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Avanse Education Loan: Know Collateral, Eligibility, Interest Rates! [2024 Updated]

Avanse Education Loan: Know Collateral, Eligibility, Interest Rates!

Avanse Financial Services is a cutting-edge, education-focused NBFC on a mission to provide seamless and inexpensive education finance to every Indian student. To date, Avanse Education Loan has assisted over 4,00,000+ academic aspirants in over 50 countries in achieving their educational goals across 30,000+ courses and institutes. Let’s break down the details, simplify the process, and help you take that crucial step toward a brighter future through Avanse.

Key Takeaways:

Avanse Education Loan: Know On Collateral, Eligibility, Interest Rates!

Avanse Finance Education Loan – Overview 

The maximum loan amount and interest rate for Avanse Education Loans vary by country and university. The following table shows a general range of interest rates, processing fees, upper limits of loan amounts, and much more. 

ParametersDetails
Loan AmountNo upper limit for Avanse Education Loan; covers 100% of your education, with certain limitations for secured and unsecured loans (refer image)
Avanse Education Loan Processing FeesRanges between 1-2% of the loan amount 
Interest RatesAvanse Education Loan interest rates range between 10-13% for secured loans
Co-applicantsParent, legal guardian, sibling can be your co-applicant to avail education loan from Avanse
Covered ExpensesPays 100% of tuition fee; supports 75% of living expenses, including books and a computer, capped at 20% of tuition fee
Aanse Education Loan Repayment Duration10 years 
Courses CoveredGraduate, diploma, postgraduate courses offered by Government approved universities

Avanse Loan Eligibility Criteria

Avanse Education Loan eligibility criteria require applicants to be Indian nationals pursuing full-time courses in recognized institutions. The loan covers diverse fields of study, including engineering, management, medicine, and more. Students can apply with a co-borrower and must meet specific academic and financial parameters. Avanse assesses eligibility based on factors such as academic performance, standardized test scores, and the co-borrower’s financial standing. The following is a list of requirements for the Avanse Education Loan: 

Eligibility Criteria For Applicant

  1. Minimum age of 18 years is mandatory for receiving an education loan.
  2. Applicants for education loans must hold Indian citizenship.
  3. Official confirmation of acceptance from a recognised university is required for loan eligibility.
  4. An earning individual residing in India must co-sign the student loan application.

Eligibility Criteria For Co-borrower

  1. Co-borrowers must be Indian citizens.
  2. Co-borrowers can be parents, siblings, child’s guardians, or other family members. Parents and siblings are the preferred options.
  3. Co-borrowers must have an active bank account with check-writing facilities in an Indian bank.
  4. The co-borrower takes on the primary responsibility for repaying the education loan.
  5. Co-borrowers should have a satisfactory CIBIL credit rating to ensure loan eligibility.

How To Apply for an Avanse Education Loan?

Oftentimes, students might not be aware of the process involved in attaining the loan. In the following section, find out the two separate methods of doing so. Let’s discuss the application process of Avanse through UniCreds and their portal directly. 

How to Apply for an Avanse Student Loan through UniCreds?

  1. Utilise our eligibility tool to determine if you qualify for an Avanse education loan.
  2. Choose between submitting an online application or contacting our education loan counsellors for a callback.
  3. Our counsellors are ready to assist you in securing an education loan tailored to your needs, with or without collateral.
  4. Submit your profile information online, and our specialists will carefully review it. 

How to Apply for an Avanse Education Loan Through Website?

Here are the steps to follow for Avanse loan process-

  1. Create an account on their website and fill out the ‘education loan for studying abroad application’ online.
  2. Speak to their education loan study abroad consultants.
  3. Send them your documents.
  4. If approved, Your loan will be sanctioned in 72 hours. 

Avanse Education Loan Rate Of Interest

Avanse Education Loan interest rates range between 10-16.5% p.a. However, if you are planning to take an Avanse Education Loan through UniCreds, the interest rates we provide for secured and unsecured Avanse loans are given below. 

Avanse With Collateral ColleteralAvanse Non Collateral Loan
0-13%11.5-13.5%

Moreover, UniCreds’ strategic partnerships with lenders like Avanse help the loan disbursement and application process to be much easier and faster. 

Avanse Education Loan Upper Limit

Avanse abroad education loan funds 100% of your education fees, which includes tuition fees, books, and living expenses. They provide INR 60-75 lacs for unsecured education loans. Any amount above that comes under a secured education loan. Using UniCreds, you can lend the following loan amounts from Avanse without collateral.

