Axis Bank Education Loan - Student Loan in India
Axis Bank Education Loan Scheme
Axis Bank's Study Power aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad. The loan would be provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate or post-graduate level.
Axis Bank Education Loan Eligibility
The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
Secured at least 50% marks during HSC & Graduation
Secured admission in India or Abroad through entrance test / Merit based selection process post completion of HSC (10+2)
Documents for Axis Bank Education Loan
- Proof of identity (any one of the following):
- Voter ID card
- Driving license
- PAN card
- IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
- Proof of residence (any one of the following):
- Bank account statement
- Latest electricity bill
- Latest mobile/telephone bill
- Existing house lease agreement
- Bank Statement/Pass Book of last 6 months
- Optional â€“ Guarantor Form
- Copy of admission letter or the Institute along with Fees schedule
- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses
Axis Bank Education Loan Amount
The quantum of finance under the scheme is capped at Rs 10 lacs for studies in India and Rs 15 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.
Axis Bank Education Loan Margin
No margin for loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.
Axis Bank Education Loan Rate of interest
Upto 4 lacs - 15.00%
Loans greater than Rs.4 lacs and upto Rs. 7.5 lacs - 14.50%
Loans greater than 7.5 lacs - 13.50%
Role of the Guardian
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor.
Axis Bank Education Loan Security
Third party guarantee and/or collateral security may be asked for in appropriate cases.
Axis Bank Education Loan Additional Security
Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.
Axis Bank Education Loan Disbursement
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.
Penalty for early closure - Nil.