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.
Loan Margin: NIL
Processing Fees: 1.1% to 1.5% of Loan Amount
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.
Features Of Avanse Abroad Education Loan
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹1Cr (Collateral)
Upto ₹30Lac (Without Collateral) |
| Margin money | Nil |
| 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 |
| Processing fee | 1.1% to 1.5% |
| Processing time | 3 Working Days |
| Loan tenure | 10 Years |
| Prepayment charges | Nil |
| Repayment holiday | For principal payment, 6 months after course completion |
| Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
| Payment study period | Simple Interest or Partial Simple Interest, depending on the student’s profile and the target course. |
Benefits of Avanse Abroad Education Loan
Covers Expenses Apart from Tuition Cost
Your education loan can be used to pay for more than just your university’s tuition; it can also be used to pay for things like study materials, lab fees, library fines, rent for your dorm, travel costs, and more. You don’t need to be concerned about the cost of these expenses because they are covered under the loan.
Competitive Interest Rates
In order to allow students to achieve their ambition without incurring exorbitant fees, the company offers Avanse education loans and Avanse foreign education loans at a competitive interest rate.
Moratorium Period
Many students are concerned that it will be challenging to start repaying their student loans right away after they graduate. Financial institutions offer a moratorium period since they are aware of this. This time frame is similar to a grace period in which students have until the earlier one year after graduating or six months after finding employment to begin repaying their loans.
Finances Non-Traditional Courses
From engineering, medical, and management degrees to photography or filmmaking, the organisation offers assistance to all professional and technical courses.
Credible Source
The RBI regulates Avanse, a registered NBFC. Avanse ensures that they are giving secured money and have enormous finances because they are a part of the renowned investment group Warner Pincus. This also makes the Avanse education loan disbursement process smooth & efficient.
Flexible Repayment
Every student will prefer a different method of loan repayment. Some people might select a long-term loan repayment strategy, but others would select a short strategy to pay off the loan as quickly as possible. The financial institution will present you with a number of repayment options from which you can select according to your convenience.
Provides Tax Benefits
The interest rate you pay on your student loan is tax deductible in accordance with Section 80E of the Income Tax Act. Verify the specifics of the perks with your financier. Get in touch with Avanse so that they can help you find an appropriate education loan to cover your tuition costs.
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:
Benefits Of Getting Your Avanse Abroad Education Loan Through Wecare Capital
Higher Chance Of Approval
By applying for your education loan through Wecare Capital, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With Wecare Capital, we will immediately reach out to Avanse Financial officials and find the best solution.
Online Submission Of Documents
With Wecare Capital, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted. You also get stepwise updates via notifications.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 5 days.
Up To 100% Finance
Whether you choose an Avanse Education Loan with or without collateral, you can continue to earn up to 100% financing. With so many various types of charges to cover throughout your trip abroad, Avanse will keep you safe.
Flexible Options For Repayment
Make use of the Avanse loan repayment options, which enable loans to be adjusted to the needs of the user. If you have any specific requirements for your student loans, please contact Wecare Capital, and we’ll forward them on to the Avanse team, who will present you with the finest possibilities available.
Eligibility Criteria For Avanse Abroad Education Loan
The following is a list of requirements for Avanse Education loan eligibility:
| Type | Requirement |
|---|---|
| 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 |
| 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 |
| 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 |
Documents Required for Avanse Abroad Education Loan
Below are the Avanse education loan documents required for students & co-applicants.
| Type | Documents Required |
|---|---|
| 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) |
| 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) |
Loan Repayment For Avanse
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.
How To Apply For Avanse Abroad Education Loan?
- Once you’ve established your eligibility, you can submit an online application or get in touch with one of our expert education loan counsellors to schedule a callback. Our counsellors can assist you in obtaining an Avanse education loan without collateral or with one, depending on your needs.
- After you’ve submitted your profile information, our specialists will carefully review it and, based on your eligibility, recommend the following course of action to you.
- Wecare Capital enables students to upload documents digitally, sparing you the trouble of having to present your documents at the bank and allowing you to do it from the convenience of your home.
- In addition, Wecare Capital gives you a customised set of documents to submit based on your profile and the loan you’ve applied for to speed up the process.
Frequently Asked Questions
The loan amount offered by Avanse has no maximum limit. The company will cover up to 100% of the loan amount. Avanse also covers living expenses during the study duration. The living expenses, however, must not exceed 20% of the tuition rates. Avanse additionally covers other fees such as a caution deposit, a building fund, and so on. These costs must not exceed 10% of the tuition.
Typically, it ranges from 11.75% to 14% in the United States, and between 13% and 16% in other nations, depending on the college/university attended.
Students may receive relief for up to six months after completing the course or three months after finding work (whichever comes first). Students are not required to return loan instalments during the moratorium period.
Avanse offers a 12-month minimum repayment period. It offers a maximum duration of 120 months. This is in addition to the Avanse education loan repayment moratorium granted.
Tuition and on-campus housing fees are paid to the university, while additional living expenditures are credited to the borrower’s account.
There is no penalty for prepayment after six months of disbursement.
Yes. Avanse enables loan reapplications even after refusal. However, you should double-check your eligibility before reapplying for your loan. You must also ensure that you have met the company’s paperwork needs.
