Education is becoming more expensive by the day. Therefore, lots of students opt for an education loan to pursue their higher professional education. The students whose admission is confirmed are eligible to apply for an education loan in any bank including Axis Bank. Axis Bank Education Loan offers a maximum loan of Rs 10,00,000 for studying in India and Rs 20,00,000 for studying in other nations for graduation or post graduation courses.
The rate of interest charged by Axis bank education loan is 13.5% to 15% per anum. The period of repayment of the loan is 7 years from the beginning of the installment. Axis bank does not charge any pre-payment charges, loan processing charges, and no due certificates. Interest rates are further segmented as given below.
Axis Bank Education Loan Interest Rates:
- For Loans less than or equal to Rs 4,00,000 (4 Lac): The Rate of Interest is 15%.
- For Loans more than Rs 4,00,000 (4 Lac) up to 7,00,000(7 lac): The Rate of Interest is 14.5%.
- For Loans more than Rs 7,00,000 (7 Lac): The Rate of Interest is 13.5%.
Important Points To Remember:
- If the person borrowing the loan does not repay the loan in the given time, then an extra fine of Rs 500 with taxes for every bounced cheque will be applied. Also, a penal interest of 24% per anum on the overdue installments will also be applied.
- No solvency certificates will be required.
- By default, the parent’s or guardian are considered as the co-applicant of the borrower.
- In some cases, the bank may require a third party guarantee or collateral security.
- The borrower has to assign an LIC policy in the favor of the Bank for the sum of at least 100% of the loan amount.
Courses Eligible For An Education Loan
- Courses that are offered by IITs, IIMs, IISCs, NIFT, NID etc.
- The courses that are approved in India and offered by foreign universities.
- Professional courses such as CA, ICWA etc.
- Other courses like B.Ed, M.Ed, Nursing etc.
- Any degree courses and PG diploma courses that are offered by such colleges/universities which are recognized by the UGC, AICTE, ICMR, AIBMS, or the Government.
- Professional or technical courses offered by respected universities in foreign nations.
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[Source: Axisbank Education Loan Fees/Charges]