Product Details
Bank Name
Axis Bank
Maximum Loan Tenure
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
Axis Bank Balance Transfer Education Loan
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
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. Out of pocket expense: Upto 1% of the loan amount + GST.
Fees and Charges
Special Features
Loan tenur can be upto 15 years. Through balance transfer you can reduce your monthly EMI burden
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
Special Concession
Features, Eligibility and Concession
Pros
Loan sanction amount upto INR 50 lakhs. 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. Longer tenure allows you to reduce your EMI burden.
Cons
High interest rate. Inrerest EMI's start immediately, they need to be paid during the study period.
Pros & Cons
Application Procedure
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