Axis Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Axis Bank Education Loan

The Axis Bank is the third largest private sector Bank in India. It has 3703 branches in India and 9 International Branches, with head office in Mumbai, Maharashtra. Some of the products of Axis bank are retail banking, Corporate Banking, Investment Banking, Wealth Management, Mortgage loans, Credit cards, Finance and Insurance etc. It also provides a facility of Education loan. If you too want Educational Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

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Read this full post on Axis Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Axis Bank Educational Loan it’s Process to Apply and full detailed Information.


Axis Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bank of Maharashtra
Founded on 1993
Headquarter Mumbai, Maharashtra
Type of Bank  Private
Number of Employees 59,600 (2018)
CEO Name Shikha Sharma
Loan Amount  • Minimum:- Rs. 50000
• Maximum:- Rs. 75 Lacs (Studies in India or Abroad)
Timeline for Loan Disposal Maximum 3 to 4 Working days
Annual Revenue ₹58,476 crore (US$8.1 billion) (2018)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Axis Private Equity Ltd.
  • Axis Asset Management Company Ltd.
  • Bank of Maharashtra UK Ltd.
  • Freecharge Axis Securities Ltd.
  • AxisDirect Axis Finance Ltd.
  • Axis Securities Europe Ltd.
  • A. Treds Limited
  • Axis Forex
  • Axis Trustee Services Ltd.
  • Axis Mutual Fund Trustee Ltd.
Category  Education Loan in India

Types of Axis Bank Education Loan

S.no. Scheme Description
1. Study Power Axis bank Provides Education Loans for Students looking to study in India and Abroad. One can avail loan from Rs. 50,000 to Rs. 75 Lakh.
2. Education loan Subsidy Scheme This Scheme is applicable only for studies in India and is available to educational loans up to and inclusive of Rs. 7.5 lakh.

How to Apply

Online

  • Visit official Web Site of Axis Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button 
  • Fill online Application Form.

Offline

  • Visit the nearest branch of Axis Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian National.
  • The student should have secured admission to a Recognized/Affiliated and Reputed School/High School / Junior School / College (including).

Documents Needed

  • The applicant and Co-applicants need to be over 18 Year of Age
  • Proof of identity (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 /Pass Book of last 6 months
  • Latest electricity bill
  • Latest mobile/telephone bill
  • Existing house lease agreements
  • 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 the first disbursement
  • The demand letter from college or university
  • Loan agreement signed by the applicant, co-applicants
  • Sanction letter signed by the 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 an overseas institute
    Documents required for subsequent disbursement
  • A 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, mark sheet, bonafide certificate (Anyone)
    Form A2 signed by applicant or co-applicants in case of an overseas institute

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In the case of Axis Bank Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Axis Bank Educational LoanClick Here

Contact Details

Head office  Axis Bank Limited, Corporate Office, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025
Official website www.axisbank.com
Apply for Loan  Click Here
Contact Number 1800 4190 230 (Missed Call no. for Loan ) Tel: (022) 2425 2525

Axis Bank Student Loan FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. What is Form A2? Where Can I get the Disbursement Request Form and the Form A2?

Ans. Form A2 required to remittance to the University abroad. It contains the Beneficiary’s details ant the currency in which remittance is to be made. You can download the same from our official website.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail Axis Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

 

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