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Total Amount Payable
₹ 1,37,621
Remember, the interest rate and your loan tenure are the vital deciding factors that determine loan EMI.
The EMI of your loan consists of the principal portion and the interest. In the early stages of the loan's term, a larger portion of the EMI goes towards paying off the interest. Over time, as the loan balance decreases, more of the payment is applied to the principal amount.
Axis Bank India offers education loans at attractive interest rates for a loan amount ranging from ₹50,000 to ₹75 lakhs.
Apply for an education loan today and fuel your dreams!
Frequently Asked Questions
The bank sanctions the education loan only after thorough due diligence. Axis Bank usually disburses loans within 15 days from the date of receipt of the complete application along with all documents required for a full appraisal.
There is no margin for education loans upto ₹4 Lakhs. For loans above ₹4 Lakhs, the margin for studies within India is 5% and for studies overseas is 15%.
The documents required for the first disbursement are:
- Demand Letter from college or university
- Disbursement Request Form (DRF) signed by the applicant, co-applicants
- A signed copy of Loan Agreement (which includes Demand Promissory Note, DP Note Delivery-cum-Waiver Letter, Standing Instruction Request, PDC (Post-dated Cheque)
- Sanction Letter signed by the applicant, co-applicants
- Form A2 signed (for the purchase of foreign exchange) by applicant or co-applicants in case abroad Institute cases
- Proof of margin money payments made to the educational institution and bank statements showing these transactions are required.
- Additional documents may include collateral security
- if needed and Form A2 completed by the applicant or co-applicants for studies abroad.
For subsequent disbursements as well, many of the aforementioned documents will be needed, particularly the demand letter from the college or university, DRF, receipt of margin money paid, and one any from the exam progress report, mark sheet, bonafide certificate.
Yes, ₹500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s. So, as far as possible, keep your repayment track record clean.
Yes. The interest component of the EMI paid on an education loan is deductible under Section 80E of the Income Tax Act of 1961, which can provide tax relief.
Disclaimer
Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
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