Student Loan Application in Private Banks: A Detailed Guide

    Updated on: 11 Sep 2023

     

    In our previous blog, we had discussed the student loan application in public banks, to make it easier for students to fill the form. 

    Now, let’s look into student loan applications for private banks. 

    Check Your Education Loan Eligibility Apply Here

    Private Banks 

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

    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 -

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    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 - 

    Axis Bank Education Loan Form 1

    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. 

     

    Details of Axis Bank Education Loan Form 2

    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. 

     

    Details of Axis Bank Education Loan Form 3

    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

     

    Details of Axis Bank Education Loan Form 4

    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. 

    Details of Axis Bank Education Loan Form 5

    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. 

    Details of Axis Bank Education Loan Form 6

    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. 

    Check Your Education Loan Eligibility Apply Here

    ICICI Bank 

    ICICI Bank offers education loans to students to study in India and abroad. The loan amount can be up to INR 40 lakhs for collateral-free loans. We suggest applying for an education loan via GyanDhan for lower interest rates, better terms and conditions, etc. However, if you are still applying for the loan directly from the bank, read on further to know how to fill the form - 

    The ICICI Bank education loan form is called - Preliminary Credit Facility Application form. Therein, the applicant has to tick the type of loan they are applying for - A loan for studies Abroad or in India. 

    ICICI Bank Education Loan Form 1

    The form starts with the basic details of the applicant such as the name, mother’s name, father’s name, date of birth, religion, current address, permanent address, and residential status.

    Next comes the course details. Enter details of the course for which loan facility is being availed. This also includes the education loan details such as the tuition fees, examination fees, course material, books, traveling expenses, and other expenses if any. You can also mention the funds that you have arranged apart from the loan - such as personal funds, scholarships, financial aid, etc. 

    Details of ICICI Bank Education Loan Form 2

    If the applicant is employed then enter employment details, such as type of employment, designation, company name, address, etc. 

    After this part of the form, is the personal information and occupational details of the co-applicant. This is similar to the personal and employment details entered for the applicant. 

    Details of ICICI Bank Education Loan Form 3

    Next enter details of the asset and liabilities of the applicant and the co-applicant. This is to ascertain the financial position of both the applicant and the co-applicant. After this enter details of the bank account that will be used for education loan transactions and the details of the security offered, if taking a secured education loan

    Check Your Education Loan Eligibility Apply Here

    Further details to be filled in - 

    1. Proof of address
    2. Proof of identity of the applicant and the co-applicant - Aadhar number, Voter ID number, PAN card, Driving license, passport number, and others, if any. 

     

    Details of ICICI Bank Education Loan Form 4

    After adding two references, attach the documents mentioned in the ICICI Bank Education Loan form. The final step is signing the declaration by the applicant and the co-applicant. 

     

    It would be best to take the help of our Education Loan Counselor to fill the loan forms. Moreover, the entire process is online on applying for the loan via GyanDhan, including document submission. So, avail the free service of GyanDhan and secure funds for your abroad education in a hassle-free process. You can start by checking your loan eligibility.. 

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    First published date: 06 Jul 2021


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About author

Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.

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GyanDhan is India's first education financing marketplace.



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