Axis Bank Abroad Education Loan

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Interest Rate

Starting @ 11.50%

Processing Fees

0.75% + GST

Loan Margin

5% of the loan amount

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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 unsecured education loan 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.

On the basis of the target university, Axis Bank has divided the educational institutions into three categories:

  1. Prime A: This list contains mostly Master's programs from top universities.
  2. Prime B: Besides Master's programs, it includes a few bachelor's 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.

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Features of getting an unsecured Axis Bank abroad education loan

There are many benefits that you are going to enjoy if you pursue your abroad education loan 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 11% - 11.50%
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



Yes No

Total Interest to be paid

0

Total Payment Principal + Interest

0

Your EMI per month will be

0

Eligibility for unsecured Axis Bank abroad education

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.

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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.

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., H.S.C, 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., H.S.C, Degree courses
  • 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
  • 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 upto 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 upto 75% of the property value.
  • In case you have pledged a commercial property then you can get upto 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 is 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.

Benefits

Getting your Axis Education Loan through GyanDhan

Quick Processing

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.

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.

Free of cost assistance

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

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.

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.

Bottlenecks in Axis Bank education loan

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.

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Case Studies

How we helped students to mitigate the obstacles they came across while securing their education loan

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.


Frequently Asked Questions


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 favour 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).

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Axis Education Loan Reviews - Student's Speak

Shravan Shetty

No suggestions at all. I have been interacting with Sakshi for past 2 months and I had a great experience. Kudos to your organization and your team and special special thanks to Sakshi for being patient with my questions.

Nilesh Patel

Gyandhan is best for connecting students with a bank according to the requirement. I recommend gyandhan to every student who want education loan. Thank you gyandhan for all efforts.

Sidharth Nilesh Koparde

Himani and Mishan did a great job for getting my loan Sanctioned and kept me updated about my loan process. They were very helpful through out the process.

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