Axis Bank Education Loan Without Collateral

If you are one of those students who want to study abroad at their dream university but think that they cannot get an education loan as they do not have any land or government bond in their name, then we strongly recommend that you read this article. You will be surprised to know that you can study in your dream college by getting an education loan without pledging any security or asset. Many banks and NBFCs (Non-Banking Financial Company) offer education loans without collateral. In this guide, we will learn about Axis Bank education loans without collateral and will cover the following topics:

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  Eligibility Criteria
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  Documents Required
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  Expenses covered
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  Application process

So, stay with us till the end, and we will explore everything about Axis Bank education loan without collateral.

What is an Education Loan Without Collateral?

An education loan without collateral is also known as an unsecured education loan. It is unsecured because you have not given any property, house, fixed deposit, or land to your lender against the education loan you are about to take. The bank gives the loan based on the academic profile of the student, co-applicant's financial profile, the reputation of the chosen university and the job prospects of the course to be pursued.

Axis Bank education loan without collateral is given to help meritorious students pursue higher studies abroad even if they do not have any assets to offer as security.

Axis Bank Education Loan Without Collateral: Key Features

The following are the key features of Axis Bank education loan without collateral:

*Processing fee is the charged by lender to cover the costs of processing and approving your education loan and is usually non-refundable.

Learn more about Axis Bank education loan without collateral:

Eligibility Criteria for Axis Bank Education Loan Without Collateral

To get an Axis Bank education loan without collateral, the following eligibility criteria should be met:

For Applicant:

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  Must be above 18 years of age.
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  Must be an Indian citizen.
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  Must have at least 60% in Higher Secondary and Graduation.
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  The loan is applicable only for Master's courses.
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  Applicant must have an admission letter for approved MS courses.
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  The chosen university or college must be on the bank's approved list.

For Co-Applicant:

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  Must be an Indian citizen.
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  Co-applicant must be an immediate family member such as a father, mother, brother, sister or spouse.
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  Credit score must be above 600 with monthly income must be above INR 35,000 with no existing EMIs.
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  Must provide either 3 years of Income Tax Returns or 2 years of Form 16.

Please note that these eligibility criteria can be relaxed to some extent if you apply for an education loan from GyanDhan. We will explain more about this at the end of this article.

Documents Required for Axis Bank Education Loan for Abroad Without Collateral

The following is the list of documents required to get an Axis Bank education loan without collateral. 

Student Documents:

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  Admission letter or offer letter from the university
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  Academic records (mark sheets, certificates)
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  Passport and visa (if available)
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  Entrance exam scores (GRE, GMAT, IELTS, TOEFL if applicable)

Co-applicant Documents:

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  Identity and address proof
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  Income proof (salary slips, IT returns, bank statements)
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  Employment details

Loan-related Documents:

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  Loan application form
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  Passport-size photographs

We recommend that you attach a personal letter where-in you mention why you want to study abroad in your particular university and what is your repayment strategy. This will not only make your application stand out but your chances of getting an education loan are also increased. Axis Bank may ask for additional documents or even call you for an in-person interview.

Expenses Covered by Axis Bank Education Loan Without Collateral

Axis Bank education loan without collateral covers almost all the major expenses related to studying abroad. The following are the expenses that are covered:

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  Tuition fees
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  Living expenses
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  Travel and visa costs
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  Exam and library fees
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  Health insurance
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  Study materials, books, and equipment
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  Any refundable deposits

Application Process

The process to apply for an unsecured education loan from Axis Bank is simple and student-friendly. Here are the main steps:

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  Step 1: Visit the official page education loan application of Axis Bank

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  Step 2: Fill the details and click on “Submit”

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  Step 3: You will receive OTP on your mobile, that you need to enter.

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  Step 4: Once done, you will receive a call from their representative and you will be asked to submit documents.

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  Step 5: After submitting the documents, the bank will process your education loan application. Now, you need to wait, until this process is complete.

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  Step 6: Once approved, you will receive an education loan sanction letter, which will have all the important terms and conditions related to your education loan. We recommend that you go through it carefully, so as to understand each and every thing related to your education loan.

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  Step 7: You need to sign the sanction letter within the time frame, to accept it. Once done, the amount will be disbursed to your university’s account as per the terms and conditions.

Benefits of Axis Bank Education Loan Without Collateral

The following are some of the benefits of choosing an Axis Bank non collateral education loan:

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  High loan amount of up to INR 75 Lakhs
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  No need to mortgage property or assets
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  Covers a wide range of countries and courses
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  Competitive interest rates
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  Flexible repayment options and long-tenure
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  Quick processing with minimal paperwork

Apart from these, if you want even faster loan processing, zero hassles and a further reduction in interest rates, then all you need to do is check your loan eligibility from GyanDhan. Once done, one of our education loan experts will be dedicated to your application and will assist you at all stages from application to approval. The best part is that you do not have to pay anything for this dedicated service.

Important Tips for Students

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  Start Early: Begin your loan planning as soon as you decide to study abroad. Early preparation gives you enough time to explore all options.

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  Compare Lenders: Check interest rates, processing fees, and repayment rules from different banks. Choose the one that suits your needs best.

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  Keep a Good Credit Score: A strong credit score helps in faster loan approval. It can also help you get a lower interest rate.

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  Ask for Expert Help: Speak to education loan experts like GyanDhan who can guide you through the process and suggest the best options as per your requirements and repayment capacity.

Axis Bank education loan without collateral is a great choice for Indian students aiming to study abroad. With a high loan amount and flexible repayment, it supports students in achieving their academic dreams. With GyanDhan, Axis Bank education loan without collateral is even smoother. Students get expert help, better approval chances, and faster loan disbursal.

Frequently Asked Questions