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AXIS BANK EDUCATION LOAN

Axis bank education loan provides a financial hand to the students who wish to take a step towards higher education. The bank offers students the education loan for studies in India and abroad. If you are looking for an education loan to give your aspirations the wings then you can read up on this section and find more about this host of features, Axis bank education loan.

Axis Bank Education Loan Interest Rates & Charges

Loan Amount Up to Rs 20 lakh (based on studies in India and abroad)
Interest Charges Up to 15.50% 
Repayment Tenure Up to 20 years
Processing Fees NIL
Margin No margin on loan of up to Rs 4 lakh; For loan above Rs 4 lakh, the margin ranges up to 15%
Prepayment Charges NIL

Features and Benefits of Axis Bank Education Loan

Axis bank treats customers with the education loan at sound-good interest charges and an easygoing repayment tenure. Here are the features and benefits of Axis bank education loan that make highlights:

1. Purpose : Students can avail Axis bank education loan to take care of their academic expenses. The bank offers funds to the students to cover the admission fees, tuition fees, hostel fees, exam fees, and other expenses such as stationary, books and travel. 

2. Courses : Whether you are someone who wishes to study medicine more or the one with a dream to stretch their skills in management, Axis bank education makes sure the educational expenses do not cause you any barrier. 

Axis education loan provides loans for a plethora of courses like medicine, management, engineering etc. for graduation or post graduation. Thus, if you have already secured an admission in any of the career-oriented courses, then this loan may be your next step. 

3. Loan Amount : You can enjoy the loan amount of Rs 50,000 at minimum by Axis bank education loan. The loan amount you will be able to fetch will be determined by certain factors such as your eligibility, the institute you are securing admission in etc. 

4. Repayment Tenure : Axis bank education loan comes with a flexible repayment tenure. The loan repayment period ranges up to 20 years. 

5. Guarantor : When it comes to the Axis bank education loan, the parent or guardian of the student is to be treated as a guarantor/co-applicant. 

6. Margin : There is no margin on the loan amount of up to Rs 4 lakh. For loan amounts above Rs 4 lakh, the margin ranges between 5% to 15%. 

7. Easy Disbursement : Axis bank education loan takes up to 15 days of the loan application to offer the response. The bank offers easy disbursal of the education loan either in full payment or through installments. 

Eligibility Criteria for Axis Bank Education Loan

Axis bank education loan has some eligibility standards that are to be met by the students in order to avail the loan approved. Here is the eligibility criteria for Axis bank education loan that one must pass:

  • The applicant should be an Indian citizen.
  • The applicants should have at least 50% marks secured during their HSC and graduation.
  • Those who have secured admission to courses such as engineering, medical, management etc. for graduate or postgraduate level are eligible to app;ly for Axis education loan. 
  • Those who have obtained admission in India or Abroad via an entrance examination or a merit based selection after their HSC can apply for this loan.
  • The co-applicants (parents/guarantor) should have a steady income. 

Documents Required for Axis Bank Education Loan

Here are the documents required for Axis bank education loan:

Documents required for education loan (for salaried individuals)

  • Identity Proof 
  • Address Proof
  • Bank Statement for last 6 months
  • Admission Letter by the Institute with the fee structure
  • Marksheets
  • Certificates of SSC, HSC, Degree Courses

Documents required for education loan (for self employed individuals)

  • Identity Proof 
  • Address Proof
  • Bank Statement for last 6 months
  • Admission Letter by the Institute with the fee structure
  • Marksheets
  • Certificates of SSC, HSC, Degree Courses

Compare other bank interest rate:

BANKS INTEREST RATE
HDFC Bank Education Loan 9.55% to 13.50%
Kotak Mahindra Bank Education Loan  11.5% to 24%
IDBI Bank Education Loan 8.30% to 10.41%
Indian Bank Education Loan Starts from 8.50%
RBL Bank Education Loan 14.15% to 16.15%
Bank of Baroda Education Loan 7.50% to 9.75%
Bank of India Education Loan 7.25% to 9.75%
Canara Bank Education Loan 11.35%
Standard Chartered Bank Education Loan 10.99%
SBI Student Loan Scheme 9.30%
SBI Skill Loan Scheme 8.80%
SBI Scholar Loan Scheme 8.30% to 9.95%
SBI Takeover of Education Loan 9.30%
SBI Global Ed-Vantage 9.30%

