Axis Bank Student Loans
A look at different types of education loans offered by Axis Bank
Axis Bank one of the fastest-growing private sector banks in India. It was founded in 1993 as UTI Bank with a corporate office in Mumbai and a registered office in Ahmedabad. It was renamed Axis Bank in 2007. Fast forward to today, the bank has now over 4,800 branches and 17,000 ATMs across the length and breadth of the nation in addition to 9 international offices.
Axis Bank offers a wide range of retail and commercial banking and finance services. Education loans are one of them.
As of October 2020, the bank offers six different types of education loans, each for a particular student segment or purpose. Let’s take a look at them.
Loans for Pursuing Higher Education in India and Abroad
- Prime Domestic: This loan scheme helps students finance full-time higher education courses in recognised educational institutions in India. The maximum loan amount one can get depends on the cost of the study programme and the repayment capacity of the borrower and can go up to a ceiling of Rs. 40 lakh. This loan must be repaid within 15 years
- Income-based Funding: This Axis Bank loan scheme helps students get financial assistance to pursue higher education in India and abroad based on the income of the co-applicant. The maximum loan amount sanctioned by the bank under this loan scheme is subject to a ceiling of Rs. 40 lakh. It must be repaid within 10 years
- Loan for Higher Study: This is Axis Bank education loan is designed to offer financial assistance to students who have secured admission on a merit-basis or entrance test in a higher education course at a recognised educational institution in India and abroad. The bank offers collateral-free loans up to Rs. 7.5 lakh under this scheme. This is a need-based loan.
Loans for Studying Abroad
- Prime Abroad: This loan scheme helps students finance full-time higher education courses at premier educational institutions abroad. The maximum loan amount one can get is subject to a ceiling of Rs. 40 lakh. This loan must be repaid within 15 years. It comes with a multi-currency Forex card
- GRE-based Funding: Axis Bank offers financial assistance to students who want to pursue higher education at a foreign university based on their GRE score. The bank does not ask for collateral security for this loan. This is a need-based loan. It must be repaid within 10 years
Special Loans for Working Professionals
This is a special loan scheme to help working professionals pursue executive programmes or special courses for skill development. Axis Bank offers loans up to Rs. 20 lakh under this loan scheme. The actual loan amount to be sanctioned is decided by the bank on a case to case basis. Unlike other study loans, a co-borrower is not mandatory for this loan. This loan must be repaid within 10 years.
Balance Transfer Facility
The Balance Transfer facility allows students who have taken an education loan from other banks or lending institutions to transfer the loan to Axis Bank. Students can also re-negotiate loan terms such as repayment tenure to change their EMI.
A Final Word
One of the unique things about Axis Bank education loans is that you can get a pre-admission sanction based on your profile, i.e. you get preliminary loan approval before securing admission into an institute. This helps you stay calm knowing that you are going to get financial assistance to bear your course-related expenses. It may seem like a small gesture but as any student and the worried parents will tell you – small assurances like these go a long way to make a bank one’s bank of choice.