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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

Axis Bank brings you Education Loans for studies both in India and abroad starting from Rs. 50,000 at attractive interest rates. With an Axis Bank Education Loan you can enjoy a host of benefits such as simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure, etc. Find out more about the features and benefits of Student Loan in India, below.

More about Education Loans

An Education Loan also often called a student loan is an amount you can borrow from Banks/financial instituitions towards paying for your academic fees or for that of your loved ones’. These are generally sought for higher education and/or specialised courses in esteemed institutes for located overseas or domestically.

Axis Bank offers a host of benefits on education loans, including but not restricted to:

  • Flexible amounts: An education loan with Axis Bank can be availed for amounts starting as low as INR 50000 with no upper limit & funding up to 100% of total cost of education (including of course fees, living & travelling expenses). Depending upon one’s need and eligibility.
  • Quick and Easy Disbursals: Your education loan can be disbursed within 2 days post sanction, additionally it is also be customised to credit successive advances as required by chosen institute.
  • Pre-Admission Sanction Letter: This is a provisional sanction letter given to the borrower before they secure admission to a university. This letter can be used to prove financial support during the admission process and, for select countries, during the visa process as well. Students can apply for pre-admission sanction letter right after they receive GRE scores
  • Re-financing: Upon loan approval you can also have any earlier installments paid towards the course re-financed
  • Secure more than just your fees: An Education Loan with Axis Bank helps you cover not only the expenses towards your course fees but also those towards travel and accommodation

Yes, getting an Education Loan with Axis Bank is easier than ever before! To get avail an education loan with Axis Bank you can:

  • Click here and begin filling up your application form
  • Existing Axis Bank customers can also log in to Internet Banking and Axis Mobile to browse through pre-approved offers on Personal loans.
  • Visit the nearest Axis Bank Branch
  • Get in touch with your relationship manager

The interest rate for education loans varies depending upon the loan amounts applied for:

If you are looking for an Education Loans for yourself or your ward, you have come to the right place. Axis Bank provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates. With an Axis Bank Education Loan, you can avail a loan for your total cost of education without any upper limit with speedy disbursals and easy repayment options for effective loan servicing. Find out the interest rates for the Education Loans/Student Loans you wish to avail, below.

Loan TypeLoan Amount (Rs.)Repo RateSpreadEffective ROI( Linked to Repo Rate )
Education LoanUp to 4 Lakhs5.40%9.80%15.20%
Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs5.40%9.30%14.70%
Loans greater than 7.5 Lakhs5.40%8.30%13.70%
  • Repo Rate 5.40%
  • Repo Rate Reset frequency - 3 months or as decided by the Bank, whichever is earlier.
  • The Bank is free to decide the spread over the Repo Rate. The spread may undergo a change during the tenure of the loan.
  • Customers who have already availed disbursement or received a sanction prior to October 1, 2019 will continue to operate on MCLR. Existing customers can get in touch with our customer care, if they wish to switch to Repo Rate.

For loans on MCLR

  • Marginal Cost Based Lending Rate (MCLR) – 7.30%
  • MCLR Reset frequency for Education Loans - Half Yearly
Schedule of Charges
SchemeStudy Power
Loan Processing ChargesApplicable as per grid given below
Prepayment ChargesNil
No Due CertificateNA
Penal Interest on delayed / overdue EMI@24% per annum i.e. @ 2% per month on the overdue installment(s)
Cheque/ Instrument Swap ChargesRs. 500/- + GST per instance
Duplicate Statement Issuance ChargesRs. 250/- + GST per instance
Duplicate Amortization Schedule Issuance ChargesRs. 250/- + GST per instance
Duplicate Interest Certificate (Provisional/Actual) Issuance ChargesRs. 50/- + GST per instance
Cheque/Instrument Return ChargesRs.339/- + GST per instance

Education Loan Charges ( Applicable from 10th Jan 2019 )

