Axis PRIME ABROAD

About the Scheme

Axis PRIME ABROAD has been set up to help students pursue their higher studies abroad without any collateral requirements. The loan amount is disbursed as per the institution's fee schedule, thereby facilitating timely payments. The repayment starts with the expiration of the moratorium period, which consists of course duration plus some buffer. Door-step service ensures an easier documentation and processing method. The scheme offers a multi-currency Forex Card for easier payment for any tuition, accommodation, and daily expenses abroad.

Rate of Interest

The interest rate for the Axis PRIME ABROAD loan scheme is based on a floating rate system, which adjusts periodically. The details are:

1. Repo rate

   6.25% reset every three months or whenever the bank so decides.

2. Margin

   Added over the Repo Rate that may vary during the term of a loan

3. MCLR-Based Rate

   9.35%, reset every six months.

4. Loan amount

   Up to ₹1 crore; (up to 15 years).

   For the exact applicable rate, checking with Axis Bank is recommended.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

Features of the Scheme

The Axis PRIME ABROAD education loan offers several benefits for students pursuing premier courses abroad. Key features include:

1. Unsecured Loan

   Get up to ₹1 crore without collateral.

2. Flexible Loan Tenure

   Has repayment time of up to 15 years from the date of the loan sanctioning.

3. Doorstep Service

   Application and processing support are available at your convenience.

4. Tax Deduction on Interest

   Borrowers can claim deductions on interest payments under Section 80 E, reducing taxable income.

5. Multi-Currency Forex Card

   Manage international expenses with ease.

6. Supports Structured Financial Planning

   This loan could be a part of a child education plan to ensure financial stability for higher studies abroad.

Eligibility of the Axis PRIME ABROAD Scheme

1. Indian Citizenship

   The applicant must be an Indian citizen.

2. Academic Criteria

   A minimum of 50 marks in HSC and graduation is mandatory.

3. Courses Eligible

   The applicant must be enrolled in a vocational graduate or postgraduate programme.

4. Admission Basis

   Admission should be done through entrance examinations or making merit-based selection after HSC.

5. Approval of the Bank

   Eligibility for a loan is determined as per the policy of Axis Bank at the application and disbursement stage.

Documents Required

1. Proof of Identity and Residence

   PAN, Aadhaar.

2. Educational Records

   Grade sheet and certificates of SSC, HSC and degree qualifications.

3. Proof of Admission

   Offer letter and fees schedule.

4. Bank Statements

   Last six months' statement or passbook.

5. Documents of Co-applicant

   Income proof by legitimate means (salary slips, ITR).

6. Guarantor's Form

   Optional but preferred if the borrower is unable to present proof of income.

7. Property Document

   Property-related documents in case of collateral.

8. Form A2

   Required to send money abroad.

Most Important Terms and Conditions

1. Loan Amount

   Unsecured loans up to ₹1 crore, depending on eligibility.

2. Repayment Tenure

   The tenure for repayment may be extended for a maximum of 15 years.

3. Section 80 E Benefit

   Interest paid during the loan tenure is eligible for tax deduction under Section 80 E.

4. Forex Facility

   You are provided with a multi-currency Forex card for international expense management.

5. Income Tax Calculator

   Use an income tax calculator to estimate tax savings on loan interest.