Axis bank Education Loan Schemes have been helping students get affordable loans for their education for a long time. The bank offers various education loan schemes for studies at both Indian and foreign institutions. Axis Bank Education Loan also provides students with Interest Rate Subsidy, especially for girl students. Students and parents looking for education loans are mostly worried about repayment terms. Axis Bank Education Loan Interest Rate and Repayment Options like Education Loan Insurance and Part Payments help them to thwart such worries.
Some peculiar benefits of Axis Bank Education Loan are:-
Students need to know that each bank has a certain basic lending rate popularly known as Marginal Cost of fund-based Lending Rates (MCLR) which guides the interest rates of education loan. If students will know about these MCLR rates of the bank, they can themselves estimate the interest rates of any bank’s education loan. Generally, banks offer MCLR rates between the ranges of 2% to 8% for an education loan.
Axis Bank Education Loan interest rate calculations are based on these MCLR rates which are generally updated every month. Axis Bank MCLR Rates (latest) are mentioned here:
|Loan Tenure: Axis Bank Education Loan||Respective MCLR Rates|
|12 Months (1 year)||8.80%|
|24 Months (2 years)||8.90%|
|36 Months (3 years)||8.95%|
Source: RBI Interest Rate Data Archives Dec 13, 2018 and Axis Bank internal communication
If any student needs direct information about interest rates then Axis Bank also enlists its education loan interest rates for different schemes. Students pursuing international education need not worry as the interest rates of Axis Bank are relatively constant for both domestic and overseas education loan. These education loan interest rates change on case by case basis and other factors like government policy change, loan tenure, etc. Details of Axis Bank Education Loan interest rate details are:
|Axis Education Loan Details||Applicable Loan Limits||Education Loan Interest Rates|
|Axis Bank Education Loan Base Rate||Applicable to all Axis Education Loans||Min: 9.50% |
|Axis Education Loan||₹50,000 to ₹4,00,000||15.2%|
|Axis Education Loan||₹4,00,000 to ₹7,50,000||14.7%|
|Axis Education Loan||₹7,50,000 to ₹75,00,000||13.7%|
Everyone should plan for education loan repayment and refinancing before applying for one. Education Loan applicants and co-applicants should know about their necessary loan amount requirement, how long can they afford to pay the EMIs and how much EMI can they pay on monthly basis. An Education Loan Calculator helps a lot in planning these steps of taking an education loan. Axis Bank Education Loan website provides you with an option to calculate the monthly EMI and optimized loan tenure that you’d be able to afford and still pursue the studies. Instructions to use Axis Bank Education Loan EMI Calculator and its benefits are:
The results would give you details of:-
Many taxpaying education loan applicants and co-applicants know that they can claim the tax deductions on Education Loan Interest Rate. But they fail to plan it accordingly so that they can avail the benefit. To know how much tax one could save by taking an Axis Bank Education Loan, one can use the Axis Bank Tax Benefit Calculator for Education Loan. The steps to use this calculator are:
The results will provide you information about:
Axis Bank provides education loans in the best interest of applicant students and co-applicants. To promote the nature of regular EMI payment and to ease the load of repayment of education loan, Axis Bank supports various interest subsidy schemes. Proper documents of education loan are required for availing the benefits of these subsidies. These schemes include the Special Interest Subsidy for female applicants and Central Sector Interest Subsidy (CSIS) Scheme by Government of India. Details of these interest subsidies are:
Benefits of CSIS Scheme are:
Axis Bank Education Loans interest rate details have been laid out in a transparent and clear manner on their official website. This makes them a trusted Education Loan provider among parents and students. Students can also adjust their education loan payments with a scholarship. This means that scholarships can be used to adjust the loan disbursed towards academic fees and students won’t have to pay extra interest.
Scholarships and Education loans have become an integral part of funding education in India. With Axis Bank Education Loan Services, students can relieve their academic dreams from the burden of financial limits. They can apply for the Axis Bank Education Loan from Government Vidyalakshmi Portal or Axis Bank official website. Vidyalakshmi Portal is a government portal for application of multiple education loans from one application form. For more details, you can ask our education loan experts at Buddy4Study EduLoans.
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