Axis Bank


"Axis Bank was founded in 1994 as UTI Bank. Axis Bank is India's third largest private sector bank and provides a wide range of financial services that include personal loans, business loans and asset management. Axis Bank's education loan is offered to students who have secured admissions to professional courses at graduate or post-graduate levels. A flexible loan scheme with affordable interest rates, Axis Bank Education Loans will provide the required monetary support to deserving students."

Loan Interest Rates:

Loan Type Max. Loan Amount Interest Rate
Education Loan Up to Rs.4 lakhs Base Rate + 7%
Education Loan Loans from Rs.4 lakh up to Rs.7.5 lakhs Base Rate + 8%
Education Loan Loans greater than Rs.7.5 lakhs Base Rate + 6%
Education Loan for Girl Student Up to Rs.4 lakhs Base Rate + 6.50%
Education Loan for Girl Student Loans from Rs.4 lakhs to Rs.7.5 lakhs Base Rate + 7.50%
Education Loan for Girl Student Loans greater than 7.5 lakhs Base Rate + 5.50%

Base Rates Are:
The base rate is currently fixed at 9.95%.

Loan Eligibility:

Eligibility conditions for Axis Bank Education Loans:
  • The applicant should be a resident of India.
  • The applicant should have been selected for an undergraduate or graduate, professional, job-oriented course such as medicine, engineering in a recognized university, college or institute.

Documents Required:
    Salaried Applicant:
  • Proof of Identity: Passport, Voter's ID, driving license or PAN card.
  • Proof of Income: Latest salary slip showing all deductions, Form 16 and recent salary certificate.
  • Proof of Residence: Bank account statement, electricity bill, telephone bill or house lease agreement.
  • Last 6 months' bank statement or passbook where salary or income is credited.
  • Education Documents: Copy of admission letter along with the fees schedule, mark sheets, certificates of S.S.C and H.S.C and degree courses.
    Other Applicant:
  • Other classes of applicants must submit all the above documents. Instead of the latest salary slip, they can submit the Income Tax Returns statements for the last two years and computation of income by a certified CA for the last two years.

Processing Fees:
"There are no loan processing charges and prepayment charges for Axis Bank Education Loans. For the late payment of EMI, Rs.500 plus taxes per cheque bounce and a penal interest of 24% per annum on the overdue amount is charged."

Expenses Covered under Education Loan:

"The education loan will cover the tuition fees, hostel charges, cost of study materials and other education related expenses."

Loan Repayment:

Security Required:

"Third party guarantee and/or collateral security might be asked as security in certain cases. As additional security, assignment of a LIC policy in the bank's favour for the sum assured being at least 100% of the education loan amount might be required. Also, the future income of the student needs to be assigned in favour of Axis Bank for meeting EMI obligations."


1.What documents do I have to submit to avail the interest subsidy scheme on education loan?
Ans.The following documents need to be submitted at the time of loan sanctioning to avail the interest subsidy scheme.
		-Income certificates as issued by appropriate authorities
		-Bonifide student certificate
		-The interest subsidy agreement, letter of undertaking cum declaration signed by borrowers.

2.I am planning to avail a loan of Rs.20 lakhs for doing my MS. Will I be able to avail the interest rate subsidy?
Ans. No.The interest rate subsidy is offered only to loan amounts up to Rs.10 lakh and only to students pursuing further education in an Indian institution.

3.How long will it take for the bank to process my application?
Ans. After all necessary documents are submitted, the bank will convey its decision within 15 working days from the date of receipt.

4.What is the role of the parents when applying for an education loan?
Ans. The parents or guardian of the student applicant will be treated as a co-applicant and a primary debtor.

5.How will the education loan be disbursed?
Ans. The student loan will be disbursed in full or suitable instalments depending on the requirement of funds or fees. It will be directly disbursed to the educational institution or the vendor.