Axis Bank Education Loan


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Axis Bank Education Loan

Established in 1994 as UTI Bank, Axis bank provides education loans to students who want to study in India or abroad. Axis bank is the third largest commercial private bank in India. The quantum of education loan ranges from Rs. 50,000 to Rs. 40 lakhs. On the basis of loan amounts, Axis bank has divided the educational institutions into three categories:

  1. Prime A: This list contains mostly Masters programmes from top universities.
  2. Prime B: Besides Masters programmes, it includes a few Bachelors degrees as well.
  3. Non-prime: Courses and institutes which do not form a part of Prime A & B lists are included in this category.

Axis education loan does not just help students to realize the financial requirements of studying abroad but also offers a 100% tax benefit to them on the interest paid under Section 80(E) of the IT Act. Other than these features, as a scheduled commercial bank, government schemes such as Central Government Interest Subsidy Scheme (CSIS) for Economically Weaker sections (income up to Rs. 4.5 Lakhs) are available at Axis Bank.

Features and Benefits
  1. Axis Bank Study Power Education Loan

    S.No. Features Study Power Axis Education Loan Details
    1. Loan Amount Maximum: Rs.40 lakh (without collateral)
    2. Axis Bank Education Loan Interest Rate Typically 11% -13% for loans without collateral given to Prime A and B programs. Higher for non-prime programs. Lower with collateral. Exact rate depends on your profile.
    3. Processing Fee For Loan < 20 Lakhs, Rs. 15,000 (refundable) + GST.
    For Loan > 20 lakhs, 0.75% of (Loan Amount - Rs. 20 lakhs) + GST (Non refundable).
    For Example, for a Rs. 21 Lakh loan: 0.75% of (Rs. 21 lakh - Rs. 20 lakh) = Rs. 750 +GST.
    4. Margin Money No Margin upto Rs. 4 Lacs, 5% Margin above Rs. 4 Lacs for studies in India and 15% Margin above Rs.4 Lacs for abroad studies
    5. Loan Tenure 20 years
    6. Moratorium Period Course length + 12 Months
    7. Payments during the study period Full Interest (SI)
    8. Processing Time 7 days

    Benefits

    1. Early approval of loan before i20 or visa.
    2. Attractive interest rates - even for education loan without collateral.
    3. Covers both tuition and living expenses, including off campus living expenses.
    4. No pre-payment penalty.
    5. No pre-closure charges
    6. Tax benefit u/s 80(E).
    7. Pre-visa disbursal as per the norms of visa offices.
    8. Minimum amount that can be availed is Rs. 50, 000
    9. Comparatively quick sanction and disbursal
    10. Exemplary post-sale service

    Eligibility

    1. Applicant can be an Indian citizen or an NRI, but the co-applicant must be an Indian citizen
    2. Admit letter for the approved courses from the relevant authorities
    3. Must have secured at least 50% in Higher secondary and Graduation

Apply for Axis Bank Education Loan Online

GyanDhan provides a customized documents list for Axis Bank Education loans which depends on your profile, your co-applicant’s profile, and the property/asset which you offer as collateral. At a high level, the following documents are needed. However, we will customize this list as per your profile to ensure that you submit all the necessary documents in one go.

Documents Checklist (Applicant & Co-Applicant) for Salaried Individuals
  1. Proof of identity: Voter ID / Driving licence / Passport / PAN card / Aadhar card
  2. Proof of residence: Electricity bill / latest Telephone bill / Bank account statement / existing House lease agreement
  3. Proof of income: Latest salary slips showing all deductions or Form 16 with a recent salary certificate
  4. Bank statement / passbook of last 6 months
  5. Proof of secured admission: Admission Letter or Conditional Admission Letter
  6. Relevant marksheets and passing certificates
  7. Mandatory passport for the applicant (In case of abroad studies)
  8. Legal documents of the collateral/ Property documents (In the case of secured loan)
Documents Checklist for all Other Individuals
  1. Proof of identity: Voter ID / Driving licence / Passport / PAN card / Aadhar card
  2. Proof of residence: Electricity bill / latest Telephone bill / Bank account statement / registered and valid House lease agreement
  3. Proof of income: Last 2 years Income Tax (IT) returns and computation of last 2 years income certified by a Chartered Accountant
  4. Bank statement / passbook of last 6 months
  5. Proof of secured admission: Admission Letter or Conditional Admission Letter
  6. Relevant marksheets and passing certificates
Documents Required for First Disbursement of the Educational Loan
  1. The first disbursement requires a Demand Letter from the college / institute / university in which the student is studying
  2. Loan agreement duly signed by the applicant and co-applicants
  3. Sanction letter signed by the applicant and co-applicants
  4. Request Form for disbursement duly signed by the applicant and co-applicants
  5. Valid receipts of the Margin Money paid to the institution / colleges / university along with the Bank Statement reflecting the transaction
  6. Collateral Security documents (if applicable)
  7. Form A2 duly signed by the applicant or co-applicants in case of abroad studies
Documents Required for Subsequent Disbursement
  1. Disbursement request form duly signed by either the applicant or co-applicant
  2. Valid receipts of the Margin Money paid to the institution / colleges / university along with the Bank Statement reflecting the transaction
  3. Exam progress report/ marksheet/ bonafide certificate
  4. Form A2 duly signed by the applicant or co-applicants in case of abroad studies
 

Low Turnaround Time

We coordinate with various departments within Axis Bank to secure a loan approval in a matter of just 7 days. This is why 1000s of students trust us with their loan requests every year.

Doorstep Service

For Axis Bank Education Loans, doorstep pickup of documents is available in most cities across India.

