Axis Bank Education Loan

What are the Features & Benefits of Axis Bank Education Loan?

An Axis Bank education loan can cover eligible education related expenses, including tuition fees and certain additional costs, depending on the loan scheme and the bank’s approval. Students should check the applicable scheme to confirm the expenses covered, loan amount and any conditions attached.

• High Loan Amounts: Sanctions starting from ₹50,000 with no pre-defined upper limit for premier institutes.
• Speedy Processing: Known for a streamlined digital workflow that cuts down the waiting time between application and sanction of your Axis bank education loan.
• Comprehensive Coverage: Includes everything from hostel fees and library charges to travel expenses for overseas courses.
• Tax Efficiency: Interest paid on a qualifying education loan may be eligible for deduction under Section 80E of the Income Tax Act, subject to the applicable tax rules and eligibility conditions. The moratorium usually covers the Course Period + 6 months to 1 year. This grace period is vital as it allows you to hunt for a job and stabilise your finances before the principal repayment starts.

What are the Axis Bank Education Loan Interest Rates?

The interest rate on an Axis Bank education loan depends on the applicable loan scheme, the bank’s lending terms and the applicant’s profile. The Axis Bank education loan interest rate is typically linked to the bank’s REPO Linked Lending Rate (RLLR). Rates generally range between 7.45% – 13%.

• Preferential Rates: Interest rates may vary based on the applicable scheme, institution, applicant profile and other factors determined by the bank.
• Floating Nature: Where the applicable loan carries a floating interest rate, the rate may change during the loan tenure based on the applicable benchmark and the terms of the loan.

Axis Bank Education Loan Amount, Tenure & Margin

The loan amount, repayment tenure and margin money requirement for an Axis Bank education loan depend on the applicable scheme, course, institution, study destination and applicant profile. Check the terms of the specific scheme to understand the amount you may be eligible to borrow and the contribution you may need to arrange yourself.

• Loan Amount: Up to ₹1.5Cr for international studies and tailored amounts for domestic courses.
• Tenure: Repayment tenure can extend up to 15 years, subject to the applicable loan scheme and Axis Bank’s terms.
• Margin Money: For loans up to ₹4 Lakhs, there is usually 0% margin. For higher amounts, the margin is typically 5% for studies in India and 15% for abroad.

Axis Bank’s loan limits may vary based on the course, institution and applicant profile, so borrowers should also understand applicable education loan amount limits.

What are the Axis Bank Education Loan Fees & Charges?

The cost of an Axis Bank education loan may contain interest, processing fees and other applicable charges. The exact amount of an Axis Bank education loan depends on the loan scheme and the terms of that scheme. This is recommended that you review the fees, taxes, prepayment conditions and any other charges that the bank discloses before you accept an offer.

• Processing Fees: Usually Up to 2% of the loan amount + taxes. For certain prime institute loans, this may be waived or capped.
• Prepayment Charges:Axis Bank’s applicable prepayment or foreclosure charges depend on the loan terms and applicable policy. Applicants should check the sanction terms and latest fee schedule before making an early repayment.

Before finalising, borrowers can use an Axis Bank Education loan EMI Calculator. By plugging in your loan amount and the RLLR-linked interest rate, you can see exactly how much your monthly outgo will be once you graduate.

What are the Axis Bank Education Loan Eligibility Criteria?

To qualify for an Axis Bank education loan eligibility criteria, applicants must meet the eligibility conditions of the selected loan scheme. The bank may assess the student’s admission status, course and institution, academic record, co-applicant details, financial documents and repayment capacity, as applicable.

• Citizenship: Eligibility, including residency requirements, depends on the applicable Axis Bank education loan scheme and applicant profile.
• Academics: Applicants generally need admission to an eligible recognised course or institution and must meet the applicable academic and admission requirements of the loan scheme.
• Co-applicant: A co-borrower or co-applicant may be required depending on the loan scheme and applicant profile. The bank may assess the co-applicant’s income, credit profile and repayment capacity as part of the application.

