To be eligible for Avanse's education loans for studying abroad, students must fulfill certain criteria. The student must be a citizen of India and have successfully clearedthe qualifying exam. As for the co-applicant, the student's parents or siblings are considered as the first option for the co-applicants, but it can be sibling, guardian or other family member too. These criteria ensure a comprehensive understanding of the eligibility requirements, allowing prospective applicants to prepare their documentation accordingly.
Avanse Student Loan
nbfc
5 days Loan Processing Time
Margin
NA
Processing Fees
0.5% - 1%
Collateral
Upto 75 lakhs
Non Collateral
Upto 70 lakhs
Repayment Tenure
Upto 15 Years
Cosiger Needed
Yes
Collateral Loans
Up to 75 lakhs
Non Collateral Loans
Up to 70 lakhs
Features of Avanse
Education Loan Abroad
Avanse, a non-banking financial institution specializing in educational financing, plays a pivotal role in supporting students' academic aspirations. By facilitating the hassle-free process, it helps students to avail the loan as quickly as possible. Their student loan programme for study abroad consists of 6000+ courses from 1600+ universities from 44 different countries.
Committed to advancing applicants' careers, Avanse offers a wide range of financial solutions, including pre-visa disbursement loans, bridging loans, score-based benefits, pre-admission loans, and fast-track loans. Please note that the loan disbursement becomes available only once they have secured a reserved seat in the preferred educational programme.
Loan Margin: NA
Processing Fees: 0.5% - 1%
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹75 lakhs (Collateral) Upto ₹70 lakhs (Non Collateral) |
| Margin money | NA |
| Interest rate | 11.5% |
| Processing fee | 1.0% to 1.2% |
| Processing time | 5 Working Days |
| Loan tenure | Upto 15 Years |
| Prepayment charges | Available* |
| Countries covered | Avanse offers abroad education loans to study in over 35+ different countries across the world including the USA, Canada, the UK, Germany, Australia, Singapore, France, etc |
Benefits of Avanse Education Loan
Covers Additional Expenses
Avanse's education loans cover many expenses apart from tuition fees like accommodation charges, examination fees, library fees, laboratory fees, reading materials, travel expenses and other course-related fees.
Low Interest Rates
Avanse offers education loans with very low interest rates when compared with other banks. This helps the students pursue their dream courses stress-free.
Grace Period
Avanse offers an extra time of up to 1 year after graduation or 6 months after getting employed to start repaying their loans.
Loans for Non-Traditional Courses
Whether you're pursuing engineering, medical, management degrees, or exploring fields like photography and filmmaking, Avanse provides loan in all professional and technical courses.
Multiple repayment options
Avanse offers multiple repayment options for the loan depending. You can choose a long-term repayment plan or short-term repayment plan based on your preference.
Tax Benefits
You can save on taxes by deducting the interest you pay on your student loan under Section 80E of the Income Tax Act. Get in touch with our team to understand the scheme in more detail.
Trusted NBFC
The Avanse group comes under RBI regulation and they are a part of the renowned investment group Warner Pincus. This ensures that they have enormous finances and hence they are one of the trusted NBFCs.
How To Apply For Avanse
Education Loan For Abroad Studies?
You can get in touch with our team of experts by filling out the form on our website. Lorien will schedule a callback with you and guide you through the process.
From helping you upload documents online to presenting it to the banks, Lorien will help you throughout the application process.
Once all your documents are uploaded & KYC is done, you can expect your loan to get sanctioned within a few working days.
Why Choose Lorien To Get Education Loan From Avanse?
Higher Chances of Approval: Generally, banks dismiss education loan applications if they find any missing documents, property issues, or other issues. But with Lorien, you have access to experts who can reach out to the bank and help you resolve your queries on time.
Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.
100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.
Quicker Loans: Our experts make sure that your education loan is sanctioned as early as possible. We also keep track of the application and make sure that all the requirements from your end are fulfilled.
Build your dream career with us.
Fill this form and our experts will contact you
Eligibility Criteria For Avanse Education Loan Abroad
Eligibility Criteria for Student
- Must be a citizen of India.
- Must be 18 years old
- Must have official confirmation of Acceptance to a University
- Must have cleared the qualifying exam.
Eligibility Criteria for Co-applicant
- The student's parents or siblings are considered as the first option for the co-applicants, but it can be sibling, guardian or other family member too.
- Must have an account in an Indian bank which facilitates check writing services. Co-borrower would be the major debtor
Eligible Courses for Avanse Loan Abroad
- The UK
- The USA
- Canada
- Australia
- Ireland
- Germany
Identity Proof:
- Aadhar Card
- Birth Certificate
- Permanent Account Number (PAN) Card
- Valid Passport
- Voter ID
- Driver’s License
- Educational Documents:
- 10th Marksheet
- 12th Marksheet
- Graduation Certificate
Financial Documents:
- Last six months bank statements
Post Disbursal Documents:
- College fee receipts
- Consent of co-applicant
For Co-applicants:
- Income proof
- Identity proof
- Address proof
- Age proof
- Relationship proof with the applicant
- Collateral documents
- Last 8 months bank statements
- Signature verification
- 2 Coloured passport size photographs
Documents Required
Repaying the Loan
If you are sanctioned an education loan by the Avanse, repaying it in time is very important. Because your credit score will be directly impacted by the time you take to repay the loan. Your CIBIL score will be impacted negatively if you don’t pay your EMIs on time and may affect your eligibility for financial products like loan or credit cards in future.
A timely repayment of loans will not only help borrowers avoid the burden of interest but also helps them get easier loans in the future. Please note that, If you miss a couple of EMI payments, then Avanse will have to label your loan as a non-performing asset. This can negatively affect any collateral you've put up, your loan portfolio, and your general financial health
FAQs
Bringing answers to your questions
What are the eligibility criteria for Avanse's education loans for studying abroad?
What is the interest rate on education loans for studying abroad, and how is it
Avanse offers education loans with very low-interest rates. The exact interest rate may vary, and it is advisable to contact the NBFC directly or visit their official website for the most up-to-date information. Generally, interest rates are calculated using a reducing balance method.
What is the process for applying for an Avanse education loan for studying abroad?
You can apply for a Avanse education loan for studying abroad by getting in touch with Lorien. Fill out the form on our website, and our experts will schedule a callback with you. They will guide you through the application process, help you upload necessary documents online, and present the application to the NBFC. Once all documents are uploaded and KYC is done, the loan is expected to be sanctioned within a few working days.
Does Avanse offer any special benefits or interest rate reductions for exceptional
Avanse's education loans are known for their low-interest rates, providing financial support for students aspiring to study abroad. While Avanse may not explicitly mention special benefits for exceptional academic performance, Lorien, as your trusted education loan partner, works diligently to ensure you access the most favorable terms. By leveraging our expertise and relationships with financial institutions, Lorien assists you in securing the best interest rates available. Our commitment is to make your study abroad journey financially viable, offering personalized support to enhance your overall experience.
Is there a co-applicant or guarantor required for the loan?
Yes, a co-applicant is required for Avanse's education loan, and it is typically the student's parent(s). In certain cases, if the parents are deceased, a close relative or guardian can act as the co-applicant.
What collateral or security is required for the loan?
Collateral requirements may vary based on individual circumstances and the loan amount. Lorien, as your dedicated education loan partner, can facilitate this communication, ensuring you receive accurate and personalized information tailored to your specific needs. Contact us to navigate the intricacies of collateral or security for your Avanse education loan, making your application process smoother and more transparent.
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