Axis Bank Prime Domestic Education Loan
Product Details
Bank Name
Axis Bank
Maximum Loan Tenure
15 Years
Maximum Loan Amount
Unsecured Loan upto INR 75 Lakhs
Interest Rate
Loan upto 4 Lakh: 15.20%. Loan between 4 lakh and 7.5 Lakh: 14.70%. Loans greater than INR 7.5 Lakh: 13.70%
Purpose/Field of Education Loan
Education Loans for full-time Premier Courses In India
Repayment Cycle
During the study period borrower has to pay only interest component - pre EMI. Once the study period + grace period is over the borrower is required to pay both interest and principal component. Grace period is different from case case-to-case basis.
Grace Period
Grace period is different from case to case basis.
Minimum CIBIL Score
Not Required
Co-Borrower Required
Parents will be primary borrower.
Collaterals Required
Collateral may be required in certain cases.
Fees & Charges
Pre-payment Charges: Nil
Penal Interest in case of delayed payment: 2% + interest rate.
Bounce Charges: INR 400
Processing Fee: Upto 1.5% of the loan amount.
Legal and stamp duty charges: Differs from state to state.
Fees and Charges
Eligibility Criteria
The Education Loan will be provided to those students who have Indian Citizenship Secured at least 50% marks during HSC & Graduation Who have obtained admission to career-oriented courses e.g. Medicine, Engineering, Management etc., either at the graduate or post-graduate level Secured admission in India or Abroad through entrance test / merit based selection process post completion of HSC (10+2) Documents displaying regular income is mandatory for the co-applicant( parents/sibling/guarantor)
Special Concession
No
Features, Eligibility and Concession
Special Features
Loan tenur can be upto 15 years.
Pros
Pros & Cons
Cons
High interest rate.
Inrerest EMI's start immediately, they need to be paid during the study period.
Loan sanction amount upto INR 50 lakhs.
Loan approval letter is issed prior to securing admission.
Borrowr is required to pay simple interest until the time studies are going on + grace period.
Loan is available upto 100% of tution, boarding, travelling and living expenses are covered.
Account Opening and Procedure
How to Apply?
You can either apply online through the Axis Bank website or visit a branch in person.
Documents Required
Know Your Customer (KYC) Documents:Identity proof (PAN Card, Aadhaar Card, etc.)
Address proof (utility bill, rental agreement)
Academic Documents: Mark sheets and passing certificates from your schooling (usually 10th standard onwards)
Admission Letter: A copy of the official admission letter from the institute you plan to attend, outlining the fee schedule
For Co-Applicants (or Guarantors):
KYC Documents: Same as applicant (ID proof and address proof)
Financial Documents:Bank statements for the last 6 months
Income tax returns for the last 2 years (salary slips for salaried individuals)
Axis Bank Prime Domestic Education Loan
Axis Bank's Prime Domestic Education Loan can be a good option for students in India considering its unsecured loan option, competitive interest rates, and flexible repayment terms. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, and eligibility criteria are important factors to consider. Comparing it with other lenders and ensuring you meet the eligibility requirements is crucial before applying.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai