Avanse

Avanse Education Loan for Study Abroad

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Interest Rate
14.25% onwards
UnSecured Loan
₹35 Lakhs
Secured Loan
₹100 Lakhs
Processing Time
3 working days
Margin
100% Funding
Loan Tenure
up to 12 years
Type
NBFC
Tax Benefits
No
Processing Fees
starts 1%
100+ Cr
Disbursed
10+
Banks & NBFC
15+
Countries
3 days
Average Time

 

Avanse or Avanse Financial Services Limited is a Non-Banking Financial Institution that deals with education loans for Indian and abroad institutions. They have no upper limit on Collateral-based loans and ₹30 Lakh limit without Collateral. Avanse has a Zero margin policy which means they finance your education abroad up to 100%, including university fees and living expenses. 

Features

Feature Details
Interest Rate starts 13.65%
Loan Amount (Collateral) No Upper Limit
Loan Amount (Without Collateral) ₹ 30 Lac
Loan Amount (Minimum) ₹ 1 Lac
Processing Fees 1% - 2%
Processing Time 3 working days
Loan Tenure up to 15 years
Margin Zero (100% Financing)
Prepayment Charges Zero
Moratorium Period 6 months

Benefits

No Margin

The avanse has zero margin requirement compared to other education loan providers. Margin money refers to the amount that needs to be paid by the applicant out of the total tuition fee. For example, the bank might ask you for a 10% lending margin. If the total expenditure is Rs 30 lakh, you have to pay Rs 3 lakh out of your pocket, and Rs 27 lakh will be given by them. The avanse will cover your tuition fees, living expenses, purchase of books, computers, other equipment, building fund, caution deposit, refundable deposit, and travel expenses.

  • Tuition Fee - Up to 100%
  • Living expenses, including the purchase of books, computers and other equipment - Up to 75% or 20% of Loan amount, whichever is lower
  • Building fund or caution deposit or refundable deposit - Up to 100% or 10% of Loan amount, whichever is lower
  • Travel expenses - Up to Rs 75,000
No Limit on Loan Amount

The avanse has no upper limit on Abroad Education loans for Collateral-based loans to cover your education to a maximum extent. 

Competitve Interest Rates

The avanse interest rate starts at 13.65% (wef 01.11.2022) + spread rate. The spread rate depends on the applicant credit score and profile. 

RBI Approved

The Avanse Financial Service is RBI-approved NBFC authorized to provide education loans to India- and abroad-based students. 

Moratorium Period

The avanse provides a Moratorium period on a case-to-case basis with a grace period of 6 months from the time you complete the course or three months from the time you secure the job. 

Loan Repayment

The avanse offers education loans for a maximum duration of 180 months or 15 years, including course duration. You can pay earlier or get a loan with a shorter repayment schedule. The minimum length of the loan should be 12 months. 

Benefits of applying an Avanse Education Loan through Abroad Cube

  1. Higher Chances of Approval - On applying for an Education Loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
  2. Zero Charges - We help you apply for an Education Loan at Zero costs
  3. Online Process - With Abroad Cube, applying for an Education Loan is entirely Online. You must submit all the required documents online, and we will send them to the concerned Bank of NBFC. Our system is designed to handle your education loan application online with timely updates.
  4. Quicker Sanctions - Our education loan partners have lower processing times. Our expert will verify the documents before submission to avoid processing delays. 
  5. Cashbacks and Offers - You will get up to Rs 10,000 cashback when you apply for an Education Loan through Abroad Cube

Charges of Avanse Education Loan

The description of charges of Avanse Education Loan

Description Charges & Fees
Processing Fee 1% - 2%
Life Insurance Varies
Pre-payment charges No pre-payment allowed within 6 months from the disbursal of the loan
Charges for late payment of PMII/EMI 2% per month
Cheque/ECS bounce charges (per bounce) INR 500/- plus applicable GST
Document handling charges (during foreclosure) INR 2,000/- onwards plus applicable GST

Eligibility criteria for Avanse Education Loan

  1. An Applicant
    • must be an Indian citizen who is 18 or older
    • must have a confirmed admission letter before the final disbursal (an applicant can apply for an Education loan before their admission based on their academic history)
    • must have a co-borrower who earns in India
  2. A Co-Applicants
    • must be an Indian citizen and should be a parent, legal guardian, sibling, or other blood relative.
    • must have a bank account in India that allows them to sign cheques.
    • must be the primary debtor.
  3. The Institution/University/College
    • It can be a Graduate course
    • It can be a Post-Graduate Course
    • It can be a job-oriented professional course
    • It can be a technical course
    • It must be approved by the regularities. 

Documents required for Avanse Education Loan

Here are the documents required for Education Loan by Avanse for Applicants and Co-Applicants

Applicants Co-Applicants
  • Aadhar Card
  • PAN Card
  • Passport
  • Passport-sized Photo
  • Academic Documents
    • 10th Class
    • 12th Class
    • University/College (if applicable)
  • IELTS/PTE/TOEFL Score cards (optional)
  • GRE/GMAT/SAT/ACT Score cards (optional)
  • University Offer Letter (if available)
  • 6-month Bank Statement (optional)
Salaried Self Employed
  • Aadhar Card
  • PAN Card
  • Passport-sized photo
  • Salary Slips / Salary Certificate (Last 3 months)
  • Income Tax Returns (Last 3 years)
  • 6-month Bank Statement
  • Aadhar Card
  • PAN Card
  • Passport-sized photo
  • Business Proof
  • Income Tax Returns (Last 3 years)
  • 6-month Bank Statement

How to apply for Avanse Education Loan

  1. Apply on our website, and submit your basic profile for eligibility checks. 
  2. Once eligible, get quotes from multiple banks and NBFCs for your education.
  3. Choose the best offer and start with the application. 
  4. Submit the documents as per Abroad Cube's curated Checklist to avoid processing delays. 
  5. Our expert will verify the documents and send them to the concerned education loan provider.
  6. The Education loan provider will process your file and revert. 

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FAQs

Avanse has no limit bar over Collateral based education loans, but they have a limit of Rs 30 Lakh for Non-collateral cases. They will cover Tuition Fees, Living expenses and other travel expenses.

Yes, a Co-Signer is mandatory for an Education Loan in India. The Co-Signer must be an Indian citizen and can be your parents, siblings, grandparents and uncles.

Offers on Education Loan

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Disclaimer: Any Bank/NBFC/Financial Institution does not endorse, promote, review or warrant the accuracy of the product or services offered by Abroad Cube. This platform is independently run by a team of experts.
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