Axis Bank Education Loan Schemes compensate students with great side options of Education Loan Insurance and Part Payment, which help students in repaying their study loans more easily. ‘Education Loans for students in India’ is becoming a rapidly growing demand. Parents and students are now exploring education loans that provide maximum benefits with additional features like Student Loan Insurance and Study Abroad expenses. Private Banks provide education loan services that are more convenient and customer friendly. The Axis Bank Ltd. is providing education loan services to students at convenient rates and dynamic options like no processing fees and lowest margin payment.
Axis Bank Education Loan features
The Axis Bank Education Loan covers extra features apart from regular loan processes. All these features are mentioned as follows:-
- High loan amount range: Min. ₹50000 (50K) and Max. ₹7500000 (75 Lakhs)
- Variety of loan expenses covered:-
- Tuition Fees
- Lab Fees and Equipment (incl. laptop loan)
- Exam Fees (entrance and term exams)
- Travel and Accommodation (for study abroad) etc.
- No Margin Payment for Loan Limits
- Low MCLR Rates (as low as 8.7%)
- Special Loan Interest Subsidy for Female Students
- Tax benefits under section 80/E of Income Tax
Axis Bank Education Loan Eligibility Criteria
Axis Bank student loan schemes are relatively easy to categorize. They are just distinguished on the basis of studies at Indian institutions and foreign education. Basic details Education Loan eligibility criteria of Axis bank includes financial and academic records of students. These details help Axis Bank provide the education loan applicants with the best services. Axis Bank customers and third party applicants can enjoy the benefits of the Education Loan Schemes if they pass these criteria.
We’ve enlisted all the Axis Bank Education loan eligibility criteria for your reference.
- Education Loan applicant must be an Indian Citizen
- Applicants must score at least 50% marks in HSC (10+2 or equivalent) or Graduation for respective loans
- Must have a secured admission in India or Abroad for education at a recognized university/college/institution
- Applicants must be able to submit documents to prove regular income or repaying capacity
Also read: ‘Documents required for Axis Education Loan’ to find more information Axis Bank education loan application requirements.
Axis Bank Education Loan Interest Rates
Axis Bank Education Loan offers services to students at competitive rates of interests. Students always need to know the complete information about the best banks offering education loans, the education loan interest rates for all such banks and additional charges to understand the full range of expenses a loan might involve. They should also have a complete understanding of Education Loan terms and conditions to understand the loan repayment conditions and extension guidelines.
The education loan additional charges incurred by banks is a common practice, but students generally find these details at the time of loan application. Axis Bank has laid down clear Axis Bank student loan Interest regulations along with additional charges as mentioned below.
Axis Bank Education Loan Interest Rates
|Education Loan Type and Description||Loan Amount Limits||Interest Rates|
|Axis Bank Basic MCLR (Marginal Credit Lending Rate)||Applicable on all education loans||8.80% (As on 06 Dec 2018)|
|Education Loan||Up to ₹400000 (4 Lakhs)||15.2%|
|Education Loan||From ₹400000 (4 Lakhs) to ₹750000 (7.5 Lakhs)||14.7%|
|Education Loan||Loans higher than ₹750000 (7.5 Lakhs) to ₹7500000 (75 Lakhs)||13.7%|
Axis Bank Education Loan Charges, Processing Fees, and Margin Payment Charges
Various Education Loan charges like Processing Fees, Repayment Charges and Margin Payments are important details that students should know; before they apply for loan. Students pursuing international education should specially notice the charges levied on education loan services. Axis Bank provides students various options to cut down their expenses via subsidies and concessions. The details of Axis Education Loan Charges and Concessions are mentioned as follows.
Axis Bank Education Loan Charges
|Axis Bank student loan charge type||Eligibility and Terms of Charge||Particulars of Charge|
|Collateral Inspection Charges||Applicable to all Axis Bank Loans||-NA- for Education Loans|
|Processing Charges||Domestic Education up to ₹1000000 (10 Lakhs)||NIL|
|Domestic Loan above ₹1000000 (10 Lakhs)||₹5000 + GST (as applicable)|
|Axis Study Abroad Education Loan up to ₹2000000 (20 Lakhs)||₹1500 + GST (as applicable)|
|Axis Study Abroad Education Loan above ₹2000000 (20 Lakhs)||0.75% of differential loan amount after ₹2000000 (20 Lakhs) + GST (as applicable)|
|Margin Payment||Domestic/Study Abroad Education Loan up to ₹400000 (4 Lakhs)||NIL|
|Domestic Education Loan above ₹400000 (4 Lakhs)||5% of each installment|
|Axis Study Abroad Education Loan above ₹400000 (4Lakhs)||15% of each installment|
Axis Education Loan Insurance Charges
Students are generally free to choose their career and professional journey as they please. Sometimes students chose to discontinue their education to pursue something more relevant professionally. Many-a-times students also have to discontinue their education because of unintended consequences. To avoid any legal tangle in such cases Axis Bank has a provision of securing the education loan for students.
