Axis Bank Ltd has decreased its education loan interest rates by 1.00%, or 100 basis points with effect from Wednesday, January 18, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Axis Bank Limited – Current Education Loans or Student Loans Interest Rates
New Delhi (Delhi, India), February 18, 2018
Axis Bank Limited Cuts Education Loan Interest Rate to 13.25% Per Annum
The Axis Bank Limited has decreased its education loan interest rates by 1.00 percent, or 100 basis points with effect from Wednesday, January 18, 2017.
Axis Bank Limited has revised its minimum education loan interest rate from 14.25 percent to 13.25 percent per annum (MCLR-6Month + 5.05%) for female students and from 14.50 percent to 13.50 percent per annum (MCLR-6Month + 5.30%) for male students for the education loan amount above Rs. 750,000.
Axis Bank Limited has also revised its minimum education loan interest rate from 15.75 percent to 14.75 percent per annum (MCLR-6Month + 6.55%) for female students and from 16.00 percent to 15.00 percent per annum (MCLR-6Month + 6.80%) for male students for the education loan amount up to Rs. 4,00,000.
The education loans or student loans interest rate of Axis Bank Limited is benchmarked or linked to its Six-Month MCLR (Marginal Cost of Funds based Lending Rate). Axis Bank’s current Six-Month MCLR, which is called MCLR-6M, is 8.20 percent per annum with effect from Thursday, January 18, 2018.
Axis Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Axis Bank Student Loan Scheme – Current Education Loan Interest Rates for Various Category of Borrowers
Axis Bank Student Loan Scheme Interest Rate for Female Students:
14.75% Per Annum for Axis Bank Education Loan Amount up to Rs. 4,00,000
14.25% Per Annum for Axis Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
13.25% Per Annum for Axis Bank Education Loan Amount above Rs. 750,000
Axis Bank Student Loan Scheme Interest Rate for Male Students:
15.00% Per Annum for Axis Bank Education Loan Amount up to Rs. 4,00,000
14.50% Per Annum for Axis Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
13.50% Per Annum for Axis Bank Education Loan Amount above Rs. 750,000
Axis Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate (Reset Period 1 Year)
Axis Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is Rs. 50,000
Axis Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is Rs. 20,00,000 for studies in India and Rs. 30,00,000 for studies abroad.
Axis Bank Education Loan Margin Amount:
Minimum 0% Margin of the Education Expenses for Loan up to Rs. 4,00,000
Minimum 5% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Higher Studies Overseas.
Axis Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
Axis Bank Student Education Loan Processing Fee and Documentation Charges: Nil Fee or Charges
Minimum Age Limit of Applicants for Getting the Axis Bank Education Loan Sanctioned: Minimum Age 18 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the Axis Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Tenure for the Axis Bank Student Education Loan: Maximum Education Loan Tenure is 12 Years Post Moratorium Period
Axis Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Axis Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Charges for Axis Bank Education Loan EMI Late Payment: Minimum 2% Per Month of the Axis Bank Education Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Guarantor Requirement for the Axis Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the Axis Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.
Axis Bank Limited – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Axis Bank Limited