Table of Content
Axis Bank Education Loan in India – Axis Bank’s Education Loan objects to deliver the much desirable monetary funding to eligible candidates for seeking higher professional or technical education in India. The education loan would be provided to those candidates who have acquired admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
People believe given the right tools and aid every child has the prospective to be prosperous. Our education loans aim to be the very tool that will empower them to spread their goals in life. No more would a commendable candidate have to give away their pursuit of imaginings due to lack of money. Our student loans will confirm that well-intentioned students are sanctioned to take their fortune in to their own hands. Our endeavor is to help the upcoming of our nation in education and prosperity.
Axis Bank Education Loan in India Salient Features
- The System is applicable to all candidates satisfying the eligibility norms of the IBA sanctioned Model Educational Loan System, subject to conforming to the circumstances of the Interest Appropriation Scheme. The Structure is valid only for studies in India and is available to Educational Loans up to & inclusive of `10 lakhs.
- The interest payable by the candidates belonging to EWS and satisfying the eligibility norms of the system, during the duration of freeze on the amount of expenditures made on or after April 1, 2009 will be abided by the Government of India.
- The interest subsidy under the scheme shall be accessible to the qualified candidates only once – For under graduate course or the post graduate degree /diploma course in India. Assimilated courses (combined graduate plus post graduate) would also be considered under the scheme.
- List of Technical / Professional courses for which the system would be applicable shall be revealed from time to time by UGC and AICTE and the same would be immediately displayed at their websites, which may be accessed for confirmation purposes.
Quantum of Loan
The quantum of finance under the system is covered at Rs 10.00* lacs for education in India, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of education loan would be Rs 50,000.
No margin for education loans up to Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for education within India.
The student loan will be disbursed in full or in appropriate repayments taking into account the requirement of funds and/or fee agenda as evaluated by the Bank directly to the educational institution or vendor of books or equipment or instruments.
Axis Bank Education Loan in India Documents Required
The following documents are required along with your loan application:
|Proof of identity||Passport or Voter’s ID card or driving license or PAN card or government department ID card||Passport or Voter’s ID card or driving license or PAN card|
|Proof of income||Latest salary slip showing all deductions or Form 16 along with recent salary certificate||IT returns for the last 2 years and computation of income for the last 2 years certified by a CA|
|Proof of residence||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement||Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or existing house lease agreement|
|Bank statement or Pass Book where salary or income is credited||Last 6 months||Last 6 months|
|Other Documents||Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses||Copy of admission letter of the Institute along with Fees schedule, mark sheets / pass certificates of S.S.C, H.S.C , Degree courses|
Axis Bank Education Loan in India Interest Rates & Charges
Education is the unavoidable right of every single child and Axis bank assurances that it is not denied due to unaffordable education loan interest rates. Our education loans are considered in a method that is extremely affordable in terms of interest and the associated servicing charges. This will ensure that you do not have to burden too much for your child’s higher education and are able to provide for all their educational wants on time.
|Loan Type||Loan Amount (Rs)||Base Rate||Mark Up||Effective ROI (p.a.)|
|Education Loan for Girl Child||
Base Rate – 9.50%
|Loan Processing Charges||Nil|
|No Due Certificate||NA|
|Charges for Late Payment of EMI||Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s|
|Charges for changing from fixed to floating rates of interest||NA|
|Charges for changing from floating to fixed rates of interest||NA|
Terms and Conditions for Axis Bank Education Loan in India
Bank reserves the right to reject any application / renewal without transmission details thereof. It shall be the solitary right of the Bank to consider the application on case to case origin after taking into deliberation, the credentials/credit worthiness of each of the clienteles.
The candidate will undertake to notify the Bank as and when there is a modification in address or employment
The terms and conditions declared above and elsewhere under the scheme are subject to modification from time to time exclusively at Bank’s pleasure.