Axis Bank Abroad Education Loan

As there is a high competition around, pursuing higher education from some other country has not become merely a dream but also turned to be a compulsion in many students’ lives while looking forward to making higher strides in the concerned domain of interest. Financing such educational programs is often not as affordable due to its costs; however, Axis Bank through the Abroad Education Loan supports their need. Offering finance to students who wish to study abroad, Axis Bank has emerged as one of the most reliable options for students planning to study in universities or colleges abroad.

This article explores the details of Axis Bank Abroad Education Loan, featuring its features, eligibility criteria, benefits, and much more.

What is Axis Bank Abroad Education Loan?

Axis Bank Abroad Education Loan is a loan taken to support students financially by funding their education expenses, which is incurred abroad. This loan covers different areas of expenditure, like the tuition fees, accommodation fees, travel costs, and the rest. Axis Bank offers highly competitive interest rates, flexible repayments, and many other offers to ensure that there should not be any problem due to finance while studying abroad.

Key Features of Axis Bank Abroad Education Loan Loan Amount Axis Bank offers up to INR 50,000 to INR 75 Lakhs loan in respect of the course and for the country. It covers living expenses, travel expenses, and other costs associated with the course.

Interest Rates: The interest rates available from Axis Bank range from 11.25% and go upwards. The rates depend on the applicant’s profile, the course of study, and the country of study.

 Repayment Tenure: The repayment tenure of the loan ranges between 5 and 15 years. This can be tailored depending on the convenience and financial strength of the student after completion of their studies.

For the amount above INR 7.5 Lakhs, Axis Bank may seek for collateral security in terms of property or fixed deposits. In case of loans less than INR 7.5 Lakhs, collateral security might not be requested.

Axis Bank has the option to offer a moratorium where no repayment is requested within this time period. The six-month duration after the completion of a course of training or from the date of joining at work are also considered, whichever happens early.

Processing Fee: For the loan, Axis Bank charges a processing fee at 1% of the loan amount or INR 10,000, which is lower.

Tax Benefits: The interest paid on the loan is eligible for tax benefits under Section 80E of the Income Tax Act. This makes this loan an attractive option for students as well as their families.

Online Application and Disbursement: Axis Bank also allows the applicant to apply for the education loan online. The bank also makes disbursement in a smooth and timely manner, which helps the students to have their money when needed.

Eligibility Criteria for Axis Bank Abroad Education Loan

To avail an Axis Bank Abroad Education Loan, the applicant must fulfill the following criteria:

Indian Nationality: The student must be an Indian national. The loan is available to Indian students who are pursuing higher studies abroad.

Age Criteria: The applicant must be between 18 and 35 years of age at the time of applying for the loan.

The candidate must have received admission from a recognized foreign university/ institution. Axis Bank facilitates education loans for undergraduate courses and postgraduate courses, both diploma and doctorate programmes.

Co-applicant : It is mandatory to have one parent, sibling, or spouse as the co-signer of the loan proposal; the co-applicant shall also have a regular source of income. The financial position of the co-signer shall be looked into while giving the approval for the loan.

Good Academic Track: He or she should have an excellent academic record for proving his or her competence to do well in higher studies outside the country.

Study Destination: Axis Bank grants educational loans for studying in popular study destinations, including but not limited to, United States, United Kingdom, Canada, Australia, and so many other study destinations.

Types of Loans that Axis Bank Provides for Overseas Studies

Axis Bank has different kinds of education loans for various needs of students. These can be broadly classified into the following two types:

Education Loan for Undergraduate and Postgraduate Courses: Axis Bank provides loans for any student going abroad for higher studies like undergraduate or postgraduate courses. The loan comprises all essential expenses, including the tuition fees, books, travel, and accommodation.

Professional Courses Education Loan: These are designed for students pursuing their education in professional courses, such as engineering, medicine, law, MBA, etc. Axis Bank offers loans on interest rates and repayment with flexible options to these students.

Short-term Courses Education Loan: Axis Bank further offers loans for short certification courses or a diploma overseas. Loans by Axis Bank come with flexible options, especially for skills improvement.

Advantages of Axis Bank Overseas Education Loan

Flexi Amount Loan: Axis Bank gives the student the flexibility in the loan amount, thereby enabling them to borrow a suitable amount for their requirement.

No Hidden Charges: The bank is transparent in terms of its fees and charges. There are no hidden costs in the loan and all the charges are made clear in advance.

Quick Loan Processing: Axis Bank is recognized for quick loan processing that makes sure students get loans in time. The process at the bank is easy to follow, and there is hassle-free application as well as approval.

Customized Repayment Options: Axis Bank offers flexible repayment options with an option to pay interest during the moratorium period to ease out the financial pressure of students once they are studying.

Easy Documentation: The process for Axis Bank Abroad Education Loan documentation is easy and simple with minimal documentation. This bank accepts a wide variety of documents, including academic certificates, admission letters, and proof of financial status.

International Reach: Axis Bank offers education loans for students looking to study in multiple countries around the world. This means that students are allowed to pursue their programs of choice in a multitude of international locations.

Loan for Family and Spouse: Axis Bank accepts co-signing from family members or spouses. This is helpful for students who may not have a fixed source of income but will be supported by their family in the loan.

No Prepayment Penalty: Axis Bank does not charge any form of prepayment penalty, so the student can pay off his or her loan earlier without being charged extra

Axis Bank Abroad Education Loan – Step-by-Step Guide to Apply

The process of applying for an Axis Bank Abroad Education Loan is quite simple, and the students can follow these steps to apply:

Check Eligibility: First, ensure that you meet the eligibility criteria mentioned above. If you do, then proceed to the next steps.

Gather Documents: Gather all the required documents, including proof of admission, academic records, income proof, and ID proof.

Submit the Application: You can apply for the loan online from the website of Axis Bank or by visiting a branch close to you. Fill out the application form and submit all necessary documents.

Processing of Loan: The Axis Bank will go through your application and documents. The bank may also call you for additional information if required.

Loan Sanction and Disbursement: Once the loan is sanctioned, you are given notice on the loan amount, rate of interest and terms on return.

Loan amount shall then get directly transferred to the borrower account or directly credited to his / her respective college where the course was opted from.

Conclusion

The Axis Bank Abroad Education Loan and Lorien Finance offer excellent financial resources for students aspiring to study abroad. With attractive features, flexible repayment terms, and a simple application process, both provide a seamless path to financing your overseas education. Whether you’re planning to study in the United States, the United Kingdom, Canada, Australia, or any other destination, Axis Bank and Lorien Finance offer customized loan solutions tailored to your specific needs, helping you achieve your academic goals with ease.

Axis Bank Abroad Education Loan may help you out, in case you need finance to study abroad. Join hands with Axis Bank to pursue higher education in foreign land, and let’s get closer to making your overseas study dream a reality!