No Cost to You

GyanDhan’s services to the applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.

Higher Chances of Approval

In case of any missing documents, property issues, or other problems, we approach Axis Bank officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval.

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Processing & Approval

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Loan Sanction & Disbursal

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Below, we describe the typical bottlenecks that you should watch out for, along with the ways in which we work around such bottlenecks to fast-track your education loan application.

Courses not Listed in the List

In order to sanction education loans, Axis Bank generally sticks to its own categorical list of courses. Now with the new developments in academia, new interdisciplinary courses are mushrooming in universities all over the world. However, due to the bank’s limited expertise in the nomenclature of these new courses, many deserving students opting for such courses don’t get their loans sanctioned or their loan applications considered. GyanDhan’s research team poses a solution to this problem. Our research team has dived deeply into the curriculum and structure of such courses and compared the course’s salient features with the other STEM courses. Hence, we inform the concerned bank officials about the similarities between the characteristics of the new and STEM courses. By providing course annexures to the bank officials, we have hitherto helped many students, whose loan applications were initially rejected because of their desired course not being included in the bank’s list, to get their loan applications accepted and loans sanctioned.

Legal Issues with the Property

In case of secured loan requests, the property of the applicant and its supporting legal papers are verified by Axis Bank empanelled advocates. However, The Turnaround Time (TAT) of the bank and the advocates is high, that is, the officials involved tend to delay the verification process when they come across discrepancies in the property or related documents. Here is where GyanDhan comes to your rescue as we along with the bank look for alternative solutions when such a problem arises. With a proven record of helping 1000s of students out of such situations, GyanDhan prevents property/document related issues from coming in your way to availing an education loan.

Technical Issues with the Property

The evaluation process of the applicant’s property, undertaken by Civil Engineers, empanelled by Axis Bank, is an extremely lengthy and time-consuming process. Civil engineers first visit the property, measure it, check its location and age, and calculate its Distress Sale Price, Fair Price, Market Price. The Turnaround Time (TAT) of the Civil Engineer therefore can be quite high and unpredictable. But with our systematic follow-up, we get this step completed in 3 working days.

In case of Issues with the CIBIL

Sometimes, the CIBIL of the co-applicant is not in order, which can result in the rejection of loan application. In such cases, we get in touch with the concerned bank officials and track the deviations to come up with a solution. Generally, there are cases in which the score of the co-applicant may be poor due to past defaults, or the current status of the credit report may be good but there could be issues from the bank’s side. We suggest the scale of risk involved to the concerned bank authorities so that they can take the appropriate action.

Check Axis Education Loan Eligibility

When the course was not Listed as a STEM course

The student secured an admission in the University of Texas at Dallas for Masters in Applied Cognition and Neuroscience. He required a sum of Rs. 22 lakhs to cover the costs. At first, the student approached government & private banks along with the Non-Banking Finance Companies (NBFCs), but his loan application was rejected by all kinds of lenders. After an exhaustive tug-of-war with the financial institutions, the student who was in complete despair approached GyanDhan for solutions when he met our representatives in a seminar organized in Chennai. Our on-ground team took cognizance of the case when it was forwarded to them by the operations team. Before proceeding further, the team did its homework regarding the course. With the help of consultation provided by the experts in this field, the on-ground team then approached the National Product Team of Axis Bank and suggested that the characteristics of the course are similar to a STEM course. The National Product Team accepted the arguments given by us and even agreed to raise the loan amount by Rs. 3Lakhs and sanctioned the amount of Rs. 25 lakhs to the student.

 

When the Income Tax Return (ITR) records were not in order

The student was offered an admit for an MS in a US university. To sustain his masters, he required a loan of Rs. 45 Lakhs. Initially, his loan application was rejected on the ground that the co-applicant’s (his father’s) ITR records did not mention an audit report which was necessary to generate Unique Document Identification Number (UDIN) - mandatory for businesses to run their operations in the country. Hence, no financial institution was ready to sanction the loan due to the discrepancy in his father’s ITR records. The student approached GyanDhan when his senior referred us to him. Our on-ground team took the matter in their hands. After the elementary research, they found a solution. They suggested the student’s father to get their audit report stamped by a Chartered Accountant (CA). After getting the required stamp, we even helped the student to get a lower rate of interest (RoI). The bank sanctioned Rs.33 Lakhs to the student. His father was ready to use his savings for the rest of the amount.


 

When the applicant’s academic profile was poor, and there were procedural hassles and a tight deadline to submit the financial documents

The student got an admit for Master of Engineering Management from the University of Technology, Sydney. An amount of Rs. 45L was required by the student to pursue his studies. The student’s academic profile was average. He had a slightly low GPA and three backlogs which were cleared in the 1st, 2nd, and 4th attempts. The concerned officer took the application to the loan officer of Axis Bank. After the application went for processing, the student received no updates related to the application status. Part of the problem was also that the course he had applied for was not in the list of courses for which Axis Bank normally sanctions loans for. The student approached the bank with his loan application but to no avail. The student had only a fortnight to submit the proof of his finances. He was in despair as the deadline was getting closer. His father was advised by his friend to approach GyanDhan. Our on-ground team after taking the case in their hands approached the concerned Area Sales Manager (ASM) to propose a solution to this issue. The bank officials were a little hesitant as they did not have full information on the course for which the loan had been applied. We explained to them the intricacies of the course and clarified how the course was closely related to the STEM courses. We informed them about the urgency of the matter and got the loan sanctioned before deadline. He was sanctioned a loan amount of Rs. 25L as the University of Technology, Sydney, comes under Axis Bank’s Prime B list of institutes.


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