Avanse Education Loan

Avanse Financial Services is an Indian Non-banking Financial Company that specializes in providing fully funded higher education loans for students to study in India and abroad. They offer customised, no-margin, collateral-free education loans according to students’ profiles and help them fulfil their career dreams.

Avanse Education Loans

Avanse offers both secured and unsecured education loans to help students pursue higher education in India or abroad. Avanse education loans offer flexible loan amounts ranging up to ₹1.25 crores. The Avanse education loan interest rates range from 10% to make higher education more affordable. Let's see how Avanse education loans work.

Avanse Education Loan without Collateral:

Avanse is known for offering higher loan amounts with quick processing times and competitive interest rates for study abroad loans without collateral. An Avanse education loan without collateral does not require the applicants to pledge any collateral as security for the loan amount.

Avanse Education Loan with Collateral:

Apart from unsecured education loans, Avanse also offers secured education loans to students. Avanse accepts both immovable properties, such as a house or a flat, and liquid securities like fixed deposits as collateral for education loans. By involving collateral in the loan, students can reduce their avanse education loan rate of interest.

Avanse Education Loan for Study in India:

We always think that education loans are for students going to foreign countries. But that is not true. Avanse has student loans for India also. This helps to increase higher education academic enrolment and thus build a better future for our country.

Avanse Education Loan for Abroad Studies:

Foreign education is expensive and that's the same reason why we would require an education loan for it. Avanse gives student loans to top countries like the USA, UK, Australia, Germany, Canada, and many other countries abroad.

Advantages and Disadvantages of an Avanse Education Loan

Expenses Covered Under Avanse Education Loans

Academic expenses extend beyond tuition fees and consist of various costs such as plane tickets, accommodation, study materials, laptops, and miscellaneous items. Avanse aims to fix the students' focus on education by covering a comprehensive range of expenses through their student loans.

S.No	Overseas education costs covered by Avanse:
1.	100% of tuition fee.
2.	75% of living costs- shouldn’t exceed 20% of tuition fee.
3.	100% of security deposit- shouldn't be more than 10% of tuition fee and must have valid receipts.
4.	Travel expenses up to 75 thousand for air tickets.

What Courses are Covered Under Avanse Education Loans?

Avanse prioritizes variety. They finance various types of courses, which is helpful for the student to expand their horizons and have options to choose from.

This is a list of courses that the Avanse education loan covers:

Courses Covered Under an Avanse Education Loan For Studies in India:

Undergraduate courses approved by UGC, AICTE, GOI, and IMC.
Postgraduate degrees and postgraduate diplomas approved by UGC, AICTE, GOI, and IMC.
Technical and professional courses like engineering, medicine, management, law, and aviation.
Courses offered by recognized foreign universities in India.
Executive programs, vocational training, and other courses approved by Avanse Financial Services Ltd.
An exclusive loan is available, especially for MBA and its specializations.

Courses Covered Under an Avanse Education Loan For Abroad Studies

STEM Courses- Sciences, Technology, Engineering, Management.
Post-graduate courses.
Job-oriented professional or technical courses.

(The courses and the institute offering them must be approved by Avanse.)

If you are thinking why Undergraduate degrees and diplomas are not mentioned for foreign countries, that is because Avanse does not provide loans for those courses.

This is where WeMakeScholars comes to help. We can take deviation for such cases if the co-applicant is making more than 12 LPA and the student has a good academic profile.

After knowing the types of loans offered and the variety of courses available, do you feel like applying for an Avanse education loan? Sure, we can do that. But first, you should check your eligibility.

Avanse Education Loan Interest Rate

The current Avanse education loan interest rates range between 10% to 16.5%. The interest rate for an Avanse unsecured education loan ranges from 11%.

However, the actual Avanse education loan rate of interest students get depends on several factors, including the loan amount, collateral involvement, country of study, student’s profile, and the co-applicant’s financial status.

Loan Details of Avanse Student Loans

Watch this video where our co-founder Damini Mahajan clearly explains all the loan details you need to know about Avanse Education Loan. She talks in-depth about loan features such as loan amount, interest rate, repayment tenure, and specific conditions set by avanse.