Before applying, students can review the education loan eligibility criteria to understand the common requirements lenders may consider.

What are the Types of Axis Bank Education Loans?

Axis Bank’s education loan options may differ according to the study destination, institution, course and applicable lending scheme. Students planning to study in India or abroad should compare the eligibility conditions, loan limits, collateral requirements and repayment terms of the options available to them.

• Prime India: Specifically for students heading to top-tier Indian colleges.
• Prime Abroad: Tailored for high-value courses in the US, UK, and Europe.
• GRE-Based Funding: Specialised unsecured options for students with high GRE/GMAT scores.
• Inland & Overseas Loans: Standard products for non-listed but recognised universities.

Students can also compare the different types of education loans in India before choosing a suitable loan structure.

Axis Bank Education Loan Without Collateral

Axis Bank offers an Axis Bank education loan for abroad without collateral for amounts up to ₹40 Lakhs – ₹50 Lakhs, provided the borrower is admitted to a university on their prime list. For domestic studies, unsecured limits usually cap at ₹7.5 Lakhs unless it is a top-tier MBA or Engineering college. Students comparing unsecured options can also learn more about an education loan without collateral and the factors lenders consider when approving such loans.

What are the Documents Required for Axis Bank Education Loan?

The Axis Bank education loan documents generally include identity and address proof, academic records, admission and fee details, and financial documents for the co-applicant, where applicable. Students applying for overseas studies or loans secured against collateral may need to submit additional documents, depending on the scheme.

• KYC: PAN, Aadhaar, and Passport (for abroad).
• Academic: Marksheets of 10th, 12th, and Graduation; Entrance exam scores (GRE/IELTS/CAT).
• Financials: Depending on the applicant and loan scheme, the bank may require income documents, bank statements, ITRs or other financial documents from the applicant and/or co-applicant.
• Admission: Admission or offer documentation and the applicable fee structure or fee schedule may be required.

Applicants should keep the documents required for an education loan ready to minimise delays during verification.

What are the Expenses Covered Under Axis Bank Education Loan?

An Axis Bank education loan may cover tuition fees and other eligible education related expenses, depending on the selected scheme and the bank’s approval. These may include accommodation, examination fees, books, equipment and certain travel expenses for overseas studies, where permitted under the applicable loan terms.

• Tuition and Hostel fees.
• Examination, Library, and Lab fees.
• Books, equipment, and uniforms.
• Travel expenses/Passage money for abroad studies.
• Purchase of a computer or other required equipment, where permitted under the applicable loan scheme.

Axis Bank Education Loan Repayment Options

Repayment options for an Axis Bank education loan depend on the applicable scheme and sanction terms. Depending on the loan agreement, students may have a moratorium during their studies, may be required to service interest during that period, or may begin regular instalments according to the repayment schedule agreed with the bank.

• Simple Interest: Paying only interest during the study period.
• Partial Interest: Paying a small fixed amount during the study period.
• Full EMI: Starting full payments only after the moratorium ends.

How to Apply for Axis Bank Education Loan Through Urban Money?

Students can submit an enquiry through Urban Money to explore an Axis Bank education loan. After providing the requested details, they can be contacted for guidance on the application process. The bank’s application, document verification, eligibility assessment and final approval are subject to its procedures and lending criteria.

Step 1

Visit the official Urban Money website

Step 2

Select “Education Loan” under the loan category

Step 3

Click “Apply Now” and enter basic details such as name, mobile number and required loan amount

Step 4

Verify identity by entering the OTP sent to the registered number

Step 5

An Urban Money loan specialist will shortly contact you to guide the process until disbursal.

Axis Bank Education Loan Approval & Disbursement Process

Where collateral is required, the bank may conduct the applicable valuation and legal verification as part of the loan assessment process. After the sanction, the Axis Bank education loan disbursement happens in stages. Loan disbursement may be made in stages according to the applicable sanction terms and the institution’s fee schedule; the mode of payment can vary by the type of expense. After sanction, the education loan disbursement process generally takes place according to the institution’s fee schedule and the terms of the loan.