Axis Bank Education Loan
Making sure you focus on your studies, not finances.
Interest Rate
Starting From 11%
Processing Fees
Upto 2%
Margin Money
NIL
Axis Bank Education Loan Features
Axis Bank offers the ideal solution for all your educational financial requirements. Here are the key features of the Axis Bank Education Loan:
- No cap on the loan amount.
- Long payment tenure for enhanced financial planning.
- Pre-approved education loan even before admission
- Tax benefit under section 80E of the Income Tax Act
- Covers up to 100% of the cost of education, including tuition fees, hostel fees, and other related expenses
- For specific loan amounts and courses, Axis Bank may provide unsecured loans without collateral
Axis Bank Education Loan—Benefits for Students
Axis Bank offers a range of benefits for students who take education loans, including:
- Axis Bank’s credit scoring model is tailored specifically for education loan approvals.
- The loan covers the entire cost of your education, including living and other related expenses.
- Once approved, the education loan is disbursed into your account within two days.
- Axis Bank offers doorstep services for education loans, eliminating the need for multiple branch visits.
- You can apply for an education loan from Axis Bank even before gaining admission.
- Axis Bank provides a provisional loan sanction letter, which can be used for Visa applications, even before you secure admission to a university.
Axis Bank Education Loan Without Collateral
Many students aspire to study abroad but face challenges in securing an education loan due to the lack of available collateral. Axis Bank’s collateral-free education loan provides an excellent financial solution for those aiming to pursue higher education without pledging assets.
This loan allows students to obtain funding based on their academic achievements and the creditworthiness of their co-borrowers, typically parents or guardians. With competitive interest rates and a repayment tenure of up to 15 years, this flexible loan option is a convenient choice for many families.
Axis Bank’s unsecured education loan enables students to achieve their academic ambitions without the burden of providing collateral.
Overview of Axis Bank Education Loan Without Collateral
Axis Bank offers unsecured education loans that do not require any collateral or security.
Below is an overview of the key features of Axis Bank’s unsecured education loan:
Feature | Description |
Loan Amount | Up to INR 75 Lakh |
Rate of Interest | 11% – 13.50% |
Processing Fees | Up to 2% plus GST |
Processing Time | 7-15 days |
Margin Money |
|
Moratorium Period | Course duration + 6 months (can be extended to 12 months) |
Repayment Tenure | 15 years |
Income Tax Under Section 80E Benefits by Axis Bank
Under Section 80E of the Income Tax Act, borrowers can claim tax benefits on the interest paid on Axis Bank education loans. Key points to note regarding this benefit include:
- The benefit applies only to the interest portion of the loan, not the principal amount.
- The entire interest paid during the financial year is eligible for deduction, with no upper limit.
- The deduction can be claimed for up to 8 years, beginning from the year the borrower starts repaying the loan, or until the interest is fully repaid, whichever comes first.
Eligibility Criteria Axis Bank Unsecured Education Loan
Before applying for an Axis Bank Unsecured Education Loan, it’s important to review the eligibility criteria to streamline the application process and improve the chances of approval of your education loan.
By understanding these requirements in advance, applicants can avoid unnecessary rejections, save time and effort, and ensure they have the necessary documentation ready to support their application.
Typically, to qualify for an Axis Bank Unsecured Education Loan, applicants must meet the following criteria:
Indian Citizenship | Both the applicant and the co-applicant must be Indian Citizens |
Academic Record | At least 60% in higher Secondary and Graduation |
Co-applicant’s Credit Score | A credit score above 600 |
Financial Stability of Co-Applicant | Monthly income should be over INR 35,000 with no existing EMIs |
Income Documentation | Co-applicant must provide either 3 years of ITR or 2 years of Form 16 |
Family Relation | Co-applicant must be an immediate family member- father, mother, brother, sister, or spouse |
Course Restriction | The loan is applicable only for Master’s Courses. |
Admission Letter | Must have an admit letter for approved MS Courses |
Listed Institutions | The chosen university or college must be on the bank’s approved list. |
Documents Required for Axis Bank Education Loan
When applying for an education loan from Axis Bank, it’s recommended to have the following documents prepared:
Education Loan Application Form | Duly filled loan application form with all the required details and two affixed photographs. |
Educational Qualification | 10/12th marksheet or latest education certificate |
Course Expenses | Statement of course expenses/ cost of study |
Identity Proof | Aadhar Card and PAN Card of the student and Parent/ Guardian |
Age Proof |
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Address or Residence Proof |
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Income Proof |
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Assets and Liabilities | Documents stating the assets and liabilities of the parent/ co-borrower/ Guardian. |
Axis Bank Education Loan EMI Calculator
Getting an education loan comes with financial planning for paying EMIs on time. While planning to finance your education through Axis Bank, you can use the EMI Calculator from HiWiPay- a simple and efficient tool designed to help students plan their finances and make informed decisions.
With just a few clicks, you can easily estimate your monthly installments based on the loan amount, interest rate, and repayment tenure.
How to Apply for Axis Bank Education Loans via HiWiPay?
If you wish to apply for an education loan from Axis Bank and are worried about how to proceed, choose to apply through HiWiPay!
HiWiPay is an online platform that is designed to assist Indian students and offer a smooth and seamless application experience.
HiWiPay helps you get your ideal education loan from Axis Bank in minutes. Just fill in your details, check your eligibility, and leave the rest to us! With a completely digital process, you’ll get your loan in no time!
Apply online for an education loan from Axis Bank.
The HiWiPay Effect in Axis Bank Education Loan
Feature | With HiWiPay | Without HiWiPay |
Paperwork | No hassle of paperwork Completely Digital | A lot of paperwork included |
Pre-Visa disbursements | Easy | Difficult |
Personalized Loan Offers | Yes | No |
Process of Loan | Saving of time and money | Tiring and time-consuming process |
Customer Reviews
Frequently Asked Questions
Yes! If you avail of an education loan from Axis Bank, it will cover 100% of the cost of education.
Interest rates depend upon multiple factors, like your credit score, academic report, etc. It varies somewhere between 10.25% to 15.20%.
The processing fee for education loans from Axis Bank is up to 2% of the loan amount plus applicable GST.
Once documentation is done, it takes up to 15 working days for the loan to get approved.
Yes. You can claim a deduction for the interest paid on the Axis Bank education loan under section 80E of the Income Tax Act while filing your income tax return.
Yes, but only the interest amount is required to be paid during studies.
If you avail of an education loan without collateral from Axis Bank, the interest rate ranges between 11% and 13.50%.