Avanse has a distinctive way of categorizing its' education loan products. They have three products namely:

Platinum product
Titanium product
Gold-Vanilla product

All these three loan products are available for all top countries and each product is based on which country you’re going to, what university you chose, and your academic performance.

Remember, Avanse does not provide loans for students who opt to study MBBS in countries like the Philippines, Ukraine, China, etc. If that is your case, you can choose to proceed with public banks for an education loan.

NOTE- Avanse does not put a cap on the maximum loan amount. Although the minimum amount for an overseas loan is 1 lakh rupees, there is no limit on the maximum limit. All the loan amount is personalized according to students’ needs, academics, and financial co-applicant status.

Avanse Education Loan to Study in India for MBA

Loan Details:

Loan Parameters	Details
Loan limit	Depends on the profile
Interest rate*	Avanse education loan interest rate: Starts from 11% WeMakeScholars: As low as 10.5%
Moratorium period	Course duration + 1 year
Repayment tenure	15 years, including the course duration
Processing fee	1% to 1.5% of the loan amount
Loan insurance	Up to 2% of the sanctioned loan amount.

The product details for the Avanse Education Loan for an MBA are the same as the Avanse Education loan to study in India.

*The interest can vary based on changes in the repo rate Click here to know the latest interest rates.

Avanse Education Loan to Study in the USA

Let’s see the loan details of an Avanse abroad education loan.

Loan Details:

American education loan by Avanse has four loan products, unlike the standard three products. Avanse gives more priority to the USA loans because of higher chances of employability and it being a top country preferred by students.

Avanse USA education study loan details are broken down as follows:

The Avanse education loan processing fee for all USA products is 1%

IVY League Product

The Ivy League is a group of eight private institutions for higher education in the United States known for their academic excellence, selective admissions processes, and historic significance.

Platinum Plus Product

Parameter	When approached directly	WeMakeScholars
Loan Limit	65 Lakhs	75 Lakhs
Interest Rate	11% - 11.15%	10.5% - 11%

Platinum List Product

Parameter	When approached directly	WeMakeScholars
Loan Limit	50 Lakhs	60 Lakhs
Interest Rate	11.25% - 11.75%	10.75% - 11.25%

Note: Financial co-applicant is waived off for Ivy-League, Platinum Plus, and Platinum List products of the USA.

Titanium and Gold - Vanilla Product

Parameter	When approached directly	WeMakeScholars
Loan Limit	35 - 40 Lakhs	35 - 45 Lakhs
Interest Rate	11.5% - 12%	0.5% Lower

Avanse Education Loan to Study in the UK and Canada

The loan schemes for studying in the UK and Canada are the same. Take a look at the details:

The Avanse education loan processing fee for all UK-Canada products is 1.5%

Platinum Product

Parameters	When approached directly	WeMakeScholars
Loan Limit	45 Lakhs	55 Lakhs
Interest Rate	12.25%	11.6% - 12%

Titanium product

Parameters	When approached directly	WeMakeScholars
Loan Limit	35 Lakhs	40 Lakhs
Interest Rate	12.5%	12%

Financial co-applicant is waived off for Platinum and Titanium products for the UK and Canada if you choose to process your loan with WeMakeScholars.

Gold-Vanilla product

Parameters	When approached directly	WeMakeScholars
Loan Limit	25 Lakhs	35 Lakhs
Interest Rate	13% - 13.5%	12.5%

Avanse Education Loan for Study in Australia

Australian universities do not accept education loans given by NBFCs. Avanse is an NBFC so the loan is not approved by institutions in Australia. Does that mean you cannot proceed with Avanse to finance your course in your dream university? Don't worry, WeMakeScholars is here for you. We will talk to Avanse and get the best deal for you so you can go to Australia and fulfil your dreams.

Australia has two loan products for funding studies in Australia, Platinum and Titanium. Let us see their details:

The Avanse education loan processing fee for an Australian education loan is 1.5%.

Platinum Product

Applicable to the top 10 universities in Australia.

Parameters	When approached directly	WeMakeScholars
Loan Limit	40 - 45 Lakhs	60 Lakhs
Interest Rate	12.5%	12%

Titanium Product

Parameters	When approached directly	WeMakeScholars
Loan Limit	20 Lakhs	30 Lakhs
Interest Rate	12.5% - 13%	12% - 12.5%

Avanse Education Loan to Study in Germany

Germany is a popular destination for students who have enrolled in courses such as Humanities, Engineering, etc.

