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Product Details
Bank Name

Axis Bank

Maximum Loan Tenure

15 Years

Maximum Loan Amount

Unsecured Loan upto INR 75 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

Education Loans for full-time Premier Courses In India

Axis Bank Prime Domestic Education Loan

Repayment Cycle

During the study period borrower has to pay only interest component - pre EMI. Once the study period + grace period is over the borrower is required to pay both interest and principal component. Grace period is different from case 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
  • Pre-payment Charges: Nil 

  • Penal Interest in case of delayed payment: 2% + interest rate. 

  • Bounce Charges: INR 400 

  • Processing Fee: Upto 1.5% of the loan amount. 

  • Legal and stamp duty charges: Differs from state to state.

Fees and Charges
Special Features

Loan tenur can be upto 15 years.

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

No 

Features, Eligibility and Concession
Pros
  • Loan sanction amount upto INR 50 lakhs. 

  • Loan approval letter is issed prior to securing admission. 

  • Borrowr is required to pay simple interest until 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
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How to Apply?

You can either apply online through the Axis Bank website or visit a branch in person.

Documents Required
  • Know Your Customer (KYC) Documents:Identity proof (PAN Card, Aadhaar Card, etc.)
    Address proof (utility bill, rental agreement)

  • Academic Documents: Mark sheets and passing certificates from your schooling (usually 10th standard onwards)

  • Admission Letter: A copy of the official admission letter from the institute you plan to attend, outlining the fee schedule

For Co-Applicants (or Guarantors):

  • KYC Documents: Same as applicant (ID proof and address proof)

  • Financial Documents:Bank statements for the last 6 months
    Income tax returns for the last 2 years (salary slips for salaried individuals)

Account Opening and Procedure
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