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.
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:
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.
|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%
• 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|
• If the loan amount is more than 20 lakhs than Rs. 15000 + applicable Taxes
• No pre-payment and pre-closure charges
• 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|
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.
While submission of the documents to the Axis bank for processing of loan for higher education abroad, study abroad aspirants are required to carry one set of xerox documents along with the original academic and KYC documents.
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:
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:
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.