Avanse Financial Services Education Loan

Key Features & Benefits of Avanse Financial Services Education Loan

The student-focused features of Avanse Financial Services’ educational loan set it apart. It offers up to 100% financing, allowing students to cover the full cost of their education without upfront financial strain. The repayment options ensure full flexibility for the borrowers according to their financial situation. You can get a loan of up to ₹1.25Cr for a 15 Years tenure to support your educational aspirations, whether within India or abroad. Moreover, this is an unsecured product that comes with swift sanctions and a fast-track disbursal, so that students can secure funds within three days. The customisable loan structures further ensure that the applicant receives tailored solutions that align with individual course requirements and profiles.

Avanse Financial Services Education Loan Interest Rates

Like most personal loans, Avanse Financial Services also offers risk-based, customised interest rates tailored to the applicant’s profile. The interest rate generally ranges from 9.5% – 10.25%. However, Avanasa Financial’s interest rate for education loans varies depending on the chosen course, the country of study, the applicant’s academic background, and the co-applicant’s financial strength. Both floating and fixed interest rates are offered, keeping borrowers’ options open and aligning loan terms with their individual risk profiles.

Avanse Financial Services Education Loan Amount, Tenure & Margin

If you apply for an Avanse Financial Services education loan, you will have to apply for a minimum loan amount of Rs 1 lakh. The maximum amount is flexible and depends on the applicant’s financial profile and funding needs. However, it can go up to around ₹1.25Cr. For repayment purposes, borrowers can choose a tenure ranging from 12 months to 10 years. In some cases, it can also go up to 15 Years. Flexibility and financial capacity are of prime importance while deciding. Most importantly, Avanse provides up to 100% financing. This means that no margin contribution is required from the borrower.

Avanse Financial Services Education Loan Fees & Charges

When applying for an education loan with Avanse Financial Services, you will be asked to pay a one-time processing fee. This fee amounts to around {el_processing_fee_avanse-financial-services}, payable upfront before the amount is disbursed. Furthermore, if you decide to foreclose the loan before the tenure ends, charges may apply under prevailing policies and the specific application. Delayed payments may incur a penalty of around 2% per month on overdue EMIs, along with any other applicable default charges.

Avanse Financial Services Education Loan Eligibility Criteria

Only Indian citizens aged 18 or above qualify for an education loan with Avanse Financial Services. Before the final disbursal, they must hold a confirmed seat with a recognised institution. Students applying to graduate, postgraduate, and professional/technical courses approved by Avanse are eligible to receive financial assistance. To mitigate risk, Avanse insists on a co-applicant in order to get the loan approved. This can be a parent, guardian, sibling, or any relative of the student. The co-applicant must have a stable income, a bank account in India, and the capacity to repay the loan. The student’s academic profile and the co-applicant’s financial strength are key factors considered by Avanse for loan approval.

Types of Avanse Financial Services Education Loans

You can avail the following loan products from Avanse Financial Services depending on your needs:

Loans for studying in India

This loan caters to students aspiring to pursue courses such as engineering, management, medicine, and other recognised courses at universities in India. Loans are offered for undergraduate, postgraduate, and professional programmes. It helps cover several academic expenses for students enrolling in reputed colleges.

Loans for studying abroad

Those aiming to study overseas can also find loan options at Avanse. This product is specially designed to meet the higher cost requirements of international education. Tuition fees, living expenses, travel, and other associated costs can be covered by this loan. Loans are offered for a wide range of courses and universities across major global destinations.

Avanse Financial Services Education Loan Without Collateral

Falling under the category of personal loans, the Avanse Financial Services education loan offers several unsecured borrowing options. The applicant can obtain a loan without collateral, especially if seeking admission to recognised courses and institutions. Instead of collateral, the lender assesses the student’s academic profile, course, and the co-applicant’s creditworthiness for approval purposes. However, since collateral is not a requirement, the loan amount sanctioned may vary based on the overall risk assessment. Borrowing larger amounts might require stronger profiles or additional collateral.

Documents Required for Avanse Financial Services Education Loan

Like all loan applications, Avanse Financial Services also requires the applicant to furnish a specific set of documents. This mainly includes identity and address proof, as well as academic records. Make sure to keep your Aadhaar/PAN/Passport and marksheets handy while applying. A confirmed admission letter from the institution is mandatory to obtain a loan. The co-applicant must also provide their salary slips, bank statements, and income tax returns.

Courses and Countries Covered Under Avanse Financial Services Education Loan

If you are aspiring to get enrolled in one of the following courses, Avanse’s education loan can be helpful.

Courses & universities in India

Avanse offers education loans for pursuing engineering, management, law, and emerging programmes like data science. Institutes covered include the most reputable in the country, such as IITs, IIMs, AIIMS, and more.

Courses & universities Abroad

MBA, MS, and specialised degrees in computer science, business analytics, biotechnology, and engineering are some of the most sought-after degrees abroad. Avanse offers loans to students admitted to globally recognised universities in destinations like the USA, UK, Canada, Australia, Germany, and Ireland. This list included top-tier institutions featured in global rankings to ensure quality education for students.

Expenses Covered Under Avanse Financial Services Education Loan

The Avanse Financial Services education loan is designed to cover the complete cost of higher education. Not only does it cover the institution’s tuition fee, but it also covers accommodation and living expenses. Travel costs and insurance premiums are also covered under the loan, along with any applicable legal charges. Students can also use the amount to fund books, study materials, laptops, and other equipment.

Avanse Financial Services Education Loan Repayment Options

Borrowers of Avanse Financial Services can choose from different repayment options depending on their financial situation. After the moratorium period ends, borrowers can choose between regular EMI payments and step-up EMI payments, which allow them to increase their monthly payments as their income increases. Additionally, borrowers can choose to make interest-only payments for the duration of their course. The above features enable borrowers to better plan for repaying their loans without undue financial burden when they begin repaying the loans after completing their degree programs.

Tax Benefits Offered by Avanse Financial Services Education Loan

Education loans from Avanse Financial Services qualify for an income tax deduction under Section 80E for interest paid during the repayment period. Borrowers who qualify will have their tax liability reduced based on the interest paid on their educational loans. They may take this deduction until the loan is paid in full under existing tax law. However, borrowers should understand that there are limits on when they can claim this benefit, based on when they began repaying the loan and how long they have been repaying it.

How to Apply for Avanse Financial Services Education Loan?

You can apply for an Avanse Financial Services education loan through Urban Money:

1. From the menu bar at the top of the page, open the ‘Products & Offers’ dropdown.
2. Select the ‘Education Loan’ option. Click on the ‘Apply Now’ button.
3. You will be asked to fill out a form with your contact details and the loan amount required. Once submitted, you will be contacted by an Urban Money expert for personalised guidance.

Avanse Financial Services Education Loan Approval & Disbursement Process

Your application for an Avanse Financial Services education loan starts with a review process, during which they review all the academic and financial documents submitted with your application. After this, the detailed verification process, based on your eligibility, credit profile, and course details, is completed, and a sanction letter is issued. Having the documentation in place makes the approval process even quicker. Once approved, disbursements will be made in phases in accordance with your institution’s fee schedule.

Avanse Financial Services Education Loan EMI Calculator

Calculating EMI is very important when you are planning how you will repay your education loan. It allows you to estimate the monthly cost in advance. How much the EMI will be will depend on these factors: loan amount, interest rate, and repayment period. To obtain precise calculations and allow for side-by-side comparisons of available repayment options, it is strongly recommended that you use an online EMI calculating tool prior to actually applying for the loan.