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Education Loan Interest Rates (Floating)
Education Loan interest rates are the first thing that comes to your mind when you think of planning your academic journey. At Axis Bank, we understand the significance of knowing the interest on student loans, whether you are planning your higher education in India or abroad.
We offer Education Loans for students at competitive rates and cover 100% of your educational expenses. By choosing our Education Loan, be assured of fast loan disbursement, and enjoy a hassle-free loan application process. Our competitive Student Loan interest rates, personalised guidance, and convenient repayment options will give you a loan experience like no other.
- Current Repo Rate: 5.5%*. For further details, please click here
- Frequency of Repo Rate Reset: Every 3 months or as determined by the bank, whichever comes first.
- The bank reserves the right to set the margin over the Repo Rate.
- This margin may change during the loan's duration.
- Customers who took out loans or received approval before October 1, 2019, will continue under the MCLR system. Existing customers interested in switching to the Repo Rate system should contact our customer service.
- * Repo Rate to checked at RBI website
| Schedule of Charges | |
|---|---|
| Loan Processing Charges | Processing fees up to 2% of the loan amount + GST W.E.F 1st August, 2022 Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable). |
| Prepayment Charges | Nil |
| No Due Certificate | NA |
| Penal Charge | Financial Default*: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance). There shall be no capitalisation of Penal Charges. *Financial Default includes all types of payment or financial defaults/irregularities with respect to your Loan Account. |
| Cheque/ Instrument Swap Charges | ₹500/- + GST per instance |
| Duplicate Statement Issuance Charges | ₹250/- + GST per instance |
| Duplicate Amortisation Schedule Issuance Charges | ₹250/- + GST per instance |
| Duplicate Interest Certificate (Provisional/Actual) Issuance Charges | ₹50/- + GST per instance |
| Cheque/Instrument Return Charges | ₹339/- + GST per instance |
| Conversion charges for switching from Floating to Fixed and Vice-versa | 1% of the outstanding principal with a minimum of ₹ 5000/- + applicable GST |
For MCLR-based loans:
- Marginal cost based lending rate (MCLR): 9%
- MCLR reset interval for education loans: every 6 months.
Great plans start with well-calculated decisions
Education Loan EMI Calculator
In a knowledge economy that we live in today, education plays a pivotal role. With an Education Loan, you can make your dreams come true. Students can directly apply for an Education Loan. But before you apply for an Education Loan, as a prudent loan planning exercise, assess how much the Equated Monthly Instalment will be. Axis Bank's Education Loan EMI calculator is an automated tool that will quickly let you know your EMI.
Total Amount Payable
₹ 1,37,621
Tax benefit calculator
Education Loan from Axis Bank helps you to finance higher education and save tax too. The interest paid on Education Loan availed can be considered as a deduction from the total income U/S 80(E).The Tax Benefit Calculator given below is an illustration on the Tax Benefit U/S 80(E).
Effective ROI
7.18 %
Important links
Frequently Asked Questions
The student loan interest rates depend on the loan amount. Please refer to the EMI calculator present on our website or visit Education Loan - Apply for student loan online in India - Axis Bank
An Education Loan is paid out by paying a fixed Equated Monthly Instalment (EMI). The EMI consists of the principal amount and interest.
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