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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

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Axis Bank GRE Based 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 is available on the basis of GRE score solely. No admission letter is required from college/university.

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
Features, Eligibility and Concession
Pros

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.

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
How to Apply?
Documents Required
Account Opening and Procedure
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