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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

In an increasingly specialised and competitive professional space, knowledge can often mean success. Any expense made towards your own professional training and betterment may turn out to be the best investment giving manifold returns! If you too seek to create this opportunity towards higher education for yourself or your loved ones, an Education Loan with Axis Bank can be a great tool in your arsenal. Offering loans at competitive interest rates, loan amounts starting from Rs 50,000 with no upper limit, funding up to 100% of total cost of education (including course fees, living & travelling expenses) and quick disbursals within 2 days post sanction an Axis Bank Education Loan helps you take up your desired field of study in India or abroad while avoiding the immediate burden on your finances. Instead, you can avail the amount as required by the terms of your institute and plan for the repayment of your loan via easy EMIs over a period convenient to you. For assistance with this you can also use the Education Loan EMI calculator; simply key in the amount, rate and tenure for your loan and get an estimate of the repayment schedule you can follow.

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 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 75 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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