Axis PRIME DOMESTIC

About the Scheme

This Axis PRIME DOMESTIC scheme from Axis Bank is specifically designed for students getting into selected full-time courses at leading institutions in India. The students applying for this scheme do not have to visit a branch as the scheme fully operates in doorstep service mode. The benefit of this education loan is that it allows repayment for a long period of up to 15 years to let the students manage their finances while pursuing their studies. This scheme supports the different educational expenses and keeps the students on the way towards their academic and professional goals.

Rate of Interest

The rate of interest for this education loan scheme is as follows:

1. Loans up to ₹4 Lakhs:

   • Repo Rate: 6.25%

   • Spread: 8.95%

   • Effective ROI: 15.20%

2. Loans above ₹4 Lakhs and up to ₹7.5 Lakhs:

   • Repo Rate: 6.25%

   • Spread: 8.45%

   • Effective ROI: 14.70%

3. Loans above ₹7.5 Lakhs:

   • Repo Rate: 6.25%

   • Spread: 7.45%

   • Effective ROI: 13.70%

Features of the Scheme

1. Loan for Leading Full-time Courses: 

   The loan is available for selected courses across top educational institutes in India.

2. Loan Amount: 

   Up to ₹75 Lakhs.

3. No Collateral Security: 

   No collateral is required for the loan.

4. Flexible Loan Tenure: 

   Loan repayment can be made over a period of 15 years, making it highly flexible.

5. Further Support for Studies: 

   The Axis PRIME DOMESTIC scheme can assist in financing higher education-related expenses as a child education plan.

6. Doorstep Service: 

   Axis Bank also offers door assistance for your application process

7. Tax Benefits under Section 80E: 

   The interest expense on the loan is entitled to a deduction under Section 80E of Income Tax Act.

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Eligibility of Scheme

To be eligible for the Axis PRIME DOMESTIC scheme, you must meet the following criteria:

• The applicant should be an Indian citizen.

• Secured at least 50 percent marks in HSC and graduation.

• The admission opted for should be a career-oriented graduate/postgraduate course (e.g., medicine, engineering, management).

• Admission to recognised institution in India or abroad based on entrance exams or merit after HSC (10+2).

• The corresponding co-applicant (either parent, sibling, or guarantor) should have documents relating to proof of regular income.

Eligibility is based on Axis Bank’s policy during loan application and disbursement.

Documents Required

1. KYC Documents: 

   Proof of identity and address. 

2. Bank Statements: 

   The latest six months of bank statements or passbook. 

3. Proof of Admission: 

   A copy of the proof of admission into the institution with the fee schedule. 

4. Academic Certificates: 

   Mark sheets and certificates for all previous levels of education. 

5. Co-applicant Documents: 

   Proof of his/her regular income, e.g. salary slips of the co-applicant. 

6. Loan agreement and Disbursement Documents: 

   Forms for loan agreement, disbursement requests, and receipts.

Most Important Terms and Conditions

The key terms and conditions for this scheme are as follows:

1. Loan Amount: 

   Up to a maximum of ₹75 Lakhs, subjected to no collateral.

2. Interest Rate: 

   Linked to the Repo Rate; different rates are charged based on the amount of loan.

3. Tax Benefit: 

   The interest paid on the loan qualifies for tax deductions under Section 80E of Income Tax Act.

4. No Prepayment Penalty: 

   There is no charge for early repayment or closure of the loan.

5. Investment for Future Education: 

   The Axis PRIME DOMESTIC scheme supports a child investment plan to aid in setting aside funds for a child's educational journey.