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Loans

Education Loan

Fuel your dreams with financial assistance for professional or technical education in India or abroad.

 

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Prime Institute (India) & (Abroad)

Special Rate of Interest ranging from 10.5% - 12.5%
Offer valid till Dec 30, 2017

x

As per Axis Bank's Prime institutes approved list

Loan Amount

Minimum - Rs. 50,000; Maximum - upto Rs. 75 lakhs*

x

*Upper limits may be extended for special cases.Loan amount eligibility will be derived as per Bank's policy

Key Benefits

No Processing Fees
No Pre-Payment Charges
No Pre-Closure Charges

Features and Benefits

  • Proof of identity (any one of the following):
    • Passport
    • Voter ID card
    • Driving license
    • PAN card
    • Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence (any one of the following):
    • Bank account statement
    • Latest electricity bill
    • Latest mobile/telephone bill
    • Existing house lease agreement
  • Bank Statement/Pass Book of last 6 months
  • Optional – Guarantor Form
  • Copy of admission letter or the Institute along with Fees schedule
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses
  • Proof of identity (any one of the following):
    • Passport
    • Voter ID card
    • Driving license
    • PAN card
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of residence (any one of the following):
    • Bank account statement
    • Latest electricity bill
    • Latest mobile/telephone bill
    • Existing house lease agreement
  • Bank Statement/Pass Book of last 6 months
  • Optional – Guarantor Form
  • Copy of admission letter or the Institute along with Fees schedule
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses
  • Demand Letter from college or university.
  • Loan agreement signed by applicant, Co-applicants.
  • Sanction Letter signed by applicant, Co-applicants.
  • Disbursement request form signed by applicant, Co-applicants.
  • Receipts of Margin money paid to the college / university alongwith bank statement reflecting the transaction.
  • Documents for collateral security ( if applicable )
  • Form A2 signed by applicant or Co-applicants in case abroad Institute cases.
  • Demand Letter from college or university
  • Disbursement request form signed by applicant, Co-applicants.
  • Receipts of Margin money paid to the college / university alongwith bank statement reflecting the transaction
  • Exam Progress Report, Marksheet, Bonafide Certificate (Any one)
  • Form A2 signed by applicant or Co-applicants in case abroad Institute cases.

Eligibility

The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.

  • Secured at least 50% marks during HSC & Graduation
  • Secured admission in India or Abroad through entrance test / Merit based selection process post completion of HSC (10+2)
  • HAVE QUERIES?

    • What is the time-frame for application decisioning?

    Bank will convey its decision within 15 working days from the date of receipt of the application provided the application is complete...

    • What is the margin for Education loans?

    No margin for education loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies...

    • What is the role of a guardian/parent in an education loan?

    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...

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