Axis Bank Prime Domestic Education Loan
Product Details
बैंक का नाम
Axis Bank
Maximum Loan Tenure
15 Years
अधिकतम ऋण राशि
Unsecured Loan upto INR 75 Lakhs
ब्याज दर
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%
शिक्षा ऋण का उद्देश्य/क्षेत्र
Education Loans for full-time Premier Courses In India
पुनर्भुगतान चक्र
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.
मुहलत
Grace period is different from case to case basis.
न्यूनतम CIBIL स्कोर
Not Required
Co-Borrower Required
Parents will be primary borrower.
आवश्यक संपार्श्विक
Collateral may be required in certain cases.
फीस एवं प्रभार
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
पात्रता मापदंड
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)
विशेष रियायत
No
विशेषताएं, पात्रता और रियायत
विशेष लक्षण
Loan tenur can be upto 15 years.
पेशेवरों
पक्ष विपक्ष
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 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.
खाता खोलने की प्रक्रिया और प्रक्रिया
आवेदन कैसे करें?
You can either apply online through the Axis Bank website or visit a branch in person.
आवश्यक दस्तावेज़
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)
Axis Bank Prime Domestic Education Loan
Axis Bank's Prime Domestic Education Loan can be a good option for students in India considering its unsecured loan option, competitive interest rates, and flexible repayment terms. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, and eligibility criteria are important factors to consider. Comparing it with other lenders and ensuring you meet the eligibility requirements is crucial before applying.
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