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Product Details
Bank Name

Axis Bank

Maximum Loan Tenure

15 Years

Maximum Loan Amount

Unsecured Loan upto INR 40 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

Unsecured Loan upto 40Lakhs to working professionals

Axis Bank Loan For Working Professionals

Repayment Cycle

During the study period borrower has to pay only interest component - it is called pre EMI. Once the lstudy period + grace period is over the borrower is required to pay both interest as well as principal component. Grace period is different from 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

Prepayment Charges: Nil; Bounce charges: INR 500 + GST. Out of pocket expense: Upto 1% of the loan amount + GST.

Fees and Charges
Special Features

No-co applicant is required.

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

Special Concession

None 

Features, Eligibility and Concession
Pros

Loan sanction amount upto INR 50 lakhs. Loan approval letter is issed prior to securing admission. Borrowr is required only to pay simple interest till the time studies are going on + grace period. Loan is available upto 100% of tution, boarding, travelling and living expenses are covered.

Cons

High interest rate. Inrerest EMI's start immediately, they need to be paid during the study period.

Pros & Cons
HDFC Credilia USA Education Loan

HDFC Credila USA Education Loan can be a consideration, especially if you can qualify for an unsecured loan and get a competitive interest rate. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, mixed reviews, and lack of advertised interest rates require careful exploration.

Abhijeet Saxena

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

Product Review
Recommended Education Loans
How to Apply?

You can apply online through Axis Bank's website or mobile app, or visit a branch in person.

Documents Required
  • Identity Proof: PAN Card, Passport, Driving License or Voter ID Card (any one)

  • Residential Proof: Latest Utility Bill (within 3 months), Passport or License Agreement

  • Financial Records: Bank statements from the last 3 months

  • Income Evidence: Salary slips from the previous 3 months

  • Employment Proof: One year Employment proof (Not required if DOJ mentioned in payslip and working for more than a year)

  • Photographic Identification: Recent passport-sized photographs

Account Opening and Procedure
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