Axis Bank Education Loan Interest Rate, Calculator, Institute Approval List

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AXIS BANK EDUCATION LOAN 

About AXIS Bank Education Loan :

Axis Bank is one of the largest private-sector banking corporations in India that offers student-friendly loans for education. Education, in recent times, has got expensive and it is difficult for an average family to fund the education expenses of their children. In the present scenario, almost every financial institution and NBFC in India offer education loans to the students who are interested in pursuing a wide range of educational qualifications including graduate, postgraduate, doctoral, and professional degrees and courses. Axis Bank with its education loan schemes has provided the customers with a sense of opportunity to fulfill their children’s dream of getting higher studies. 

Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get an education loan with ease..You all think that “how it is possible? To overcome this issue AXIS Bank came with an exciting opportunity i.e. AXIS Bank Education Loan. AXIS Bank Education loan provides an attractive interest rate with simple documentation and long repayment tenure. 

Benefits of AXIS Bank Education Loan :

1. Simple documentation : 

AXIS Bank Education Loan provides less and minimal documentation for the customers. It is not required to submit so many documents for an education loan. The process of documentation is very simple and fast.The documents submitted by the customers are KYC, address proof and income proof, mark sheets starting from class 10th to the latest qualifying exam with the loan application form.

2. Quick loan disbursal :

The education loan should be disbursed from AXIS Bank within 15 working days from the date of complete submission of all documents required for proper appraisal.

3. Long repayment tenure :

The AXIS Bank provides a long repayment tenure for education loans. The Minimum repayment tenure is 1 years and maximum tenure period is 10 years (if person takes loan upto Rs.7.5 lakh) and 15 years (if person takes loan from above Rs.7.5 lakh).

4. Attractive interest rate :

AXIS Bank provides a best and attractive interest rate for business loans. When a person takes a loan upto Rs.4 lakh, then the interest rate is charged 15.20%. If a person takes a loan from Rs.4 lakh to Rs.7.5 lakh the interest rate is charged 14.70% and if person takes a loan from above Rs.7.5 lakh the interest rate is charged 13.70%.

5. Avail high value loans :

AXIS Bank avails high value loans for the education loan. The minimum loan amount is Rs.50000 and the maximum loan amount is Rs.75 lakh for studies in India or abroad.

Eligibility criteria for AXIS Bank Education Loan :

1. Indian citizenship is mandatory for education loans from AXIS Bank.

2. The applicant obtains at least 50% marks during HSC (Higher Secondary Certificate) and graduation.

3. The applicant should have secured admission with the educational institutions eg. Medical, engineering, management etc 

4. The applicants need to have a regular source of income.

5. Applicant and Co-applicants should be over 18 years of age, but co-applicant needs to sign the application form and loan agreement in the capacity of a legal guardian.

Fee and charges of AXIS Bank Business Loan :

 

TYPE 

CHARGES

Loan processing fee

NIL

Prepayment charges

NIL

Penal Interest

2% per month on the overdue installments

Repayment instruction 

Rs.500 plus GST per instance

Cheque swap charges

Rs.500 plus GST per instance

Duplicate statement Issuance charges

Rs.250 plus GST per instance

Documents required for AXIS Bank Education Loan :

1. Letter of admission

2. Filled in Loan Application Form

3. 2 passport size photographs

4. Statement of cost of study

5. PAN Card of the student and the parent/guardian

6. Aadhaar Card of the student and the parent/guardian

7. Id proof  : Driving license, passport, aadhaar card, ant photo identity

8. Address proof : Driving license, passport, electricity bill, telephone bill

9. Student/co-borrower/guarantor’s bank account statement for last 6 months.

10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)

11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower

Compare other bank interest rate :

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

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%

Other products of AXIS Bank :

  1. AXIS Bank Education Loan

  2. AXIS Bank Holiday Loan

  3. AXIS Bank Home Loan

  4. AXIS Bank Personal Loan 

  5. AXIS Bank EMI Calculator

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

How to apply for AXIS Bank Education Loan :

1. Offline Method : By visiting the nearest bank branch.

2. Online Method : 

  • Visit the official website of loan.

  • Click on apply now

  • Fill out the form with essential details.

  • Upload the mandatory documents required

  • Submit the form and take out a print out of the applications 

  • Visit the bank branch for further formalities.

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

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

AXIS Bank Education Loan Frequently Asked Questions :

1. 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.

2. How much tenure is provided by AXIS Bank Education Loan?

The minimum repayment tenure is 5 years and maximum tenure period is 10 years (if person takes loan upto Rs.7.5 lakh) and 15 years (if person takes loan from above Rs.7.5 lakh).

3. 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.

4. Is there any processing fee charged by AXIS Bank for Education Loan?

No, there is no processing fee charged by AXIS Bank for Education Loan.

5. How many marks can a candidate obtain to apply for AXIS Bank Education Loan?

The candidate obtains at least 50% marks during HSC (Higher Secondary Certificate) and graduation.

 

Last Updated on : 10/Aug/2020

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