Axis Bank GRE Based Education Loan
Product Details
Bank Name
Axis Bank
Maximum Loan Tenure
15 Years
Maximum Loan Amount
Unsecured Loan upto INR 50 Lakhs
Interest Rate
Loan upto 4 Lakh: 15.20%. Loan between 4 lakh and 7.5 Lakh: 14.70%. Loans greater than INR 7.5 Lakh: 13.70%
Purpose/Field of Education Loan
Unsecured Loan for Abroad universities on the basis of GRE score
Repayment Cycle
During the study period borrower has to pay only interest component - it is called pre EMI. Once the lstudy period + grace period is over the borrower is required to pay both interest as well as principal component. Grace period is different from case to case basis.
Grace Period
Grace period is different from case to case basis.
Minimum CIBIL Score
Not required
Co-Borrower Required
Parents will be primary borrower.
Collaterals Required
Collateral may be required in certain cases.
Fees & Charges
Prepayment Charges: Nil;
Bounce charges: INR 500 + GST.
Processing Fees: 2% of the loan amount + GST.
Late Payment Charges: 8% p.a.
Legal Fees: Differ from state to state.
Fees and Charges
Eligibility Criteria
The Education Loan will be provided to those students who have Indian Citizenship Secured at least 50% marks during HSC & Graduation Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2) Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)
Special Concession
None
Features, Eligibility and Concession
Special Features
Loan is available on the basis of GRE score solely. No admission letter is required from college/university.
Pros
Pros & Cons
Cons
High interest rate.
Inrerest EMI's start immediately, they need to be paid during the study period.
Loan sanction amount upto INR 50 lakhs.
Loan approval letter is issed prior to securing admission.
Borrowr is required only to pay simple interest till the time studies are going on + grace period.
Loan is available upto 100% of tution, boarding, travelling and living expenses are covered.
Account Opening and Procedure
How to Apply?
You can apply for the loan through the Axis Bank website or mobile app, or visit a branch in person.
Documents Required
Know Your Customer (KYC) Documents: PAN Card or Aadhaar Card (identity proof)
Address proof (Passport, Voter ID, Utility Bill)
Academic Documents: Mark sheets and passing certificates from your previous educational qualifications (typically SSC, HSC, and Degree certificates)
A copy of your GRE scorecard
Loan Purpose Documents: Copy of your admission letter from the university you'll be attending, including the fee schedule
Axis Bank GRE Based Education Loan
Axis Bank's GRE Based Education Loan can be a good option for students with strong GRE scores who are aiming for studies abroad. The potential for better loan terms is an advantage. However, the lack of transparency on interest rates and loan amount flexibility necessitates contacting the bank directly for details. It's also important to compare it with the standard education loan offering and consider the competition for this program.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai