Axis Education Loan

  • Max Loan Amount - upto Rs. 2,000,000
  • Attractive interest rate starting at 16.50% , for Girls - 16.00%
  • Nil margin and 100% finance for loans upto Rs 4 lakh. Loans above Rs 4 lakh can be availed at a margin of 5% for studies in India and 15% for studies abroad
  • Nil prepayment charges
  • Special rebate in interest rate for girl students available
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Education Loan Axis Bank

  Courses in India Courses Abroad IIT, IIM, ISB Courses
Max Loan Amount Rs. 1,000,000 Rs. 2,000,000 Rs. 1,000,000
Interest Rates      
Loans upto Rs. 4 lakh 16.50% , for Girls - 16.00% 16.50% , for Girls - 16.00% 16.50% , for Girls - 16.00%
Loans Rs. 4.0 - 7.5 lakh 17.50% , for Girls - 17.00% 17.50% , for Girls - 17.00% 17.50% , for Girls - 17.00%
Loans > Rs. 7.5 lakh 15.50% , for Girls - 15.00% 15.50% , for Girls - 15.00% 15.50% , for Girls - 15.00%
Max Funding as Proportion of Cost      
Loans upto Rs. 4 lakh 100% 100% 100%
Loans above Rs. 4 lakh 95% 85% 95%
Max Tenure Post Moratorium      
Loans upto Rs. 7.5 lakh 7 years 7 years 7 years
Loans above Rs. 7.5 lakh 7 years 7 years 7 years
Co-Applicant required (Y/N) Yes Yes Yes
Third Party Guarantee      
Loans upto Rs. 4 lakh Case to case Case to case Case to case
Loans Rs. 4.0 - 7.5 lakh Case to case Case to case Case to case
Loans > Rs. 7.5 lakh Case to case Case to case Case to case
Collateral Security (Fixed deposit/ Property, LIC)      
Loans upto Rs. 4 lakh Case to case Case to case Case to case
Loans Rs. 4.0 - 7.5 lakh Case to case Case to case Case to case
Loans > Rs. 7.5 lakh Case to case Case to case Case to case
Prepayment Charges (Y/N) Nil Nil Nil
Moratorium Period (lower of the two)      
After course period 12 months 12 months 12 months
After getting job 6 months 6 months 6 months

Axis Bank Student Loan Eligibility

Determinants of Eligibility for Education Loans
Age of the Applicant
  • Upto 35 years for non-employed personnels
  • Upto 45 years in case of working employees/ executives
Who is eligible
  • An Indian National having secured admission to professional/technical courses in recognized institutions.
  • Students seeking admission for higher studies.
  • Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount
  • Upto Rs. 1,000,000 for studies in India; with minimum margin money (own contribution by student/ family) of 5% of total cost for loan above 4 Lakh. No Margin for loan less than 4 Lakh
  • Upto Rs. 2,000,000 for studies abroad with minimum margin money (own contribution by student/ family) of 15% of total cost for loan above 4 Lakh. No Margin for loan less than 4 Lakh
  • Upto Rs. 1,000,000 for studies at IIT's, IIM's and ISB's with minimum margin money (own contribution by student/ family) of 5% of total cost
Which Cost Heads/ Expenses are Funded by Bank
  • Admission fees including monthly fees and examination fees.
  • Books, stationery and equipments.
  • Travel expenses/ passage money for studies abroad.
  • Boarding and lodging expenses of authorized hostel or boarding house.
  • Expenses required to complete the courses like those on study tours, project work and thesis etc.
Co-borrower/ Guarantor/ Security
  • Loans upto Rs. 4 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower
  • Loans above Rs. 4 lakh and upto Rs 7.5 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower, guarantee from third party guarantor may be required
  • Above Rs. 7.5 lakh: Parents or guardian or husband/ in-laws in case of married woman required as co-borrower and full/ partial collateral security may be required
Repayment Frequency
  • Quarterly or monthly rests.
  • Repayment typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure of an education loan consists of Duration of Study + Grace Period after the Study + Repayment Period.
  • For Indian courses repayment tenure is maximum of 5 years after the commencement of repayment.
  • For Abroad courses repayment tenure is maximum for 7 years after the commencement of repayment.
  • There is no prepayment penalty or charge on early prepayment or foreclosure.
Key Appraisal Criteria
  • Good academic record with atleast 50% marks in the qualifying examinations.
  • Admission letter from bonafide educational institution.
  • Passport/visa/i-20 form for studies abroad.
  • Net-worth and credit history (CIBIL) of the guarantors.
Tax Benefits
  • Interest paid on education loan can be claimed as deduction from income of borrower (student) as per Section 80E of the Income Tax Act, 1961.
  • Rebate can be claimed without any upper ceiling or cap.
  • Rebate is available for full time courses, part time courses and vocational courses pursued in India and abroad.
  • Rebate can be claimed within eight (8) years post moratorium period subject to actual payment of interest.
  • Rebate is available for interest paid on loans for education of self, spouse, children or for the student of whom he/she is the legal guardian.
  • No rebate is available for principal repayment.