Avanse has one loan product for Germany, and that is the Titanium product.

The Avanse education loan processing fee for a German University is 1.5% by Avanse and just 1% by WeMakeScholars.

Titanium product

Parameters	When approached directly	WeMakeScholars
Loan Limit	25 Lakhs	30 Lakhs
Interest Rate	12.25% - 12.75%	12%

Avanse Education Loan Eligibility Criteria

Avanse Education Loan Student Eligibility

Avanse Education Loan Eligibility for students studying abroad

Must be a citizen of India.
Should be at least 18 years of age.
Should have received admission into a recognized university abroad.
Qualified for the relevant competitive exams like GRE, GMAT, IELTS, and TOEFL.

Avanse Education Loan Co-appliacnt Eligibillity

Avanse Education Loan Eligibility for Co-applicants

Should be a close relative of the applicant. Parents and siblings are the first choices. (In-laws or parents’ siblings can be considered on a case-by-case basis.)
Should NOT be the spouse of the applicant.
Should be working and must be filing Income Tax Returns for at least the past 2 years.
Should have a good CIBIL score.

Speak to non-collateral student loan experts about what is considered a good credit score.

Accepted Co-applicants for Avanse Education Loans

Accepted Co-applicants

Parents/Parents-in-law
Siblings
Spouse
Brother-in-law
Parents’ siblings
First cousins

Now that we know the Avanse education loan eligibility criteria, we will learn the Avanse abroad education loan details for various countries.

Documents Required for Avanse Education Loans

Documents are a prerequisite to the loan process. Before starting the loan process, your documents must be submitted to Avanse. Keep the below-mentioned documents handy before the loan application. Below named ones are a few main documents. There are many other documents that you will have to produce.

See the full list and never miss any document with our handy checklist of documents.

S.No	Documents required to apply for Avanse Education Loan
1.	Completed Application Form from Auxilo (Or you can get it from WeMakeScholars)
2.	Admission Confirmation: Proof of acceptance into the university.
3.	Passport Photos: Two recent passport-sized photos of the applicant, co-applicant, and guarantor.
4.	ID Copies: Copies of identification like a Passport, Voter ID, Driving Licence, or PAN Card.
5.	Educational Records: Your latest exam scores and entrance test results (e.g., CAT, GRE, TOEFL, IELTS, etc.) for course admission.
6.	Financial Documentation: The financial documents of the co-applicants are crucial for Avanse unsecured education loans. Income Proof: Show your parents' or guardians' income by their last two years' tax statements. Financial Statements: Provide the last six months' bank statements or three months’ payslip Course Expenses Plan: A detailed breakdown of expected course costs
7.	Institute Brochure: Include a copy of the institute's booklet for accurate cost estimation.

How to Apply for an Avanse Education Loan

Online application procedure via WeMakeScholars

Step 1: Request a call from WeMakeScholars' financial officers.

Step 2: To determine if you qualify, talk to the financial officer from our team, who will get in touch with you. Give all the information that is asked of you.

Step 3: Our financial officer will provide you with a detailed comparison of all the lenders so you can make a choice.

Step 4: You will also be given a document uploading link. Send the required paperwork to the bank or put it on the secure document gateway on WeMakeScholars.

Step 5: Your file will be logged in as soon as you submit your papers. In other words, you will find out the outcome of your loan application form in 2–6 days.

Step 6: Obtain a sanction letter following the acceptance of the loan agreement.

Directly applying from the Avanse website:

Step 1: Fill out the Avanse education loan application form for studying abroad

Step 2: Speak to educational loan to study abroad consultants

Step 3: Send the requisite documents

Step 4: Receive the student loans for studying abroad amount

Issues while applying to the lender directly

When you go straight to the lender, it takes longer time.
Because the lenders don't explain the application process in detail, students frequently feel misinformed about the entire procedure.
Students frequently lack the skills necessary to advocate for themselves and negotiate a reduced interest rate, which results in their paying far more than necessary.
The lender does not give a clear list of the papers required to process the loan.
Lenders do not provide post-loan disbursement process assistance when contacted directly.

