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Product Details
Bank Name

Axis Bank

Maximum Loan Tenure

Up to 15 Years

Maximum Loan Amount

Unsecured Loan upto INR 1 Cr. (For Abroad)
Unsecured Loan up to INR 75 Lakhs (For Domestic)

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

The funds from the Axis Bank Balance Transfer Education Loan are used to pay off your existing education loan, not for any new educational expenses.

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

No Required

Co-Borrower Required

Parents will be primary borrower.

Collaterals Required

Collateral may be required in certain cases.

Fees & Charges
  • Processing Fees: 2% of the loan amount + GST 

  • Prepayment Charges: Nil; 

  • Bounce charges: INR 500 + GST.

  • Penal Charges: 8% p.a. 

  • Legal Fees: Differ from state to state. 

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

N/A 

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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Product Review
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How to Apply?

You can apply for the loan online or visit an Axis Bank branch.

Documents Required
  • KYC Documents: Proof of identity and address like PAN card, Aadhaar card, etc.

  • Education Loan Documents:  Your existing education loan account details, sanction letter, and disbursement proof.

  • New Loan Application:  A new application form for the balance transfer loan.

  • Financial Documents: Bank statements for the past few months to show your repayment capacity.

Account Opening and Procedure
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