Avanse Education Loan
Avanse Education Loan
Avanse, a non-banking financial institution that focuses on providing financial help to students so that they can cover their various educational needs and achieve their dreams. Established in 2013, the company is on a journey to accomplish a strong leadership position in the Education Lending platform by providing finance-related solutions to individuals and Indian institutions. The company provides solutions for all the segments of the Indian education sector along with building an effective education infrastructure in the country.
Overview
Avanse makes sure that it provides a hassle-free Avanse Education loan application process to help students reach prominent Indian and foreign educational platforms. Students can apply for an Avanse education loan or Avanse overseas education loan even before enrolling in the desired courses. But the disbursal of loan is only applicable after securing a seat in a professional or technical program with a recognized institute. Avanse Financial Services Limited is a new age NBFC with an aim to provide complete, seamless, and affordable education financing solutions to all the deserving students of India.
Avanse Education loan is designed to finance education across a wide range of student needs with promising financial solutions like
- Higher Education – Loans for Study in India
- Higher Education – Loans for International Studies
- School Fee Financing
- Education Loans for E-Learning
- Education Loans for Vocational Courses
The company has helped over 40,000 students fulfill their education dreams in more than 45 countries including India, Canada, UK, the US, Australia, and Germany.
Avanse Education Loan Key Features and Benefits
By offering easy accessibility to Avanse education loans, the company helps thousands of students fulfill their dreams without depleting their or their parent’s savings. Some of the key few features and benefits of Avanse Education Loan are:
- Total Coverage- Avanse Education loan covers up to 100 percent of the cost of the student’s education signifying a zero margin money. The cost includes course fee along with the living expenses during the tenure of study.
- Competitive Interest Rates– The company offers a competitive interest rate for Avanse education loans and Avanse overseas education loans so that the students can pursue their dreams without paying extravagant costs.
- Finance for Non-Traditional Courses- The company provides medical help to all the professional and technical courses starting from engineering, medical, and management degrees to photography or film-making.
- Credible Source- Avanse is a registered NBFC that is regulated by RBI. Being a part of the renowned investment firm Warner Pincus, Avanse makes sure that they are providing secured funding and have immense finances.
- Easily Accessible- The application process of the Avanse Education loan is very convenient and user-friendly. The students are just required to fill out the form online and they can get a call from a representative who can also pay a visit to their home guide you through the entire application process details and transparency.
Documentation Required for Avanse Education Loan
For applicants:
- Proof of admission
- Academic documents
- Fee structure
- Age proof
- Identity proof
- Address proof
- Signature verification
- Colour photos – 2 numbers
For Co-applicants:
- Relationship proof with the applicant
- Income proof
- Collateral documents
- Bank statement – 8 months
- Age proof
- Identity proof
- Address proof
- Signature verification
- Colour photos – 2 numbers
How to apply for Avanse Overseas Education Loan?
- Visit Avanse Education Loan Section on the eduloans.org
- Answer a few basic questions about the place you plan to study and how much loan would you like to apply for
- Enter your name as per your PAN Card, Date of Birth, Gender, Email ID, and contact details
- Select your co-borrower and enter their employment details like occupation and monthly income
- Lastly, tick the box for terms and conditions and click on ‘See Offers’.
A page for Avanse Education Loan will occur wherein you can get details about the tentative EMI amount as per the loan amount. If you are satisfied with the details of interest rates and you can click on ‘Apply Now’. Your application will be accepted and will be processed further by Eduloan’s Avanse Education Loan Department.
Avanse Student Education Loan Features
1. Loan Amount
Avanse provides a secured loan up to any amount with deviation for preferential list universities and up to 45 lakhs for an unsecured loan.
2. Percentage of Loan Against Collateral Provided
The bank provides a loan amount up to 70 percent of Property’s Realizable Value loan up to 100 percent of FD value.
3. Collateral Property
To get secured Avanse education loan, the students need to keep their property (non-agriculture land) of FD and LIC for any bank as collateral. For an unsecured loan, Avanse requires academic details of the student along with the details of competitive exam performance and university and courses applied to. The company will also need details about the co-signer’s financial such as IT returns and CIBIL score.
4. Student’s Profile
To provide an Avanse education loan to any applicant, the bank will check the academic background of the student (no. of KTs throughout his last education) along with the course and country of the institution he is planning to study.
5. Interest Rate
Avanse charges negotiable loan interest between 11 percent to 14.50 percent for both secured and unsecured loans.
6. Interest Paying During Moratorium Period
The bank also provides an option of paying the interest on Avanse overseas education loan during the moratorium period or along with EMIs.
Avanse Education Loan Eligibility
- An applicant should be above the age of 18 years to apply for an Avanse education loan
- The applicant should be an Indian citizen
- The applicant should have secured admission in a recognized educational institute
- An applicant should have an earning co-borrower to co-sign the loan. The co-borrower can be a parent, relative, legal guardian, or sibling of the student.
- The co-borrower should have an Indian bank account with cheque writing facilities.
Bank of Baroda Education Loan EMI Calculator
Avanse Overseas Education Loan FAQs:
- How much loan amount can Avanse lend?
Avanse does not have any cap on the Avanse education loan amount. It offers up to 100% coverage of the loan amount which also includes the living expenses during the period of study. But these expenses should not exceed 20% of the tuition fees. The company also offers other additional costs like caution deposit and building fund but they should not be more than 10 percent of the tuition fees.
- What is the holiday or moratorium period offered by Avanse?
Students applying for Avanse education loan or Avanse overseas education loan can get relief for up to six months after the completion of the course or three months after getting a job (whichever comes first).
- What are the minimum and maximum repayment periods offered by Avanse?
The minimum repayment period for the Avanse education loan is 12 months and the maximum repayment period is 120 months in addition to the moratorium period offered.
- Will the rate of interest change during the loan tenure?
Avanse offers loans at floating rates therefore the interest rate may change during the loan tenure.
- Is it possible to reapply in case the loan application had been rejected in the past?
Avanse allows the reapplication of a loan even after rejection but it is always recommended to double-check the eligibility criteria before reapplying for your Avanse education loan.
