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
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