Student Loan Application in Private Banks: A Detailed Guide

Private Banks 

There are several private banks that are offering education loans for higher studies in India and abroad. Some of them are - 

• Axis Bank 
• ICICI Bank 
• Federal Bank 
• HDFC Bank 
• Karur Vysya Bank 
• Kotak Mahindra Bank 
• RBL Bank 
• Yes Bank 
• Karnataka Bank 
• South Indian Bank 

Every bank has an application form on its website for an education loan. Students can also search and apply for the loan scheme on VidyaLakshmi Portal. 

In this blog, we will be discussing the application form of Axis Bank and ICICI Bank. Starting with Axis Bank -

Axis Bank 

Axis Bank has attractive education loan schemes for students to study in India and abroad, with loan amounts starting from INR 50,000. There are a host of benefits that come with it, such as tax benefits, longer loan repayment period, etc. If you approach the bank directly to apply for the loan, you will have to fill an application form. Let’s look at the form and how to fill it - 

Fields to be filled in carefully - 

1. Type of Customer - For Indian citizens with income should tick the box - Resident Financial. Indian citizens with no income should tick the box Resident Non-Financial. NRI citizens with income should tick the box Non-Resident Financial. 
2. Details of the Applicant - Fill in the name of the applicant, father’s name, maiden name if married, guardian name if any, date of birth, residential address, email address, phone number, and permanent address. 

Fields to be filled in carefully - 

1. Other Details of the Applicant - marital status, education details such as the last degree and institute. 
2. KYC - Enter PAN Card, Aadhar ID, passport number, driving license number, resident/non-resident, religion, and occupation. 
3. GST details are filled by individuals with a business. They are not for an individual. 
4. Fill in the NRI details if the applicant is a Non-Resident Indian. 

Fields to be filled in carefully - 

1. Enter details of the course for which you are taking the education loan. 
   • Examinations passed
   • Name and address of the university, country. 
   • Admission status 
   • Course details - start date, end date, and category.
2. The total number of years the applicant intends to repay the loan and the EMI details accordingly have to be entered. These are estimated figures. 
3. Students should also mention if they intend to service the interest charged during the moratorium period. 

Fields to be filled in carefully - 

1. Loan Details - enter details from the fee structure received from the college/university. 
2. Mode of Disbursement - select the mode of disbursement that is required by the university and enter details accordingly. 
3. Employment Details - enter the details of the applicant, if employed. The financial details of the applicant include - 
   • Salaried or self-employed
   • Income details - gross salary, net salary, total income. 
   • Investment made in shares or bank deposits 

Similar to the details of the applicant, details of the co-applicant 1 and 2/Guarantor have to be entered. 

Fields to be filled in carefully - 

1. The financial details of the applicant and the co-applicant has to be entered - Assets and liabilities. Keep in mind that the information entered here should match the information entered above in the form. 
2. Security details - If you are pledging collateral to back up the loan amount then enter the details here. 
3. Reference has to be added which is not a relative or a colleague, for example - a neighbour. 

This is the checklist of the Axis Bank Education loan documents. Make sure you are submitting the correct documents. The last leg of the form is a declaration that has to be signed by the applicant and all the co-applicants/guarantors. 

This was the Axis Bank Education Loan form in detail. Now let’s move on to the next bank - ICICI Bank.