Eligibility for Axis Bank Education Loans

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play.Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

Axis Bank Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad.Interest rates on Education Loans are floating, and vary with the changes in MCLR. Axis Bank Education loan interest rates are in the range of 13.70% and 15.20%.

Determinants of Eligibility for Education Loans

	Courses in India	Courses Abroad	IIT, IIM, ISB Courses
Max Loan Amount	₹ 75,00,000	₹ 75,00,000	₹ 75,00,000
Interest Rates
Loans upto ₹ 4,00,000	15.20 %	15.20 %	15.20 %
Loans ₹ 4,00,000 - ₹ 7,50,000	14.70 %	14.70 %	14.70 %
Loans > ₹ 7,50,000	13.70 %	13.70 %	13.70 %
Margin requirement (own contribution by student/ family)
Loans upto ₹ 4,00,000	0%	0%	0%
Loans above ₹ 4,00,000	5%	15%	5%
Max Tenure Post Moratorium
Loans upto ₹ 7,50,000	7 years	7 years	7 years
Loans above ₹ 7,50,000	7 years	7 years	7 years
Co-Applicant required (Y/N)	Yes	Yes	Yes
Third Party Guarantee
Loans upto ₹ 4,00,000	Case to case	Case to case	Case to case
Loans ₹ 4,00,000 - ₹ 7,50,000	Case to case	Case to case	Case to case
Loans > ₹ 7,50,000	Case to case	Case to case	Case to case
Collateral Security (Fixed deposit/ Property, LIC)
Loans upto ₹ 4,00,000	Case to case	Case to case	Case to case
Loans ₹ 4,00,000 - ₹ 7,50,000	Case to case	Case to case	Case to case
Loans > ₹ 7,50,000	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

Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:

• The purchase of books, uniform, stationery
• The purchase of laptops, tablets (as per the demand of the course)
• Examination, library and hostel fees
• Travel expenses/ passage money for studies abroad.
• Additional costs deemed necessary for the completion of the course.

Axis Bank Student Loan Features

Axis Bank student loans come with the following attractive features:

• Avail high value loans up to Rs. 75 lakhs for studies in India or abroad
• Easy loan disbursal, within 15 working days from the date of the complete submission of all documents required for a proper appraisal

Parameters	Axis Bank Education Loan Eligibility Criteria
Age of the Applicant	Upto 35 years for non-employed personnels Upto 45 years in case of working employees/ executives
Who can apply	An Indian National having secured admission to professional/technical courses in recognized institutions. 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 ₹ 75,00,000 for studies in India. Upto ₹ 75,00,000 for studies abroad. Upto ₹ 75,00,000 for studies at IIT's, IIM's and ISB's. These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency	Quarterly or monthly rests. Repayment in Education Loans 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 and Repayment Period. For Indian courses repayment tenure is maximum of 7 years after the commencement of repayment. For Abroad courses repayment tenure is maximum of 7 years after the commencement of repayment.

Axis Bank Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Axis Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

Axis Bank Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as ₹ 14,946 per lakh for a 7 years tenure and lowest rate of interest of 13.70%.

✅What is the procedure of education loan in Axis Bank?

To borrow money for an education loan from Axis Bank, all you need to do is visit the nearest Axis Bank branch, fill the application form, submit the required documents. You can also apply for an education loan by visiting the official website of Axis Bank.

✅Can we get an education loan without security?

To get an education loan upto ₹ 4 Lakh, you need to provide co-borrower security of your parents or husband and does not require any third-party guarantee or tangible security.

✅Is the property required for an education loan?

To get an education loan above ₹ 7.50 Lakh, you need to provide co-borrower security and tangible security equivalent to 100-133% of the loan amount as collateral. The tangible security is provided in the form of property, shares, fixed deposits etc.