Expenses covered under AXIS Bank Education Loan:

  1. Tuition fees 
  2. Cost of books, uniforms and stationeries
  3. Cost of laptop or computer ( If required)
  4. Examination Form
  5. Library/ Laboratory fees
  6. Hostel fee
  7. Travel expenses ( for Abroad)
  8. Miscellaneous Expenses

Axis Bank Education Loan EMI Calculator

Are you wondering how much EMI will it be on you to repay your Axis bank education loan? If you are not sure then you can use the EMI calculator to give you the accurate answer. You will find Axis bank education loan EMI calculator helpful when it comes to checking the total amount of EMI for the repayment of your loan. On the top, it is a great way to make sure your monthly installments are not bothering your budget and manage the finances accordingly. 
 
Here are the steps to use the Axis bank educational loan EMI calculator:

  • First of all, head to the official website of Axis bank.
  • Click on the “Explore Products” menu.
  • Now, click on the “Loans” menu and then hit the “Education Loan” option. 
  • You will now find the “Education Loan EMI Calculator” on the top of the education loan page.
  • Enter the fields for the loan amount you are availing, the rate of interest and the total months of repayment tenure.

You should be able to view the Equated Monthly Installment (EMI) below the calculator.

How to Apply for Axis Bank Education Loan

Here are the ways you can apply for the Axis bank education loan:

Apply for Axis Bank Education Loan Offline You can visit the nearest branch of Axis bank to get started with the Axis bank education loan application. The bank official will help you through the procedure of application for loan. When visiting the bank branch, make sure you have all the required documents that need to be submitted along with the application. 

Apply for Axis Bank Education Loan Online

Here are the steps you need to follow to apply for Axis bank education loan online:

  • Visit the official web portal of Axis bank. 
  • Go to the “Explore Products” menu and then click on “Loans”.
  • Now find and click on the “Education Loan” option. 
  • Click on the “Apply Now” button.
  • You now have to enter the details that are required on the application form.
  • Once you have filled all the information, hit “Submit.

How to contact with AXIS Bank Education Loan

  1. By customer care contact number : 18604195555 / 18605005555

  2. By customer care email id : loans@axisbank.com

Other Loans products of AXIS Bank

  1. AXIS Bank Holiday Loan
  2. AXIS Bank Home Loan
  3. AXIS Bank Personal Loan

FAQs On Axis Bank Education Loan

Q.1 How much time does Axis bank take to approve my education loan?

Axis bank might take up to 2 weeks to respond to your education loan application. You need to make sure that your application for an education loan is complete. 

Q.2 What if I made a late payment for my Axis bank education loan?

If you make late payment, you will be charged Rs 500 + taxes on every cheque bounce along with 2% penal interest per month on an overdue installment. 

Q.3 Are there any prepayment or foreclosure charges on Axis bank education loan?

No. Axis bank does not charge you any prepayment or foreclosure penalty. 

Q.4 What is the maximum loan amount provided by AXIS Bank Education Loan?

The maximum loan amount is provided by AXIS Bank Education Loan is Rs.75 lakh.

Q.5 How much penal interest is charged by AXIS Bank Education Loan?

The penal interest is charged by AXIS Bank Education Loan is @24% p.a. i.e. @ 2% p.m. on the overdue installments.

Last Updated on : 23/Mar/2021

Know More About

Axis Bank Education Loan

You're eligible for a Axis Bank Education Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Axis Bank Education Loan Interest Rates

Updated on 25 Nov 2017

Axis Bank Education Loan Details
Interest Rate (Monthly reducing balance) 13.7% - 15.2%
Processing Fees Nil
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959