Axis Bank Education Loan – Rates 2024, Eligibility, Documents

Axis Bank Education Loan – If you are looking for an Education Loan for yourself or your ward, you have come to the right place. Axis Bank provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates. With an Axis Bank Education Loan, you can avail of a loan amount upto Rs. 75 Lakhs along with speedy disbursals and easy repayment options for effective loan servicing. Find out the Education Loan interest rates below.

Axis Bank Offers Loan upto Rs.10 lacs for studies in India and Loan upto Rs. 20 lacs for studies abroad.

Axis Bank provides Education Loans for students looking to study in India and abroad. You can get a loan starting from Rs. 50,000 upto Rs. 75 Lakhs at attractive interest rates with benefits such as no processing fees, no pre-payment charges and no pre-closure charges. Find out the education loan eligibility criteria for availing an Axis Bank student loan.

The Education Loan will be provided to those students who have

• Indian Citizenship
• Secured at least 50% marks during HSC & Graduation
• Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level
• Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2)
• Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)

The education loan eligibility will be determined by Axis Bank as per the Bank’s policy prevailing at the time of loan application and disbursement.

Quantum of Loan
The quantum of finance under the scheme is capped at Rs 10.00 lacs for studies in India and Rs 20.00 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.

Margin:
No margin for loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.

Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor.

Security:
Third party guarantee and/or collateral security may be asked for in appropriate cases.

Additional Security:
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.

Disbursement:
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

Documents required for Axis Bank Education Loan

Axis Bank Education Loans helps you finance your tuition fees, hostel charges, study materials, etc. The Bank provides quick and hassle-free loans once you provide the application and required documents. Find out the documents required for Education Loan.

• Proof of identity (any one of the following):
  • Passport
  • Voter ID card
  • Driving license
  • PAN card
  • Government department ID card
• Latest salary slip showing all deductions or Form 16 along with recent salary certificate.
• Proof of residence (any one of the following):
  • Bank account statement
  • Latest electricity bill
  • Latest mobile / telephone bill
  • Existing house lease agreement
• Bank Statement / Pass Book of last 6 months
• Optional – Guarantor Form
• Copy of admission letter of the Institute along with fees schedule
• Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Documents for Education Loan for all other Individuals

• Proof of identity (any one of the following):
  • Passport
  • Voter ID card
  • Driving license
  • PAN card
• IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
• Proof of residence (any one of the following):
  • Bank account statement
  • Latest electricity bill
  • Latest mobile / telephone bill
  • Existing house lease agreement
• Bank Statement / Pass Book of last 6 months
• Optional – Guarantor Form
• Copy of admission letter of the Institute along with fees schedule
• Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Documents required for first disbursement

• Demand letter from college or university
• Loan agreement signed by applicant, co-applicants
• Sanction letter signed by applicant, co-applicants
• Disbursement request form signed by applicant, co-applicants
• Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
• Documents for collateral security (if applicable)
• Form A2 signed by applicant or co-applicants in case of overseas institute

Documents required for subsequent disbursement

• Demand letter from college or university
• Disbursement request form signed by applicant, co-applicants
• Receipts of margin money paid to the college / university along with bank statement reflecting the transaction
• Exam progress report, marksheet, bonafide certificate (Any one)
• Form A2 signed by applicant or co-applicants in case of overseas institute