Axis Education Loan Interest Rate – Alternatives

  • In case you or your parents have availed a home loan and the property is registered, you may opt for a top up loan with balance transfer of the home loan . In this case, you don’t to provide any additional security and the rate of interest will be close to home loan rate (currently 8.60%). This will also be longer tenure loan (upto 15 years) and will result in lower EMI. However, you will not be able to claim income tax benefit available on education loan in this case.

Axis Bank online Education Loan – Things to check

  • You have a valid offer letter from a recognized educational institution.
  • You meet the eligibility criteria of the bank that you are applying to.
  • You have not defaulted on loans or credit card dues in the past and have not delayed payments. If you have, these will reflect in your CIBIL report, hurt your CIBIL score and may result in rejection of your education loan application. Estimate your CIBIL score for free by using CIBIL score estimate calculator.
  • Your CIBIL report does not erroneously show defaults or delayed payments. This can be due to inadvertent error in data shared by banks with CIBIL.
  • You have made own arrangement for margin money and for expenses that are not covered by banks under education loan.
Axis Education Loan News - Feb 2017
18th Feb 17 Axis Bank keeps its MCLR unchanged for the month of February
Axis Bank has kept its marginal cost of lending rate unchanged for the month of February. One year MCLR of the bank stands unchanged at 8.25 percent. The new loans will be priced at the existing MCLR with effect from 18th February, 2017.
08th Feb 17 Axis Bank to sell its 10 percent stake in Experian India Credit Information Company
Axis Bank is set to sell its 10 percent stake in Experian India Credit Information Company to Mauritius based investment firm West Bridge Capital for Rs. 64 crore. The bank awaits approval from Reserve bank of India to move forward with the deal.
07th Feb 17 Axis Bank ties up with Earthport to provide outbound cross border payments
Axis Bank has hired Earthport Global Payment Networks to provide faster outbound cross border payments to its customers. Under the association, bank can, through a single connection with Earthport, send payments to almost any bank account in the world on behalf of their clients in an efficient and cost effective manner. Axis Bank becomes the first bank in India to connect with Earthport Global Payments Network present in 60 countries.
03rd Feb 17 Axis Bank to raise 10 million dollars via floating rate bonds
Axis Bank is set to raise funds worth 10 million dollars via floating rate bonds. The bonds with a tenure of 3 years will be issued from its Dubai International Financial Center branch.
20th Jan 17 Axis Bank registers a 73 percent fall in its net profit in third quarter of FY 17
Axis Bank has registered a decline of 73 percent in its net profit at Rs. 580 crore for the quarter ending on 31st December, 2016 as compared to Rs. 2, 175 crore for the corresponding period a year ago. The decline in net profit has been caused to by a sharp rise in the non performing assets of the bank and reached Rs. 20, 466 crore during the latest quarter compared to Rs. 6, 378 crore a year ago.
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