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Get Free Education Loan Assistance From Siksha Udaan Capital
9.99%-12.5%
0.75% on sanctioned amount + GST
Axis Bank, formerly known as UTI Bank, was founded in 1994 and has since become the third-largest private commercial bank in India. One of the crucial services offered by Axis Bank is education loans, catering to students who aspire to pursue their studies either within India or abroad. Students can avail of secured or unsecured education loans from Axis Bank to finance their overseas education.
When considering an education loan for studying abroad without the need for collateral, the maximum loan amount that can be availed is up to 50 Lakhs INR. However, if one opts for a secured education loan, where collateral is guaranteed, the loan amount can go up to 85% of the value of the collateral.
Axis Bank has categorized the educational institutions into three groups according to the target university:
Prime A: The majority of the programs listed here are Master’s programs offered by prestigious universities.
Prime B: Apart from the various Master’s programs, there are also a limited number of bachelor’s degrees that are offered as part of the educational offerings.
Non-prime: This category includes courses and institutes that are not listed in the Prime A or B listings.
Axis Bank’s education loan not only assists students in meeting their financial needs for studying abroad but also provides them with a significant advantage in the form of a 100% tax benefit on the interest paid. This benefit is offered under Section 80(E) of the IT Act, ensuring that students can focus on their education without worrying about the financial burden.
Moreover, the bank also participates in government schemes like CSIS (Central Sector Interest Subsidy Scheme), which provides additional support to economically weaker sections. With these features, Axis Bank ensures that students have access to comprehensive financial solutions that cater to their specific needs and circumstances.
When it comes to obtaining an unsecured education loan without the need for collateral, Axis Bank stands out as an excellent option. Pursuing your education loan abroad without collateral from Axis Bank offers numerous advantages. Especially, Axis Bank has curated a comprehensive list of overseas universities, which they have further categorized into STEM and non-STEM courses. This classification further divides the universities into prime and non-prime categories, enabling borrowers to make informed choices. Each of these categories has a different set of features.
| Features | Description |
|---|---|
|
Loan amount |
Prime A - upto 50 lakhs Prime B- upto 40 lakhs Non- Prime - On an immediate EMI basis |
|
Rate of interest |
9.99%- 12.5% |
|
Interest rate type |
Floating interest rate |
|
Minimum Income(Co- Applicant) |
35,000 INR (without obligations) |
|
Repayment |
Need to pay S.I. only during class + 1 year grace period |
|
Processing fees |
0.75% on sanctioned amount + GST |
|
Other Charges |
Nil |
The following requirements must be fulfilled for you to be qualified for an Axis Bank loan.
At three different stages, you will encounter the need for various documents. The first set of documents will be necessary during the processing of your loan application, the second set will be required when the initial disbursement takes place, and the last set of documents will be needed for any subsequent disbursements.
Axis Bank offers not only unsecured loans but also secured loans, which require you to provide collateral to the bank. By pledging collateral, you can access the benefits of a secured loan. Additionally, when considering collateral, the co-applicants profile is taken into account. Various characteristics related to an Axis Bank secured abroad education loan include:
Applying for a loan with Axis Bank is a very easy procedure. All you have to do is take the steps listed below.
Check Loan Eligibility
To begin, you need to assess your loan eligibility with Shiksha Udaan Capital. This involves providing certain information such as personal details, the university you are aiming for, the amount of loan you require, and other relevant details.
Loan Processing
Once your loan eligibility has been verified, a dedicated education loan counselor (ELC) from Shiksha Udaan Capital will reach out to you. They will assist you in preparing a customized document checklist. At the same time, the ELC will work on submitting your details to Axis Bank.
Convenient Document Collection at Your Doorstep
After you have organized all the necessary documents, a representative from Axis Bank, known as a relationship officer (RO), will come to collect and authenticate them. In case any documents are found to be missing, both Shiksha Udaan Capital’s ELC and Axis Bank’s RO will inform you within 24 hours.
Loan Approval and Sanction
After the verification process is complete, the applicant will receive an email notifying them of the loan approval. This email will include specific details about the approved loan amount and other important information. To proceed with the loan sanctioning, the applicant will need to sign the email as confirmation.
You would have several advantages if you proceeded with your Axis Bank loan through Shiksha Udaan Capital. The following is a list of a few benefits:
Guaranteed Best Loan
Shiksha Udaan Capital is dedicated to offering the best education loan accessible to you. We guarantee that our team will work hard to find you the most advantageous deal. If you happen to find a more attractive deal, we will make up for the difference in interest rates for the entire duration of your education loan.
Higher Chances of Approval
Shiksha Udaan Capital makes sure that your application is only sent to Axis Bank once you have satisfied all qualifying conditions.
Personalized Documents Checklist
Shiksha Udaan Capital offers a customized list of necessary documents, along with other options, to facilitate the submission of paperwork speedily.
Quick Processing Time
Shiksha Udaan Capital can process loans in 5-7 days after receiving documents, while Axis Bank takes 15 days for direct applicants.
Completely Free Services
Throughout the process, Shiksha Udaan Capital offers the support of an education loan counselor without any additional fees.
Axis Bank provides unsecured loans with a maximum loan amount of 50 Lakhs.
Axis Bank offers a repayment tenure of up to 15 years, which includes the duration of the course and the grace period.
Axis Bank can consider commercial property for loans, but the loan amount will not exceed 50% of the property value.
Education loans from Axis Bank come with tax advantages under section 80(c).
The applicant’s living expenses are deposited into their account, while the tuition fees are sent to the university’s account. These arrangements may differ depending on different conditions.
The maximum amount that can be obtained from Axis Bank for a non-collateral loan is 30 Lakhs INR.
Shiksha Udaan Capital aims to support your dream of attaining a high-quality education and provide students with easy access to personalized educational finance alternatives.