USAUKCanada
INR 65 LacsINR 40-50 LacsINR 30-35 Lacs

It is important to note that the loan amount and interest rates also depend on the income, eligibility, and credit profile of the co-applicant. 

Documents Required For Avanse Education Loan

When applying for an Avanse bank education loan, you will be asked to submit several documents. Following is a table describing them in broad categories.

* It’s important to note that the exact documents required might vary depending on your specific situation and the loan amount. It’s always best to check Avanse’s website or contact them directly for the latest and most accurate list.

CategoryDocuments
Identity Details1. Aadhar Card 2. Valid Passport 3. Permanent Account Number (PAN) Card 4. Driver’s License 5. Voter ID 6. Birth Certificate
Academic Documents1. 10th Marksheet 2. 12th Marksheet 3. Graduation Certificate
Financial DocumentsLast six month’s bank statements
Post Disbursal Documents1. College fee receipts 2. Consent of co-applicant
Co-applicants1. Relationship proof with the applicant 2. Income proof 3. Collateral documents 4. Bank statement – eight months 5. Identity proof 6. Address proof 7. Signature verification 8. Age proof 9. Coloured passport-size photographs 

Benefits Of Avanse Education Loan

 

Whether Avanse study loan is good for your education depends on your specific priorities and circumstances. Avanse can be a good option if you prioritise an unsecured loan, competitive rates, and a quick online process. Consider comparing Avanse to other lenders and carefully reviewing the loan terms before making a decision. Here are some additional things to keep in mind:

  • Your individual needs: What are your priorities in terms of interest rates, loan amount, processing speed, and customer service?
  • Your risk tolerance: Are you comfortable with the potential downsides of an unsecured loan and mixed customer reviews?

Avanse offers a unique set of benefits tailored to the students of India. Let’s have a look at them- 

1. Comprehensive Coverage:

Avanse education loan for abroad studies covers all your essential expenses, including course fees, book costs, housing, travel, and even your college laptop. Your focus remains solely on earning your degree.

2. Tailored Financing:

Recognising the uniqueness of every student, course, and university, they offer customised educational loans to suit your specific needs.

3. Flexible Repayment Plans:

Avanse provides repayment options that you can tailor according to your financial requirements, empowering you on your path to financial independence.

4. Express Processing:

In situations where proof of funds is crucial for securing admission and applying for a visa, Avanse ensures lightning-speed processing of your educational loan paperwork. You’ll have everything you need to kick-start your higher studies.

5. Holistic Support:

Beyond just financial assistance, Avanse offers comprehensive support, including financial guidance and various resources to help you make well-informed decisions and turn your dreams into reality.

6. Effortless Application:

Complete the education loan process conveniently from your home by applying online. Our executives bring doorstep services, ensuring your online education loan application is ready on time.

Avanse NBFC when compared to other NBFCs, for example HDFC Credila Vs. Avanse, Avanse is the most sought after education loan NBFC in terms of application process, disbursal, and eligibility criteria. Hope this blog helped you understand everything about Avanse education loan. Let’s answer some FAQs!

Avanse Education Loan FAQs

1) How many days does it take to borrow a loan from Avanse? 

Ans- Avanse education loan without collateral takes 4-6 working days and for a loan with collateral it takes about 8-10 days for loans that have collaterals. 

2) What is the disbursement policy of Avanse?

Ans- Your tuition fee is disbursed directly to the university. The remaining funds are disbursed in your or your co-applicants account. 

3) Is Avanse approved by RBI?

Ans- Avanse is approved by RBI and is 100% safe. 

4) What are the countries Avanse supports?

Ans- Avanse supports 50+ countries including India, USA, UK, Canada, Ireland, Germany, Australia, Russia etc. 

5) What is the maximum loan amount I can take from Avanse? 

Ans- Avanse has no upper limit as it covers 100% of your education loans. 

6) Where can I get Avanse’s Contact Number? 

Ans- You can get Avanse’s contact number from their website or you can request a call from them while applying online. 

7) What is the interest rate for the Avanse loan?

Ans- The Avanse loan interest rate ranges from 10-16.5% p.a.

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Avanse Education Loan: Know Collateral, Eligibility, Interest Rates!

Avanse Education Loan: Know Collateral, Eligibility, Interest Rates! [2024 Updated]

🚀 Over 5K Students Secured Abroad Education Loan With UniCreds!