When planning for higher education, securing an education loan gets very important. Axis Bank offers tailor made education loans to meet the financial needs of students who are dreaming to pursue higher studies in India or abroad. One of the first steps in the application process is collecting all the necessary documents. The Axis bank student loans application process is hassle free and very convenient. This detailed guide covers all the documents required for an Axis Bank education loan to help you prepare and apply for a student loan seamlessly.
Why Choose Axis Bank for Education Loans?
Axis Bank is one of India’s leading private-sector banks, known for its flexible education loan offerings. Some of the key features of Axis bank student loan are:
Axis Bank Education Loan | |
Loans for both Indian and international education | Minimal processing time |
Competitive interest rates | Flexible repayment options |
Before applying for an education loan through Axis bank, students must ensure that they meet the eligibility criteria for the desired loan scheme, as the required documents may vary based on the loan amount and specific course requirements.
Axis Bank Education Loan Eligibility Criteria
Education loan applicants are required to fulfill the below mentioned eligibility criteria to avail benefits under the Axis bank student loan:
- Students must be a citizen of India.
- Applicants must have secured a minimum of 50% marks in Higher Secondary Certificate (HSC) i.e. (10 + 2) or an equivalent followed by undergraduate degree courses.
- Applicants must have been admitted to career-oriented courses such as engineering, medicine, management, etc. at either graduation or postgraduate level.
Axis Bank Education Loan Documents Required
Students who qualifies the eligibility criteria for Axis bank education loan are required to keep all the documents handy before proceeding to the application process:
- Axis bank education loan application form
- Income statements (Salary slip, Form 16, Income-Tax Returns of the last 2 years and Computation of income of last 2 years certified by a Chartered Accountant)
- Bank statement or Passbook of last 6 months
- Copy of the admission letter of the Institute along with the ‘fee schedule’
- Marksheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
- Age proof such as birth certificate, passport, Aadhaar, PAN card, driving license, etc.
- Address proof such as Aadhaar, passport, latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement, etc.
- Photo identification proofs such as Aadhaar, voter id, PAN card, passport, driving license, etc.
- Passport size photos of the applicant and co-applicants
- Guarantor form (optional)
- Guarantee documents as follow:
Loan Amount | Guarantor Requirements | Collateral Security |
Up to ₹4 lakh | May not require a guarantor (case-by-case basis) | Insurance policy, fixed deposits, shares, real estate |
₹4 lakh – ₹7.5 lakh | Co-applicant + Third-party guarantor (not a direct blood relative) | May be required |
Above ₹7.5 lakh | Tangible collateral security of appropriate value | Mandatory |
Points to Remember:
- The loan agreement consists of various important documents including a Demand Promissory Note, a Delivery-cum-Waiver Letter, and Standing Instructions, among others.
- Disbursement of funds can be made either in full or in installments as per the borrower’s needs.
- A strong credit history of the co-applicant, generally a parent or guardian, can significantly streamline and expedite the loan approval process and potentially help to secure more favorable Axis bank education loan interest rates.
Also Read: Axis Bank Education Loan – Amount, Interest Rates & Features
Documents Required to avail Interest Subsidy Scheme
The Indian government offers an Interest Subsidy Scheme for students belonging to the economically weaker sections. To avail the benefits under the scheme the students will have to fulfill certain eligibility requirements which includes a parental income below ₹4.5 lakh per annum. The subsidy scheme provides a substantial benefit to the students by covering the complete interest amount during the moratorium period, which extends beyond the course duration to include a grace period for employment of the applicant.
Common documents required to be submitted at the time of loan sanction are below:
- Income certificate issued by the authorized authority in your state/union territory.
- Interest subsidy agreement
- Academic proof such as fee receipt, fee structure, admission letter, etc.
- Bonafide letter
- Domicile certificate (I applicable)
- Academic transcripts including degrees and certificates
- Provisional passing certificate
- Any other relevant document issued by the respective institution
Axis Bank Education Loan Application Process
Applicants who fulfill the eligibility criteria for an Axis Bank student loan can apply through both online and offline methods. The student loan application processing time is around 15 days, but it may vary depending on the loan amount, loan tenure and other specific requirements.
For online applications, applicants can visit the official website of Axis Bank, register themselves, and complete the education loan application form and submit it along with all the relevant documents. Upon successful submission, the bank takes 7-10 working days for loan approval, and funds will be disbursed within two working days post-approval.
Alternatively, students can apply offline by visiting the nearest Axis Bank branch, where they may be required to fill out the education loan application form, provide the necessary documents, and submit their application at the branch itself.
Regardless of the method chosen, Axis Bank ensures a uniform processing time and fair consideration of all applications.
Also Read: Axis Bank Education Loan Interest Rate and Subsidy Schemes
Frequently Asked Questions (FAQs)
Who is eligible for an Axis Bank Education Loan?
Students applying for an Axis Bank education loan must be an Indian citizen and have secured at least 50% marks in their 10+2 or equivalent exams. They must have secured admission to a career-oriented course such as engineering, medicine, or management at the graduate or postgraduate level.
What documents are required for an Axis Bank Education Loan?
Below-listed documents are required to be submitted while applying for a student loan from Axis Bank:
- Axis Bank Education Loan Application Form
- Income Statements (Salary slips, Form 16, ITR for the last 2 years)
- Bank Statement/Passbook for the last 6 months
- Admission Letter & Fee Schedule from the Institute
- Marksheets/Pass Certificates (SSC, HSC, Degree Courses, Entrance Test)
- Age Proof (Birth Certificate, Passport, Aadhaar, etc.)
- Address Proof (Aadhaar, Passport, Utility Bills, etc.)
- Photo Identification Proof (Aadhaar, Voter ID, PAN Card, etc.)
- Passport-size photos of the applicant and co-applicants
- Guarantor Form (optional)
- Guarantee Documents (as per loan amount and requirements)
What are the loan amount limits and guarantor requirements for Axis Bank Education Loan?
Loan requirements may vary depending on the amount:
- Loans up to ₹4 lakh might not need a guarantor (assessed individually).
- Loans between ₹4 lakh and ₹7.5 lakh may require a co-applicant and a guarantor who is not a direct relative.
- Loans exceeding ₹7.5 lakh generally demand tangible collateral security.
What is the Interest Subsidy Scheme?
The Indian government offers this scheme to students from economically weaker sections (parental income below ₹4.5 lakh per annum). It covers the complete interest amount during the moratorium period.
How can I apply for an Axis Bank Education Loan?
You can apply both online through the Axis Bank website or offline by visiting a branch.
What is the processing time for an education loan application?
The processing time is somewhere around 15 days, but it can vary based on loan amount, tenure, and other factors.
How is the loan disbursed?
The education loan amount disbursement can be made in full or in installments as per the borrower's needs.