Accelerating your Education Loan repayment: top strategies

Pursuing higher education is a worthy goal, but it often comes with substantial financial responsibilities. Education Loans are helpful for this endeavour but they need to be managed effectively to ensure that they don't become a burden. Here are some practical tips to speed up your Education Loan repayment.

Understand the Education Loan details

Understand the terms of your loan - particularly the Education Loan interest rate and your Education Loan eligibility.
Know the principal amount, interest rate and repayment tenure.
This knowledge lays the groundwork for your repayment strategy.

Use the Education Loan EMI Calculator

An Education Loan EMI Calculator can assist you in organising your repayments.
It provides a clear picture of your monthly obligations.
You can thus plan your finances accordingly and determine how extra payments might impact your payoff timeline.

Use windfalls wisely

A bonus, tax refund, or an unexpected cash gift - putting windfalls towards your loan can significantly speed up repayment.
Spending this money elsewhere is definitely tempting but remember your ultimate financial goal.

Consider refinancing your loan

Refinancing your Education Loan could result in a lower interest rate, speeding up your repayment.
Axis Bank offers competitive rates on all Education Loans, making it a worthy consideration for your refinancing needs.
Consider all factors, such as processing charges and your credit score, before refinancing.

Use the Education Loan Tax Benefit Calculator

This useful tool can help determine the amount of tax you can save through your Education Loan.
The money saved could be utilised for additional repayments, thereby quickening the payoff process.

Prioritise your Education Loan repayment

Paying off your Education Loan should be a financial priority.
Focus on the loan repayment over discretionary spending.
It may require sacrifices, but the financial freedom from paying off your loan is worth it.

Create a budget and stick to it

Creating a budget is vital to understanding where your money goes each month.
Incorporating your loan repayments into your budget and sticking to it is a sound strategy towards fast-tracking your Education Loan payoff.

Summing up

In conclusion, remember that the quicker you pay off your Education Loan, the lesser interest you pay over time. Armed with these tips and a disciplined approach, you'll be on your way to speeding up the repayment of your Education Loan, thereby achieving financial independence sooner.

Your education is an investment in your future. By managing your loan wisely, you ensure that it's a stepping stone to success, not a stumbling block.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision

Popular Articles

Non Resident Services

Difference Between NRE & NRO Account

April 15, 2017 4 min read

Cards

Pros and cons of paying the minimum amount due on your Credit Card

June 15, 2020 3 min read

Cards

Have a bank FD in your name? Get a credit card against it

July 23, 2021 5 min read CONTACT US

SMS Banking (Anytime, Anywhere)

Missed Call Service (Toll Free)

WhatsApp Banking

To get an account balance instantly:
SMS BAL to 56161600 /
+91 9951 860 002
from your registered mobile
To get a mini statement instantly:
SMS MINI to 56161600 /
+91 9951 860 002
from your registered mobile
Axis Bank Customer Care
1860-419-5555 & 1860-500-5555
Toll free line: 1800-103-5577
Axis Bank Branch Locator
Complaints and Grievance Redressal
RBI - Integrated Ombudsman Scheme, 2021
Comprehensive Notice Board
Aadhaar Enrolment Centres
Services for Customers with Disabilities
CDSL/NSDL Investor Grievance Escalation Matrix
Details of Depository Services Offered
FAQs on Beneficial Ownership

Stock Information
Regulatory Disclosures Section
Shareholder's Information
Financial Results & other information
Corporate Governance
Compliance Calendar
Investor FAQs
Investor Contacts

Corporate Profile
Vision and Values
Awards & Recognition
Press Releases
Gallery

Digital Lending – List of Lending Service Providers
Extract of Board Approved policy on Co-Lending Model
Board Note & Guidelines - Resolution Framework 2.0
Secured Assets possessed under the SARFAESI Act, 2002
DigiSaathi Helpline
Sparsh Board
Careers
CSR & Sustainability
Our ESG Profile
Download Forms
Download-Product Guide
Download-E Brochures
Fees and Charges
Forex Card Rate
Premise for Branch
Do Not Call Registry
Offers T&C
Auction Notices
IBC Disclosure
Investment Knowledge Bank
Whistleblower Policy
Positive Pay System
RBI Kehta Hai
RBI Sachet Portal
RBI Udgam
PAN AADHAAR Linking
Bank Caution Vendors
Sanction Policy Statement
Customer Education Literature on NPA and SMA classification
FAQs regarding cancellation of Add-on Credit Cards
Account Aggregator
Credit Card T&C
Business Correspondents - Credit Cards
Sitemap
Forward Together : IFSC
Divestment of land parcels along Yamunna Expressway, Noida
Regulatory Disclosures

Level 1 – Queries, Request or Complaint Redressal
Level 2 – Write to Nodal Officer
Level 3 – Write to Principal Nodal Officer
(PNO@axisbank.com)

Axis Bank is registered with DICGC

Download open by Axis Bank

Central KYC Registry

Connect With Us On

Axis Bank is registered with DICGC

DICGC QR code

Download open by Axis Bank

Central KYC Registry

Site best viewed in IE10+, Firefox 47+, Chrome 55+, Safari 5.0+ at 1024 X 768 pixels resolution

Please do not believe any entity using Axis Bank logos & branding to request the public for money in exchange for opening a Customer Service Point.

Always use the customer care numbers displayed on Bank’s official website. Do not access unknown website links.

Disclaimer
Privacy Policy
Code of Commitment
Responsible Disclosure Policy

Disclaimer

At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.

This is to inform you that by clicking on the "Accept" button, you will be accessing a website operated by a third party namely . Such links are provided only for the convenience of the client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com

Disclaimer

At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.

This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com

Cover arranged by Axis Bank for its customers under Digit Illness Group Insurance Policy (UIN GODHLGP20142V011920). Participation to group insurance is voluntary.