Education Loan interest rates are the first thing that comes to your mind when you think of planning your academic journey. At Axis Bank, we understand the significance of knowing the interest on student loans, whether you are planning your higher education in India or abroad.
We offer Education Loans for students at competitive rates and cover 100% of your educational expenses.
By choosing our Education Loan, be assured of fast fast loan disbursement, and enjoy a hassle-free loan application process.
Our competitive student loan interest rates, personalised guidance, and convenient repayment options will give you a loan experience like no other.
| Loan Type |
Loan Amount (Rs.) |
Repo Rate |
Spread |
Effective ROI( Linked to Repo Rate ) |
| Education Loan |
Up to 4 Lakhs |
6.50% |
8.70% |
15.20% |
| Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs |
6.50% |
8.20% |
14.70% |
| Loans greater than Rs. 7.5 Lakhs |
6.50% |
7.20% |
13.70% |
- Current Repo Rate: 6.50%
- Frequency of Repo Rate Reset: Every 3 months or as determined by the bank, whichever comes first.
- The bank reserves the right to set the margin over the Repo Rate.
- This margin may change during the loan's duration.
- Customers who took out loans or received approval before October 1, 2019, will continue under the MCLR system. Existing customers interested in switching to the Repo Rate system should contact our customer service.
For MCLR-based loans:
- Marginal Cost Based Lending Rate (MCLR): 9.30%
- MCLR Reset Interval for Education Loans: Every Six Months.
| Schedule of Charges |
|---|
| Scheme |
Study Power |
| Loan Processing Charges |
Applicable as per grid given below |
| Prepayment Charges |
Nil
|
| No Due Certificate |
NA |
| Penal Charge |
Financial Default*: 8% p.a. above applicable interest rate on the overdue amount (subject to the aggregate not exceeding 24% per instance).
There shall be no capitalisation of Penal Charges.
The said Penal Charges will be subject to GST as per applicable law on Goods and Service Tax in India, and GST will be charged separately.
*Financial Default includes all types of payment or financial defaults/irregularities with respect to your Loan Account. |
| Cheque/ Instrument Swap Charges |
Rs. 500/- + GST per instance |
| Duplicate Statement Issuance Charges |
Rs. 250/- + GST per instance |
| Duplicate Amortization Schedule Issuance Charges |
Rs. 250/- + GST per instance |
| Duplicate Interest Certificate (Provisional/Actual) Issuance Charges |
Rs. 50/- + GST per instance |
| Cheque/Instrument Return Charges |
Rs.339/- + GST per instance |
| Conversion charges for switching from Floating to Fixed and Vice-versa |
1% of the outstanding principal with a minimum of Rs.5000/- + applicable GST |
Education Loan Charges ( Applicable from 1st August, 2022 )
Processing fees up to 2% of the loan amount + GST
W.E.F 1st August, 2022
Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).
For further details, please click here For Education Loan Charges
Frequently Asked Questions
An Education Loan is paid out by paying a fixed Equated Monthly Instalment (EMI). The EMI consists of the principal amount and interest.
