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Education Loan

Education Loan Interest Rate Calculator

Loan Amount in between 50k to 5Cr
Tenure Months in between 12 to 240
Interest Rate in between 8 to 16

Equated Monthly Installment (EMI) will be1,42,922

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Education Loan

An Education Loan has the incredible ability to shape and redefine lives because it enables access to higher education. The relevant educational degree and qualifications provide you with a myriad of perspectives for personal and professional growth. However, accessing world-class education often entails navigating high competition and meager admission rates at select universities globally.

The associated costs can be overwhelming even if you secure a coveted spot at one of these institutions. At Axis Bank, we believe in your potential and right to quality education. That's why we offer to cover 100% of your educational expenses, encompassing course fees, living expenses, and travel costs.

Unlocking this opportunity is simple – just get your loan approved. Once approved, the funds will be disbursed within two working days, ensuring a swift transition into your educational journey. Additionally, plan your repayment easily using Axis Bank's education loan calculator.

More about Education Loans

An Education Loan, also known as a Student Loan, is a loan you take to meet your financial needs while completing your course. Numerous banks and NBFCs in India provide Education Loans at competitive interest rates that helps to support the education of our next generation. This helps to lay the groundwork for the development of future innovators and leaders. 

You can avail of this loan if you want to study in India as well as abroad.

Axis Bank believes that quality education should be accessible to everyone. Here are some of the benefits of taking an education loan from Axis Bank:
Access to 100% Loan Financing
At Axis Bank, you can obtain an Education Loan starting from as low as Rs 50,000, and there is no upper limit on student loans both in India and abroad. We provide financing for up to 100% of the total cost of education.
Financing for Living Expenses
As students, when you are not earning an income, you still have various living expenses to cover, including travel, food, and accommodation. Axis Bank offers to cover all the expenses incurred while you are studying at the university.
Quick Disbursal of Loans
Once your education loan is approved, the funds are transferred within two days. Moreover, Axis Bank allows for loan customisation if you require emergency funds for your education expenses.
Pre-Admission Sanction Letter
Axis Bank provides a provisional loan sanction letter even before you secure admission to a university. This sanction letter serves as proof of financial support during the admission process and can also be used for visa applications.

The parent or guardian can join the student as a co-applicant in an Education Loan. If the student cannot repay the loan as scheduled, the parent assumes the primary responsibility as the debtor.

The maximum limit for an unsecured Educational Loan is up to Rs 75 lakh, whereas there is no upper limit for a secured Education Loan.
Additional benefits
Pre-visa disbursement facility available
Unsecured loans up to Rs 50 lakh basis entrance exam scores
Unsecured loans up to Rs 20 lakh to working professionals with no co-applicant

 

Step 1: Visit this link and request a callback from Axis Bank by completing your basic personal information.

Step 2: After connecting with a loan officer, they will assist you in completing your application with the necessary documentation.

Step 3: Loan approval may take 7-10 working days. Upon approval of your loan, you can expect to receive the funds within two working days.

Deductions for the interest paid on study loans are exclusively available to individuals and do not apply to HUF or other taxpayers.

The loan must be obtained for higher education for the individual, their spouse, their children, or for a student for whom the individual serves as a legal guardian.

Axis Bank offers these loans to eligible applicants at competitive interest rates with flexible terms and conditions. The documentation process is streamlined to ensure students receive loan funds as quickly as possible.

Here are the essential eligibility criteria that candidates must meet to secure approval for a study loan online or offline:

  • The loan applicant must be a resident of India
  • The candidate should be above 18 years old when applying for the loan
  • The candidate should have received 50% marks or above in a higher secondary certificate
  • The applicant must have secured confirmed admission to recognised educational institutions in India or abroad
  • The applicant must pursue a graduate/postgraduate degree or a PG diploma
  • Full-time course students must have a co-applicant, who can be a parent/guardian or a spouse/parent-in-law (in the case of married candidates)
  • The co-applicant must have a stable source of income

What is the documentation required to take an education loan?

Here is a list of all the documents you will need to apply for an Education Loan:



CategoryRequired Documents
Application Form Duly filled and signed application form with two affixed photographs
Education Qualification10th / 12th marksheet or latest education certificate
Course ExpensesStatement of course expenses/cost of study
Identity ProofAadhaar Card and PAN Card of the student and Parent/Guardian
Age ProofCopy of Aadhaar Card
Voter ID
Passport
Driving Licence
Residence ProofRental agreement
6 month bank statement of the student/co-borrower
Copy of Ration card
Gas Book
Electricity Bill
Telephone Bill
Income ProofRecent salary slips or Form 16 of the co-applicant
Six months' bank statement
Updated ITR of two years of borrower and co-applicant
Assets and LiabilitiesDocuments stating the assets and liabilities of the parent/co-borrower/guardian


Do’s and Don’ts when Applying for an Education Loan

Securing an Education Loan online or offline is a significant step towards financing your dreams of higher education. Whether you are pursuing undergraduate studies, postgraduate courses, or specialised programs, don't let the lack of funds become a barrier to fulfilling your dreams and aspirations.
To help you navigate this journey successfully, we have compiled a list of essential do's and don'ts. These guidelines will assist you in making informed decisions, avoiding common pitfalls, and ensuring a smooth experience throughout your education loan application and repayment process.

  • Plan your budget: Create a budget that includes your tuition fees and living expenses, travel costs, and other related expenses. Ensure that the loan amount you are seeking covers all of these related expenses.
  • Apply early: Apply for the loan well in advance to allow processing time. Some loans may have limited funds, so applying early can help secure your financial aid.
  • Explore scholarships and grants: Do explore scholarship and grant options. Many times, part-time scholarships are readily available, and they can reduce your overall financial burden.
  • Consider future opportunities: Keep an eye on available job opportunities once you complete your course. Some international courses can be quite expensive, so ensuring a good return on your educational investment is essential.
  • Tax benefits: Section 80E allows you to claim income tax deductions if you have taken an education loan. Make sure to take advantage of this benefit.
  • Neglect repayment terms: Don't ignore or overlook the loan's repayment terms. Understand your obligations and be prepared to start repaying the loan on time.
  • Rush through the application: Take your time with the loan application process. Take your time to understand the terms and conditions, and provide accurate information in your application.
  • Fail to communicate: Don't hesitate to communicate with your lender if you need help with loan repayment. Many lenders offer flexibility and options for borrowers facing financial challenges.
  • Take out multiple loans unnecessarily: Only take out multiple loans if necessary. It can become challenging to manage multiple loan repayments simultaneously. Avoid taking a separate loan for living expenses, as it can be covered in your education loan. 

Following these dos and don'ts can help you make informed decisions and navigate the education loan application process more effectively

FAQs:

One of the primary reasons for considering an Education Loan is to ensure that you take advantage of the opportunity for education and are not held back due to a lack of funds. 

Education loans offer several advantages, including 100% financing that covers course fees and living and travel expenses. Additionally, they provide tax benefits, competitive interest rates, and the flexibility of a moratorium period.

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