AXIS Bank Education Loan

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AXIS Bank Education Loan Summary Table

Axis Bank Education Loan Limit For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
Axis Bank Education Loan Interest Rate Up to 4 Lacs- 16.50%
Up to 7.5 Lacs- 17.50%
Above 7.5 Lacs- 15.50%
Axis Bank Education Loan Margin Up to loan 4 Lacs: No margin
Above 4 Lacs: for India: 5%
for Abroad: 15%
Axis Bank Education Loan Processing Fees No processing fees
Axis Bank Education Loan Security Third-party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of the education loan amount
Assignment of Future salaries in favor of Axis Bank
Axis Bank Education Loan Repayment Starts After 1 year of course completion or 6 months after getting the job

AXIS Bank Education Loan Features

AXIS Bank Education Loan

While education at prestigious universities might be costly, you should not worry about it as long as you can avail of Education loans. With affordable interest rates, you can take an education loan for a professional or technical course in India or abroad.

While taking an education loan, you need to see the course you’re applying for, your university and, other things. The cost of maximum loan amount differs for India and abroad, thus you need to make a wise decision.

The Loan amount scheme would cover tuition fees, hostel charges (if any), cost of books, etc.

Axis Bank Education Loan Eligibility

Parameters Axis Bank Education Loan Eligibility Criteria
Age of the Applicant
  • Up to 35 years for non-employed personnel
  • Up to 45 years in the case of working employees/ executives
Who can apply
  • An Indian National having secured admission to professional/technical courses in recognized institutions.
  • Permanent employees who are employed for not less than three years with any organization and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount
  • Upto Rs. 1,000,000 for studies in India.
  • Upto Rs. 2,000,000 for studies abroad.
  • Upto Rs. 4,000,000 for studies at IIT’s, IIM’s, and ISB’s.
  • These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency
  • Quarterly or monthly rests.
  • Repayment in Education Loans typically starts 1 year after completing the course, or, six months after getting a job, whichever is earlier.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses, repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses repayment tenure is a maximum of 12 years after the commencement of repayment.

Axis Bank Education Loan Interest Rates

Loan Type

Loan Amount

Interest Rates

Education Loan

Up to Rs.4 lakhs

Base Rate + 7%

Loans from Rs.4 lakh up to Rs.7.5 lakhs

Base Rate + 8%

Loans greater than Rs.7.5 lakhs

Base Rate + 6%

Education Loan for Girl Student

Up to Rs.4 lakhs

Base Rate + 6.50%

Loans from Rs.4 lakhs to Rs.7.5 lakhs

Base Rate + 7.50%

Loans greater than 7.5 lakhs

Base Rate + 5.50%

Education Loan*Above Axix bank education loan interest rates are subject to change without notice.

Axis Bank Education Loan Schemes with detailed features, documents, max loan, courses

  • Education Loan starts from ₹ 50,000. This guarantees that no matter what your background is you can avail of Axis Bank’s education loan.
  • ₹75,00,000 is the maximum amount that Axis Bank currently lends to its candidates. So you can be sure that your financial burden will be reduced.
  • Axis Bank’s education loan covers not just the tuition fees and hostel charges but the cost of books, among other expenses as well.
  • Attractive interest rate. The MCLR (Marginal Cost Based Lending Rate) stands at 8.7%.
  • No margin to education loans up to ₹ 4,00,000.
  • 5% margin on education loans that are above ₹ 4,00,000 if you pursue your studies are in India.
  • 15% margin on education loans that are above ₹ 4,00,000 if you plan to study abroad.

Axis Bank Central Scheme for Subsidy

Axis Bank allows Education Loans to students belonging to the Economically Weaker Section as per the Central Government Interest Subsidy Scheme. The Scheme is applicable only for studies in India and is accessible to educational loans up to and inclusive of Rs. 7.5 lakhs. To avail of this scheme, one needs to show income proof to prove that they are from the economically weaker sections of the society.

Axis Bank Education Loan Charges

Charges Amount
Loan Processing Charges Nil
Prepayment Charges Nil
No Due Certificate NA
Solvency Certificate NA
Penal Interest on delayed or overdue EMI 24% per annum / 2% per month
Charges for changing from fixed to floating rates of interest NA
Charges for changing from floating to fixed rates of interest NA
Penalty on Return of Instrument / Repayment instruction ₹500 plus GST

Axis Bank Documents Required

Identity Proof One of any mentioned document for Identity proof:

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defense ID Card.
Residence Proof One of the following documents for Residence proof (It should not more than 3 months old):

  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill
Income Proof in case of salaried co-borrower
  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)
Income proof for self-employed co-applicant
  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

Also, there are other records required as mentioned in the table given below:

  Student Applicant Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission: A conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.
Co-applicant 2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.

EMI Calculator

You can calculate Equated monthly installments (EMI) for your Education loan at Dialabank by clicking on EMI Calculator here.

EMI Calculation Table

TABLE WILL APPEAR

Axis Bank: Takeover of Education Loan

In the takeover of an Education loan, an Education loan is transferred from one lender to another at the comparatively lower interest rate and better repayment policy. You can visit the website of the Axis Bank to know more.

How to apply for Axis Bank Education Loan 

To apply for Axis Bank Education Loan online or offline, you either have to visit those branches physically or visit their website or visit Dialabank for the best services. Given below are the steps you can follow for Axis Bank Education Loan:

  • Visit Dialabank
  • In the other products menu, go to the Education loan option.
  • There, you can find the Axis Bank Education Loan option on the right side of your screen. (if accessing through PC or Laptop)
  • Go the Axis Bank Loan Education option, fill in your required details, and submit the form.
  • Once you’re done, our customer relationship managers will help you in the whole process.
  • After analyzing the right choices for yourself, you can get an instant education loan for your studies.
  • To know more, you can call on 9878981166.

FAQs for Axis Bank Education Loan

  • What is the maximum amount of Education Loan can you avail of for education in India?

The maximum education loan amount for higher education is 75 lakhs rupees.

  • How much time does the Axis Bank take to convey its decision?

Within 15 working days from the date of receipt of the education loan application, provided the application is complete in all respects.

  • What is the margin for Education loans?

There is no margin for education loans up to Rs. 4 Lakhs. For loans above Rs. 4 Lakh, the margin for studies within India is 5% and for studies overseas is 15%.
  • What are the charges for late payment of EMI?

Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s.
  • What is the role of a guardian/parent in an education loan?

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

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