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We always aim to offer you competitive interest rates on your Avanse loans. The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread. Our current Base Lending Rate is 12.65% (w.e.f. 01.11.2018). The Spread is floating and is based on analysis of overall credit and customer profiling. Interest is calculated using Simple Interest Rate with Monthly rest. This rate is subject to the terms and conditions of Avanse Financial Services Ltd.
Avanse Financial Services Ltd. is authorized to disclose from time to time any information relating to the loan to any credit bureau (existing or future) approved by Government of India and Reserve Bank of India without any notice to the borrower. We are also authorized to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report. All Education loans are subject to approval and credit terms of Avanse Financial Services Ltd.
If you already have a confirmed admission or your I-20(USA), this loan will help you secure your visa. The actual loan is disbursed into your bank account, so you can demonstrate 'proof of funds' to study abroad at the time of your visa interview.
This loan covers all education expenses related to Exam Prep Classes, GRE/GMAT/SAT entrance exam fees, cost of applications for admission to universities abroad, actual course fees, living abroad expenses, costs of books, computer and other educated related expenses.
Our Score-Based Loans provide special benefits for meritorious students. For instance, for students pursuing a science course stream in the USA and who have a GRE score of 300 or more, Avanse offers special privileges in terms of an unsecured loan and Preferential Interest Rates.
This is an education loan sanction that helps you secure a Confirmation of Admission to the Institute/University abroad. This loan is like a 'proof of funds' to cover your course fees and living expenses abroad.
As the name suggests, this is an express loan. This helps you speed up your admission process for any higher studies abroad course, at the time of application, if that is your requirement.
This certificate demonstrates that you have adequate funds to pursue a course abroad and pay for the course fees and living expenses.
This is our eligibility criteria:
The Minimum amount given as study abroad loan is Rs. 1,00,000.00/- At Avanse we do not believe in putting limits to your dream of pursuing higher studies, we look at structuring the study abroad loan to meet your necessary needs and cost of education.
At Avanse we do not ask for any Margin money contribution from our applicants. Our study abroad loans are designed to provide 100% coverage of the cost of education, thus doing away with this burden, leaving you to focus on your studies.
Faster, Transparent and Hassle Free. These are the benefits that you get when you come to Avanse for an education loan. Our optimized processes ensure you get the required education loan easily and at the right time.
You can apply for an Avanse Education Loan process even before you enrol for your course. However, disbursement of the loan will only be done after you have secured a confirmed admission at the reputed/ recognised Institute or University.
You can apply for an Avanse Education Loan before you enrol for your study, however you will need to be fully enrolled before we can make any disbursements for you.
Applying for an Avanse study loan procedure is quite simple. You can,
While applying for your education loan procedure, kindly ensure the following:
We will review your application and verify the information you have provided. Should we need any • additional information to complete the study loan procedure, we will get in touch with you.
We assess your education loan based on the information and documents provided. Once your loan application is verified, we will issue our in – principle approval through a Loan Offer letter, outlining the loan amount you qualify for. We will also intimate you about any additional documents that may be required to be submitted prior to disbursement. You can use this Loan Offer letter to declare the source of funds, during the process of admission.
On submission of your admission confirmation, we will verify your admission details with the Institute or University; collect details like Course duration and commencement, Fee Schedules, etc.
If all conditions covered in the education loan procedure in India are met then we will send you an Education Loan Agreement. The agreement will contain the terms and conditions for your review, and the same will need to be signed by you as a token of acceptance. You will be expected to return the signed agreement quickly along with the original or verified copies that are required prior to disbursement of your loan.
The education loan amount is provided to you by:
We always aim to offer you competitive interest rates on your Avanse Education loan. The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 12.65% (w.e.f. 01.11.2018).
The Spread is floating and is based on analysis of the overall credit and course profiling.
This rate is subject to the terms and conditions of Avanse Financial Services Ltd.
Security for the Loan is determined by the quantum of amount required and the credit worthiness of the principal borrower. At Avanse, following types of Collateral Security are accepted:
Avanse Education loan Service charges and fees are as follows:
Effective: 14th February 2013
|Description of Charges||Charges and Fees|
|Pre-Payment charges||No pre-payment allowed in the first 6 months of loan disbursement|
|Charges for late payment of PMII / EMI||2% per month|
|Cheque / ECS Swap charges||Rs 500/- plus applicable GST|
|Cheque / ECS Bounce charges||Rs 400/- plus applicable GST|
|Document handling charges (At the time of foreclosure)||Rs 1500/- + plus applicable GST|
Any other additional services requested by the customer such as Document Retrieval, Account Statement etc, will be charged on nominal basis, as per the policy of the company
Minimum Repayment Tenure: 12 Months
Maximum Repayment Tenure: 120 Months (Including course duration)
Grace Period is of 6 Months after the course is complete or 3 months after getting the Job,
As a responsible lender, Avanse understands the importance of your education loan and ensures that you are supported with various options to maintain a good credit so that you not just enjoy your financial independence but are responsible for maintaining it too.
Avanse offers you the flexibility of repaying your education loan while in school as well as on completion of your course,
Avanse charges Processing fee between 1-2% of the loan amount and is calculated on a case-to-case basis. The final amount is arrived in the course of processing the loan application.
Document Checklist : Checklist of Supporting Documents
|Applicant||Co Applicant||Additional Co- Applicant||Guarantor|
|2colour photos||2colour photos||2colour photos||2colour photos|
|Photo Id||Photo Id||Photo Id||Photo Id|
|Residence Proof||Residence Proof||Residence Proof||Residence Proof|
|Date of Birth Proof||Date of Birth Proof||Date of Birth Proof||Date of Birth Proof|
|Signature Verification||Signature Verification||Signature Verification||Signature Verification|
|Academic Documents||8 Months Bank Statement||8 Months Bank Statement||Income Proof|
|Proof of Admission||Income Proof||Income Proof||Collateral Documents|
|Fees Structure||Collateral Documents||Collateral Documents|
|Relationship Proof||Relationship Proof|
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