Sunday, December 1, 2024
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Axis Bank's Study Power aims to provide financial support to deserving students for pursuing higher professional or technical education in India and abroad.
Eligibility
The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.
Loan Details
Amount
The loan will cover tuition fees, hostel charges (if any), cost of books, etc.
*The quantum of Loan can be higher amounts, above these caps, subject to eligibility and cost, for case-to-case approval.
Loan will be given within 15 working days from the date of receipt of the complete application along with all documents required by the bank for a proper appraisal. The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, like the primary debtor.
Margin:
Security:
Third party guarantee and/or collateral security may be asked for in appropriate cases
Additional security in the form of an LIC Policy in favour of the Bank with
the sum assured being at least 100% of the education loan amount may be required.
Annual premium for the same may be included while computing the loan requirement
and future income of the student needs to be assigned in favour of the Bank
to meet instalment obligations
Tangible collateral security of suitable value acceptable to bank alongwith
the assignment of future income of the student for payment of installments.
Documents required for Education Loan
For salaried individuals
For all other Individuals
Rate of Interest
Loan Type - Education Loan
Upto Rs 4 lakhs : 16.50%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac : 17.50%
Loans greater than 7.5 lacs : 15.50%
Loan Type - Education Loan for Girl Child
Upto Rs 4 lakhs : 16.00%
Loans greater than Rs. 4 lacs and upto Rs. 7.5 lac : 17.00%
Loans greater than 7.5 lacs : 15.00%
Marginal Cost Based Lending Rate (MCLR) - 8.85%
MCLR Reset frequency for Education Loans - Half Yearly
Disbursement
Loan will be disbursed in full or in suitable instalments taking into account
the requirement of funds and/or fee schedule as assessed by the Bank directly
to the educational institution or vendor of books or equipment or instruments.
Contact Details
Registered Office - Axis Bank
"TRISHUL",Third Floor, Opp. Samartheshwar Temple, Nr.Law Garden, Ellisbridge,
Ahmedabad - 380 006.
Phone : (079) 26409322
Fax: (079) 26409321
Central Offices:
13th Floor, Maker Tower - F, Cuffe Parade, Colaba, Mumbai - 400 005.
Phone : (022) 6707 4407
Fax : (022) 2218 6944, 2218 1429
Website : visit
Click here for the nearest bank branches
Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.
Tags
Study Abroad Loan
,
Study Loan for girl students
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