Avanse Education Loan

Avanse is a non-banking financial firm having a concentration on education finance. The company offers loans for needs that are educational and helps students to reach their dreams. The hassle-free application process offered by the company helps students easily get education loans. The organisation offers education loans for pupils who would like to review overseas. Students are able to submit an application for Avanse education loan before they enroll within their course. The loan distribution is provided only after the student gets the seat in the desired education program.

Eligibility for Avanse education loans

The eligibility Criteria is listed as follows for availing Education Loan:

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

Rates of Interest and charges of Avanse education loans

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

Features and benefits of Avanse education loans

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

• The loan offered by Avanse covers pre-admission expenses such as admission applications, test preparations, consultant fees, etc.
• 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 minimum loan amount offered by Avanse starts from Rs.1 lakh.
• Avanse delivers 100% funding for the education bills and guarantees timely payment to the institute. During the study period, the student's living expenses also falls under the loan.
• 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.
• There is no specific limit set for the loan amount. The company will pay the full course fee charged by the educational institute.
• Since the requirements of students differ from one another, the loans offered by Avanse come with flexible solutions customized to the specific needs of borrowers.

Documents required for Avanse education loans

While 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:

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

For Co-applicants:

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

How to apply for Avanse education loans

If you want to get an education loan from Avonse, you can visit the lender's website 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 apply with all necessary information, then the company will review your application and verify the information provided. After successful verification, the company will give its approval through a loan proposal letter. If you need to submit any additional documents, then the company will ask you to provide these details. You can use the loan offer letter issued by the company to announce the source of your fund by the institution.

During this process, you will be asked to sign Education Loan Agreement. There are various details about your loan terms and conditions in this agreement. It should be signed and returned to the company. Once your admission is confirmed by the institution, then you need to provide these details to the company. The company will verify the status of your entry and distribute the loan amount through check, demand draft or bank transfer.

FAQs

1. How much loan amount can I get from Avanse?

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.

1. What is the holiday or moratorium period offered by Avanse?

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.

1. What are the minimum and maximum repayment periods offered by Avanse?

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.

1. Will the rate of interest change during the loan tenure?

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

1. Is it possible to reapply if my loan application had been rejected in the past?

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.

1. How can I reach the customer service department of Avanse?

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.

1. Is it possible to pre-pay my loan?

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.