AXIS Bank Education Loan 2017-2018 | Eligibility, Application Process & Interest Rate

AXIS Bank Education Loan (India & Abroad Studies)

Axis Bank Education Loan 2017-2018: Axis Bank offers an excellent opportunity to the students who are going to study in Abroad or India for their higher studies. The students who are in need of financial support it will become a boon for them. Yes, Axis Bank provides AXIS Bank Education Loan to the merit candidates who have 65% of aggregate in their academics or else secured admission in reputed university/institution through common entrance test /merit based selection process system. As we all know that Axis Bank is the third largest private sector bank in India. The Axis Bank has a wide range of family of above 2500 branches across the country with more than 12000 ATM’s. Also, Axis Bank study power aims to provide AXIS Bank Education Loan to deserving students who have obtained admission to career based courses namely Engineering, Medicine, Management etc.

AXIS Bank Education Loan is applicable for all the meritious candidates having a minimum qualification of degree/graduate or also post graduates. The ultimate aim of AXIS Bank Education Loan is to provide quality and desirable education to the students who are willing to study in either other countries or well reputed/approved universities in India. The role of the guardian or parents of the applicant would be called as a co-applicant of the AXIS Bank Education Loan which role would be likely primary debtor.

AXIS Bank Education Loan

AXIS Bank Education Loan Eligibility

The applicants who are going to apply AXIS Bank Education Loan for pursuing their education should reach all the eligibility criteria as per the Axis Bank Ltd rules and regulations without any fail. The AXIS Bank Education Loan would be given to those contenders who got admission through Entrance Test or merit-based selection process in Career-related fields like, MBBS, MBA, MCA etc.The candidates who got at least 50% of marks in their academics can avail this AXIS Bank Education Loan.The applied candidate/student must be an Indian national.

Quantum of Loan

Quantum of the loan is also called as Loan Amount. The loan amount will vary for Indian Studies and Abroad Studies as per the Axis Bank norms. AXIS Bank Education Loan capped at 10 lacs for studies in India and 20 lacs for studies in Abroad.

Expenses covered under AXIS Bank Education Loan

In this section, we are presenting some essential information regarding AXIS Bank Education Loan.

The aspirants who are applicable for AXIS Bank Education Loan must aware of all the considered expenses under this scheme. AXIS Bank Education Loan covers several Fees namely Examination fee, Tuition fee, Travelling expenses, hostel fee, Industrial tours etc. Also, it is applicable in purchasing necessary things for successful completion of education like computer, books etc.

Axis Bank Education Loan Margin

AXIS Bank Education Loan has majorly two segments of loans they are loans below or equal to 4 Lacs and above 4 lacs loans. For the loans up to 4 lakhs, there will be No margin. And for loans above 4 lakhs, there is a 5% margin for studies in India and 15% margin for Studies Abroad.

Necessary Documents for AXIS Bank Education Loan

The candidates or students who are applied for AXIS Bank Education Loan need to carry valid Id proofs and other mandatory documents as given below.

  • Any one of the valid Id proofs namely Passport/Voter ID Card/ Driving License/PAN card etc.
  • Residence proof like Bank account statement or passbook of last 6 months, Recent mobile bill, Latest current bill, Existing house lease document.
  • Last two years IT Returns and income certificate issued by the relevant officer.
  • Need to carry a hard copy of admission letter from respective university or institute with Fee details on it.
  • Original and Xerox copies of marks memos and corresponding academic certificates.
  • And for salaried applicants, it is mandatory to carry from 16 or recent salary certificate along with latest salary slip without any fail.

Features and Benefits of AXIS Bank Education Loan

The applied students will avail high-value loans starts from 50,000 up to a maximum range of 75 lacs for studies in India or in other countries. It will cover the all the expenses which come under AXIS Bank Education Loan: as mentioned earlier. And the loan amount or quantum of loan can be determined, subjected to coast and eligibility, for the case of case approval.

AXIS Bank Education Loan  Rate of Interest

The AXIS Bank Education Loan has attractive rates of interests of MCLR(Marginal Cost Based Lending Rate) 8.15% only. There will be an easy loan disbursal Within the 15days from the Application completion and document submission by the bank for the right appraisal.

  • Up to 4 lac loans Rate Of Interest(ROI) would be 15%
  • Loans in between 4 lacs and 7.5 lacs ROI would be 14.50%
  • Loans Above 7.5 lacs the ROI would be 13.50%
  • There will be an additional benefit of 25bps for female students or applicants.

AXIS Bank Education Loan Security

There are no defined terms of security is available and 3rd party guarantor or collateral security will be called when there is need or in appropriate cases. The collateral is applicable as per the norms of Axis bank for the loans above 15 lakhs. In favor of the bank additional security is required with the sum insured at least 100 percent of the AXIS Bank Education Loan amount may be needed. In order to meet Banks Installment obligations, annual premium will be included while computing the loan requirement.

AXIS Bank Education Loan Disbursement

The students who have AXIS Bank Education Loan can enjoy the easy disbursal of loan. It will be disbursed in suitable EMIs considering the funds and fees requirements as per the bank assessments directly to university/books vendor etc.

AXIS Bank Education Loan Repayment

Interest servicing during the period of moratorium. Moratorium period is nothing but course period plus one year or 6 months after getting employment, whichever is earlier. The EMI system will start after the successful completion of moratorium period.

Other Charges

There will be a penalty of 500/- along with service tax on return of instrument or repayment which are applicable as per instance. There will be no penalty on early closure of AXIS Bank Education Loan.

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