Avanse Education Loan is the loan for you if you wish to study in India or abroad. You can count on this super reliable education loan to come through when you need it the most. With an Avanse Education Loan, bid goodbye to tedious paperwork and long turnaround time. Cover all your holistic education expenses with an Avanse Education Loan today.
Avanse is a non-banking financial organisation that specialises in financing education. The business provides loans to meet a range of educational needs and supports students in realising their aspirations. Students can readily get college loans because of the company's simple application process. Avanse Financial Services student loan programme for international study comprises more than 6,000 courses at 1,600+ universities and 44 different countries. In order to advance the applicant's career, they offer pre-visa disbursement loans, bridging loans, score-based benefits, pre-admission loans, and fast-track loans, and make sure the candidate has no financial difficulties while studying overseas. Students must keep in mind that only after they have a seat reserved in the preferred educational programme is a loan disbursal made available.
Sr. No | Features | Education Loan Details |
---|---|---|
1 | Loan amount | Upto ₹1Cr (Collateral) Upto ₹30Lac (Without Collateral) |
2 | Margin money | Nil |
3 | Interest rate | The Avanse education loan interest rates and charges are mentioned below: Rate of Interest - Starts at 12% + Spread (Spread is a variable interest rate that depends on the borrower's credit history and the chosen course.) Processing Fee - 1% to 2% of the loan amount Late Payment Charges - 2% per month Pre-payment charges - Applicable as per existing rates |
4 | Processing fee | 1.1% to 1.5% |
5 | Processing time | 3 Working Days |
6 | Loan tenure | 10 Years |
7 | Prepayment charges | Nil |
8 | Repayment holiday | For principal payment, 6 months after course completion |
9 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
10 | Payment study period | Simple Interest or Partial Simple Interest, depending on the student’s profile and the target course. |
Avanse Education Loan assists thousands of students in realising their aspirations without draining their or their parent's money by providing simple access to education loans. Some of the main characteristics and advantages of Avanse Education Loan include:
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Following table show the year wise payment schedule.
Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
The following is a list of requirements for Avanse Education loan eligibility:
Sr. No | Type | Requirement |
---|---|---|
1 | Eligibility For Avanse Education Loan (Borrower) | An applicant must meet the following criteria in order to be eligible to apply for an Avanse education loan: 1. The borrower must be at least 18 years old in order to receive an education loan 2. Student must be a citizen of India 3. The student must have official confirmation of acceptance to a reputable university 4. An additional candidate who earns in India must co-sign the student loan |
2 | Eligibility criteria of the co-borrower | 1. The co-borrowers must be Indian 2. The co-borrower may be any parent, sibling, child's guardian, or family member. The first options are parents and siblings 3. They are required to have a bank account in an Indian bank that offers check-writing services 4. The major debtor would be the co-borrower 5. The co-CIBIL borrower's rating ought to be favourable |
3 | Eligible Countries For Avanse Education Loan | Avanse Education Loans are available for students who wish to pursue their further studies from the top study abroad countries such as - 1. The UK 2. The USA 3. Germany 4. Australia 5. Canada 6. Ireland |
Below are the Avanse education loan documents required for students & co-applicants.
Sr. No | Type | Documents Required |
---|---|---|
1 | Documents required for Avanse student loan | Identity Details Aadhar Card Valid Passport Permanent Account Number (PAN) Card Driver’s License Voter ID Birth Certificate Academic Documents 10th Marksheet 12th Marksheet Graduation Certificate Financial Documents Last six months bank statements Post Disbursal Documents College fee receipts Consent of co-applicant For Co-applicants: Relationship proof with the applicant Income proof Collateral documents Bank statement – eight months Identity proof Address proof Signature verification Age proof Coloured passport size photographs (2) |
2 | For Co-applicants | Relationship proof with the applicant Income proof Collateral documents Bank statement – eight months Identity proof Address proof Signature verification Age proof Coloured passport size photographs (2) |
In a student's journey, choosing to take out an education loan and repaying it are equally essential decisions. Your credit score will be directly impacted by how you repay student loans. Your CIBIL score will be negatively impacted by non-payment, which will limit your future ability to obtain better terms on other financial products like credit cards, home loans, or vehicle loans.
Please keep in mind that your education loan provider will be forced to designate your loan as a non-performing asset if you skip a few EMI payments. This will have a negative impact on your collateral (if any), your loan portfolio, and your general financial health.