The Insurance Policy of Education Loan allows students to get rid of any repayment obligation for the loan amount when they chose to discontinue the services of the bank.
Benefits of Axis Bank student loan insurance:-
- No need to pay EMIs after discontinuation of education loan
- No worries regarding interest accumulation until the loan installments are not submitted
- Students can chose to leave their education loan (conditions apply)
Details of Education Loan Insurance as stated by Axis Bank
Students need to follow a certain set of guideline to avail this service. The banks only ask for such Education Loan Insurance when the loan amount exceeds a certain amount of limit on a case-by-case basis. The Education Loan Insurance terms bind the student to pay a certain fixed installments until they can chose to leave their education loan unpaid. The details of these terms are mentioned as follows:-
- Education Loan Insurance Amount should not be less than 100% of the Education Loan Amount sanctioned
- Education Loan Insurance Premium is included in the loan sanctioned and is automatically paid by the Bank towards the Insurance Company for security
- Apart from the collateral security in this case student has to assign future income towards the settlement of Loan if the installments are not completely covered by the insurance company
For more details you should get in touch with an Education Loan Expert, or contact Axis Education Loan Department.
Axis Bank Education Loan: Documents required checklist
Axis Education Loan keeps the count of documents required for education loan at a minimum level. They only need identification and academic documents along with few financial assurances. The complete details of documents required for Axis Bank student loan are listed below.
Documents Checklist: Axis Bank student loan
|Education Loan Applicant Type||Type of Document||Document Name and Details|
|All applicants||Identity Proof||Passport/Aadhaar/PAN Card|
|Residence Proof||Electricity Bill/Telephone Bill/House Lease Agreement|
|Academic Records||Marksheets HSC (10+2 or equivalent)|
|Marksheets of Graduation/Post-Graduation|
|Proof of Admission|
|Salaried Applicants/Co-applicants||Financial Documents||Latest Salary Slip and Form 16|
|Self Employed and other applicants/co-applicants||Financial Documents||IT Returns (recent 2 years) certified by Chartered Accountant (C.A.)|
For more details on Education Loan Documents required Pre-Sanction and Post-Sanction of Axis Bank Education Loan please read more here.
Axis Bank Education Loan Interest Subsidy
The Government Scheme of providing interest compensation to students with education loans recently incorporated more benefits. Students can now avail collateral free education loans as well, to a certain limit. Axis Bank ensures that the students studying with their help get all these benefits. Some peculiar features of Government Central Sector Interest Subsidy (CSIS) Scheme for Education Loan as provided by Axis bank in its education loan facilities are mentioned below:-
- Students can avail collateral free education loans upto ₹750000 (7.5 Lakhs)
- Students can avail interest subsidy for the duration of their education and till they get job
- Applicant Students need to be from the EWS (Economically weaker section) to take this facility
- Students once benefitted from this scheme cannot re-apply for another educational level
- Applicant Students and/or Co-applicants would require to submit Income proofs for this scheme
Axis Bank Education Loan: How to Apply
Students and parents often have to take numerous trips to bank branches for education loans. Axis Bank and Government of India with growing digital intervention have resolved this concern. Students can chose to apply both offline and online for the Axis Bank Education Loan. Axis Bank generally has a 15 days turn-around-time for any education loan request but it depends on the amount and nature of education loan if it might take more time or not. Applicants can find instructions to apply for Axis Bank student loan here.
Axis Bank Education Loan Online Application:
Application via Government Vidyalakshmi Portal for Education Loans in India
- Visit ‘Vidyalakshmi Education Loan’ Portal
- Register with email address and mobile number
- Login with verified Email Address and password
- Complete your CELAF (Common Education Loan Application Form)
- Attach required documents (same as mentioned above)
- Save and submit your Vidyalakshmi CELAF.
