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.
The Axis Bank Education Loan covers extra features apart from regular loan processes. All these features are mentioned as follows:-
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.
Also read: ‘Documents required for Axis Education Loan’ to find more information Axis Bank education loan application requirements.
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.
|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%|
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 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|
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.
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:-
For more details you should get in touch with an Education Loan Expert, or contact Axis Education Loan Department.
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.
|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.
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 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.
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.
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:
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.
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:
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 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.
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.
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.
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!
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