Avanse Education Loan Processing Time

The Avanse education loan processing time depends on several factors, including the loan type, documentation, the student’s profile, and the co-applicant’s profile. However, Avanse unsecured education loans offer a swift processing time of 7 to 10 working days after all the required documents are submitted.

Additionally, the processing fee for an Avanse abroad education loan varies by country and scheme, as we have seen. The Avanse education loan processing fee ranges from 1% to 2% of the loan amount.

Avanse Abroad Education Loan Repayment Policies

The Avanse education loan gives students a flexible way through which they can finance their education at various higher learning institutions. The following are the important repayment policies of the Avanse student loans, including the moratorium period and the repayment term. Understanding these details will assist in decision-making while borrowing an education loan from Avanse.

Avanse Student Loan Repayment Policies:

Repayment tenure:

Minimum time to repay- 1 year
Maximum time to repay- 15 years

There is a grace period of 6 months from the time you complete the course or a grace period of 3 months from the time you secure your first job.

Repayment policy:

Paying interest partially or fully in the moratorium period.
EMI payment after the moratorium time is completed with full interest.

Moratorium Period

Moratorium period on education loans is the repayment period during which the repayments or the EMIs of the student loan do not start.
An Avanse education loan for abroad studies and domestic studies offers a moratorium period of the Course duration + 1 year.Although the EMIs of the education loans do not start, students
are required to pay partial or full simple interest during the moratorium period.

Use our EMI calculator to calculate your EMI.

Avanse Education Loan Prepayment Charges

Students will be charged certain Avanse education loan prepayment charges accordingly when making prepayments and closing the loan before the tenure ends.

We now have enough knowledge of Avanse education loan products, their details, and repayment information.

Avanse Education Loan EMI Calculator

The Avanse education loan calculator is a tool used to estimate the monthly payments, total interest, and total repayment amount for an Avanse education loan. Applicants can input details such as the loan amount, interest rate, and loan term, and the Avanse education loan calculator computes the monthly EMIs of the student loan based on this information.

However, it doesn't consider essential factors such as interest during the moratorium period, unlike the EMI calculator from WeMakeScholars. This is why we suggest using the education loan EMI calculator designed by WeMakeScholars. It helps borrowers understand the financial implications of taking out a loan and allows them to compare different loan options. It offers the following advantages:

It provides a detailed analysis of the student loan repayments through which you can plan your repayment schedule accordingly.
Unlike the Avanse education loan calculator, our EMI calculator considers all the essential factors, including the moratorium period and partial disbursements, to provide accurate results.
Students can edit the parameters to decide their repayment strategy and take out their student loans accordingly. And like all our services to students, the education loan EMI calculator is also free of cost.

Benefits of Applying for an Avanse Education loan for Abroad Studies through WeMakeScholars

WeMakeScholars staff offers 24/7 comprehensive customer assistance for any questions you may have.
WeMakeScholars offers a swift Avanse education loan processing time of within 7 to 10 working days after all the necessary documents are submitted.
Transparency and professionalism are our priority.
You can contact the lender’s team directly to learn more about your loan process using the contact details of the executives managing your profile.
By applying, you will be given a payback on multiple loan disbursements up to a maximum of INR 3000 as a thank you for supporting the Digital India initiative.

FAQs:

What is the interest rate of Avanse finance?

The education loan interest rate for Avanse falls in the range of 11% to 13.5%. The final rate of interest is decided after giving due consideration to a lot of factors.
Does Avanse check cibil score?

Yes, your and your co-applicants CIBIL score must be above 700 in order to qualify for an Avanse education loan.
Does Avanse require collateral?

No, Avanse can provide education loan without collateral. You can get up to 60 lakhs of unsecured education loan provided you are eligible for the same.
Is Avanse education loan Safe?

Yes, Avanse is one of the NBFCs in India that offer unsecured education loan to students. Many students take education loan from Avanse each year.
What is the tenure of an Avanse education loan?

The total tenure granted for Avanse loan repayment is 15 years. According to the Avanse education loan terms and conditions, this tenure cannot be extended further.
What is the processing fee for Avanse?

Close to 1% to 2% of the total education loan sanctioned is charged by Avanse as education loan processing fee.
Are there any advantages to borrowing money for your education?