- Go to the ‘Search Education Loan’ section of the website
- Enter the details of Level of Education and Loan Amount details and search for loan schemes
- Find Axis Bank in the list of Banks provided
- Click on Apply and check your status from ‘Loan Application Status’ tab
Depending on your eligibility and documents the loan will be processed after a confirmation call and you can start your education.
Read here the detailed step-by-step guidelines including do’s and don’ts, cautions and troubleshooting methods of using Vidyalakshmi Education Loan Portal to apply for Axis Education Loan or any other bank education loan.
Application via Axis Education Loan Online portal
Applicants can also choose to apply via online Axis Education Loan application webpage. They’ll simply need to put in a request for their loan and the bank officials will make the trip to serve them the education loan at their doorstep. Steps to do so are:
- Visit the official Axis bank Education Loan web link
- Fill in your full name, email address, mobile number and address details
- Enter the captcha code mentioned under the form
- Click on the check box under the form. It authorizes the Axis Bank to call you for an Education Loan Service
- Click on ‘Submit’.
Soon, the applicant will receive a communication either via sms, email or generally via a phone call to confirm the details of education loan service that applicant wishes to choose. After confirmation an Axis Bank student Loan officer will visit to get the applicant’s formalities done in person.
Axis Bank Education Loan Offline Application:
Students can chose to apply offline for the Axis Bank student loan by visiting a branch or office. The steps have been detailed as follows. Applicants might need their complete documents as mentioned above in place before they apply offline or else they might have to keep coming back. The steps to apply for Axis Bank student loan offline are:
- Download the Application Form for Study Power by Axis Bank (Axis Bank Education Loan Scheme Name)
- Fill in the correct details of the Education Loan Applicant along with the Co-applicant’s Details.
- Fill personal details, academic details, financial details; PAN Card/Aadhaar Card mandatory
- Submit the form with photographs and other supporting documents
Submit your application in person to the nearest branch along with the documents. Seems easier and secure? Students with all these options can find the one that is most convenient for them and apply for the Axis Education Loan. The Bank has a uniform turn-around-time for all the application types and is equally considerate in taking all applications into account.
Axis Bank Education Loan: Other Facilities and Provisions
Axis Bank student loans as termed earlier can also be availed for Study Abroad and thus they may also cover extra expenses apart from Academic Expenses only. Outward Remittances services of Axis Bank helps in providing for these requests.
Axis Bank Student Loan: Rules of Outward Remittances
- Parents or Co-applicants can send foreign currency to their ward from the loan amount by submitting the Axis Bank Foreign Remittances Form A2 for purchase of Foreign Exchange.
- Co-Applicants or Parents need to download the form from official Axis Education Loan Website
- Fill the requisite details of demand for foreign currency and submit the same to branch from which they have taken the Education Loan.
Axis Bank Education Loan Part Payment Services
There’s also the need of making part payments where students can reduce either the number of EMIs they pay or the amount of EMIs they pay for the same Education Loan tenure. Applicants or Co-applicants can make lump sum repayments towards their education loan amount to avail these facilities.
Axis Bank Part Payment Option: Rules and Terms
- Part payments can only be done from the Axis Bank Branches
- Cash based part Payments will not be accepted at the Bank Branches
- Part Payment are accepted either by DD (Demand Draft), Cheque or Axis Savings Bank Account Transfer only
- Any Part-Payment done towards Axis Bank student loan will have to be confirmed with Axis Bank Loan Department Customer Support call center
- The adjustments to the Education Loan by Part Payment can either be used to decrease the due principle amount and therefore the number of EMIs/Loan tenure or the respective amount of each EMI
Axis Bank Education Loan management and EduLoan Services
It all comes down to how you manage the Axis Bank Education Loan after getting it. In order to manage the education loan, students need to know about the education loan terms and terminologies like refinancing and loan extension.
Axis Education Loan provides student care services and customer support services to help applicants through the process of education loan application. Applicants can also chose to seek advice of Education Loan experts to understand what kind of expenses can be catered with education loan.
Scholarship adjustable Axis Education Loans
The most important aspect of education loans is to know how to adjust education loan with Scholarships and Fellowships. Students with merit have good chance of doing so, and as Axis Bank allows Scholarships’ adjustable Education Loans students can avail the benefits of this offering as well. We hope that now you have all the information to find an education loan, check out its features, calculate your education loan interest-expected loan tenure and finally apply for your Axis Bank Education Loan. We wish you a Very Happy Learning!