Avanse Education Loan: All You Need to Know
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Avanse Financial Services offers education loans to Indian students for both domestic and international studies. It covers expenses like tuition fees, cost of living, and travel costs up to INR 75,000 for the applicant. If an eligible student submits their documents on time, they can get the loan disbursed in just 3 days.
The moment a student decides to pursue higher studies the first thing that comes to mind, is how to finance my dream of higher education. The options are limited. While scholarships are a viable option for some, most students rely on savings or education loans. There are multiple education loan providers in India including banks and NBFC. Avanse Financial Services is a popular education loan provider in India. It offers loans for both domestic and abroad studies.
It covers expenses like tuition fees, travelling costs, accommodation expenses, cost of living, and other education-related costs. If a student meets the eligibility criteria, submits their documents on time and fulfils the company’s requirements, they can get the education loan sanctioned in just 3 days*. In this article, we will cover information about Avanse Education Loans to study in India and abroad. Also, we’ll let you know about key features, eligibility, repayment options and how to apply for Avanse Student Loan.
- Avanse Education Loan
- Eligibility Criteria of Avanse Education Loan
- Documents Required for Avanse Education Loan
- How to Apply for Avanse Education Loan?
- Avanse Education Loan Interest Rates
- How to Repay Avanse Student Loan?
Avanse Education Loan
Avanse Financial Services is a new-age, education-focused NBFC. It offers study loans to make education financing seamless and affordable for every deserving Indian student.. Avanse Financial Services has offered education loans for 1,580+ educational institutions located in 49 countries across the world.
Student loans offered by Avanse are one of the best education loans in India as they cover the holistic cost of education, including tuition fees, travelling expenses, living costs, learning devices, and other education-related expenses. Also, students can customise their loans according to their needs. From pre-visa education loans to score-based benefits, Avanse Financial Services offers financing solutions that consider a wide spectrum of students’ needs.
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Key Features of Avanse Education Loan
Here are some key features of the Avanse education loan:
- Quick Disbursal Process: You will get education loan in just 3 days if you are eligible and submit the documents on time.
- Floating Interest Rates: Avanse Education loan is available at only a floating ROI. It means it can change based on different conditions.
- Flexible Repayment Options: You can choose desired repayment options, as tenure is up to 17 years. Check out tips to repay the education loan early.
- With Collateral or Without Collateral: Students can choose between a secured education loan with collateral and an unsecured (without collateral) education loan based on their financial requirements and preferences.
- No Limit on Maximum: Students can borrow any amount they need. The minimum education loan amount is Rs. 1 Lakh.
Expenses Covered Under Avanse Education Loan
The overseas education loan covers expenses like tuition fees, living expenses, travel expenses, the price of books, devices and other equipment for learning, and refundable deposits. Now, let’s understand the expenses better.
- Tuition Fee: Up to 100% of the university tuition fee.
- Living Expenses: 75% of the cost of living, including the purchase of books, computers and other equipment, as long as it does not exceed 20% of the tuition fee.
- Travel Expenses: Up to INR 75,000 to cover the travel expenses of the student only.
- Other Expenses: Up to 100% of the building fund or caution deposit, or refundable deposit as long as it does not exceed 10% of the tuition fee and comes with valid bills or receipts from the educational institution.
Eligibility Criteria of Avanse Education Loan
To borrow the education loan offered by Avanse Financial Services, students need to meet basic eligibility requirements. No student will get approval for an education loan without fulfilling the eligibility criteria. Here we have mentioned point-wise Avanse Student Loan eligibility:
| Eligibility For Avanse Education Loan | |
|---|---|
| For Applicant (Student) |
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| For Co-Applicant (Your Parents) |
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Documents Required for Avanse Education Loan
After eligibility, now let’s understand which are the required documents you should have to apply for Avanse Education Loan. Below, we have mentioned a list of documents required for an education loan:
| Documents Required For Avanse Student Loan |
|
|---|---|
| From Students |
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| From Co-Applicant |
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How to Apply for Avanse Education Loan?
The process of applying for an Avanse Student Loan is not complex at all. There are just 4 steps to complete the education loan process. We have mentioned the step-by-step process below:
- Visit the official website of Avanse Financial Services to apply online, or visit their nearest branch office.
- An Avanse representative will connect with you for counselling.
- Submit all the documents required.
- If you tick all the boxes, your education loan will be approved.
Tips to Apply for Avanse Student Loan
To get the education loan approved quickly, you need to help the counselling team. Here are some tips for it:
- Prepare all the documents before you apply.
- If possible keep scanned copies of documents.
- Share accurate information about yourself and your academics
- Keep in contact with loan representative and be available on calls/emails
Avanse Education Loan Interest Rates
Here is the updated rate of interest of Avanse Financial Services' education loan:
| Loan Type | Indicative Interest Rate | Maximum Tenure |
|---|---|---|
| Education Loan (Domestic) | Starting at 9.5% p.a. | Up to 15 years |
| Student Loan (International) | Starting at 10.25% p.a. | Up to 17 years |
| Unsecured Loans | Starting at 11% p.a. | Custom tenure |
Loan Processing Fee
The processing fee of student loans offered by Avanse Financial Services varies between 1% to 2% of the education loan amount. The final amount of the loan processing fee depends on your application and may vary on case basis. However, you will get to know about the exact percentage when you speak to an Avanse representative.
How to Repay Avanse Student Loan?
Repayment of education loans is crucial to understand. It helps you to understand how much amount you are actually going to repay the lender against your student loan. You can choose to start the repayment after the college time or during the college time. Here are some information that you should know about repaying Avanse education loan:
- Loan Tenure: Varies between 12 months and 17 years
- Moratorium Period: 6 months post-course completion or 3 months after finding a job, whichever is earlier.
- Flexible Repayment options:
- You can pay simple interest (SI)/partial interest (PI) during the course
- EMI payment during the course
- EMI payment after the course and more flexible options
Related Read: Government Education Loan Scheme
This is all about the Avanse Education Loan offered by Avanse Financial Services. We have covered every possible query of a student who wants to apply for a student loan. If you have any queries or want to ask anything related to this, feel free to connect with us. Also, you can mention your query in the comment box below.
You can Apply for education loan through Shiksha Study Abroad.
To apply for an Avanse Education Loan, you'll need:
- KYC documents (ID & address proof)
- Academic records (marksheets, certificates)
- Admission letter from the institute (India or abroad)
- Course fee structure
- Co-borrower's financial documents (ITR, salary slips, bank statements)
- Collateral papers (only for secured loans)
Yes, you can get it easily. Many Indian banks and NBFCs offer education loan without collateral for MBBS studies, especially for reputed universities.
The maximum collateral-free limit is not same for every lender. It generally falls between INR 7.5 Lacs to INR 75 lakh, depending on the lender and your eligibility.
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
Collateral or security is not always required for an Avanse Education Loan. The lender offers both secured loans (with collateral like property) and unsecured loans (without collateral). It totally depends on the student's profile, repayment capacity, and loan amount applied for.