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Thinking of taking an education loan from Axis Bank? GyanDhan breaks down the complete process for you - right from application to disbursement stage!
Congratulations! Your loan has been approved/sanctioned by Axis Bank. This would be of a great relief in relation to your abroad education loan process. But we would like to inform you that although the majority of the process has been completed yet there is still one more important step that you should know about which is the Axis bank education loan disbursement process. Having a piece of proper knowledge about the disbursement process would not only help you to overcome any difficulties during the process but would also help you in making some wise decisions that can help you in your loan repayment tenure. If you're interested in learning more about the Axis Bank education loan disbursement process, you've come to the right place. This blog will provide you with all the information you need to know.
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Before we dig deep into the disbursement process, let us recall the Axis Bank abroad education loan features in a brief.
Feature | Details |
---|---|
Loan Amount |
Up to 50 Lakhs INR (depending on your university/college category) |
11% - 11.50% |
|
Loan Tenure |
Up to 15 years |
Processing Fees |
0.75% on sanctioned amount + GST |
5% (on all categories) |
|
Course + 1 year |
|
Processing Time |
Up to 7 days |
This is the stage once your abroad education loan has been sanctioned. Loan sanction means the lender has approved the requested loan amount, but it doesn't mean that funds have been released. Loan disbursement, on the other hand, is the actual transfer of funds to the borrower. It's important to understand that these both are different stages of the loan process. After the loan is sanctioned, the loan agreement is signed by the applicant and the co-applicant. Document submission becomes a piece of cake if the loan is applied via GyanDhan as we provide a customized document checklist and doorstep pick-up service. Subsequently, a loan account is opened in the name of the applicant and the co-applicant.
Considering you get loan disbursed in portions as per requirements (which is also advised as it helps minimize borrowing and reduce interest payments) there are different crieteria and documents that you must keep in mind.
This is the scenario in which you need to follow some steps and thus get an initial disbursement of the loan amount. The steps which you need to follow are -
Once you have taken your initial disbursement then you can take subsequent disbursements from Axis Bank as per future requirements. The process to take subsequent disbursement is simpler as compared to the initial disbursement as there are a few steps that you have to do only once. The different steps that you would have to do in order to take a subsequent disbursement are -
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This section of the blog will provide you with the list of documents that you will need in order to get your loan disbursed. The list is comprised of the general document requirements not set in any particular order or based on one of the above disbursement periods. The documents are -
A few the countries like Canada, Germany, and New Zealand require students to discharge the tuition fee/living expenses before the visa procedure. Especially in the case of Germany, students are required to open a block account and show sufficient funds before they can apply for a student visa. Axis Bank Education loan takes this into account and offers pre-visa disbursement wherever required.
Check Your Education Loan Eligibility
There are several benefits that you may get when getting your loan disbursed from Axis Bank through GyanDhan. These benefits are -
Now that you are aware of the whole disbursement process, you can confidently proceed with taking abroad education loan. So, what are you waiting for, check your loan eligibility now and get a call back from GyanDhan to start your loan application process.
Calculate your Education Loan EMI
The disbursement process is completed in 5 - 7 days once the document has been submitted.
Studying abroad comes with a lot of financial baggage, but with an Axis education loan, you will not have to worry about this burden. The bank covers the majority of the expenses including -
As per our recommendation, we advise you to take multiple disbursements so that you do not end up taking money more than you required which leads to paying extra interest in the end.
Check Your Education Loan Eligibility
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