AXIS BANK
Axis Bank (Education Loan)
        
Axis Bank's Study Power aims to provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. 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. They believe, given the right tools and aid every child has the potential to be successful. Education loans aim to be the tool that will enable them to reach their goals in life.
Location: India
Lender/Broker: Lender
Advantages:
1. Quantum of Loan -The quantum of finance under the scheme is capped at Rs 10.00 lacs for studies in India and Rs 20.00 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50,000.
2. Margin -  No margin for loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for studies within India and 15% for higher studies overseas.
3. Role of the Guardian - 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.
4. Security - Third party guarantee and/or collateral security may be asked for in appropriate cases.
5. Additional Security - Assignment of LIC policy in favour of the Bank for the sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charges. Further, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.
6. Disbursement -  The loan will be disbursed in full or in suitable installments 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.
Disadvantages:
1. The parent(s) or guardian of the student would be treated as a co-applicant of the loan
Services:
The loan will be disbursed in full or in suitable installments 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

APR: Up to 16.75%Interest Type: Fixed Rate
Min Tenure: Ask on applicationMax Tenure: Ask on application
Loan Amount: Up to Rs. 20 LacsProcessing Fee: From Rs.500
Min Annual Income: N/A
EMI Equated Monthly Instalment: Ask on application

Secured Loan: NoUnsecured Loan: Yes
Guarantor Required: No

Terms and Conditions:
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.
Identification:
Passport or Voter's ID card or driving license or PAN card or government department ID card
Suitable:
Loans for studying abroad or in India
Restrictions:
The loan will be disbursed in full or in suitable installments 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
        
REVIEWS
Axis Bank (Which Way To Pay India - 28/5/2013)
Axis Bank is ranked 4 out of 5. Based on 1 review.

4 Star Rating

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