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Axis Bank Education Loan Process

Established in the year 1994, Axis Bank is the third-largest commercial private bank in India. When it comes to availing an education loan from a private bank, majority of the students opt for Axis bank as the process is quite easy, quick, and simple. There are two types of education loans offered for international studies by Axis banks.

  • Secured Overseas Education Loan 
  • Unsecured Overseas Education loan

In this article, we are going to take you through all the necessary information related to Axis Bank education loan for abroad studies. 

Axis Bank has categorized the foreign educational institution into 3 categories: 

  • Prime A: This category consists of the masters level programs from the top universities. Students securing admission to these top universities get an unsecured education loan up to INR 40 lakhs.
  • Prime B: This category consists of masters level programs from other leading universities and international colleges. For this category, a student can offer up to INR 25 lakhs of unsecured education loan.
  • Non-Prime: All other courses and universities that are not included in the above two categories, falls in the non-prime category. Aspirants can get an education loan without collateral for an amount of INR 7.5 lakhs for this category. 

The Axis bank loans are classified on the basis of factors like quantum of finance, margin amount, rate of interest, applicable charges, and interest etc. 

Let us understand these important factors:


Study Level & Courses

• Secured Loan for all level of programs

• No loan for UG Diploma / Certificates

• Unsecured Loan for STEM courses and MBA courses listed under prime A and prime B institutions list of the bank

Quantum of Finance

• Secured Loan: up to 75 Lakhs

• Unsecured Loan: For prime A is 40 Lakhs and for prime B is 25 Lakhs

Margin Money
• The margin money for studying abroad is 15% i.e., 85% + 15%
Rate of Interest

• Secured Loan: 11.25% to 12.00 %

• Unsecured Loan: 11.50 to 13.75% 

Tenure

• Repayment period: 15 years

• EMI begins after the study period and job search period.

• Paying simple interest is mandatory during moratorium period.

Moratorium period
• Course duration +  6 months
Income Tax Benefit
• Deduction under section 80 E for the payment of simple interest on education loan
Processing fees

• If the loan amount is more than 20 lakhs than Rs. 15000 + applicable Taxes

• No pre-payment and pre-closure charges

Acceptable property

• Secured loan can be availed on residential flat, house and shop

• Axis Bank do not provide loan on an open plot

• Bank does not accept merging of two different properties for a single education loan

• Bank provides 65% of loan against the market value of the property

Convenience Provided
• Service at your doorstep

Pre-Visa disbursement of Axis Bank education loan:

Axis bank provides pre-visa disbursement of an education loan on university’s demand for the countries like Australia, US, UK, New Zealand, Germany and Canada etc. For these countries, the tuition fees get disbursed in installments directly into the university account. 

If students have opted for on-campus accommodation, the living expenses will be disbursed directly into the university account whereas, for off-campus accommodation, the expenses will be transferred into the landlord’s account on the basis of a tenancy agreement. 

As per the VISA Immigration rules, students must transfer one-year of living expenses in the GIC account for Canada, FTS account for New Zealand and Blocked account for Germany, etc. 

After securing the VISA, the bank transfers 3 to 6 months of living exp in the Axis Bank Forex Card.

Eligibility criteria for availing an Axis Bank education loan:

  • The academics of the student should not be less than 60%.
  • Applicant should have less backlogs with no academic gap.
  • If a student has an academic gap, he/she will be required to submit a medical certificate.
  • The CIBIL score of the parent or co-applicant should be above 700.

Now, let us know about the expenses covered in an Axis bank education loan:

  • Tuition fees of the university/college, examination fees, library, and lab fees
  • Expenses of on-campus and off-campus accommodation including mess expenses
  • Air Ticket Fare
  • Student Health Insurance 
  • Expenses of books, equipments, uniform and laptop
  • Any other expenses required to complete the course like study tours and project work

Understand the step-by-step process of Axis Bank Education Loan:


List of documents required for AXIS bank education loan scheme:

While submission of the documents to the Axis bank for processing of an overseas education loan, study abroad aspirants are required to carry one set of xerox documents along with the original academic and KYC documents.

  • University offer letter stating tuition fees
  • Student academic documents (10th to graduation) 
  • Student employment documents if any
  • KYC documents to be submitted by applicants as well as co-applicants
  • Electric Bill as proof of residence in the name of co-applicant 
  • Student, co-applicants saving account bank statement of the last 6 months
  • Income Tax Returns of the last 2 years 

Collateral documents required for Axis Bank secured education loan

Prospective students should provide one set of xerox documents to the bank to initiate the overseas education loan process. A student should carry original property documents for cross verification to verify with the Axis branch manager. The property documents required for a mortgage should not be laminated and must be in the name of the present property owner. 

For availing an Axis bank secured education loan, here is an additional list of property-related documents that are required to submit to the bank: 

For Individual Property:

  • Sale deed 
  • Resale property – previous sale deed
  • Building permit letter
  • Sanctioned layout map of the property
  • Tax receipt
  • Electricity bill - latest
  • Mutation or index -II or khatta ‘A’ or ‘B’ 
  • Transfer deed/gift deed/lease deed (if any)

For Flat /Apartment (Additional documents in case of an apartment):

  • Deed of declaration / Deed of apartment
  • NOC from society 
  • Society registration certificate
  • Occupancy certificate (if any)
  • Share certificate (if any)

How ELAN Loan will speed-up your education loan application?

Applying for an education loan is a lengthy yet time-consuming process. It is always advisable to take the help of the loan experts to overcome any on-time complications. 

Here is how we will assist you:

  • ELAN Loan has partnered with Axis Bank that makes your whole education loan process easier.
  • Our loan experts will check your documents thoroughly and submit those to the SMS office for processing of your loan application. 
  • Our loan experts will guide you accordingly if there are any loopholes in your loan application. 
  • We will continuously follow-up with the bank that will speed-up your loan application resulting in getting it sanctioned in 2-3 weeks. 

In short, we will provide end to end assistance for your overseas education loan. Get in touch with us today to get your loan sanctioned on the top priority.

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