Axis Bank Abroad Education Loan without Collateral - Top FAQs Answered
Are you an aspiring student looking to study abroad at top universities? Are the high costs of education making you reconsider your dream? Don't worry! Overseas education loans could be the perfect solution for you.
Many students seek loans but may not have collateral to secure them. Axis Bank offers collateral-free education loans for studying abroad to address this issue. To help clarify any questions you might have, we’ve compiled a list of the most frequently asked questions (FAQs) regarding the loan process.
Top FAQs Regarding Axis Bank Education Loan without Collateral to Study Abroad
- What is a Collateral Free Education Loan?
Answer: Many students do not have any significant assets to pledge as security to obtain their overseas education laon. So, to make things convenient, banks offer them collateral-free or unsecured education laon to fund their studies. But these loans are assessed based on various factors like academic record, GRE scores, CIBIL scores etc. - What are the Perks of taking an Axis Bank Education Loan without Collateral to Study Abroad?
Answer: There are numerous financial lenders, but Axis Bank stands out due to some of its exceptional benefits that we have stated below. - You can get loan with lower interest rates as compared to other banks
- Get a substantial quantum of finance.
- You do not need big assets like a house, property or any land.
- You can simply concentrate on your education, without worrying about losing your assets.
- The processing time is short, as there will be no involvement in the evaluation of assets.
- What are the types of Collateral Free Education Loans offered by Axis Bank?
Answer: One of the most asked questions by students is the types of education laon offered by Axis Bank without collateral. We have mentioned them all below. - GRE-based Funding: For this type, you will need to provide your GRE score to secure an unsecured laon for abroad universities. You can secure a laon amount of up to INR 50 Lakh with a repayment tenure of up to 10 years.
- Income-Based Funding: Similar to GRE-based funding, you can secure a laon amount of up to INR 50 Lakh by demonstrating the income of your co-applicant. And the repayment tenure is up to 10 years.
- PRIME ABROAD: This is for those who have applied for full-time premier courses overseas. You can secure a loan up to INR 75 Lakh with exclusive doorstep services and the advantage of a multi-currency Forex Card. The laon repayment tenure is up to 15 years.
- Loan for Higher Study: This is applicable to all the students applying to study abroad. The bank offers loans up to INR 7.5 Lakh and there are no pre-closure charges for completion of early laon repayment.
- Balance Transfer: You can switch your existing education loan for abroad studies to reduce your monthly EMI. Also, there are no pre-closure charges for this type.
- Loan for Working Professionals: If you are a working professional and want to study abroad to thrive in your career, you can secure a laon up to INR 40 Lakhs.
- What are the Eligibility Criteria for taking an Axis Bank Education Loan without Collateral?
Answer: Below we have given the collateral free education loan eligibility criteria to secure a for Axis Bank. - You and the co-applicant should have Indian Citizenship.
- You should have secured at least 60% in your graduation or higher secondary.
- Co-applicant’s monthly income should be over INR 35,000 with no good CIBIL score and no existing EMI.
- The Co-applicant can be your father, mother, sister, brother or spouse.
- Co-applicant need to provide Form 16 or 3 years of ITR
- Your program level should be masters only.
- You should secure an admit letter from a recognized university and MS course.
- What are the Documents Required for Axis Bank Education Loan without Collateral?
Answer: Here is the list of mandatory documents that you need to provide while applying for your unsecured education laon. - Admission Letter from the University you applied to with tuition fees mentioned on it.
- Academic transcripts of previous education with scores mentioned on it.
- Aadhar Card, PAN Card, etc.
- Bank Statements of the last 6 months
- What is the Application procedure to Apply for an Axis Bank Education Loan without Collateral?
Answer: You can simply follow the below-given steps: - Apply online by filling out the application form on the website of Axis Bank
- You can visit the bank branch; this can be a good choice as you a directly ask all you query them.
- Fill up the laon application form
- Submit all your documents
- Get your laon approved.
These steps might feel simple, but hiccups are inevitable. However, they can be definitely avoided by reaching out to top overseas education laon advisors. Their expert guidance will help you secure your loan seamlessly. Good luck!
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