Axis Education Loan

Established in 1993 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. Axis Bank provides both secured and unsecured abroad education loans. In the case of an education loan abroad without collateral, the amount can go up to INR 1 crore, while in the case of a secured education loan, the amount can go up to 85% of the collateral pledged.

Based on the target university, Axis Bank has divided the educational institutions into three categories:

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  Prime A: This list contains mostly Master's programs from top universities.

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  Prime B: Besides Master's programs, it includes a few bachelor's degrees as well.

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  Non-prime: Courses and institutes that do not form a part of the 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 INR 4.5 Lakhs) are available at Axis Bank.

Features of Getting an Unsecured Axis Bank Education Loan Abroad

There are many benefits that you are going to enjoy if you pursue your education loan abroad without collateral from Axis Bank. Axis Bank is one of the best options if you do not have collateral to pledge and want to take an unsecured education loan. Axis Bank has approved a list of abroad universities that they have divided based on STEM and non-STEM courses that categorize the universities into prime and non-prime categories. The features presented below differ for each of these categories.

Eligibility for Unsecured Axis Bank education loan abroad

Below are some criteria that you need to ensure so that you can be eligible for taking an Axis Bank study loan

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  The applicant and co-applicant have to be Indian citizens.
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  Must have secured at least 60% in Higher Secondary and Graduation.
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  Co-applicant's CIBIL score should be more than 700.
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  Co-applicant's salary should be more than INR 35,000 without any obligations i.e. the co-applicant should not have any other EMI going on. Co-applicant must have either 3 years of ITR or 2 years of Form-16.
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  Co-applicant needs to be from the immediate family. Accepted Co-applicant include Father, Mother, Brother, Sister, or Spouse.
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  Only applicable to master’s courses.
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  An admit letter for the approved MS courses from the relevant authorities.
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  The university or college should be on the bank's categorical list of educational institutions.

Documents Required for Unsecured Axis Bank Education Loan Abroad

There are three different times at which you will need some documents. The initial set of documents will be required when the loan application is in process, the second set of documents will be required during the first disbursement, and the last set of documents will be required for the subsequent disbursement.

Documents Required During the Initial Phase of the Loan Process:

For salaried individuals:

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  KYC documents
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  Bank Statement / Pass Book of last 6 months
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  Optional – Guarantor Form
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  Copy of admission letter of the Institute along with fees schedule
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  Mark sheets / passing certificates of S.S.C. (Secondary School Certificate), H.S.C (Higher Secondary School Certificate), and Degree courses.

For all other Individuals:

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  KYC documents
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  Bank Statement / Pass Book of last 6 months
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  Optional – Guarantor Form
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  Copy of admission letter of the Institute along with fees schedule
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  Mark sheets / passing certificates of S.S.C. (Secondary School Certificate), H.S.C (Higher Secondary School Certificate), and Degree courses.

Documents Required for the First Disbursement:

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  Demand letter from a college or university
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  Loan agreement signed by the applicant and co-applicants
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  Sanction letter signed by the applicant and co-applicants
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  Disbursement request form signed by the applicant and co-applicants
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  Receipts of margin money paid to the college/university, along with a bank statement reflecting the transaction
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  Documents for collateral security (if applicable)
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  Form A2 signed by the applicant or co-applicants in case of an overseas institute

Documents Required for Subsequent Disbursement:

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  Demand letter from a college or university
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  Disbursement request form signed by the applicant and co-applicants
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  Receipts of margin money paid to the college/university, along with a bank statement reflecting the transaction
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  Exam progress report, marksheet, bonafide certificate (anyone)
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  Form A2 signed by the applicant or co-applicants in case of an overseas institute

Features of Secured Axis Bank Education Loan Abroad

Apart from providing Axis Bank education loan without collateral, it can also provide you with secured loans in case you are ready to pledge some collateral with the bank. In case of collateral as well the co-applicant profile is considered. Different features that are associated with a secured abroad education loan with Axis Bank are -

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  If you have pledged a residential property as collateral and your co-applicant is salaried, then you can get up to 85% of the property value.
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  If you have pledged a residential property as collateral and your co-applicant is self-employed, then you can get up to 75% of the property value.
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  In case you have pledged a commercial property, then you can get up to 50% of the property value.
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  You can get Axis education loan interest rate between 9.99% - 10.50% for secured loans.

The main benefit of a secured education loan is that the course and university list are not considered. That is, you can be from any university and course, no matter whether it is listed in the Axis Bank university list or not.

Subsidies on Axis Bank education loan 

Under the Central Government Interest Subsidy Scheme offered by Axis Bank, economically disadvantaged students can receive Axis Bank student loans for professional or technical studies at accredited institutions. Key features include:

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  Government payment of interest during the moratorium.
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  A maximum loan amount of INR 7.5 lakh.
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  Subsidy available only once.
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  No subsidy if the course is discontinued.

How to Apply for Axis Bank Abroad Education Loan?

The process of starting a loan application with Axis Bank is quite simple. All you need to do is follow the below-mentioned steps.

Check Loan Eligibility:

The first step is to check your loan eligibility with GyanDhan, which will require you to fill out some details like personal details, target university, loan amount, and more.

Loan Processing:

After checking your loan eligibility, an education loan counselor (ELC) from GyanDhan will contact you and provide a personalized document checklist. You'll need to arrange the documents while the ELC pushes your details to Axis Bank.

Free Doorstep Document Collection:

Once you arrange all documents, an Axis Bank relationship officer (RO) will collect and verify them. Missing documents will be notified by GyanDhan's ELC and Axis Bank's RO within 1 day.

Loan Approval and Sanction:

After all the verification is done, a loan approval mail (with loan amount and other details) is sent to the applicant, who needs to sign it so that the same can be sanctioned.

Learn more about Axis Bank education loan disbursement process. 

Benefits of Getting Axis Bank Education Loan Abroad from GyanDhan

There are several benefits that you would get by proceeding with your loan from Axis Bank through GyanDhan. Some of the benefits have been listed below -

Guaranteed Best Loan:

GyanDhan is committed to providing you with the most advantageous education loan available. Our team ensures that we secure the best possible deal for you. If you come across a better offer, we will compensate for the variance in Axis Bank education loan interest rate throughout the entire period of your education loan.

Higher Chances of Approval:

GyanDhan ensures Axis Bank only receives your application after meeting all eligibility requirements.

Customized Document Checklist:

GyanDhan provides a tailored list of required documents, including alternative options which helps in quick document submission.

Low Turnaround Time:

GyanDhan can complete the loan process in 5-7 days (after document submission), compared to Axis Bank's 15-day procedure if an applicant goes directly to the Bank.

100% Free of Cost Services:

When you proceed with GyanDhan, an education loan counselor will guide you throughout the process, without any added cost.