Axis Bank Education Loan: 10 Compelling Benefits for Your Higher Studies

Axis Bank Education Loan, In today’s competitive world, education is the key to success. However, the cost of education has been increasing rapidly, making it difficult for many students and their families to finance their studies. To bridge this gap, many banks and financial institutions offer education loans. Axis Bank is one such institution that provides various education loan schemes to help students achieve their dreams.

Axis Bank Education Loan

Axis Bank’s education loan is designed to help students finance their studies in India and abroad. It covers tuition fees, hostel fees, examination fees, and other related expenses. The loan amount can range from Rs. 50,000 to Rs. 75 lakhs, depending on the course and institution. The repayment period can be up to 15 years, including a moratorium period of course duration plus one year.

Axis Bank Education Loan
Axis Bank Education Loan

Axis Bank Loan Eligibility Criteria

To be eligible for Axis Bank’s education loan, the student should be an Indian citizen, aged between 18 to 35 years. The student should have secured admission to a recognized course in India or abroad. The co-applicant should be a parent, spouse, or guardian, with a steady source of income and good credit history.

Axis Bank Education Loan Interest Rate

Axis Bank’s education loan interest rate is calculated based on the Marginal Cost of Funds-based Lending Rate (MCLR) and varies depending on the loan amount and repayment period. Currently, the interest rate starts from 8.75% p.a. The bank also offers a concession of 0.50% p.a. for girl students and a 1% reduction for students who opt for an education loan with a co-applicant.

Axis Bank Education Loan for Abroad

Axis Bank’s education loan for abroad is designed to help students finance their studies in foreign countries. The loan covers tuition fees, hostel fees, travel expenses, and other related expenses. The loan amount can range from Rs. 50,000 to Rs. 1.5 crores, depending on the course and institution. The repayment period can be up to 15 years, including a moratorium period of course duration plus one year.

Axis Bank Education Loan Eligibility Criteria

To be eligible for Axis Bank’s education loan for abroad, the student should have secured admission to a recognized course in a foreign country. The co-applicant should be a parent, spouse, or guardian, with a steady source of income and good credit history. The loan also requires collateral, such as property or fixed deposits, depending on the loan amount.

Axis Bank Student Loan

Axis Bank’s student loan is designed to help students finance their studies in India. The loan covers tuition fees, hostel fees, examination fees, and other related expenses. The loan amount can range from Rs. 50,000 to Rs. 10 lakhs, depending on the course and institution. The repayment period can be up to 10 years, including a moratorium period of course duration plus one year.

Axis Bank Eligibility Criteria

To be eligible for Axis Bank’s student loan, the student should be an Indian citizen, aged between 18 to 35 years. The student should have secured admission to a recognized course in India. The co-applicant should be a parent, spouse, or guardian, with a steady source of income and good credit history.

Axis Bank Education Loan Interest

Understanding the interest rate is crucial while taking an education loan. The interest rate can affect the total cost of the loan and the monthly EMI. It’s essential to opt for a lower interest rate to minimize the loan burden.

Axis Education Loan Interest Rate

Axis Bank’s education loan interest rate is subject to change as per the bank’s policy. Currently, the interest rate starts from 8.75% p.a.

Axis Bank Study Loan

Axis Bank’s study loan is designed to help students finance their studies in India. The loan covers tuition fees, hostel fees, examination fees, and other related expenses. The loan amount can range from Rs. 50,000 to Rs. 10 lakhs, depending on the course and institution. The repayment period can be up to 10 years, including a moratorium period of course duration plus one year.

Eligibility Criteria

To be eligible for Axis Bank’s study loan, the student should be an Indian citizen, aged between 18 to 35 years. The student should have secured admission to a recognized course in India. The co-applicant should be a parent, spouse, or guardian, with a steady source of income and good credit history.

Documentation

To apply for an education loan from Axis Bank, the applicant needs to submit the following documents:

  • Identity proof and address proof of the student and co-applicant
  • Admission letter from the educational institution
  • Mark sheets of the last qualifying examination
  • Income proof of the co-applicant
  • Bank statements of the co-applicant
  • Collateral documents (if required)

Benefits of Axis Bank Education Loan

  • Competitive interest rates
  • Flexible repayment options
  • Easy application process
  • No prepayment charges
  • No margin requirement for loans up to Rs. 4 lakhs
  • Tax benefits under Section 80E of the Income Tax Act, 1961

Conclusion

Axis Bank’s education loan is a viable option for students looking to finance their education. The bank offers various loan schemes with competitive interest rates, flexible repayment options, and easy application process. The loans cover a wide range of expenses, including tuition fees, hostel fees, travel expenses, and other related expenses. The bank’s focus on providing hassle-free loans and their customer-centric approach makes it a popular choice for students across the country.

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