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Education Loan Interest Rates

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Education Loan Interest Rates in India - Axis Bank

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Interest Rates & Charges of Education Loan

Education is the inevitable right of every child and we at Axis bank ensure that it is not denied due to unaffordable education loan interest rates. Our education loans are designed in a manner that is highly affordable in terms of interest and the associated servicing charges. This will ensure that you do not have to stress too much for your child’s higher education and are able to provide for all their educational needs on time.

Loan Type Loan Amount (Rs) MCLR Mark Up Effective ROI (p.a.)
Education Loan Upto Rs 4 lakhs 9.30% 7.20% 16.50%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac 9.30% 8.20% 17.50%
Loans greater than 7.5 lacs 9.30% 6.20% 15.50%
Education Loan for Girl Child Upto Rs 4 lakhs 9.30% 6.70% 16.00%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac 9.30% 7.70% 17.00%
Loans greater than 7.5 lacs 9.30% 5.70% 15.00%

Marginal Cost Based Lending Rate (MCLR) – Value

Applicable MCLR - Fortnightly/Monthly/Quarterly/Half Yearly/Yearly

Customers who have availed disbursement/have received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

Scheme Study Power
Loan Processing Charges Nil
Prepayment Charges Nil
No Due Certificate NA
Solvency 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

Other Charges:

Sr. No Type Charges
Repayment Instruction/Instrument Return charges Rs.500 plus service tax as applicable per instance

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