans for India and abroad. You can get a loan for up to INR 1 crore. The multiple types of Axis Bank education loans are as follows:
| Type of Loan | Features |
| Prime Abroad |
|
| Prime Domestic |
|
| GRE based Funding |
|
| Income-based Funding |
|
| Loan for Higher Study |
|
| Loan for Working Professionals |
|
| Balance Transfer |
|
Axis Bank Abroad Education Loan
Axis Bank offers up to 100% of the cost of education for students planning to study abroad. The loan amount starts from INR 50,000 for students. The top features of Axis Bank abroad education loan are as follows:
| Particulars | Details |
| Loan Amount | Starting from INR 50,000 |
| Repayment | 5 – 15 Years |
| Tax Benefit | Under section 80 (E) |
| Eligibility |
|
| Processing Fee | 2% of the loan amount + GST |
Axis Bank Education Loan Without Collateral
An education loan without collateral is when you don’t have to provide any collateral known as security to the bank. You must have a good academic record and co-applicant credit score to apply for an Axis Bank education loan without collateral. The eligibility criteria for a loan without collateral are as follows:
- Applicant and co-applicant must be Indian citizens
- Students must have 60% in higher secondary and graduation
- The co-applicant credit score must be above 600
- Co-applicants monthly income should be above INR 35,000 with no existing EMIs
- Co-applicant must provide 3 years of ITR or 2 years of Form 16
- Students must have an admission letter for any Master’s course
Axis Bank Education Loan Interest Rate
Interest rate is something that you pay on the principal amount of the loan. A higher interest rate means higher monthly payments for you. Axis Bank offers competitive rates that ensure affordability for students who are going to study abroad. Given below is the Axis Bank education loan interest rate:
| Loan Amount | Repo Rate | Spread | Effective ROI (Linked to Repo Rate) |
| Up to INR 4 Lakhs | 6.50% | 8.70% | 15.20% |
| Loans greater than INR 4 Lakhs and up to INR 7.5 Lakhs | 6.50% | 8.20% | 14.70% |
| Loans greater than INR 7.5 Lakhs | 6.50% | 7.20% | 13.70% |
Note: Repo Rate keeps resetting every 3 months or as the bank decides.
Documents Required for Axis Bank Abroad Education Loan
When applying for an education loan from Axis Bank, having your documents ready ensures a smooth application process. Here are the documents required for the Axis Bank abroad education loan:
- KYC documents
- Passbook of last 6 months / Bank statement
- Guarantor Form (optional)
- Copy of admission letter of Institute with fee schedule
- Mark sheets / passing certificates of SSC, HSC
Documents required for first disbursement
- College or University’s demand letter
- Loan agreement signed by applicant, co-applicants
- Sanction letter signed by applicant, co-applicants
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college/university and bank statement showing the transaction
- Documents for collateral security (if applicable)
- Form A2 signed by the applicant or co-applicant
Documents required for subsequent disbursement
- College or University’s demand letter
- Disbursement request form signed by applicant, co-applicants
- Receipts of margin money paid to the college/university and bank statement showing the transaction
- Exam progress report OR mark sheet OR bonafide certificate
- Form A2 signed by the applicant or co-applicant
Frequently Asked Questions
How can I transfer my education loan to Axis Bank?
You can transfer your education loan to Axis Bank, ensure that your loan is active and in good standing. Submit all the required documents to the bank, and they will review your application and settle the loan with your current lender.
How can I use the Axis Bank education loan calculator?
You can use the Axis Bank education loan calculator on their website. You can also check our EMI calculator, which will assist you in monthly payment calculation, interest breakdown, comparing loan options, total cost insight, and much more.
What are the requirements for an Axis Bank education loan?
To apply for an Axis Bank education loan, you must be an Indian citizen who has been admitted to a recognized university and program. A co-applicant is required, along with all the necessary documents.
Can I apply online for an Axis Bank education loan?
You can apply online on Axis Bank’s official website or visit your nearest branch to apply for an education loan. However, we recommend submitting your application via Nomad Credit to save time and hassle.
When will Axis Bank disburse the loan?
The loan approval process typically takes 7-10 working days by Axis Bank. However, after approval of your loan, you can expect to receive your funds in two working days.
