Axis Bank also offers Education Loans to students under various Government subsidy schemes as below –
Central Sector Interest Subsidy Scheme
This scheme is available for education loans taken by students belonging to economically weaker sections (EWS) (where annual parental income from all sources is up to and inclusive of Rs. 4.5 lakhs) under the IBA approved Model Educational Loan Scheme, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India.
The Scheme is applicable only for studies in India and is available to educational loans upto and inclusive of Rs. 7.5 lakhs without any collateral security and third-party guarantee subject to complying with the conditions of the Interest Subsidy Scheme.
Following documents need to be submitted at the time of sanction of loan:
- Income Certificate issued by appropriate authority / authorities designated by respective State Government
- Bonafide Student Certificate
- If the student is qualifying for the subsidy scheme, the Interest Subsidy Agreement, Letter of undertaking cum Declaration needs to be signed by the borrowers
West Bengal Student Credit Card Subsidy Scheme
This scheme is available for students of West Bengal for higher studies in India and Abroad.
Under this scheme, students can apply for loans upto 10L without any collateral security within the norms of these schemes.
