Loan comparison of HDFC Bank Education Loan vs Axis Bank Education Loan

Interest Rate

9.45-13.36% per annum
13.70-15.20% per annum

Loan Amount

* Get up to Rs. 30 Lakhs as an education loan * Avail loans of up to Rs. 7.5 Lakh without collateral
* Starting from Rs. 50,000 * Unsecured Loan up to Rs. 40 Lakhs * Loan for Higher Study: Up to 7.5 Lakhs

Loan Tenure

Up to 15 Years
Up to 15 Years

Loan Processing fees

Maximum up to 1% of the loan amount as applicable or Minimum Rs. 1000/- whichever is higher
* Up to Rs. 10 Lakhs: NIL * Above Rs. 10 Lakhs: Rs. 5000 + GST

EMI per Lakh

Rs. 1041 Per Lakh
Rs.1312 Per Lakh

Part Payment Charges

Up to 4% of the Outstanding Balance prepaid, if the loan is foreclosed/ part prepaid during Moratorium (along with and in addition to due/accrued interest, if any, and other amounts due and/or payable by the Borrower to the Bank). No prepayment charges will be charged if the loan is foreclosed / part prepaid any time after the expiry of the Moratorium
NIL

Minimum Income

Stable
Stable

Documents

1. Education loan for Indian Education for Pre-sanction loans:

* Duly filled application form

* Latest photograph (Signed Across)

* Admission letter from the institute with the fee break–up

* Academic mark sheets (SSC, HSC and Graduation)

* Age proof

* Identity proof

* Residence proof

* Signature proof

* Salary slips of the last two months carrying the date of joining details (Salaried)

* Bank statement of the salary account for the last 6 months (Salaried)

* ITR of last two years with computation of income (Self-employed)

* Audited Balance Sheet or Profit and loss statement for the last 2 years (Self- employed)

* Bank statement for the last 6 months (Self-employed)

* Latest Sales or service tax return as proof of turnover (Self-employed)

* Proof of qualification (Self-employed)

2. Education loan for Indian Education for Post-sanction loans:

Even for post-sanction loans, you have to submit the above-mentioned documents. Along with them, the following is also required to be submitted:

* Completed loan agreement signed by the applicant and co-applicant

* PDCs, ACH or SI Mandate

* In case of ACH and SI mode of repayment, three security PDCs need to be submitted

Documents for Education Loan for salaried and other individuals:

* KYC documents

* Bank Statement / Pass Book of last 6 months

* Optional – Guarantor Form

* Copy of admission letter of the Institute along with fees schedule

* Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses

Additional Documents for Education Loan for all other Individuals:

* Documents required for the first disbursement

* Demand letter from college or university

* Loan agreement signed by applicant, co-applicants

* Sanction letter signed by the applicant, co-applicants

* Disbursement request form signed by applicant, co-applicants

* Receipts of margin money paid to the college/university along with bank statement reflecting the transaction

* Documents for collateral security (if applicable)

* Form A2 signed by applicant or co-applicants in case of overseas institute

Documents required for subsequent disbursement:

* Demand letter from college or university

* Disbursement request form signed by applicant, co-applicants

* Receipts of margin money paid to the college/university along with bank statement reflecting the transaction

* Exam progress report, mark sheet, bonafide certificate (Any one)

* Form A2 signed by applicant or co-applicants in case of overseas institute


More comparisions with HDFC Bank Education Loan

More comparisions with Axis Bank Education Loan

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