The ability to finance higher-quality education without worrying about the cost is only one of the numerous advantages of taking out an education loan. You may get a solid credit score by making your loan payments on time. This will benefit you in the future. The repayment terms offered by most banks are very acceptable, thus many people do not find the education loan to be a strain.
Can a student take out a loan without their parents?

You may apply for a student loan either studying abroad or within India without including your parents as co-applicants.es, guardian, siblings, spouses, and in-laws can also be considered as co-applicants.
Do I need form 16 for an education loan?

Yes, you do need form 16 to process an education loan. Form 16 is a certificate issued by your employer for tax deductions performed. It acts as a salary statement for banks.
How should I proceed if my loan payment is very high?

If your EMI seems to be more than you can take, you may always extend the repayment period. However, you wind up paying a lot more interest each month if your tenure is extended. You can also attempt to renegotiate the interest rates with the lenders, but many students lack the necessary resources to do so. Request a callback to learn how to lower your EMI and request reduced interest rates.
What does CIBIL stand for?

Your credit history and history of debt payments are taken into account when calculating your CIBIL score. Scores on the CIBIL can vary from 300 to 900. A bank agent can determine your ability to repay a loan based on your prior transactions and your CIBIL score.

NEWS

ISIC Collaborates with Avanse Financial Services to Simplify Study Abroad Education Loan Experience

In an effort to support students traveling abroad for education, the International Student Identity Card (ISIC) has partnered with Avanse Financial Services, a non-banking financial company (NBFC) in India. This collaboration aims to simplify the study abroad journey for students by offering customized education financing solutions and exclusive access to discounted products, services, and experiences that cater to various aspects of student life.

The number of Indian students pursuing education overseas is rapidly increasing and is projected to reach approximately 1.8 million by the end of 2024. The cost of tuition fees, travel, and accommodation plays a significant role in their academic journey. As a result, tailored financing solutions have become essential to empower students to pursue their educational goals independently.

This collaboration between ISIC and Avanse Financial Services recognizes the importance of providing students with seamless financial support. By offering hyper-personalized education financing options, this partnership aims to assist students in realizing their academic aspirations while mitigating financial burdens. Additionally, the partnership ensures that students gain preferential access to a range of products and services that enhance their overall student experience.

Last update on - 05/07/2023

Advantages	Disadvantages
Fastest sanction. 15 years repayment tenure. Unsecured loans up to 75 lakhs 100% financing.	Students might feel confused about all the loan products. Longer and time-consuming process

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Table of content

Avanse Education Loans

Avanse Education Loan without Collateral:

Avanse Education Loan with Collateral:

Avanse Education Loan for Study in India:

Avanse Education Loan for Abroad Studies:

Advantages and Disadvantages of an Avanse Education Loan

Expenses Covered Under Avanse Education Loans

What Courses are Covered Under Avanse Education Loans?

Courses Covered Under an Avanse Education Loan For Studies in India:

Courses Covered Under an Avanse Education Loan For Abroad Studies

Avanse Education Loan Interest Rate

Loan Details of Avanse Student Loans

Avanse Education Loan to Study in India for MBA

Loan Details:

Avanse Education Loan to Study in the USA

Loan Details:

Platinum Plus Product

Platinum List Product

Titanium and Gold - Vanilla Product

Avanse Education Loan to Study in the UK and Canada

Platinum Product

Titanium product

Gold-Vanilla product

Avanse Education Loan for Study in Australia

Platinum Product

Titanium Product

Avanse Education Loan to Study in Germany

Titanium product

Avanse Education Loan Eligibility Criteria

Avanse Education Loan Student Eligibility

Avanse Education Loan Co-appliacnt Eligibillity

Accepted Co-applicants for Avanse Education Loans

Documents Required for Avanse Education Loans

How to Apply for an Avanse Education Loan

Online application procedure via WeMakeScholars

Directly applying from the Avanse website:

Avanse Education Loan Processing Time

Avanse Abroad Education Loan Repayment Policies

Avanse Student Loan Repayment Policies:

Moratorium Period

Avanse Education Loan Prepayment Charges

Avanse Education Loan EMI Calculator

Benefits of Applying for an Avanse Education loan for Abroad Studies through WeMakeScholars

FAQs:

NEWS

Our Education Loan team will help you with any questions