Axis Bank

Axis Bank Education Loan

Get Free Education Loan Assistance From GyanDhan

Interest Rate

Starting from 9.99%

Processing Fees

0.75% + GST

Margin Money

5%
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How it Works

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Simple FIVE step digital process to get a education loan

Check Your Loan Eligibility

Use our free tool to verify your eligibility and receive conditional loan offers.

1

Talk To Our Loan Experts

Connect with our dedicated loan counselor for a better understanding of the process.

2

Upload Documents and Fill Out the Form

Submit your documents or complete the necessary forms for bank verification and evaluation.

3

Negotiate For Your Best Loan Offer

GyanDhan expert's negotiate to secure the most competitive interest rates and the highest possible loan amount for you.

4

Get Loan Approval and Disbursement

Recieve your final approval and sanction letter, ensuring prompt fund disbursement from the lender

5
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Axis Bank Education Loan for Abroad Studies

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All you need to know about Axis Bank education loan for studying abroad

Overview

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. Axis Bank provides both secured and unsecured abroad education loans. In the case of an education loan abroad without collateral, the amount can go upto 50 Lakhs INR while in the case of a secured education loan, the amount can go upto 85% of the collateral pledged.

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

  • Prime A: This list contains mostly Master's programs from top universities.
  • Prime B: Besides Master's programs, it includes a few bachelor's degrees as well.
  • 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 of getting an unsecured Axis Bank abroad education loan

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 university into prime and non-prime categories. The features presented below differ for each of these categories.
Feature Detail
Loan amount Prime A - upto 50 Lakhs
Prime B - upto 40 Lakhs
Non-Prime - On an immediate EMI basis
Interest rate 9.99% - 12.5%
Interest rate type Floating Interest rate
Minimum Income (Co-Applicant) 35,000 INR (without obligations)
Repayment Need to pay S.I. only during course + 1 year grace period
Processing fees 0.75% on sanctioned amount + GST
Other charges Nil
Margin Money 5% (on all categories, need to show proof prior)
Loan Tenure Upto 15 years
Processing time 5 - 7 days after document submission
Prepayment penalty No Penalty
Tax Benefit Yes

Eligibility for unsecured Axis Bank abroad education loan

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

  • The applicant and co-applicant have to be Indian citizens.
  • Must have secured at least 60% in Higher Secondary and Graduation.
  • Co-applicant's CIBIL score should be more than 600.
  • Co-applicant's salary should be more than 35,000 INR 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.
  • Co-applicant needs to be from immediate family. Accepted Co-applicant: Father, Mother, Brother, Sister, or Spouse.
  • Only applicable to master’s courses.
  • Admit letter for the approved MS courses from the relevant authorities.
  • University or college should be in the bank's categorical list of educational institutions.

Documents required for unsecured Axis Bank abroad education loan

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 for the subsequent disbursement.

Documents required during the initial phase of the loan process

For salaried individuals:
  • KYC documents
  • Bank Statement / Pass Book of last 6 months
  • Optional – Guarantor Form
  • Copy of admission letter of the Institute along with fees schedule
  • 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:
  • KYC documents
  • Bank Statement / Pass Book of last 6 months
  • Optional – Guarantor Form
  • Copy of admission letter of the Institute along with fees schedule
  • 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

  • Demand letter from college or university
  • Loan agreement signed by applicant and co-applicants
  • Sanction letter signed by applicant and co-applicants
  • Disbursement request form signed by applicant and 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 overseas institute

Documents required for subsequent disbursement

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

Features of secured Axis Bank abroad education loan

Apart from providing unsecured loans, Axis Bank 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 -

  • 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.
  • 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.
  • In case you have pledged a commercial property, then you can get up to 50% of the property value.
  • You can get a rate of interest 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.

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 that needs to be signed so that the same can be sanctioned.

Benefits of getting Axis Bank abroad education loan 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 out 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 interest rates 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.
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EMI Calculator

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Calculate your Education Loan EMIs

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Does Your Repayment Start While Studying?

Disbursal Option

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Total interest you'll have to pay

Your total payment

(Principal + Interest)

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GyanDhan's Impact Stories

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Empowering students to overcome education loan obstacles

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.

Co-Applicant Challenges: A Success Story in Pursuit of an MS in Analytics

One of my customers approached me in October 2019. She was looking for a loan for a Master of Analytics - RMIT Australia. She needed a loan for 35 lacs and her main priority was private banks as she was having a visa deadline and didn't have time to keep funds for 84 days which is a clause while taking a loan from NBFCs for Australia. Due to the situation that her father was retired with a pension and her husband had just recently moved from abroad and started a business without necessary financial paperwork, her case was rejected by many lenders, but we started her process and It took more than a month for all the procedures and finally, her loan was approved from Axis bank which was of 15 lacs only. However due to a gap in the approved loan amount by Axis and her requirements, she decided to change her intake and started the procedure with nbfc but didn't get approval from anywhere, then we spoke with Axis Bank and were able to enhance the amount to 19 lacs. After that, she managed to arrange the remaining funds and begin the disbursal procedure. After her master's degree, she got a job at NEP Australia - Business Analytics and after working for about 3 months, she switched to Gresham Tech Australia.

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Frequently Asked Questions

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What is the repayment tenure of an education loan from Axis Bank?

The repayment tenure for Axis Bank is upto 15 years but this includes the course and grace period duration.

Does Axis Bank accept commercial property as collateral?

Yes, Axis Bank can accept commercial property as well but the loan amount that it can provide on it will only be upto 50% of the property value.

What is the maximum loan amount one can get for overseas studies from Axis Bank?

For an unsecured loan, you can get a loan amount upto 50 Lakhs from Axis Bank.

Is the loan disbursed in favor of the borrower or the institute/college/university?

The living expenses get disbursed in the account of the applicant while the tuition fees get transferred to the university account. This can also vary for different conditions.

Do education loans have any Income Tax benefits?

Yes, education loans from Axis Bank have tax benefits under section 80(c).

Is Axis Bank public or private?

Axis Bank is one of the largest private banks in India.

Does Axis Bank provides a non-collateral loan and what is the minimum amount that I can get for an education loan from Axis Bank?

The minimum amount that you can get from Axis Bank in case of a non-collateral loan can be somewhere between 20 - 30 Lakhs INR.

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Our Customers. Our Asset

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testimonials

Vaibhav Desai

Stevens Institute of Technology, USA

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Hemalatha Jayakrishnan

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Ashutosh Sharma

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Deepa Krishnakumar

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