Fulfil your dreams of higher education with easy and hassle-free Education Loans at attractive interest rates from Axis Bank. Processing fee is as given below-

CountryLoan SlabFlat Fee
AbroadUpto 20 lacs15000 +GST (Refundable fee)
DomesticUpto 10 lacsNIL

Student Loan Interest Rates and Charges for Higher Loan Amounts -

CountryLoan SlabFlat Fee
AbroadAbove 20 lacs0.75% of differential loan amount above 20 lacs + GST ( Non–Refundable fee )
Domestic
(Only secured)
Above 10 lacs5000 + GST ( Non–Refundable fee)

W.E.F 1st July 2017

Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).

For further details, please click here For Education Loan Charges 

Please note that these rates are indicative and may vary on a case-to-case basis

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.

In applying for an Education Loan with Axis Bank in India, you can avail a maximum of 50 Lakh towards an unsecured loan, while a secured loan has no set upper limit.

Tax exemption under section 80E can be availed by self, spouse, parents or legal guardian of the individual holding an education loan account.

The eligibility criteria are as follows:

  • The applicant and co-applicant should be over 18 years of age and citizen of India
  • The student needs to have secured at least 50% marks during HSC and graduation
  • The student needs to have obtained admission to career-oriented courses viz. Medicine, Engineering, Management, etc., either at the graduate or post-graduate level
  • Secured admission in India or abroad from a recognised college/education institution through entrance test/merit based selection process post completion of HSC (10+2), is a must
  • The co-applicant, i.e. parent(s) or guardian, need to have a regular source of income

The following need to be submitted along with the education loan application form:

  • Income statements (Salary slip, Form 16, Income-Tax Returns of the last 2 years, and Computation of income of last 2 years certified by a Chartered Accountant)
  • Bank Statement/Pass Book of the last 6 months
  • Copy of the admission letter of the Institute along with the ‘fee schedule’
  • Mark sheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
  • Age proof (birth certificate, passport, Aadhaar, PAN card, driving license)
  • Address proof (Aadhaar, passport, latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement)
  • Photo identification proofs (Aadhaar, voter id, PAN card, passport, driving license)
  • Passport size photos of the applicant and co-applicants
  • Guarantor form (optional)


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

Education can help lay the foundation for a successful career and a bright future. If you want to pursue higher education in any of the top colleges in India or abroad, don’t let a lack of funds stand in the way of your dreams. Apply for an education loan and fulfil your goals with ease. Using the education loan calculator know exactly how much loan you are eligible for and how much interest you will have to pay during the entire tenure of the loan.

· Be clear about your future goal when applying for an Education Loan, especially if it is for a course in a foreign university. Know the job prospects, potential salary and whether the visa rules of that country will permit you to work there immediately after completing your course.
· Keep aside enough funds to cover your basic expenses at least for one year after you complete your course if you are unable to secure a job immediately after graduating · Do avail of the tax benefit for your education loan under Section 80E. The tax benefit can be availed by self, parents, spouse or legal of the individual holding a loan account. The total interest component of the loan is eligible for tax exemption, without any upper limit. But there is no tax exemption on the principal amount.
· Avail of an education loan only after availing of all the factors and not only because it is easy to avail of and offers tax benefits. As any other loan, the repayment of an education loan will have a bearing on your credit history.

· Don’t avoid repaying your loan in case your move overseas for higher studies and continue to live there after taking up a job. Non-repayment will reflect negatively on your credit history and bring down your credit scores. This will hamper your ability to borrow any kind of loan in the future.
· Don’t avail of an education loan if the university or college you are applying to is not a recognised one. If for any reason the institution shuts down, you will not only lose your seat but will have to continue servicing your loan.
· Don’t take an additional loan for your living/travelling expenses or for purchase of laptop and so on, since your education loan covers it. An additional loan will mean additional interest cost and it will add to your overall debt burden.

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