AXIS Bank Education Loan

The Axis Bank educational loan is referred to as Axis Bank Study Power and from the name you can guess that this is a loan that will get you closer to your career dreams. Not everyone can afford to find his education and this is understandable, thus the reasons Axis Bank is here whether you are planning to study aboard or not, you will get funded by Axis Bank if you qualify. If you had put off your career dreams because of the lack of money, it is time you get through of applying for a loan at Axis Bank and revive your ambitions. Axis Bank Study Power is for a limited group of people, those who are aged between 16 and 30 years of age, meaning that these are loans for undergraduate and postgraduate courses. Even as there are applicants who are between 16 and 30 years of age who may qualify for an Axis Bank educational loan, they may be disqualified by the fact that they are not pursuing undergraduate or postgraduate courses. In other words, these are loans for those who are within 16 and 30 years of age and in undergraduate and postgraduate colleges.

The maximum educational loan you can get when studying within India is Rs.10 Lakhs and if you are studying outside India the maximum is Rs. 20 Lakhs. Overseas study loans will attract higher interest rates compared to local studies. Applicants who are minors will need to be accompanied by a co-applicant, who in this case is the parent of the applicant. This is necessary since loans cannot be processed for underage applicants. The parent acts as a guarantor of the loan, so he or she will be primarily responsible for the payment of the loans. When it is necessary, the parent will provide proof of the ownership of any property that is going to be the collateral for the loan. The collaterals value needs to be the same as the value of the loan and in the case of doubts an appropriate valuation has to be done.

The loan from this bank will take care of all the needs of the student when he is pursuing his studies and will be repaid in installments depending on the arrangements made between the borrower and the bank. Upon application, one has to provide the proof of his age and his residence as well as his income and contacts. Any guarantor needs to provide a bank statement as well. It will take some time before the payments to be paid to the bank are due. This means that it will be one year after the completion of the studies that one will be required to make the payments for the loan. If one is employed before the end of this year, the time of payment will be 6 months after the commencement of the employment. Payment period varies as well, depending on what your capabilities are. It will take a maximum of 7 years and a minimum of 3 years for a loan to be paid when one is funded by this bank. The rates of interest vary between 13.75 and 15.75% and upon any default of payment the bank will penalize the borrower or ask the guarantor to pay the money due. Anyone who has to take a bank loan to fund his education has the advantage of flexible repayment plans from the bank although the interest rates are considered relatively high compared to the other banks in the market. Then again, it is all worth it if your school tuition fees and other fees are taken care of to provide you with a hassle free time within which to study.