Students who need financial support for bright careers by pursuing higher studies like professional or any technical education in India or abroad. Student’s secured confirmed admission to courses are eligible to apply for the education loans in Axis Bank.
The bank offers loan up to Rs.10 lacs for studying in India and Loan of Rs. 20 lacs for studying in abroad at graduation or post-graduation level.
The rate of Interest:
Axis bank charges 13.50% to 15.00% p.a. the rate of interest with the repayable period of 7 years from the commencement of installment. No loan processing charges, no prepayment charges and no due certificates. Interest rates are given below in details:
Education Loan interest rates:
Loans Upto Rs. 4 lacs: 15.20%
For Rs. 4 lacs to Rs. 7.5 lacs: 14.70%
For greater than 7.5 lacs: 13.70%
Note: If the borrower fails to pay EMI on time, extra charges of Rs.500 plus taxes per cheque bounce and a penal interest @24% p.a. i.e. @2% p.m. on the overdue installments. There is no need for solving certificates.
Parents or guardians are by default co-applicant of the borrower. Third party guarantee or collateral security may be required in some cases as security purpose.
In favor of Bank applicant have to assign LIC policy for the sum of at least 100% of Loan amount.
Eligible courses for the education Loan offered by the bank:
- Any graduation or post-graduation degree and PG diplomas conducted by colleges/universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc. shall be approved.
- Courses that are conducted by IIMs, IITs, IISCs, XLRI, NID, NIFT etc.
- Regular degree/ diploma courses like pilot training, shipping approved by Director General of Civil Aviation/shipping.
- Approved courses in India offered by foreign universities.
- Teacher training/ nursing/ B.Ed. courses
- Professional courses like CA/ CFA/ ICWA etc.
- Abroad professional or technical courses offered by reputed universities
Source: http://www.axisbank.com/personal/loans/education-loan/education-loan-fees-charges.aspx