Axis Bank Education Loan – Application, Eligibility & Rates

Are you planning to pursue higher studies and running short of funds to support your education? Well, worry not in that case because banks in India have designed various schemes to benefit students who wish to pursue higher studies in India as well as abroad. In this blog, you shall get to know about Axis Bank Education Loan and we hope it will help you in planning your future studies wisely.

Eligibility for Axis Bank Education Loan

Students who wish to apply for Axis Bank Education Loan, must meet the eligibility criteria that is released by Axis Bank. Let’s have a look at the eligibility criteria given by the bank –

• Applicants must be Indian citizens.
• Applicants must have secured at least 50% in the last appeared exam for, XIIth or graduation.
• Only those applicants are considered eligible who have secured admission to career-oriented courses, either at the graduate or postgraduate level like Medicine, Engineering, Management etc.
• Applicants must have secured admission in India or Abroad through a proper entrance test. Or the selection should have been merit-based selection.
• Applicants must possess documents that show regular income is mandatory for the co-applicant.

Must Read: Education Loan Without Collateral

Documents Required – Axis Bank Education Loan

Axis Bank has also listed a number of documents that applicants must possess while availing Axis Bank Education for education in India or abroad. The document requirements varies depending upon the status of the applicant and the disbursement schemes, we have listed the documents for each group of applicants below –

For Salaried Individuals

Salaried individuals must have these documents- 

• Bank Statement of last 6 months
• Admission letter/ acceptance letter from the university
• Fees structure of the university
• KYC documents
• Optional – Guarantor Form
• Mark sheets / passing certificates of all the exams appeared for and cleared.

For Other Individuals

Other applicants must possess these documents- 

• Bank Statement of last 6 months
• Admission letter/ acceptance letter from the university
• Fees structure of the university
• KYC documents
• Optional – Guarantor Form
• Mark sheets / passing certificates of all the exams appeared for and cleared.

For First Disbursement

• Letter of demand from college or university
• The sanction letter must be signed by the applicant, co-applicants
• Disbursement request form that has been signed by the applicant, co-applicants
• Form A2 that has been signed by the applicant or co-applicants in case of an overseas institute
• The loan agreement must be signed by the applicant, co-applicants
• Receipts of margin money paid to the college/university 
• Bank statement reflecting the margin money paid
• Collateral security documents (if applicable)

For Subsequent Disbursement

• Letter of demand from college or university
• Disbursement request form that has been signed by the applicant, co-applicants
• Form A2 that has been signed by the applicant or co-applicants in case of an overseas institute
• The loan agreement must be signed by the applicant, co-applicants
• Receipts of margin money paid to the college/university 
• Bank statement reflecting the margin money paid

Also Read: Documents Required for Education Loan

Subcategories of Axis Bank Education Loan

Interest Rates

Now applicants might also want to know the interest charges on loans provided by Axis Bank. Tabulated below is the interest rate for different loan amounts –

How to Avail the Axis Bank Education Loan?

• For availing the Axis Bank Education Loan, applicants must make sure they know all the requisites beforehand.
• They can go to their nearest bank branches and collect the application form.
• The complete application form must be submitted along with all the documents asked for.
• Applicants must patiently wait for the verification process.

Click Here to Apply for Educational Loan Online with Axis Bank

FAQs

So, this was all about the Axis Bank Education Loan. We hope you found this blog useful and it answered all your questions. Still, have a doubt? Get in touch with Leverage Edu experts today and get your queries sorted!