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  • Education Loan BYTES FROM OUR KITCHEN

    Avanse Education Loan

    Avanse is a non-banking financial corporation with a focus on education finance. The company offers loans for various educational needs and helps students achieve their dreams. The hassle-free application process offered by the company helps students get access to education loans very easily. The company also provides education loans for students who wish to study abroad. Students can apply for Avanse education loan even before they enrol in their course. However, loan disbursal is provided only after the student has secured a seat in the desired education program.

    Eligibility for Avanse education loans

    The eligibility criteria for getting Avanse education loans are listed as follows:

    • Anyone over the age of 18 years can apply for an education loan from Avanse.
    • The applicant must be a citizen of India.
    • The applicant must have secured confirmed admission from the educational institute to get the final loan disbursement.
    • The student must have an earning co-borrower co-sign the loan.
    • The earning co-borrower must be a parent, legal guardian, relative, or sibling of the student.
    • The co-borrower must have a bank account in India with cheque writing facilities.
    • Avanse will consider the co-borrower as the primary debtor of the loan.

    Interest rates and charges of Avanse education loans

    The interest rates and charges applicable to Avanse education loans are given as follows:

    Rate of interest

    12.65% (base rate) + Spread

    Spread is a floating interest rate, and it is determined based on the credit history of the borrower and the course chosen.

    Processing fee

    1% to 2% of the loan amount (calculated on a case-by-case basis)

    Late payment charges

    2% per month

    Document handling charges

    Rs.1,500 + GST

    Cheque swap charges

    Rs.500 + GST

    Cheque bounce charges

    Rs.400 + GST

    Pre-payment charges

    Applicable as per existing rates

    Features and benefits of Avanse education loans

    Some of the notable features of Avanse education loans are listed as follows:

    • Avanse provides 100% funding for your education expenses and guarantees timely payment to the institute. During the period of study, the student’s living expenses are also covered under the loan.
    • The minimum loan amount offered by Avanse starts from Rs.1 lakh.
    • There is no specific limit set for the loan amount. The company will pay the full course fee charged by the educational institute.
    • The loan offered by Avanse covers pre-admission expenses such as admission applications, test preparations, consultant fees, etc.
    • Since the requirements of students differ from one another, the loans offered by Avanse come with flexible solutions customised to the specific needs of borrowers.
    • The company provides hassle-free application services for its customers through its transparent process. Customers can also get help from the company during the documentation process.
    • The company promotes responsible borrowing by encouraging customers to have a good credit history.
    • For education abroad, the company offers the certificate of availability of funds.
    • The loan account can be managed online by students.

    Documents required for Avanse education loans

    When applying for an education loan from Avanse, both applicants and co-applicants must submit various documents. The list of documents to be submitted are given as follows:

    For applicants:

    • Proof of admission
    • Fee structure
    • Academic documents
    • Age proof
    • Address proof
    • Identity proof
    • Signature verification
    • Colour photos – 2 numbers

    For Co-applicants:

    • Relationship proof with the applicant
    • Collateral documents
    • Income proof
    • Bank statement – 8 months
    • Signature verification
    • Identity proof
    • Address proof
    • Age proof
    • Colour photos – 2 numbers

    How to apply for Avanse education loans

    If you wish to get an education loan from Avanse, you may visit the website of the lender and apply online. The online application process is given as follows:

    • Visit the official website of the company at https://avanse.com/.
    • Click on the ‘Apply Now’ button at the top right corner of the page.
    • On the application form, enter your personal details including name, mobile number, email ID, city, loan amount, time of study, place of study, admission status, etc.
    • Alternatively, you can also write an email to response@avanse.com with the above-mentioned details.
    • Make sure that you apply well in advance to receive timely disbursement of the loan amount.

    Once you have applied with all the necessary information, the company will review your application and verify the information provided. After successful verification, the company will provide its approval through a loan offer letter. If you need to submit any additional documents, the company will ask you to provide these details. You may use the loan offer letter issued by the company to declare your source of funds to the institute.

    During this process, you will be asked to sign an education loan agreement. This agreement contains various details about the terms and conditions of your loan. This must be signed and returned to the company. Once your admission is confirmed by the institute, you need to provide these details to the company. The company will verify the status of your admission and disburse the loan amount through cheque, demand draft, or bank transfer.

    FAQs

    1. How much loan amount can I get from Avanse?
    2. There is no maximum cap on the loan amount offered by Avanse. The company offers up to 100% coverage of the loan amount. Living expenses are also covered by Avanse during the period of study. However, the living expenses shall not exceed 20% of the tuition fees. Other additional costs like caution deposit, building fund, etc., are also funded by Avanse. These expenses shall not exceed 10% of the tuition fees.

    3. What is the holiday or moratorium period offered by Avanse?
    4. Students can get relief for up to 6 months after the completion of the course or 3 months after getting a job (whichever comes first). During the moratorium period, students are not expected to repay the loan instalments.

    5. What are the minimum and maximum repayment periods offered by Avanse?
    6. The minimum repayment period offered by Avanse is 12 months. The maximum repayment period offered by Avanse is 120 months. This is in addition to the moratorium period offered for the loan repayment.

    7. Will the rate of interest change during the loan tenure?
    8. Since Avanse offers loans at floating rates, the rate of interest for the loan amount is likely to change during the loan tenure.

    9. Is it possible to reapply if my loan application had been rejected in the past?
    10. Yes. Avanse allows reapplication of a loan even after rejection. However, it is better to check your eligibility before you reapply for your loan. You also need to make sure that you have fulfilled the company’s documentation requirements.

    11. How can I reach the customer service department of Avanse?
    12. If you have an existing loan with Avanse, you may call the toll-free number 1800-266-0200 and file your queries or complaints. You may also write to the company at wecare@avanse.com. If you have a branch office close to you, you may visit the branch directly and reach out to a loan service officer.

    13. Is it possible to pre-pay my loan?
    14. Yes. Avanse offers pre-payment options for its loans. However, the company does not allow pre-payment during the first six months of the loan tenure. You may contact the company to check the charges if you are pre-closing your loan after six months.

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