Different Types of Education Loans Offered by Axis Bank
Let’s help you find the best education loan from Axis Bank for yourself.
Axis Bank, headquartered in Mumbai (Maharashtra), is one of the fast-growing private sector banks in India. It has 4,500+ branches across the country and 9 branches abroad. The bank offers retail and corporate banking services to its inland and overseas customers with a range of financial products and schemes. Education loans are one of them.
As of October 2020, the bank offers 7 education loans variants and schemes to help Indian students fund their higher education in the country and abroad. Let’s take a look at the primary loan and the seven variants.
Axis Bank Education Loan
This is kind of an umbrella study loan scheme from the bank. It helps Indian students, who have secured admission into a higher education course in a recognised institution in India or abroad through Entrance Test or Merit-based Selection Process.
The funds for pursuing higher education are disbursed as a series of payments over the required number of years. The maximum loan amount sanctioned by the bank under this education loan scheme is Rs. 75 lakh. Eligible students pursuing higher education in India can avail the Central Sector Interest Subsidy (CSIS) Scheme to reduce their debt burden.
Axis Bank Prime Domestic Education Loan
This education loan helps students realise their dreams of pursuing higher education at premier educational institutions in India. It can be availed for all expenses directly related to the course including course / hostel / lab / examination fees and purchase of books / laptops.
The maximum loan amount students can get under the unsecured loan scheme is Rs. 40 lakh, while the maximum loan tenure is 15 years. Eligible students can get a loan sanction letter even before admission based on their profile.
Axis Bank Prime Abroad Education Loan
This student loan scheme is designed to help students get funds to realise their dreams of pursuing higher education at premier educational institutions abroad. Students who have secured admission into a higher education course in a premier educational institute abroad through Entrance Test or Merit-based Selection Process are eligible for this loan. The loan can be availed for all expenses directly related to the course including course fees, purchase of books / laptops, hostel fees, lab fees, examination fees, etc.
Like the domestic loan, this one also comes with an upper limit of Rs. 40 lakh and with a maximum tenure of 15 years. But unlike the domestic loan, this version comes with a multi-currency Forex Card.
Axis Bank Education Loan for Working Professionals
This education loan is meant to help working professionals, who have secured admission into a higher education course such as an Executive Programme in a recognised institution through an Entrance Test or a Merit-based Selection Process. The maximum loan amount sanctioned by the bank for this loan is Rs. 20 lakh for unsecured loans and Rs. 75 lakh for secured loans.
Axis Bank GRE-based Funding
This is an unsecured Loan for foreign universities and offered on the basis of the student’s GRE score. As the name suggests, this loan is for engineering courses and not for others. The bank offers a moratorium on repayment during course period. The maximum loan tenure is capped at 10 years.
Axis Bank Income-based Funding
Like the GRE score based loan, this income based loan is an unsecured loan. The student can apply for a loan of upto Rs. 40 lakh. The loan needs a co-applicant who should be income earner. The amount of loan is based on the co-applicant’s income.
This loan is available for all full-time foreign and Indian university or college courses. The maximum loan tenure is upto 10 years like the GRE-based Funding.
Axis Bank Education Loan for Higher Study
This is an education loan variant meant for pursuing higher education in India or abroad. And any loan amount below Rs. 7.5 lakh does not need any collateral (security). In addition, there are no pre-closure charges if you pay the loan off early. Axis Bank offers a door-step service with this loan.
Axis Bank Education Loan Balance Transfer
Axis Bank also offers a balance transfer option for borrowers with education loans from other banks or lending institutions. This option is ideal for those of you who want to switch your existing high cost education loan to reduce your monthly EMI expenses. There are no pre-closure charges with the balance transfer option. And it comes with a door-step service like the loan for higher study.
Now that you know about the education loan schemes offered by Axis Bank, you may want to find an education loan scheme best suited for you. If so, please check our Education Loan page for details where we have discussed various education loans in detail.