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.
Terms & Conditions
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.
WHICH OF THESE MAKE THE BOARDING PASS TO YOUR 'STUDY ABROAD' PLAN?
For us, every application for a loan is important. We make sure that each of our educational loan for abroad is designed keeping your requirements in mind. With industry expertise extensive research data we assist you through the competitive space of higher education by not only providing you a student loan for studying abroad but also key insights in your trip to success .
We provide with an education loan for abroad which is pre-empting, tailored, and provides solutions to every problem of yours: from securing pre-admission loans to providing pre-visa disbursement educational loan for abroad, to expediting your admission while applying using fast-track education loan for abroad, to issuing a document that certifies availability-of-funds as per your requirement.
We make your task of getting an education loan for abroad studies much simpler. Our processes to issue student loan for studying abroad are sensitive. We steer you through its fine-print and complex process so that all you have to worry about, is your academic requirements.
Your experience of getting an education loan for abroad studies with Avanse is guaranteed to be positive, constructive and swift. Why wait? Studying abroad has never been this easy.
Pre-Visa Disbursement Loan
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. Apply Now
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. Apply Now
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. Apply Now
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. Apply Now
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. Apply Now
Certificate of Availability of Funds (USA)
This certificate demonstrates that you have adequate funds to pursue a course abroad and pay for the course fees and living expenses. Apply Now
This is our eligibility criteria:
The student taking the study loan must be an Indian Citizen and 18 years old or above.
There must be confirmed admission in the Institute before final disbursement of the education
The student loan must be co-signed by an earning co-borrower in India.
The co-borrower of abroad studies loan must be an Indian Citizen and could be a Parent,
Sibling, Legal Guardian, or any other Relative.
The co-borrower must have a bank account in any bank in India with cheque writing facilities
The Co-borrower would necessarily be the primary debtor.
Graduation/ Post-graduation for job oriented professional/ technical courses offered by reputed universities outside India as well as courses and universities approved by Avanse for education financing.
Student KYC & Educational Documents
Course & Fee Details
Co-Borrower KYC and Income Documents
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.
100% Tuition Fee as determined by the Institute or University
Living Expenses including purchase of Books, Computers and other expenses essential to
complete the course (up to 75% of total living cost though not exceeding 20% of the total tuition
Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts
but not exceeding 10% of the total tuition fee.
Travel expenses / passage money up to Rs. 75000/- for students travelling abroad.
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:
Ascertain how much finance you need from Avanse
Finalise the course you plan to pursue and the university you would be studying in.
Identify the Co-applicant or Guarantor
Check the documents required to be submitted
Submit the application form duly filled in and complete in all respects
Apply for the Education loan well in advance, to ensure timely disbursement
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:
DD –Demand Draft
Or it is electronically transferred to the designated bank account.
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.
Rate of interest on student loan will be floating in nature.
Interest is calculated using Simple Interest Rate with Monthly rest.
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:
Residential property ( house/flat/apartment)
Fixed deposit with any deposit-taking organization assigned in favor of Avanse.
Life insurance with surrender Value equivalent to required security coverage.
Non agricultural land
The Study Loan Amount will be disbursed in Indian Rupees.
The Tuition and hostel Fees will be directly disbursed to the educational institute,in installments,
as per the requirement of the specific educational institute
The loan amount related to other expenses will be disbursed in installments spread over the
duration of the study, and ideally will be transferred to the co-borrower's account
In case the student resides outside the hostel, the fee will be transferred to the co-borrower's
In case it is needed, money will be transferred as per agreement with third party FOREX vendor.
Services & Charges
Avanse Education loan Service charges and fees are as follows:
Effective: 14th February 2013
Description of Charges
Charges and Fees
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,
Interest servicing during the course
Partial Interest servicing during the course
EMI Repayment during the course
EMI repayment post Holiday / Moratorium period
Step Up repayment facility
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